Bloomberg The chief executive of Nordea Bank Abp said there’s no doubt loan losses will rise after the biggest Nordic bank reported a smaller spike than expected in impairments. It’s still “too early” to know how much damage the Covid-19 crisis will do to loan books, CEO Frank Vang-Jensen said in an interview with Bloomberg Television on Wednesday, shortly after ...

Bloomberg The current difficult market environment will create fertile ground for private equity and hedge funds to boost their performance, according to JPMorgan Asset Management. Expected returns for cap-weighted private equity have risen to 9.80%, up 1 percentage point from the last forecasts issued September 30, John Bilton, head of global multi-asset strategy, wrote in a note. The money manager’s ...

Bloomberg The European Central Bank’s (ECB) response to the coronavirus has calmed markets while setting it on a path that could test its commitment to the mission to keep prices stable. With governments struggling to agree on joint fiscal action, President Christine Lagarde and her colleagues have ramped up bond-buying of vulnerable nations, soothing investor concerns over the cost of ...

Bloomberg IAG SA will slash the work force at its flagship British Airways by almost 30% in a painful restructuring aimed at shrinking the airline group for a downturn that could last for years. IAG shares fell as much as 6% on Wednesday, after the airline group said that as many as 12,000 jobs will be lost at the UK’s ...

Bloomberg Consumer giant Unilever Plc and the Spanish company behind Paco Rabanne perfumes are among beauty heavyweights competing to buy celebrity makeup brand Charlotte Tilbury. L’Oreal SA of France, Estée Lauder Cos in New York and Japanese beauty company Shiseido Co also made bids for the London-based brand, the people said, asking not to be identified as the matter is ...

Bloomberg Scandinavia’s biggest network airline, SAS AB, is eliminating as many as 5,000 jobs, marking the first permanent staff cuts by a major European carrier in the face of collapsing travel demand. The Stockholm-based company said that the dismissals, amounting to 40% of the workforce, are necessary because employees have an average notice period of six months and it needs ...

Bloomberg The luxury brand Burberry is famed for plaid scarves and $1,800 trench coats. But for employees at its only warehouse in the US — operating as an “essential business” during the pandemic — daily standard issue in the time of Covid-19 is this: one surgical mask, one disinfectant wipe. For weeks, employees have been growing increasingly anxious about working ...

Bloomberg Boeing will resume 787 Dreamliner production at its South Carolina factory next week. Most South Carolina employees will get back to work on May 3 or May 4, Boeing said. The return includes all operations that were temporarily suspended because of the Covid-19 pandemic. The planemaker is restarting its commercial-jet factories as the Covid-19 infection rate starts to abate ...

Bloomberg Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again. The abrupt decision by S&P Global Inc. to tell clients to sell their June West Texas Intermediate holdings unleashed another day of chaos in the ...

New York / WAM During the open debate of the UN Security Council (UNSC) on the fifth anniversary of the Youth, Peace and Security Agenda, the UAE encouraged the council to invite more young leaders to brief on a regular basis to reflect on individual experiences while pursuing peace and security in their societies. The UAE also urged the international ...