MEXICO CITY – Mexican airline Aeromexico will offer fewer flights and have fewer planes in the short term as it begins a Chapter 11 restructuring process, Chief Executive Andres Conesa said on Wednesday, after shares plummeted to record lows. Shares in Aeromexico fell another 28.5% on Wednesday, after plunging as much as 65.7% after it said late on Tuesday it had begun Chapter 11 proceedings. Mexico’s stock exchange briefly suspended trading in the shares. Aeromexico…"Aeromexico CEO says company must ‘transform’ as shares sink after bankruptcy filing"
– Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to new record highs and the electric carmaker’s market cap overtook that of former front runner Toyota Motors Corp. Tesla shares gained more than 5% in early morning trade, reaching a new record of $1,133.95."Tesla becomes most valuable automaker in latest stock rally"
FRANKFURT – A COVID-19 vaccine developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer has shown potential and was found to be well tolerated in early-stage human trials, the companies said on Wednesday. The drug is one of 17 being tested on humans in a frantic global race to find a vaccine the world is counting on to end a pandemic that has infected 10.5 million people and killed more than half a…"BioNTech and Pfizer’s COVID-19 vaccine shows potential in human trial"
– An experimental coronavirus vaccine developed by Inovio Pharmaceuticals Inc showed promise and was found to be safe in an early-stage human trial, the company said on Tuesday. The vaccine, one of the 17 being tested in humans and part of the Trump administration’s “Operation Warp Speed” program, induced “immune responses” in healthy volunteers, Inovio said. Immune responses in the study were measured by the vaccine’s ability to generate binding antibodies, or virus-neutralizing antibodies, and…"Inovio’s COVID-19 vaccine candidate shows promise in small early-stage trial"
– A stock rebound marked by Wall Street’s strongest quarter in more than two decades has slowed in recent weeks, as a resurgence in coronavirus cases threatens to derail the economy’s recovery from a deep downturn. With the S&P 500 up 18% in the quarter ending on Tuesday and just 10% below its February record high, investors are parsing an array of factors that could weigh on stocks in the months ahead, including potential delays…"Wall Street faces danger signs after best quarter since ’98"
LONDON – Standard Life Aberdeen (SLA) Chief Executive Keith Skeoch will step down after five years at the helm and former Citi executive Stephen Bird will replace him, the British asset manager said on Tuesday. The announcement marks the end of a 14-year career as an SLA director for Skeoch, during which he oversaw the 2017 merger of Standard Life and Aberdeen Asset Management to create one of Britain’s biggest fund managers. His period as…"Standard Life Aberdeen picks ex-Citi executive as CEO"
NEW YORK – Goldman Sachs Group Inc has already boosted capital measures and is working to meet the Federal Reserve’s benchmark for October, the Wall Street bank said in a statement on Monday. Investors and analysts were eager to hear Goldman’s announcement because the bank fared worse than rivals on the Fed’s stress test last week, sending its share price tumbling. The Fed examined big banks’ balance sheets to see if they had enough funds…"Goldman Sachs says it’s climbing toward Fed’s capital demands"
VIENNA – Swiss drugmaker Roche is unable to meet demand for molecular tests to identify active COVID-19 infections, its chairman told Swiss daily Tagesanzeiger. “The demand exceeds our production,” Christoph Franz was quoted as saying in Saturday’s paper. The decision on where tests were shipped to depended, among other things, on infection rates and the availability of diagnostic equipment. Demand for its antibody tests, which determine whether people have ever been infected with the coronavirus,…"Roche not yet meeting demand for molecular COVID-19 tests, chairman says"
NEW YORK – Shares of U.S. banks dropped on Friday, with Wells Fargo’s stock falling more than 6% and Goldman Sachs Group Inc down 7%, after the Federal Reserve capped dividend payments and barred share buybacks until at least the fourth quarter after its annual stress test. The S&P 500 banks index .SPXBK was down more than 5% and the S&P 500 financials index .SPSY dropped nearly 4%, making it the biggest drag on the…"U.S. bank shares drop as Fed sets limits following stress tests"
RIYADH/DUBAI – National Commercial Bank , Saudi Arabia’s biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group to create a combined entity with almost $214 billion in assets. NCB’s offer would value each Samba share at 27.42 to 29.32 riyals ($7.82), giving it a maximum market value of $15.63 billion, 27.5% above its market value of nearly $12.3 billion based on Wednesday’s closing price. Low oil prices…"Saudi Arabia’s biggest lender NCB in merger talks with Samba"