Bloomberg The retail shutdowns sweeping the country amid the coronavirus outbreak have put L Brands Inc in a tough spot. With a deal to sell its iconic Victoria’s Secret brand now in jeopardy, things just got a lot worse. The future of the ailing inner wear business is in limbo after Sycamore Partners said it wants out of the deal ...

Bloomberg American Airlines Group raised the cost of checking a bag on a trans-Atlantic flight by 25% for customers buying its cheapest ticket as carriers worldwide struggle with the collapse of travel demand due to coronavirus. The fee to check a first bag rose to $75 from $60 for passengers who purchase a Basic Economy ticket after April 21, American ...

Bloomberg An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake worth just over $1 billion in LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, according to people familiar with the matter. The company led by His Highness Sheikh Tahnoon bin Zayed Al Nahyan acquired an almost 20% ...

Bloomberg The United Nations is calling for the creation of a global authority to help implement the temporary suspension of debt obligations from developing countries during the coronavirus pandemic. The proposal will enable private creditors to join the debt payments pause and allow countries use resources to fight the new illness, said Stephanie Blankenburg, head of debt and development finance ...

Bloomberg The European Union’s 27 leaders will be asked to consider a 2 trillion-euro ($2.2 trillion) plan for the region’s post-pandemic recovery on Thursday, according to reports. The compromise proposal has emerged from a north-south squabble over how to pay for the effects of coronavirus lockdowns that is set to play out on a video conference. The proposal would partially ...

Bloomberg A historic crash in crude prices is driving US shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil. For shale companies, the price of West Texas Intermediate crude went from hunker-down-and-ride-it-out mode to crisis mode in just a few days, ...

Bloomberg Chevron Corp will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as US President Donald Trump maneuvers for regime change in the Latin American nation. The US Treasury Department will no longer allow the company to drill wells, sell and buy crude oil or oil products or transport ...

Bloomberg The troubles facing Singaporean oil trading firm Hin Leong deepened as the city-state’s police have started investigating the company. The probe, which the Singapore Police Force confirmed by email, is the latest twist in the downfall of the company, which owes $3.85 billion to more than 20 banks and revealed in court filings that it hid about $800 million ...

Bloomberg Stocks rose on Wednesday with US equity futures as investors monitored continued volatility in energy markets and earnings reports that haven’t been uniformly negative. Oil prices renewed their slide. The Stoxx Europe 600 Index opened higher, with gains in tech and telecom shares countering declines in energy companies. Stocks slipped in Japan but climbed in most other major Asia ...

Bloomberg The top investment adviser to rich Indians is asking its wealthy clients to desist from loading up on equities even as the nation’s stock indexes get back into bull territory. “We are maintaining the view that this is a very uncertain environment, and hence, investors must not make impulsive decisions,” Shobhit Mathur, a director at Kotak Investment Advisors Ltd., ...