Bloomberg As the number of countries going into lockdowns to fight the coronavirus pandemic increases, emerging markets may institute capital controls, according to Citigroup Inc. “There’s a decent case to make that we might be approaching a world in which policy makers start to restrict the movement of capital in just the same way that they are restricting the movement ...

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 ...

Bloomberg British Airways (BA) suspended operations at its second London hub at Gatwick airport as the airline industry enters deep hibernation to weather the impact of the coronavirus. With just over a week to go until the Easter holidays, the IAG SA-owned carrier is contacting customers with the news that flights are off, a spokesperson said by email. Gatwick largely ...

Bloomberg Retailers and landlords are locked in an awkward dance as April rent comes due. Major chains including Mattress Firm and Subway have told landlords they will postpone or slash payments in coming months. Mall operators say they expect to be paid. Best Buy, meanwhile, plans to pay rent, with the possible exception of locations it was forced to close. ...

Bloomberg JetBlue Airways Corp expects to slash flights 70% next month and deeper cuts are likely in the carrier’s home base in New York, as the spread of coronavirus erases travel demand. Daily departures will fall to 300 from about 1,000, JetBlue said. Flights leaving New York-area airports are slated to tumble to 60 but may dip to as few ...

Bloomberg Coronavirus-driven stockpiling by Britons girding for a nationwide lockdown lifted UK grocery sales to a record in March, according to research firm Kantar. Supermarket sales grew by 7.6% in the past 12 weeks, the fastest pace in more than a decade. That rate of increase nearly tripled over the past four weeks, making March the biggest month of grocery ...

Bloomberg President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia. The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy officials in the two countries, according to the Kremlin. Both leaders “agreed on the importance ...

DUBAI / WAM The Board of Directors of UAE Banks Federation (UBF) held its first meeting of the year via videoconferencing to discuss the latest developments in the UAE banking sector as well as progress of key concerns. During the meeting, the Board of Directors discussed UBF’s current priorities, which in light of the worldwide outbreak of Covid-19 include ensuring ...