UBS CEO Ermotti Steps Down, ING's Hamers Named New Chief

UBS Group Chief Executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep boss Ralph Hamers, marking another leadership change at a major Swiss bank.

 
Air France-KLM Warns of Coronavirus Hit

Air France-KLM warned its operating result faces a EUR150-EUR200 million hit in the February to April period due to flight suspensions to and from China, and that unit revenue will fall as a result of coronavirus in the first quarter.

 
Airbus to Cut Thousands of Jobs

Airbus said its defense-and-space division has entered a consultation process with the European Works Council on its planned restructuring that will include 2,360 job cuts.

 
Victoria's Secret to Go Private at $1.1 Billion Valuation

L Brands Inc. is near a deal to sell control of Victoria's Secret to a private-equity firm in a transaction that values the lingerie brand at about $1.1 billion, according to people familiar with the matter.

 
Petrobras Fourth-Quarter Net Income Almost Quadrupled

Brazilian oil giant Petróleo Brasileiro SA, or Petrobras, said Wednesday that profit in the fourth quarter rose as new platforms in the company's rich offshore fields boosted output and cut production costs.

 
Federal Judge Slams PG&E's Efforts to  Prevent Wildfires

U.S. District Judge William Alsup lambasted PG&E Corp. for falling behind on tree-trimming efforts near power lines to reduce the risk that they will spark more wildfires.

 
France Deepens Probe of Ghosn

An investigation into spending authorized by Carlos Ghosn when he was Renault CEO has been turned up a notch by French prosecutors.

 
Investment Firm Buys Taxi-Medallion Loan Portfolio

An investment firm known for buying up distressed assets has become the largest single owner of New York City taxi-medallion loans.

 
Thiel Capital Spinout Valar Ventures Seeking $400 Million for Pair of Funds

The firm is raising $200 million for Valar Fund VI LP, as well as $200 million for Valar Velocity Fund 2 LP, its second growth fund, according to a fundraising document viewed by WSJ Pro.

 
GE, Stung by Boeing Pullback, Pitches for New Business With Airbus

General Electric is looking for new business from Airbus, as the engine maker's other big customer, Boeing, retrenches.

(END) Dow Jones Newswires

February 20, 2020 03:00 ET (08:00 GMT)

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