PACWEST STOCK RECOVERS SLIGHTLY:
PacWest Bancorp rose 3.6 percent to recover some of its 43 percent plunge last week. It said Friday night that it’s cutting its dividend to help it build its financial strength. Several other smaller and midsize banks also rose, including a 0.6 percent tick higher for Western Alliance Bancorp. They’ve been under heavy pressure as Wall Street hunts for the next weak link following three U.S. bank failures since March. Weighed down by much higher interest rates, smaller and midsize banks are scrambling to assure Wall Street that their deposits are secure and not at threat of seeing a sudden exodus, similar to the runs that toppled Silicon Valley Bank and others.
WIDER AMAZON FILM DISTRIBUTION:
Amazon said Monday that it will distribute its original films and TV shows to media outlets outside the Prime Video service for the first time. The works will be licensed via a new unit called Amazon MGM Studios Distribution, which expands the number of titles currently offered by Hollywood studio MGM. Last year, the e-commerce turned media giant closed its acquisition of MGM — which houses more than 4,000 film titles and 17,000 TV episodes — for $8.5 billion. At launch, the new division will offer several series and films, including “Coming 2 America” and “Borat Subsequent Moviefilm,” Amazon said in a statement.
BOEING CLOSES IN ON RYANAIR DEAL:
Boeing is close to a major order from Ryanair for about 150 of its largest 737 Max aircraft, an important endorsement from a key customer that adds crucial sales momentum for the jet. The deal would be for the 737 Max 10 model, with the possible addition of 50 options, according to people familiar with the deliberations, who asked not to be identified discussing negotiations.
GO AIRLINES TO STOP TICKET SALES:
Beleaguered Go Airlines India has been asked to stop selling tickets after it filed for insolvency amid what it called repeated failures of Pratt and Whitney aircraft engines. The Indian aviation regulator said in a statement Monday that it will decide in 15 days whether the airline’s operating license should be continued. By abruptly canceling flights, the airline failed to provide “service in a safe, efficient and reliable manner,” the Directorate General of Civil Aviation said.