As Sergio Ermotti prepares to stand down from the top job at UBS Group AG, he’s providing valedictory proof of the company’s wisdom in retreating from risky trading and lending businesses. The Swiss banking giant isn’t problem free. Pressure on its profit margins is persisting and an attempt to seek growth in Asia amid heightened geopolitical tension will keep his ...

Ant Group’s imminent initial public offering promises to make a lot of people rich, including founder Jack Ma and existing shareholders of Alibaba Group Holding Ltd. Yet the real benefit to Alibaba is not in the value of its affiliate’s stock, which could fetch a valuation of $200 billion upon listing in Hong Kong and Shanghai, but in the ongoing ...

When the discussion turns to which countries have responded best to Covid-19 — and if nothing else, the pandemic frees up a lot of time for this debate — those most often mentioned are Taiwan, New Zealand and Vietnam. I would like to make a more surprising nomination: the UK Covid-19 is a potential scourge to billions around the globe, ...

Bloomberg Cathay Pacific Airways Ltd will delay deliveries of Airbus SE aircraft by as much as two years, in a move that could cut the carrier’s monthly cash losses in half as the coronavirus pandemic slams the aviation industry. Deliveries of A350-900s and A350-1000s have been deferred to 2020-2023 from 2020 and 2021, while A321neo deliveries have been pushed back ...

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 China vowed retaliation after the US forced the closure of its Houston consulate, prompting stocks to fall in one of the biggest blows to diplomatic ties between the two countries in decades. The US government gave China three days to close its consulate in America’s fourth-most populous city in an “unprecedented escalation,” Chinese Foreign Ministry spokesman Wang Wenbin told ...