Bloomberg Virgin Atlantic Airways Ltd. said commercial head Shai Weiss will take over as chief executive officer as billionaire founder Richard Branson prepares to cede majority control of the UK carrier. Craig Kreeger will stand down as chief at the end of this year, with Weiss taking the helm on January 1, 2019, the Crawley, England-based company said. The switch ...

Bloomberg The speed of the instant payment highway has regulators in Norway thinking about the guardrails. The central bank is stepping up efforts to improve the country’s banking infrastructure as the spreading use of instant payments drives credit risk higher at banks. The problem lies in the fact that customers get their money before it’s actually transferred to their banks. ...

Bloomberg Investors have seen the peak of the US 10-year Treasury yield this year as brewing trade tensions and a stronger dollar curb its advance, according to Morgan Stanley. “3.12 percent was it,” Morgan Stanley global head of interest-rate strategy Matthew Hornbach wrote in a note to clients. “We suggest investors buy 10-year Treasury notes outright,” he said, with the ...

Bloomberg The Commonwealth Bank of Australia’s new Chief Executive Officer Matt Comyn has embarked on a massive overhaul of the scandal-plagued lender, announcing plans to spin off its wealth management and mortgage-broking businesses. The asset management, wealth advisory and Aussie Home Loans units will be placed into a new company known as CFS Group to be listed on the Australian ...

Bloomberg When China allowed banks to use 700 billion yuan ($108 billion) more of their deposits, they were very clear on where the money should go. One sector not mentioned was the overheating property market. Money freed up from previous cuts may have ended up flowing into the housing market, and the design of this new policy seems aimed at ...

Bloomberg Central banks should accept that reversing crisis-era monetary policy will be “bumpy” and shouldn’t delay doing so just for fear of upsetting financial markets, according to the Bank for International Settlements. Claudio Borio, who heads the institution’s economics department, urged policy makers to press ahead, both to address financial stability risks and to insulate their economies against the next ...

Bloomberg Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching 1 million barrels a day is on the way to global markets. “We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters, while sitting alongside his Russian counterpart Alexander Novak at OPEC ...

Bloomberg Egypt may have just issued its last LNG tender, setting the stage to resume exports next year. Imports of liquefied natural gas may stop in the fourth quarter, allowing for exports to start early next year as Eni SpA’s Zohr and other gas fields boost production in the country and help to draw more foreign investment, Petroleum and Mineral ...

Bloomberg A sparsely populated Chinese province that is home to the headwaters of the Yellow and Yangtze rivers is poised for another clean energy milestone. The northwest Chinese province of Qinghai is aiming to use only electricity generated from renewable sources, including hydroelectric pow-er, to supply its population of nearly 6 million over a nine-day period that started June 20, ...

Bloomberg A mad scramble by Chinese property developers to build up their land banks is taking its toll on the industry’s creditworthiness, with builders singled out as having the highest risk of default as channels of credit tighten. The Bloomberg Default risk model, which tracks metrics including share performance, liabilities and cash flow, shows a 0.87 percent average probability that ...