Friday, October 23, 2020

Rolls-Royce going cap in hand to Singapore’s GIC

Aero-engine maker suffering from pandemic slump in air travel.

Other News

Muhyiddin chairs special Cabinet meeting

The prime minister arrived at Perdana Putra in Putrajaya just before 9am.

Darurat dipertimbang selepas rayuan ‘beremosi’ pegawai kesihatan untuk kestablian politik ketika kematian Covid-19 meningkat

Darurat itu akan menggantung semua proses politik tetapi kehidupan harian berjalan seperti biasa.

State of emergency looms as health officials make emotional plea for stability

But it would aim to suspend all political processes, with daily routines allowed to continue.

US gives full approval for antiviral remdesivir to treat Covid-19

It can be administered to adults and children over the age of 12 who weigh more than 40kg who require hospitalisation, with emergency approval for its use on paediatric patients under the age of 12 weighing at least 3.5kg.

Convalescent plasma of limited use for Covid-19, study shows

Researchers say it failed to reduce mortality or stop progression to severe Covid-19 in moderately ill patients.

Britain’s Rolls-Royce desperately needs to raise cash. The aircraft-engine maker is suffering huge financial losses following air travel restrictions caused by the pandemic.

The company said on Saturday it was looking to raise up to £2.5 billion (US$3.2 billion) to strengthen its balance sheet.

The aviation giant said it was considering a variety of options, including a rights issue, as well as debt and equity issuances.

A Financial Times report said the company was in talks with sovereign wealth funds, including Singapore’s GIC, as part of its efforts to raise funds.

GIC did not immediately respond to a Reuters request for comment. Rolls-Royce declined to comment beyond its statement.

The normally solid Derby-based company laid off at least 9,000 workers in May, due to the slump in air travel.

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