Bloomberg The credit ratings of South Africa’s five largest banks were downgraded deeper into junk by Fitch Ratings, which cited a deteriorating operating environment following the outbreak of the novel coronavirus. The ratings were reduced by one notch to BB, two steps below investment grade and one notch lower than that of South Africa, Fitch said in a statement late …

Bloomberg An ugly feud is escalating between Qantas Airways Ltd and its closest Australian competitor over the ethics of state aid, just as airlines facing collapse around the world race to secure bailouts. With demand all but gone, Qantas is hunkering down to weather the coronavirus crisis after a run of record profits. It has furloughed most staff and used …

Bloomberg Southwest Airlines Co will offer the first all-cargo flights in its 48-year history as passenger demand keeps sliding amid the spread of the new coronavirus. The flights will be offered on a charter basis, and only pilots and other needed crew members will be on board, the airline said in a blog post. Unlike some larger carriers, Southwest will …