Bloomberg All three of Singapore’s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fueled economic slump. Net income at each lender probably slid between 21% and 28% in the three months ended March 31 from a year earlier, according to ...

Bloomberg Bank of China Ltd., (BoC) facing a public outcry and regulatory scrutiny over the collapse of an investment product linked to oil futures, may shoulder part of $1 billion in losses suffered by its retail clients, according to people familiar with the matter. China’s fourth-largest bank by market value is talking to regulators about not seeking recourse on losses ...

Bloomberg Qantas Airways Ltd warned public appetite to fly overseas could take years to return as the airline borrowed yet more funds to weather aviation’s biggest-ever crisis. The Australian carrier said on Tuesday it raised an additional A$550 million ($354 million) to ride out a near-halt in passenger revenue because of the coronavirus. Qantas shares climbed after the airline said ...

Bloomberg Neiman Marcus Group Inc is closing in on a deal with lenders led by Pacific Investment Management Co that would slash the department-store chain’s debt load by more than half in exchange for control of the company, according to people with knowledge of the matter. The plan would be part of a bankruptcy court filing that could come as ...

Bloomberg Frontier Airlines Holdings Inc said it’s going to charge extra for passengers who want to guarantee a spot next to an unoccupied middle seat in the age of social distancing. The carrier aims to generate revenue on the empty seats, charging from $39 to $89 depending on the route. It will have 18 “More Room” assignments available on each ...

Bloomberg Air Canada said it expects the impact of the coronavirus pandemic to last at least three years and predicted large job cuts as it hunkers down to survive “the darkest period ever” for the industry. The country’s biggest airline, which reported a first-quarter loss, said it expects capacity in the third quarter to be 75% below last year’s level, ...

Bloomberg Spain’s transport ministry is seeking to help airlines tap bank state-backed loans but more help may be needed, Minister Jose Luis Abalos said. “I do believe airlines will tap those loans, but it is possible that they may need a reinforcement to those credit-lines, which now are enough to help liquidity only in the short-term,” Abalos said at a ...

ABU DHABI / WAM The value of non-oil foreign merchandise trade through Abu Dhabi ports hit to AED37.1 billion in January and February, up 3.6 percent from AED35.8 billion during the comparable period last year, according to the figures released by Abu Dhabi Statistics Centre (SCAD). Imports increased by 12.5 percent from AED17.11 billion to AED19.25 billion during the reference ...

ABU DHABI / WAM The UAE  on Monday sent an aid plane containing five metric tons of medical supplies to Botswana to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 5,000 medical professionals as they work to combat the virus. To date, the UAE has provided more than 353 metric tons of aid ...

ABU DHABI / WAM The central bank of the UAE has revealed the country’s gross banking assets have risen to AED3.128 trillion ($851 billion) during the first quarter of 2020. The March gross banks’ assets total represents a year-on-year increase of 8.1 percent compared to March 2019 (AED2.894 trillion). Statistics issued by central bank highlighted an increase in the value ...