Citigroup Profit Falls 73%

The New York bank's second-quarter profit fell 73%, weighed down by the $7.9 billion the bank set aside for potentially rising loan losses.

 
Wells Fargo Swings to First Loss in More Than a Decade

The San Francisco-based bank lost $2.38 billion in the second quarter

 
U.K. to Ban Huawei From Its 5G Network

The British government said it would bar telecom companies from purchasing new equipment made by China's Huawei and gave them until 2027 to remove its technology from their 5G networks, a sharp about-face that marks a significant victory for the U.S.

 
JPMorgan Sets Aside Billions to Cover Coronavirus Loan Losses

The bank's profit dropped 51% in the latest quarter as it set aside $10.47 billion to cover potential losses on loans to borrowers hurt by the pandemic.

 
Delta Trims Flying Amid Coronavirus Pandemic

Delta Air Lines trimmed plans for more summer flights as Covid-19 cases increased nationwide and a $5.7 billion loss for the latest quarter underscored the depth of the crisis facing the aviation industry.

 
China Threatens to Sanction Lockheed Martin Over Taiwan Arms Deal

China said it plans to sanction Lockheed Martin over its role in a $620 million U.S. arms package for Taiwan, Beijing's latest retaliatory gesture amid mounting pressure from Washington.

 
TikTok, Bracing for Scrutiny in Australia, Seeks to Reassure Lawmakers

TikTok, the embattled short-video app run by Chinese technology giant Bytedance, has written to Australian politicians to reassure them about the safety of user data and its independence, as concerns about the app's Chinese ties grow.

 
Former Luckin Chairman Loses Control of Coffee Chain in Court

With Charles Lu losing control of all his shares in a court ruling, according to people familiar with the matter, Chinese private-equity firm Centurium Capital will have the most voting rights.

 
GM Faces Battle in China to Regain Lost Ground

Few auto makers are as reliant on China as GM, which typically records nearly half of its global unit sales in the country. To reverse its sales slide in the country, GM has launched fresh models and revamped its brands.

 
Medly Health Collects $100 Million to Expand Pharmacy Services

Venture firms have invested $100 million to fuel more expansion for Medly Health, a digital-pharmacy startup whose business has grown quickly since its formation in 2017.

(END) Dow Jones Newswires

July 14, 2020 09:15 ET (13:15 GMT)

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