Bloomberg Mastercard Inc. closed its office in Sao Paulo and an annex location near its headquarters in New York after an employee contracted coronavirus. The Brazil-based employee traveled to the annex office in Purchase, New York, earlier this week, the company said in a statement. The two locations are undergoing a “thorough sanitisation process,” it said. “While it is believed …

Bloomberg UK airline Flybe collapsed into administration after failing to secure a last-ditch bailout from the government, leaving no other option than to ground the regional carrier serving far-flung parts of the UK. Britain’s largest domestic airline had been teetering for months. It avoided liquidation in January, when Boris Johnson’s government came out in support of state intervention and its …

Bloomberg Norwegian Air Shuttle ASA withdrew its financial guidance for 2020 as the coronavirus outbreak wreaks havoc on the airline industry. The troubled Nordic carrier said it can no longer stand by the goals it gave investors less than a month ago, adding to the list of airlines warning of the impact of the epidemic that has led to lower …

Bloomberg John Lewis Partnership Plc’s employees will get their lowest bonuses in 67 years in 2020, though they may be relieved to get anything following the UK retailer’s three straight annual profit declines in a highly competitive market. The parent company of John Lewis department stores and upmarket grocer Waitrose said it will pay a 2% bonus to its employee-owners …

Bloomberg A bipartisan group of house lawmakers urged Amazon.com Inc and EBay Inc executives to take stronger actions against third-party vendors who sell fake, stolen or unsafe goods on their shopping websites. “Organised retail crime, selling counterfeits and stolen products, poses a threat to consumers who are unwittingly purchasing these items,” said Representative Jan Schakowsky, an Illinois Democrat, during a …

Bloomberg While the novel coronavirus has killed thousands and roiled economies, there’s been an unlikely upside for air travel in the US. Passengers flying in America now have more cabin space as airlines are deploying wide-body aircraft domestically because demand for international routes has slumped, according to OAG Aviation Worldwide. “Such short-term fleet changes create great opportunities for the regular …

Bloomberg Oil rose for a third day after Saudi Arabia pushed for a deeper output cut than Organisation of Petroleum Exporting Countries (Opec’s) technical committee recommended a day earlier. The Saudis are looking for a cut of more than 1 million barrels a day, after the Joint Technical Committee suggested an supply reduction of 600,000 to 1 million barrels a …

WASHINGTON / WAM The World Bank Group announced it is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak of coronavirus, (Covid-19). In a statement, the World Bank said as the virus reached more than 60 countries, “This financing is designed to …

GENEVA / WAM The International Air Transport Association (IATA), released data for global air freight markets showing that demand, measured in cargo tonne kilometres (CTKs), decreased by 3.3 percent in January 2020, compared to the same period in 2019. Commenting on the results, IATA’s Director-General and CEO, Alexandre de Juniac, said, “January marked the tenth consecutive month of year-on-year declines …

CAIRO / WAM Enoc Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company (Enoc) signed a Memorandum of Understanding (MoU) with local lubricant manufacturers to evaluate blending and manufacturing Enoc lubricants in Egypt. The move comes as part of Enoc Misr’s plans to maximise operational efficiency and ensure product availability in local market. The agreement …