Bloomberg Stage Stores Inc, the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus. The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down …

Bloomberg Customers demanding cash refunds for flights axed because of the coronavirus are putting the squeeze on India’s travel agents, who are only receiving virtual money from airlines solely to be used for future bookings. Indian authorities have told airlines to repay passengers in cash for tickets booked during the nationwide lockdown, but there’s no such obligation when it comes …

Bloomberg Virgin Atlantic Airways Ltd hired Alvarez & Marsal to advise on a potential administration as it struggles to secure a UK government bailout, Sky News reported. The restructuring specialist was hired earlier to work on options for a pre-pack administration, which may cut the equity of Richard Branson’s holding company and Delta Air Lines Inc, according to the report, …

Bloomberg European stocks advanced and US index futures edged higher following a mixed session in Asia, as investors weighed moves across the globe to relax restrictions for the coronavirus. Crude oil slipped, while Treasuries were steady. Gains in banks and miners drove the Stoxx Europe 600 Index higher at the open. Contracts on the three main American equity indexes also …

Bloomberg India stocks rose as investors anticipate more fiscal stimulus after the government decided to increase its borrowing target by over 50% this fiscal year. The S&P BSE Sensex climbed 1.8% to 32,225.79 as of 9:46 am in Mumbai, while the NSE Nifty 50 Index rose by the same magnitude. The regional MSCI Asia Pacific Index increased by 1.3% as …

Bloomberg Sri Lanka’s stock market opened after a seven-week trading halt only to shutter within minutes following a more than 10% drop in a gauge of blue chip shares, highlighting the risks of a long hiatus. The benchmark Colombo All Share Index settled 3.9% lower at 4,392.43 after a slide at the open in a measure of the nation’s top …

ROME / WAM David Beasley, Executive Director of the UN World Food Programme (WFP) has expressed his gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for his relentless efforts to fight disease and hunger across the world. ”Thanks to my good friend @MohamedBinZayed….. . …

Dubai / Emirates Business The Emirates Group on Sunday announced its 32nd consecutive year of profit, against a drop in revenue mainly attributed to reduced operations during the planned DXB runway closure in the first quarter, and the impact of flight and travel restrictions due to the Covid-19 pandemic in the fourth quarter. Released in its 2019-20 annual report, the …

ABU DHABI / WAM Two organisations from the UAE and Saudi Arabia have joined forces to launch a media project in support of People of Determination on social media platforms. The Zayed Higher Organisation for People of Determination and the King Salman Centre for Disability Research on Sunday announced the campaign, ‘To Be Closer to You’, aims to activate dialogue between …

Bloomberg Governments have devoted more than $85 billion to propping up airlines after the coronavirus pandemic wiped out travel demand and grounded jetliner fleets. But with job cuts racking up, a debate is raging over whether opening the spigot will do more than merely delay the inevitable. Global air traffic may only get back to 50% to 60% of usual …