(Bloomberg) -- China will impose unspecified sanctions on defense contractor Lockheed Martin Corp. after the U.S. approved a possible $620 million deal to supply missile parts to Taiwan, the latest in a series of punitive actions by the superpowers as relations grow colder.“China firmly opposes U.S. arms sales to Taiwan,” Chinese Foreign Ministry spokesman Zhao Lijian said at a briefing in Beijing on Tuesday. “We will impose sanctions on the main contractor of this arms sale, Lockheed Martin,” he said, without elaborating on what form the sanctions may take.The move comes as tensions grow between the U.S. and China on a number of fronts, from the trade war and territorial claims in the South China Sea to the coronavirus pandemic and new security law Beijing imposed on Hong Kong. Zhao called on the U.S. to cut military ties with Taiwan -- which China considers part of its territory -- to avoid...
(Bloomberg) -- Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured loans than the first quarter’s $4 billion as the pandemic continues to rage throughout the U.S. and weigh on companies and workers.The San Francisco-based lender also cut its dividend to 10 cents a share from 51 cents. Wells Fargo said last month it would lower the payout after the Federal Reserve implemented a new rule tying dividends to earnings. The bank’s $2.4 billion loss in the second quarter was a stark turnaround from the near-record $6.2 billion in profit it posted a year ago.“We are extremely disappointed in both our second-quarter...
