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UBS Weber Rejects Deal Talks Saying Bank Isn’t Seeking a Partner

October 9, 2020

UBS Group AG Chairman Axel Weber rejected reports that Switzerland’s largest bank is planning to merge with a rival, in his first comments on the subject since discussions with Credit Suisse Group AG were reported.

“We are not looking for a bride,” Weber said in an interview with Swiss financial magazine Bilanz. Mergers can weigh on management time for years and UBS is busy with a pending change of chief executive officer and other internal business, he said. Weber declined to comment on any talks with Credit Suisse or any other European banking rivals.

Key Speakers at the Frankfurt Finance Summit — Photographer: Peter Juelich/Bloomberg

European bank mergers have been pushed into the limelight, with the coronavirus, negative interest rates and fragmented markets sparking discussions. Weber has drawn up a wish list of possible partners including Deutsche Bank AG, BNP Paribas SA and Credit Suisse, Bloomberg reported last month, citing people with knowledge of the matter. The German

Opec rejects projection that global demand for oil has peaked

October 8, 2020

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The world’s most powerful oil-producing nations have denied that oil demand may have already reached its peak and have claimed that the world will continue to consume more fossil fuels for almost 20 years.

a close up of a sign: Photograph: Dado Ruvić/Reuters

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Photograph: Dado Ruvić/Reuters

A new report from the Opec oil cartel, which represents the interests of countries including Saudi Arabia and Iran, has predicted that the world’s appetite for oil will continue to rise before reaching a plateau in the late 2030s.

The research arm of the Vienna-based cartel said oil use would rise from just below 100m barrels a day last year to 109m barrels in 2045 after recovering from the severe slump in demand during the coronavirus pandemic.

“Oil will be needed for years to come, and even if demand plateaus in the long-term, it will remain a key fixture in the energy mix,” the group’s report said.

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Garrett Motion Rejects Rival Creditor Offers for Bankruptcy Loan

September 28, 2020

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(Bloomberg) — Auto-parts maker Garrett Motion Inc. rejected an alternative bankruptcy loan offered by Oaktree Capital Management and Centerbridge Partners, and a second one from a group of bondholders, instead selecting a revised deal from senior lenders.

a screen shot of a computer: A monitor displays Garrett Motion Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 1, 2018. U.S. stocks rose toward records, while the Canadian dollar and Mexican peso gained after negotiators agreed to a new version of the Nafta trade pact.

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A monitor displays Garrett Motion Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 1, 2018. U.S. stocks rose toward records, while the Canadian dollar and Mexican peso gained after negotiators agreed to a new version of the Nafta trade pact.

The renegotiated debtor-in-possession loan from senior lenders is a “material improvement” from the original and is the best option available, Chief Restructuring Officer Bruce Mendelsohn said in court papers Monday. The revised terms remove certain milestones for the company in court, allow longer financing extensions and reduce certain fees.

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Representatives for Garrett Motion and Oaktree declined to comment.

EasyJet rejects claims over dire finances as pilots avoid compulsory redundancies

September 27, 2020

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On Friday, the airline agreed a deal with the British Airline Pilots Association (BALPA) to avoid compulsory redundancies among its pilots. Photo: Getty

EasyJet (EZJ.L) has rejected claims made by a union representative that the company is “hanging by a thread,” as reported by the BBC.

Martin Entwistle allegedly said that the budget airline is in a “really dire” situation, after a meeting with easyJet’s chief financial officer Andrew Findlay, in a leaked recording obtained by the broadcaster.

However, easyJet denies that the recording reflects “what easyJet or its CFO said.”

The airline told Yahoo Finance: “We have been clear the whole industry has been impacted by the pandemic, however easyJet has taken a prudent approach to capacity and the right actions on cash preservation. The airline continues to keep all liquidity options under review, but no decisions have been taken.

“Winter flying is always significantly lower than summer and

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