{"id":1003,"date":"2020-08-13T08:00:29","date_gmt":"2020-08-13T01:00:29","guid":{"rendered":"https:\/\/bitesizebkk.co\/?p=1003"},"modified":"2020-08-12T17:03:55","modified_gmt":"2020-08-12T10:03:55","slug":"daily-bites-todays-top-headlines-thursday-13-08-20","status":"publish","type":"post","link":"https:\/\/bitesizebkk.co\/daily-bites-todays-top-headlines-thursday-13-08-20\/","title":{"rendered":"Daily Bites: Today’s Top Headlines (Thursday 13.08.20)"},"content":{"rendered":"

\"\"<\/p>\n

Here’s what you need to know this AM.<\/p>\n

1. Cathay Pacific lost US$1.3 billion in H1<\/h4>\n

Cathay Pacific said it lost US$1.3 billion in H1 2020<\/a> as airlines continue to feel the pandemic sting.<\/p>\n

There may be some good news though. Yesterday, Cathay shares rallied by 13% as news of Hong Kong airport potentially resuming transfer flights<\/a> to mainland China circulated.<\/p>\n

\n

Cathay typically relies on mainland traffic for a large portion of revenue.<\/p>\n

Cathay Pacific’s Chairman Patrick Healy said the airline and its Cathay Dragon unit flew only 4.4 million passengers in the first six months, down from 18.3 million a year earlier. Passenger revenue tumbled 72%. It flew an average of just 500 passengers a day in April and May.<\/p>\n

2. The UK officially enters an economic recession, its first in 11 years.<\/h4>\n

The UK has officially entered a recession, after economic output shrank by 20.4% in Q2<\/a>.<\/p>\n

This crash in GDP in the April-June period is the worst since quarterly records began in 1955 and follows a 2.2% contraction in Q1.<\/p>\n

Industries most exposed to lockdown measures such as services, production and construction saw record drops.<\/p>\n

“Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will,” said Finance Minister Rishi Sunak.<\/p>\n

3. SoftBank claws back after historic loss last year<\/h4>\n

In the crazy world of tech, anything can happen. SoftBank posted $12 billion quarterly profit<\/a>, mainly boosted by its stake in the newly established Sprint-T Mobile tie up, and a general global tech rally.<\/p>\n

The $100 billion Vision Fund, which suffered an $18 billion loss in the previous quarter, saw an investment gain of $2.8 billion as shares in Uber & Slack surged within the past few months.<\/p>\n

SoftBank also announced it would set up a new $555 million fund to invest in Amazon, Apple, Facebook and other established tech giants.<\/p>\n

Now still in “crisis mode,” Masayoshi Son said securing cash is his top priority.<\/p>\n

4. Gold prices fell on vaccine optimism and equity markets jump<\/h4>\n

Gold prices fell by 5% yesterday<\/a>, crashing from its record high of $2,000 as US. equity markets resumed its rally on the back of more help from Washington.<\/p>\n

Generally, gold serves as a hedge against uncertainty and the asset has seen a surge due to the pandemic and a weak global economic outlook.<\/p>\n

Better-than-expected economic data, combined with vaccine optimism helped accelerate the sell-off, but the outlook remains bullish for gold as global uncertainties are far from over.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Here’s what you need to know this AM. 1. Cathay Pacific lost US$1.3 billion in H1 Cathay Pacific said it lost US$1.3 billion in H1 2020 as airlines continue to feel the pandemic sting. There may be some good news though. Yesterday, Cathay shares rallied by 13% as news of Hong Kong airport potentially resuming […]<\/p>\n","protected":false},"author":2,"featured_media":1004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[370,369,367,115,239,233,224,368],"yoast_head":"\nDaily Bites: Today's Top Headlines (Thursday 13.08.20) - Bitesize<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitesizebkk.co\/daily-bites-todays-top-headlines-thursday-13-08-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Bites: Today's Top Headlines (Thursday 13.08.20) - Bitesize\" \/>\n<meta property=\"og:description\" content=\"Here’s what you need to know this AM. 1. 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