Bloomberg Lockheed Martin Corp’s new chief executive officer, Jim Taiclet, is prowling for deals amid the coronavirus pandemic and economic downturn. Just don’t expect the world largest military contractor to rummage for bargains in the distressed commercial aerospace industry, where Boeing Co and its suppliers are grappling with an unprecedented collapse in air travel. “Pure-play defense is going to be …

Bloomberg Ascena Retail Group Inc, the struggling owner of the Ann Taylor and Lane Bryant clothing chains, is seeking $150 million of new capital from its lenders to fund operations during a bankruptcy reorganisation, according to people with knowledge of the plans. The retailer is closing in on a restructuring plan that would also let creditors install new board members, …

Bloomberg United Airlines Holdings Inc will cut its average daily cash burn to $25 million in the third quarter from $40 million in the previous three-month period, as the company braces for a choppy recovery from the coronavirus pandemic. More than 6,000 employees have accepted an offer to leave as part of an effort to cut costs, United said in …

Bloomberg US aviation regulators announced an important milestone in returning Boeing Co’s grounded 737 Max jet to service, an event one person familiar with the process said would happen no earlier than October. The Federal Aviation Administration (FAA) announced it is preparing to issue formal legal directives for repairs required on the jet, which indicates that the agency is comfortable …

Bloomberg Canadian retail sales have rebounded sharply after historic declines in March and April, with vendors making up almost all of their pandemic losses, Statistics Canada reported. Receipts rose 19% in May, the agency said in its first full release for the month. June looks to have recorded another strong gain, with a flash estimate predicting another 25% increase. That …

Bloomberg Deutsche Bank AG signalled better-than-expected results ahead of earnings for the second straight quarter, adding to signs of progress in Chief Executive Officer Christian Sewing’s historic turnaround plan. The bank’s common equity Tier 1 ratio, a key metric of financial strength, also unexpectedly increased, rising to about 13.3% at the end of June from 12.8% three months earlier, according …

Bloomberg In the initial list of four sponsors for Ant Group’s mega initial public offering in Hong Kong, one bank’s name was conspicuously missing: Alibaba’s go-to bank Credit Suisse. Credit Suisse Group AG has been fighting for a major role in the offering and Ant is leaning towards naming them as a joint global coordinator for its Hong Kong listing, …

Bloomberg Japan’s largest bank is installing giant robot scanners to digitize millions of documents, as it seeks to break from the long tradition of using paper records to verify its customers’ identities. Mitsubishi UFJ Financial Group Inc. will use the machines of Ripcord Inc. to scan 300 million pages of files that record clients’ personal seals known as hanko, the …

Bloomberg Wells Fargo & Co. veterans may have to get used to hearing “Well, at JPMorgan.” The San Francisco-based lender hired Mike Santomassimo as its next chief financial officer, marking the latest in a wave of JPMorgan Chase & Co. veterans that Chief Executive Officer Charlie Scharf has enlisted atop Wells Fargo. Scharf, a one-time Jamie Dimon protege who spent …

Bloomberg UBS Group AG signalled the worst hit of the coronavirus crisis on its balance sheet may be over, prompting the bank to consider reviving shareholder payouts as it seeks to boost the shares. The Swiss bank — while warning of uncertainty ahead — attracted $9 billion of net new money at the private banking business in the second quarter …