BUSINESS | Roll-Royce Plans $1.9 Billion Share Issue To Bolster Finances, Sources Say

LONDON – Rolls-Royce is planning a share issue to raise up to $1.9 billion to pug a capital shortfall as a slow recovery in demand for air travel threatens the aviation industry, four sources told Reuters.

The British aerospace engineer is expected to pursue a rights issue with new shares offered to existing investors at a discount to the market price, they said.

The Derby-based business, whose share have tanked nearly %60 since early March, is in talks with BNP Paribas, Morgan Stanley and Jefferies about the share sale, which could take place in September, two of the sources said.

Rolls-Royce told Reuters it was still reviewing options to strengthen its balance sheet but no decision had been taken. ‘our current financial position and liquidity remain strong’, a spokesman said.

Jefferies, BNP Paribas and Morgan Stanley declined to comment.

Royals-Royce, which makes engines for the Boeing 787 and Airbus 350, said it would burn through 3 billion pounds in the first half of the year as hours flown by its engines halved due to the COVID-19 pandemic.

The company, most of whose revenues come from airlines paying it for engine flying hours, expects a further 1 billion pound outflow in the second half of 2020.

Rolls-Royce, with a market value of 5 billion pounds, could raise up to 1.5 billion pounds in the share sale, the sources said, although one source said the deal size would largely depend on how much the firm raised from selling assets.

Rolls-Royce’s Spanish unit ITP Aero is among assets earmarked for sale to raise funds, the sources said.

Several aviation companies and travel companies are expected to tap equity capital markets to shore up their balance sheets in coming months. Rising borrowing costs mean many deals are likely to involve some form of share issue.


BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BEIRUT | LEBANON – A huge explosion in port warehouses near central Beirut Killed more than 50 people, injured over 2,750 and sent shockwaves that shattered windows, smashed masonry and shook the ground across the Lebanese capital. Officials expected the death toll to rise further after Tuesday’s blast as emergency workers dug through rubble to … Continue reading BREAKING NEWS | Massive Blast Rips Through Beirut, Killing 50 And Injuring Thousands

BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

RIYADH  | SAUDI ARABIA – Saudi Arabia’s foreign ministry said on Tuesday that is it following with great concern the consequences of Beirut’s port explosion, according to the state news agency. The statement also affirmed the kingdom’s full support and solidarity with the Lebanese people. The death toll from a massive explosion in Beirut  on … Continue reading BREAKING NEWS | Saudi Arabia Following With Great Concern Consequences Of Beirut’s Explosion: SPA

TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

AMMAN – Jordan on Tuesday postponed a resumption of international flight services that was planned for Wednesday almost five months after they were suspended due to the coronavirus outbreak, officials said. Civil Aviation Commission chief Haitham Mistro has announced last month that Queen Alia International Airport outside the capital Amman would reopen on Aug.5 for … Continue reading TRAVEL | Jordan Delays Resuming International Flight After COVID-19 Surge Abroad

SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

RIYADH | SAUDI ARABIA – The most popular rivalry in the Saudi Pro League (SPL) will take center stage as Al-Nassr host Al-Hilal on Wednesday, with safety precautions to allow the safe return of football in the Kingdom. The eagerness for football’s return will be highlighted when players arrive fully kitted at King Fahd Stadium, … Continue reading SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby

ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

MADRID – Spain’s former king Juan Carlos has told his son, King Felipe, that he is leaving the country, the Royal House said on Monday, in a dramatic move designed to protect the monarchy after corruption allegations against him surfaced. In June, the Spanish Supreme Court opened an investigation into Juan Carlos’s involvement in a … Continue reading ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations

BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

NEW YORK – President Donald Trump has agreed to give Chine’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, three people familiar with the matter said on Saunday. U.S. Official said TikTok under its Chinese parent poses a national risk because of the personal data it handles. Trump … Continue reading BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources

LIFESTYLE | There’s A New Baccarat London’s Harrods

The famed French crystal brand Baccarat has just opened an ultra-glamorous bar in London’s most famous department store, Harrods. There’s a new reason to pop into Harrods on your next trip to London and that’s new Baccarat Bar. Cocooned on the lower-ground level of the famed Knightbrisge flagship (with a street entrance on Hand Crescent), … Continue reading LIFESTYLE | There’s A New Baccarat London’s Harrods

MASTERWORKS OF TIME | Rolex Daytona ‘JPS’ 6264 Fetches a record $1.5 million in online sale

An ultra – rare Rolex Cosmograph Daytona JPS  reference 6264 in 18k gold achieved more than $1.5 million in a single-lot online sale held by Sotheby’s in London. The 1969 ‘John Player Special’, named after Formula 1 livery, because of its black and gold ‘Paul Newman’ dial. The price set action record for a watch … Continue reading MASTERWORKS OF TIME | Rolex Daytona ‘JPS’ 6264 Fetches a record $1.5 million in online sale

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