Bloomberg Australian lenders including Commonwealth Bank of Australia pledged to rein in uninvited offers of credit and commission charges after an inquiry that unearthed a string of scandals in the financial sector. The new code of practice, in force from July 1, is designed to increase customer protection and introduces new penalties for breaches, the Australian Banking Association said in ...

Bloomberg JPMorgan Chase & Co.’s first investment in an Asian financial technology firm is a key plank in the US bank’s strategy to boost its cash management services in fast-growing regional markets such as India and China, according to a senior regional executive. Last month, JPMorgan announced it was taking a stake in Global PayEx, a Mumbai-based fintech firm which ...

Bloomberg Brazil’s central bank cut its 2019 growth forecast by more than half, blaming factors including falling confidence, a weaker than expected first quarter and a global slowdown. Latin America’s largest economy will expand 0.8 percent this year, down from previous estimate of 2 percent in March, according to the central bank’s quarterly inflation report published. Policy makers are more ...

Bloomberg Many are expecting a relief rally after the world’s largest economies declared a truce in their trade war. In Asia, the sector that just won the biggest reprieve is tech stocks. President Donald Trump’s decision to allow US corporations to resume sales to Huawei Technologies Co, China’s largest telecommunications-equipment maker, will boost semiconductor stocks as concerns surrounding demand for ...

Bloomberg The Bank for International Settlements (BIS) is setting up shop to help officials embrace financial technology, who may need to speed up developing their own digital currency. The BIS, which promotes cooperation among the world’s monetary officials, announced it was starting an innovation hub for financial technology. And in an interview with the Financial Times, BIS General Manager Agustin ...

Bloomberg The Philippine peso’s longest run of quarterly gains in six years will be tested this week with a report forecast to show inflation resumed its downtrend in June. Evidence consumer-price gains are cooling raises the prospect the central bank will follow up on its May interest-rate cut to support flagging growth. Technical indicators also suggest the peso may struggle ...

Bloomberg Discount carrier Wizz Air Holdings Plc is considering using a new fleet of long-range narrow-body Airbus SE jets to launch flights from London to Dubai and even central Europe to India in a further challenge to network rivals. The 20 A321 XLR planes ordered will allow Wizz to broaden its footprint and beef up capacity on existing destinations, Chief ...

Bloomberg German Efromovich, the ousted chairman of Bolivian airline Avianca, is eyeing a comeback via Italy. Efromovich wants to buy a stake in the bankrupt Italian flag-carrier Alitalia SpA, financial daily Il Sole 24 Ore reported, citing an interview. “We wrote a letter to Ferrovie dello Stato and the adviser Mediobanca two weeks ago saying we can purchase up to ...

Bloomberg Taiwan’s Eva Airways Corp failed to come to terms with representatives of striking flight attendants, and will renegotiate with workers on Tuesday, a union said. The strike will continue until a collective agreement is signed, the union said in a statement posted on its Facebook page. Among the issues for negotiation that broke down was the carrier’s refusal to ...

Bloomberg Online luxury reseller The RealReal Inc rose 45 percent in its first day of trading after a $300 million initial public offering. The RealReal’s shares, after rising as much as 50percent, closed up at $28.90 in New York trading, giving the company a market value of about $2.39 billion. The RealReal sold 15 million shares for $20 each after ...