Latin America’s biggest airline, the Chile-based LATAM, on Tuesday filed for bankruptcy under the U.S. Chapter 11 bankruptcy code after the COVID-19 pandemic decimated passenger demand. “The Chapter 11 financial reorganization process is a proven legal framework under which LATAM and affiliates will have the opportunity to resize their operations to the new demand environment and reorganise their balance sheets,” the airline said in a statement. The group attributed its financial difficulties to the novel...

French President Emmanuel Macron on Tuesday promised more than 8 billion euros (8.8 billion dollars) to boost the country’s automobile industry, hard-hit by the coronavirus pandemic. In return, carmakers Renault and PSA – which makes Peugeot, Citroen, DS and Opel cars – had promised to maintain production on French soil and move higher-value activities back from overseas, Macron said. The announcements came days before Renault is due to announce a 2-billion-euro cost-cutting plan. The carmaker...