Bloomberg The new owners of Forever 21 Inc have hired an executive from another fast-fashion chain to steer the troubled retailer outside of bankruptcy. Daniel Kulle, who worked at Hennes & Mauritz AB for more than two decades, will take over as Forever 21’s chief executive officer, Authentic Brands Group Inc said in a statement. Authentic Brands is part of ...

Bloomberg Chuck Gregorich, who sells China-made patio furniture on Amazon.com Inc expects to lose as much as $2 million in sales this year due to factory closings and other coronavirus-related slowdowns. So he’s cutting his ad spending on Amazon and thinking about raising prices to avoid running out of inventory. The sudden shift in sales tactics by merchants like Gregorich ...

Bloomberg Creditors of Jet Airways India are seeking court action to save the bankrupt carrier from liquidation as a key deadline looms. Lenders to Jet Airways plan to request an Indian court extend a mid-March deadline for creditors to agree on a resolution plan or allow the carrier go into liquidation, said people familiar with the matter. Potential buyers of ...

Bloomberg US airlines posted the biggest two-day drop in more than three years on deepening fears that the spread of the coronavirus will further stymie travel. American Airlines Group Inc led the decline, tumbling the most on the S&P 500 and reaching the lowest since its 2013 merger with US Airways. President Donald Trump’s administration is considering whether to adopt ...

Agencies President His Highness Sheikh Khalifa bin Zayed Al Nahyan, sent a cable of condolences to President of Arab Republic of Egypt, Abdel Fattah el-Sisi on the death of the former Egyptian President, Hosni Mubarak. In the cable, His Highness Sheikh Khalifa expressed his heartfelt condolences and solace on the death of Hosni Mubarak. His Highness Sheikh Mohammed bin Rashid ...

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) hasn’t decided yet to extend or modify its agreement to cut oil output, Saudi Arabia’s energy minister said, as the coronavirus batters the global economy and threatens demand for crude. Opec and its allies are to meet next week in Vienna to assess their global cuts policy. Energy Minister Prince Abdulaziz bin ...

Bloomberg The worrying prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalisation era is renewing doubts over the stability of the world economy. With the death toll approaching 3,000, over 80,000 cases officially recorded and an outbreak in Italy now shutting down the richest chunk of its economy, some economists are beginning to war ...

Bloomberg The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil Plc pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for Talos Energy Inc, the field’s primary shareholder, and state-owned Petroleos Mexicanos to resolve their dispute before ...

Bloomberg Exxon Mobil Corp fell to a 15-year low amid a broad selloff in equity and commodity markets and just over a week before CEO Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts. The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a ...

Bloomberg After months of planning, BP’s new CEO Bernard Looney made his big green pitch: Europe’s second-largest oil company will cut its emissions to net zero by 2050, he said earlier this month. Many thought that made BP the world’s first supermajor to take responsibility for all its emissions. It did not do that. Every company has three types of ...