Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
British Prime Minister Theresa May could announce her resignation in the next few days, according to U.K. media reports, as she faces increasing pressure from members of her...Europe Politicsread more
Shares of Chinese telecommunications heavyweight Huawei's suppliers took a hit on Thursday amid the ongoing fallout surrounding the Chinese telecommunications giant.Asia Marketsread more
Lawmakers, lobbyists and CEOs in the U.S. are looking to trying to pick out the best parts of the EU's privacy law called GDPR – and ditch what they see as the worst.Technologyread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
The embattled German lender saw its share price hit a record low Monday, down nearly 5% since the start of the year.Banksread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
Political experts believe the vote could give more insight into national politics in each member state, rather than on the future of the EU itself.Europe Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
(Adds Avianca statement)
SAO PAULO, May 6 (Reuters) - A Brazilian appeals court on Monday suspended a bankruptcy auction set for Tuesday, in which struggling carrier Avianca Brasil hoped to raise at least $140 million by selling some of its coveted airport takeoff and landing rights, known as slots.
The suspension could put further stress on Avianca Brasil, the country's No. 4 airline, which has been operating with very little cash since filing for bankruptcy protection in December.
The airline said in a statement that it was still analyzing what it would do in response and that it had not filed an appeal as of Tuesday afternoon. It was unclear when a new auction would be scheduled.
The auction would have capped an arduous process in which Avianca Brasil fought aircraft lessors for months to try to keep operating its fleet despite missed payments.
The airline's operations have shrunk dramatically since April, when lessors won definitive rulings allowing them to repossess planes. Its fleet is down to six aircraft, from as many as 60 Airbus SE planes late last year.
Suspension of Tuesday's auction, first reported by newspaper O Estado de S. Paulo, was requested by airport operator Swissport AG <IPO-SWPO.S>, which runs several Brazilian airports and is owed some 17 million reais ($4.3 million).
Swissport and several other Avianca Brasil creditors have expressed anger at the outsize role played in the process by U.S. hedge fund Elliott Management by far the airline's largest creditor. Under the current auction plan, much of the cash raised would cover Elliott's debts, totaling over $400 million, and much less would go to the rest of the creditors. ($1 = 3.9544 reais) (Reporting by Marcelo Rochabrun Editing by Susan Thomas and Jonathan Oatis)