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Bloomberg Indian money managers are dumping corporate bonds as they struggle to meet redemptions after the biggest-ever forced closure of funds in the country last month. Even higher-rated debt is under pressure. Notes issued by government-backed lenders Punjab National Bank, Andhra Bank and Canara Bank were traded in the past few days at the highest yields in over a year ...

Bloomberg The Bank of Japan (BOJ) said it’ll buy as many government bonds as it needs to and ramped up purchases of corporate debt, adding stimulus after the declaration of a nationwide state of emergency brought more shutdowns and heightened the need for financial support at struggling businesses. By ditching the guideline to increase holdings of government debt by around ...

Bloomberg The coronavirus is muddying the outlook for London’s second-biggest airport. Richard Branson’s Virgin Atlantic Airways Ltd became the latest carrier to back away from London Gatwick, saying it will shutter its operation at least temporarily to focus on the much larger Heathrow. With arch-rival British Airways reportedly looking to do the same, and Gatwick’s third-largest tenant, Norwegian Air Shuttle ...

Bloomberg Singapore Airlines Ltd’s shares surged the most in more than three decades on bets that ongoing fund raising will help the carrier survive as lockdown restrictions ease worldwide from Italy to the US. Its share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987. It pared its advance to 11% on ...

Bloomberg United Airlines Holdings Inc will cut at least 30% of its managerial and administrative jobs when government restrictions lift in October, bracing for a prolonged travel slump in the age of Covid-19. In addition to cutting the roughly 3,500 positions, the company will require that management and administrative employees take 20 days off without pay between May 16 and ...

Bloomberg Sephora USA Inc escalated its legal fight with partner JC Penney Co, saying the department-store chain’s response to the pandemic violates an agreement allowing it to operate about 650 in-house beauty boutiques. JC Penney, which closed all its stores in March as the virus spread, persuaded a Texas state court judge last week to temporarily bar Sephora from exiting ...

Bloomberg Ocado Group Plc’s retail revenue rose more than 40% in the second quarter as the UK online grocer’s sales were boosted by home shopping during the Covid-19 lockdown. The company suspended financial guidance for the year, saying uncertainty around the pandemic made it impossible to predict near-term sales trends. The second-quarter’s gain was up from a 10% increase in ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has praised the role of the country’s armed forces in fighting all sorts of crises across the globe. “The 44th anniversary of the unity of our armed forces this year is happening during exceptional ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Tuesday announced its Panorama Digital Command Centre (Panorama) has generated over $1 billion (AED3.67 billion) in business value since its inception three years ago. Panorama is a key part of Adnoc’s ongoing strategic investments in digitisation and artificial intelligence (AI) to enable the company to drive greater efficiencies, ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi on Tuesday announced the launch of the ‘Abu Dhabi Specialist Programme’, an e-learning platform which will provide travel trade industry professionals with destination-related information about the emirate through a series of online courses. DCT Abu Dhabi noted that the programme will be rolled out in three phases ...