Bloomberg Government companies in South Africa that have had billions of rand looted through a process known as state capture shouldn’t be bailed out by the central bank even as they pose a significant fiscal risk, Governor Lesetja Kganyago said. “The challenge of dealing with too-big-to-fail SOEs, of combining cash injections with conditionality measures, needs to be dealt with by …

Bloomberg UniCredit SpA ended one its most significant legal disputes by settling a US probe over sanctions violations, clearing the path for the lender to focus on growing its business after years of cleaning up legacy issues. The bank agreed to pay $1.3 billion to settle US charges for violating sanctions against Iran that have been hanging over UniCredit since …

Bloomberg UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker said. While the Zurich-based bank continued to dominate the regional top spot by a wide margin, with assets totaling $357 billion last year, Credit Suisse Group AG slightly …

Bloomberg JPMorgan Chase & Co and Barclays became the latest financial institutions to lower their estimates for Brazil’s economic growth this year, on the back of weak activity data and increased political uncertainty. They joined Itau Unibanco SA, Latin America’s largest bank by market value, which remains the most pessimistic of the three after cutting its 2019 growth forecast for …

Bloomberg China’s central bank shifted its tone on the economy, emphasising that it will control excessive money supply amid signs of a recovery. The People’s Bank of China (PBOC) said it’ll keep good control of the money supply “floodgate” and not “flood” the economy with excessive liquidity, according to a statement. That wording had been dropped from the previous quarter’s …

Bloomberg New-home price growth in China snapped a four-month weakening streak, one of the first official signs there may be a widespread recovery in the nation’s housing market. The value of new homes, excluding government-subsidised housing, gained 0.61 percent on average in March from February in 70 major cities tracked by the nation’s statistics bureau, official data released showed. That …

Bloomberg In naming Corie Barry chief executive officer, Best Buy Co hands the reins to the architect of its current growth strategy, widely considered to be one of the retail industry’s most remarkable turnarounds. Barry, chief financial and strategic transformation officer, will replace Hubert Joly in June after almost seven years at the helm. In her outgoing role, she oversaw …

Bloomberg Deutsche Lufthansa AG shares dropped as Europe’s largest airline reported a first-quarter loss that was 80 percent higher than the average analyst estimate. The stock fell as much as 5 percent after Lufthansa posted an adjusted loss before interest and tax of 336 million euros ($380 million). The figure was worse than any of 12 earnings estimates and came …

Bloomberg President Donald Trump gave Boeing Co a little advice on Twitter. The company should fix its troubled 737 Max and choose a new name following the Ethiopian Air Lines and Lion Air Crashes. “What do I know about branding, maybe nothing (but I did become President!), but if I were Boeing, I would FIX the Boeing 737 Max, add …

Bloomberg On a recent weekday at the newly opened Champion store in Philadelphia’s Center City, the brand’s oversize red, white and blue “C” is everywhere: across the chest of thick cotton sweatshirts, down the sides of track pants and on the front of baseball caps. A couple of 20-somethings sift the clothing racks during the lunch hour. They drift through …