Bloomberg AirAsia Group Bhd shares slumped nearly 18% when trading resumed following a suspension that came as auditor Ernst & Young said the carrier’s ability to continue as a going concern may be in “significant doubt.” The budget airline pared its loss to 12% as of 2:47 pm local time on July 08. In a statement to the Kuala Lumpur ...

Bloomberg Ascena Retail Group Inc, the owner of mall brands that occupy almost 3,000 stores in the US, is preparing to file for bankruptcy and shutter at least 1,200 of those locations, according to people with knowledge of the plan. The company, which owns brands such as Ann Taylor and Lane Bryant, could enter Chapter 11 as soon as this ...

Bloomberg South African Airways (SAA) cleared another hurdle needed to ensure the state-owned carrier’s survival when most labor groups agreed to sweetened severance packages for retrenched workers. The National Union of Metalworkers of South Africa and the South African Airways Cabin Crew Association, which were fiercely opposed to plans to cut the workforce to 1,000 staff from about 4,700, agreed ...

Bloomberg United Airlines Holdings Inc notified 36,000 employees, or 45% of its US workforce, that their jobs are at risk after federal payroll aid expires at the end of September. The final layoff tally hasn’t been finalised and may be smaller as workers weigh offers to leave voluntarily, United told employees. The planned furloughs include about 15,000 flight attendants, 11,000 ...

Bloomberg Deutsche Lufthansa AG will cut 20% of managerial positions and accept no more than 80 planes from its current order book as it slashes spending to be able to repay as much as $10.1 billion in government aid. The German national carrier will also eliminate 1,000 administrative positions in a second round of cost cutting amid a slump in ...

Bloomberg Kenya Airways pilots warned the carrier against cutting jobs and offered to go on unpaid leave to help mitigate the impact of the Covid-19 outbreak on the East African airline. The aviators will consider voluntary breaks only if it serves “to secure jobs” and cushion the airline “from further effects of the pandemic,” the Kenya Airlines Pilots Association said ...

Bloomberg Japan’s financial regulator is running out of patience with regional banks that are struggling to adapt to an increasingly grim business environment. The Financial Services Agency (FSA) has targeted some local lenders for “intensive dialogue,” which could lead to regulatory action if they fail to convince it of their viability, Commissioner Toshihide Endo said. He hinted at the need ...

Bloomberg ICICI Bank Ltd. plans to raise as much as 150 billion rupees ($2 billion) in capital, adding to the list of Indian lenders that are bolstering buffers as the pandemic threatens to push up bad loans. The nation’s second-largest private-sector bank will raise the funds via shares or equity-linked securities in one or more tranches, it said in a ...

Bloomberg Some of Australia’s biggest banks will extend the deferral of loan repayments for up to four months as the nation scrambles to contain the threat of a second wave of coronavirus infections. Customers who can resume paying their loans will be required to do so at the end of their six-month deferral period, the Australian Banking Association (ABA) said ...

Bloomberg Sri Lanka’s central bank lowered borrowing costs for a fifth time this year to support the economy amid the coronavirus crisis. The central bank of Sri Lanka cut the standing lending facility rate by 100 basis points to 5.5%, according to a statement. Two of the five economists surveyed by Bloomberg predicted the move, while all expected a cut. ...