News Highlights: Top Company News of the Day
February 20 2020 - 5:30AM
Dow Jones News
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 Falls on Coronavirus Warning
Shares in Air France-KLM fell sharply after the Franco-Dutch
carrier warned the coronavirus epidemic could hit its 2020
operating result by EUR150-EUR200 million in the February to April
period and that unit revenues would be down in the first
quarter.
Maersk Warns of Lower Earnings from Coronavirus Blow
Maersk swung to an unexpected net loss of $72 million in the
fourth quarter and warned that earnings this year will be lower
than 2019 as the coronavirus dampens demand and hits freight
rates.
Swiss Re Falls Short of Estimates
Swiss Re said its 2019 profit jumped to $727 million, despite
steep losses at its property-and-casualty arm, although the
bottom-line was well below forecasts.
Lloyds Banking Profits Tumble
Lloyds Banking Group reported a sharp fall in annual profit to
GBP4.39 billion, missing expectations, after it booked hefty PPI
and tax charges.
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 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 PetrĂ³leo 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.
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.
(END) Dow Jones Newswires
February 20, 2020 05:15 ET (10:15 GMT)
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