Bloomberg Wells Fargo & Co. has hired a new head lobbyist in Washington, as the bank works to restore its standing after a series of consumer-abuse scandals that have tarnished its brand and infuriated lawmakers. Brian Smith, 52, will join Wells next month, according to a memo sent out by William Daley, the bank’s vice chairman of public affairs. Smith, ...

Bloomberg South African Airways (SAA) plans to lay off its entire 4,700-strong workforce after failing to persuade the government to provide more financial help, a move that threatens to ground the 86-year-old national carrier for good. The state-owned airline has offered severance deals to all staff from the end of this month after administrators concluded that a successful turnaround is ...

Bloomberg Virgin Australia Holdings Ltd has been offered a A$200 million ($127 million) lifeline from the Queensland government less than 24 hours after Australia’s Deputy Prime Minister all but ruled out nationalising the embattled carrier. The funding is conditional on the Federal government coordinating a response involving all states and territories. Under the proposal the company would remain headquartered in ...

Bloomberg General Electric Co’s aircraft-leasing division scrapped orders for the 737 Max worth at least $6.9 billion based on list prices, dealing another blow to Boeing Co as it grapples with a plunge in jetliner demand because of the coronavirus pandemic. The cancellation of 69 undelivered jets stems from an agreement with Boeing to “rebalance” the order book, GE Capital ...

Bloomberg JC Penney Co, its stores shut and revenue all but extinguished by the pandemic, is continuing to huddle with creditors about how to avert a default after it skipped an interest payment. The struggling chain is seeking their agreement for a deal that would keep it out of bankruptcy, according to people familiar with the negotiations. Management is using ...

Bloomberg Southwest Airlines, a discounter that flies mostly in the US, is the world’s largest carrier — for now. The ranking is based on the number of seats flown this week, as compiled by aviation data provider OAG. Southwest moved to the top spot as its larger rivals nearly abandoned international routes after governments worldwide restricted travel to stem the ...

Dubai / Emirates Business The value of announced mergers and acquisitions (M&A) transactions with any Middle East and North Africa (Mena) involvement reached $14.8 billion during the first three months of 2020 according to report released by Refinitiv on Thursday. According to the report, the investment banking fees in Mena reached an estimated $188.8 million during the first quarter of ...

Bloomberg Oil was anchored near $20 a barrel as concerns over virus-led demand destruction outweighed an agreement by the world’s biggest producers to curb supply. US producer ConocoPhillips said it will cut output by 225,000 barrels a day in response to lower prices in Canada and the US Inventories from America to Europe and Singapore have all ballooned this week, ...

Bloomberg The European Central Bank (ECB) will do its bit to help the region’s economy cope with its worst crisis in decades, but more international cooperation is needed to overcome the pandemic, according to President Christine Lagarde. “The Governing Council is committed to doing everything necessary within its mandate to help the euro area through this crisis,” Lagarde told the ...

Abu Dhabi / WAM The net value of share investments by UAE citizens jumped to around AED2.4 billion at the end of the first half of April 2020, indicating the continuous flow of liquidity in the financial markets by this segment of investors. Studies on the behaviour of Emirati investors showed an increase in their net investments by 45.4 percent ...