Bloomberg South African Airways’ bankruptcy administrators submitted a business rescue plan to the government, creditors and labour unions and will begin discussions on it next week. The so-called Business Rescue Practitioners have asked for an extension to their contract until June 8 to complete the work, they said. The airline has been unprofitable since 2011 and has been surviving on …

Bloomberg Walmart Inc is jumping into the fast-growing resale clothing market to give its apparel offering a shot in the arm and diversify its e-commerce business beyond groceries and consumer staples. The world’s largest retailer is partnering with ThredUp, an online secondhand apparel company, to sell used women’s and children’s clothing on its website. Accessories and handbags, as well as …

Bloomberg In the wake of the historic global economic shutdown in response to the Covid-19 pandemic, governments are unleashing trillions of dollars in a bid to create jobs and spur economic recovery. The scale of this stimulus is unprecedented, in some cases amounting to more than 10% of countries’ gross domestic product. At the same time, an overwhelming number of …

Bloomberg Zoom Video Communications Inc. soared to a record with a rally in the last hour of trading helping the company close with a market value above $50 billion for the first time. The maker of video conferencing software rose 9.7% to $179.48, giving it a market value of $50.6 billion, bigger than tractor maker Deere & Co. and pharmaceutical …

Bloomberg BMW AG is negotiating with unions about giving more incentives to workers to persuade them to leave, helping the carmaker reach a target of eliminating about 5,000 positions. The German firm has been unable to meet its headcount-reduction goal with existing measures, CFO Nicolas Peter said. Those have included placing employees on unpaid leave and reducing working hours for those …

Bloomberg The most stylish SUV you can buy today is, yes, a Volvo. Others may be more exciting (Lamborghini Urus), more athletic (Porsche Cayenne), more luxurious (Mercedes-Benz GLE), or more conscientious (Tesla Model X). But only the 2020 Volvo XC90 possesses that rare combination of restraint, comfort, attention to detail, and heritage that translates into true style. Yes, even in …

Bloomberg Volkswagen AG struck deals with two Chinese companies and deepened cooperation with Ford Motor Co., broadening its strategic footprint as the coronavirus sparks the worst economic contraction in decades and internal tensions rise. The German manufacturer will become the biggest shareholder of battery company Guoxuan High-Tech Co. and closed in on a 50% stake in a Chinese electric-vehicle partner. …

Bloomberg South Africa is seeking investments from multilateral lenders, commercial banks and pension funds in what a senior ruling party official said will be a $20.5 billion infrastructure program. The program will focus on “network industries such as rail and ports, energy, broadband connectivity, water, sanitation and human settlements,” Paul Mashatile, the treasurer-general of the African National Congress, said in …

Bloomberg Oil extended declines after an industry report showed US crude inventories swelled for the first time in three weeks. Futures fell 1.4% in New York, following Wednesday’s 4.5% decrease. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data, raising questions about the strength of the market’s return …

RIYADH / WAM An Unmanned Aerial Vehicle (UAV) launched by terrorist Houthi militia against civilian targets in Saudi city of Najran was successfully intercepted, Col Turki Al-Maliki, the official spokesman of the Arab coalition supporting Yemen’s legitimate government, said in statement carried by Saudi Press Agency (SPA). The Houthi militia continues to violate international humanitarian law by launching drones and …