Business News

Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic.

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German insurer Allianz has struck a deal to invest in the bancassurance business of Spanish lender BBVA , two sources close to the matter told Reuters, adding that an announcement could come as early as Monday.

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Shares in Air France-KLM and Lufthansa led European stock market gains on Monday on hopes that government bailouts would see them through the coronavirus crisis.

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Stock markets rallied on Monday as the Bank of Japan added more stimulus to cushion the impact of the coronavirus and investors cheered news more countries were easing lockdowns, though the oil price took another tumble with storage running short.

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Troubled hospital operator NMC Health said on Monday it requested its shares be delisted from the London Stock Exchange after they were suspended two months ago.

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National Australia Bank Ltd asked investors for A$3.5 billion ($2.2 billion) and slashed its dividend to the lowest in almost three decades, as its first-half profit tumbled in part due to charges associated with the coronavirus pandemic.

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Norwegian Air could run out of cash by mid-May unless its proposed financial rescue plan is approved by creditors and shareholders, the budget carrier warned on Monday.

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Britain’s airlines want the government’s coronavirus wage support scheme to be extended beyond June, maintaining the assistance for longer with a only slow recovery in air travel expected.

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Luckin Coffee said on Monday China’s State Administration for Market Regulation was carrying out work to understand the coffee chain’s operating situation and added that it was actively cooperating.

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The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros ($596.31 million), the economy minister said on Monday, after the owner of Poland’s LOT pulled out of a deal to buy the airline.

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Troubled hospital operator NMC Health on Monday said it requested London Stock Exchange to delist its shares after they remained suspended for two months.

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Holiday Inn-owner InterContinental Hotels said on Monday it had raised 600 million pounds ($747 million) from Bank of England loans under the government’s coronavirus aid scheme as it estimated a 25% plunge in global revenue per available room in the first quarter.

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Adidas reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores.

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Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic.

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German companies including ThyssenKrupp, Salzgitter, Bayer, Covestro, E.ON, HeidelbergCement, Puma, Allianz and Deutsche Telekom have called for coronavirus-related state aid to be tied to climate action, daily Handelsblatt reported.

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