EasyJet Defers More Airbus Planes as Virus Roils Air Travel
EasyJet Plc will defer deliveries of another 22Airbus SE jets to conserve cash as the coronavirus crisis continues to depress travel demand.
Europe’s second-largest discount carrier will delay handovers due in the fiscal years from 2022 through 2024 to the 2027-2028 period, it said in a statement Tuesday. Delivery dates for 15 more aircraft will be shuffled to match seasonal needs.
With the new agreement, EasyJet will take no deliveries in fiscal 2021, helping it to rein in costs and ride out the pandemic after cutting jobs, closing bases and reporting its first annual loss in the year through September. The carrier had alreadydeferred the delivery of 24 A320-family jets due over the next three years.
EasyJet has facedpressure from founder and No. 1 investor Stelios Haji-Ioannou to cancel the entire Airbus order for more than 100 aircraft.
UK economy grew by record 16% in third quarter after first lockdown slump
Britain's economic recovery from its coronavirus crash was a bit quicker than previously thought in the July-September period, according to official data which also showed government borrowing soaring to pay for the coronavirus crisis.
Gross domestic product grew by a record 16.0% in the third quarter – revised up from a previous estimate of 15.5% – but that still did not make up for its 18.8% slump in the April-June period when much of the economy was shut down.
The Office for National Statistics also said Britain borrowed a record 241 billion pounds ($323 billion) in the first eight months of the financial year, nearly 190 billion pounds more than in the same period a year earlier.
The country's budget forecasters think the deficit will hit almost 400 billion pounds in the 2020/21 year, close to 20% of GDP or double the hit from the global financial crisis.
Public debt stood at almost 2.1 trillion pounds or 99.5% of annual economic output, the highest debt-to-GDP ratio since 1962, the ONS said.
Finance minister Rishi Sunak reiterated his pledge to tackle the huge shortfall, but not immediately.
"When our economy recovers, it's right that we take the necessary steps to put the public finances on a more sustainable footing so we are able to respond to future crises in the way we have done this year," he said in a statement.
IPO Lockup Expiration Alert: PolyPid (PYPD)
The lockup period of PolyPid Ltd. (PYPD) ends tomorrow, i.e., December 23.
PolyPid is a clinical-stage biopharmaceutical company developing prolonged-release therapeutics for surgical site infections using its proprietary PLEX technology.
The company’s lead product candidate D-PLEX100 is currently in a phase III trial for the prevention of surgical site infections (SSIs) in abdominal surgery, dubbed SHIELD I. The top-line results from this study are expected in the second half of 2021.
A second phase III trial of D-PLEX100 for the prevention of post-abdominal surgery incisional infections, dubbed SHIELD II, was initiated as recently as December 16.
As of September 30, 2020, the company had cash and cash equivalents, short-term deposits and long-term deposits in the amount of $71.8 million.
PolyPid made its debut on The Nasdaq Global Select Market on June 26, 2020, offering its shares at a price of $16 each and the 180 day lockup period expires on December 23.
PYPD opened the first day of trading on June 26 at $16.00 and closed at $19.00 that day. The stock has thus far hit a low of $8.64 and a high of $19.45.
PYPD closed Monday’s trading at $10.69, down 0.93%
Conservative Columnist: Donald Trump Will Cause More Damage Before He’s Done
Conservative columnist Max Boot in his new column for The Washington Post reeled off a long list of President Donald Trump’s misdeeds since his election defeat, warning things will get worse in the final days of his presidency.
Boot noted in his weekend op-ed how the outgoing president has since the vote — which he still falsely claims to have won ― routinely ignored the devastating effect of the coronavirus pandemic, refuted alleged Russian cyberattacks on government networks, reportedly discussed declaring martial law to hold the election again in swing states, purged the Pentagon of its senior leaders and slammed departing Attorney General Bill Barr “for not doing more to politicize his department.”
“There is certainly worse to come — including a pardon-palooza that would put Trump cronies and family members beyond the reach of the law,” wrote Boot.
“If future generations are tempted to romanticize the Trump presidency, all they will have to do is look at his final days to see why historians are likely to regard him as the worst president in U.S. history,” he concluded.
Read the full op-ed here.
EU Rebuffs Boris Johnson’s Latest Brexit Concession on Fish
The European Union rejected the U.K.’s latest concessions on fishing, two officials said, dealing a setback to efforts to secure a post-Brexit trade deal.
On Monday, the U.K. made an offer that would see value of the fish the EU catches in British waters shrink by 30%, according to people familiar with the discussions. Last week, the U.K. insisted the EU accept a 60% cut, but the bloc has refused to accept a reduction of more than 25%.
With only nine days left before the U.K. leaves the bloc’s single market and customs union with or without an agreement, there are few signs a deal is within reach.
The U.K. is also still opposed to the EU’s demand that the bloc should be able to impose retaliatory tariffs, particularly on energy, if Britain rows back on any fisheries deal, a concept known as cross-retaliation. The U.K. has said it is prepared to accept penalty tariffs on fish — but not in other areas.
The European Commission is consulting member states on the British offer, and Michel Barnier, the bloc’s chief negotiator, is scheduled to brief their 27 ambassadors at about 4 p.m. in Brussels on Tuesday. It’s possible a compromise can still be reached, officials added.