The trio of coronavirus vaccines racing toward approval may reach the masses too late to prevent another round of airline failures, Bloomberg News reported. With last week’s insolvency filing at Norwegian Air Shuttle ASA, some 42 airlines worldwide have failed or entered administration this year, according to research from consultant IBA Group. The tally may surpass 70 through March, as rising cases weigh on revenue and carriers struggle to secure fresh funding. “The fourth quarter and the first quarter of next year could be equally terrible,” IBA’s Stuart Hatcher said in an interview.

Irish food group Greencore has announced a £90 million (€101 million) share placing to shore up its balance sheet after it reported an 81 per cent plunge in its annual profit due to the coronavirus pandemic, The Irish Times reported. The Dublin-headquartered company said the recent resurgence of Covid-19 cases across the UK, and the imposition of new restrictions, had “hampered the recovery in demand in food-to-go categories”.

Eurozone business activity has hit a six-month low as fresh restrictions to limit the spread of coronavirus weigh on the services sector, fuelling the likelihood of a double-dip economic downturn, according to a widely watched survey, the Financial Times reported. Services activity across the single-currency bloc plunged into decline in November according to the IHS Markit flash purchasing managers’ index for the sector, which hit 41.3, down from 46.9 in the previous month and the lowest level since this spring’s lockdowns.

In 2010, as the global economy was beginning to recover from the financial crisis that had taken place just two years before, the UK placed itself in the vanguard of a shift towards austerity, the Financial Times reported in a commentary. The decade of weak growth and political instability that followed mean that few are keen to repeat the exercise after the coronavirus pandemic.

French food company Danone will cut up 2,000 jobs, or 2 per cent of its global workforce, as part of a reorganisation aimed at giving more power to country managers and squeezing out efficiencies to cope with the pandemic, The Irish Times reported. The company employs about 350 people in the Republic. It said it does not yet know whether any Irish jobs will be affected. The maker of Evian bottled water and Activia yoghurts said the changes would save €1 billion by 2023, and promised that its recurring operating margin would return to pre-Covid levels of above 15 per cent by 2022.

Lockdowns in France and Italy are weighing down public mobility more than in other European countries, according to high- frequency data compiled by Reuters that suggest the two economies will take a correspondingly bigger hit, Reuters reported. Data ranging from use of Apple maps apps to Google’s user location history are proving vital tools for governments, central bankers and investors trying to gauge the economic impact of restrictions, weeks in advance of conventional indicators like consumer spending or industrial output.

Italy will use its forthcoming presidency of the Group of 20 major global economies to try to secure further debt relief for African states, a senior Italian diplomat said on Friday, Reuters reported. Italy takes over the annual rotating presidency of the G20 on Dec. 1 and will look to build on a deal struck by major international creditors in April that was aimed at relieving the world’s poorest nations of debt payments.

Satellite operator OneWeb said on Friday it has emerged from Chapter 11 bankruptcy protection with $1 billion in equity investment from a consortium of the UK Government and India’s Bharti Enterprises, the new owners of the UK-based company, Reuters reported. The investment puts OneWeb on track to compete with Elon Musk’s SpaceX in the race to use low-Earth orbit satellites to provide high-bandwidth and low-latency communication services.

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increased poverty and a repeat of the disorderly defaults seen in the 1980s, Reuters reported. Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

Offshore oil drilling contractor Seadrill expects the market for its rigs to remain depressed until late 2021, the Oslo-listed firm said on Friday as it continued talks with creditors over a debt restructuring, Reuters reported. Seadrill, controlled by Norwegian-born billionaire John Fredriksen, in September suspended interest payments after failing to agree with lenders on amending terms for its $5.7 billion bank debt, and warned that restructuring could wipe out its equity.