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Bloomberg Delta Air Lines Inc lost its coveted investment-grade status from one rater as S&P Global Ratings cut the company to junk. “The steep decline in airline bookings due to the coronavirus outbreak will sharply reduce Delta Air Lines Inc’s revenue and cash flow,” S&P said in a statement as it lowered the carrier two notches to BB, or two …

Bloomberg Britain has ruled out immediate direct aid to the aviation sector as the coronavirus outbreak wipes out all but a handful of UK flights. In a letter to airlines and airports seen by Bloomberg News, Chancellor of the Exchequer Rishi Sunak said that firms must first tap all commercial avenues to raise funds, and that any assistance the state …

Bloomberg Yum! Brands Inc said it’s suspending its share repurchase program and working to assist some franchisees as the coronavirus outbreak erodes sales. The owner of the KFC, Pizza Hut and Taco Bell brands said in a filing that comparable-store sales — a key measure for restaurant companies — will likely decline in a range of mid to high single …

Bloomberg The global economy is taking a battering not seen in decades, the outcome of severe restrictions on businesses and households by governments desperately trying to contain a pandemic that’s killed almost 17,400 people worldwide. The first major numbers outlining the damage tell a story of companies seeing demand plunge at a record pace, activity shrinking and confidence dropping. Government …

Bloomberg The Telecommunications Regulatory Authority (TRA) of UAE has lifted restrictions on some programs that allow voice calls over the Internet, including Microsoft Skype for Business and Google Hangout, to help people work from home and avoid spreading the coronavirus. The applications allowed on all networks in the country are: Microsoft Times, Zoom, and Blackboard. The applications, which will be compatible with …

Bloomberg The 2020 Tokyo Olympics will be delayed by a year in the first postponement since the modern games began in the 19th century, becoming the biggest global event to be disrupted by the coronavirus pandemic. Japanese Prime Minister Shinzo Abe said he and International Olympic Committee President Thomas Bach agreed to the unprecedented move in a telephone call on …

Bloomberg Prime Minister Narendra Modi has imposed a three-week long nationwide lockdown and allocated an extra $1.97 billion for health care to contain the spread of coronavirus infections which are now spiking in the South Asian nation. “If we listen to health experts we know that 21 days are crucial to break the cycle of transmission,” Modi said in his …

Bloomberg PG&E Corp agreed to plead guilty to involuntary manslaughter in connection to the deadliest wildfire in California history. The bankrupt utility will pay $4 million in fines for its role in the 2018 Camp Fire, which was sparked by PG&E power lines, according to a statement Monday. The blaze killed 85 people in the foothills of the Sierra Nevada …

Bloomberg The world’s biggest carbon market is joining the long list of victims of the economic fallout from the coronavirus. The price of certificates allowing companies to emit carbon dioxide in the European Union (EU) has crashed by 40% so far this year, including two drops of more than 10% in the past week. That has erased two years of …

Bloomberg The leading US solar-trade group warns fallout from the coronavirus could slash the industry’s workforce in half. The Solar Energy Industries Association made the projection on March 23 as part of a campaign to convince Congress to make the federal tax credit for the sector refundable or payable directly to businesses and customers. “As the stock market tanks, tax-equity …