Bloomberg China set its daily reference rate for the yuan at a stronger-than-expected level, with the central bank perhaps signaling efforts to support the currency following recent weakness. The PBOC put the fixing at 7.0692 yuan per dollar, 105 basis points stronger than the average forecast of analysts surveyed by Bloomberg. The spread is the most since February 3, the …

Bloomberg IndusInd Bank Ltd., backed by the billionaire Hinduja brothers, surged the most on record, as investors poured into the stock after its founders said they are repaying a loan backed by shares of the lender. The shares jumped as much as 50%, the sharpest since the bank’s stock started trading in 1998, to 451.95 rupees in Mumbai. The rally …

Bloomberg Unable to fill planes with passengers as the coronavirus destroys travel demand, airlines are instead using their fleets to transport more cargo, including medicines, smartphones and Korean strawberries. The likes of Cathay Pacific Airways, Korean Air Lines and American Airlines are hauling a greater amount of goods in the belly of their passenger planes to keep up with demand. …

Bloomberg US airlines probably will avoid applying for some $25 billion in loans under a federal aid package designed to help them survive the collapse in travel from the new coronavirus, according to JPMorgan Chase & Co. But the carriers will tap a similar amount in cash assistance for payrolls that should eliminate the risk of near-term bankruptcies, JPMorgan analyst …

Bloomberg Malaysia is exploring the possibility of bailing out domestic airlines that have been hit hard by the coronavirus outbreak, according to people with knowledge of the matter. Officials have been studying ideas including setting up a vehicle to take over the debt of companies like Malaysia Airlines Bhd and AirAsia Group Bhd, the people said. The government is also …

Bloomberg Nike Inc doesn’t have a cure for coronavirus, but the company does have a plan for coping with the pandemic globally. After delivering better-than-expected quarterly results, the sportswear giant’s top executives discussed their experiences dealing with the virus in China — Nike’s top growth market and the place where the Covid-19 outbreak began. They expect the disruption and recovery …

Bloomberg Prime Minister Nguyen Xuan Phuc ordered the transport ministry to cut the number of flights from Hanoi and Ho Chi Minh City to other Vietnamese cities from March 28 as the government moves to slow the novel coronavirus outbreak across the country, according to a post on government’s website. This suspension of flights could last a week or longer, …

Bloomberg Oil turned lower on an unprecedented hit to consumption, even as policy makers attempted to kickstart the global economy. Futures in London erased earlier gains to trade down 4.2%. The boss of trading house Vitol Group said demand is down about 15 million to 20 million barrels a day and will shrink further with India’s decision to go into …

Bloomberg The euro area is preparing to make available credit lines from its bailout fund worth up to 2% of each country’s output, as the region’s finance ministers seek to lay out the next phase of their fiscal response to the coronavirus outbreak. The tentative progress comes as an array of forecasts and sentiment indicators have pointed to a severe …

Bloomberg As the US finds itself in the unfamiliar position of lobbying for higher oil prices, China’s enjoying what amounts to a major rebate from crude’s crash just as it tries to recover from the coronavirus. The world’s biggest oil importer is saving about $250 million a day after crude prices crashed this year amid dual demand and supply shocks. …