News Highlights: Top Company News of the Day
February 20 2020 - 3:15AM
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 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 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.
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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