Bloomberg Royal Bank of Canada (RBC) plans to start a new “direct-to-consumer” business in the US to increase deposits and ultimately broaden out its offerings to a more mainstream clientele. The expansion is likely to come at the end of 2020 or early next year, and will be focused initially on higher-net-worth customers, Chief Executive Officer David McKay said during ...

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda shrugged off speculation that the yen is losing its status as a safe asset and blamed its depreciation on the dollar. “I don’t think there has been a fundamental change in the situation of foreign-exchange rates,” Kuroda told reporters on Saturday in Riyadh, where he is attending a Group of 20 meeting. ...

Bloomberg United Airlines Holdings Inc and JPMorgan Chase & Co renewed their long-time credit-card partnership through 2029, capping months of negotiations. The new deal, and an amended pact with Visa, gives United an extra $400 million this year, according to a regulatory filing by the airline. United declined to provide additional details on the financial impact of the agreement. Revamping ...

Bloomberg Hinduja Group Ltd is partnering with private equity firm Cerberus Capital Management LP in seeking to pick up a stake in embattled Yes Bank Ltd, according to people familiar with the matter. Representatives of Cerberus and the UK-based Hinduja group, run by brothers Gopichand Hinduja and Ashok Hinduja, met Reserve Bank of India officials earlier this month regarding the ...

Bloomberg Air France-KLM warned the coronavirus outbreak will wipe as much as 200 million euros ($216 million) from earnings, hammering home the financial impact of the crisis even thousands of miles from its epicenter in China. The estimate includes losses from halting flights to the Asian nation this month and next, and assumes that services will resume in April, the ...

Bloomberg Aviation enthusiasts take note: Look for bigger jets flying around North America over the next two months as the coronavirus forces carriers to redeploy some of their largest aircraft from suspended China routes. The US carrier with the most service to China, United Airlines Holdings, is moving 19 wide-body aircraft to mainly domestic service through April 23, when discontinued ...

Bloomberg Puma SE’s chief executive officer put a brave face on the coronavirus crisis in China, forecasting a 10% gain in revenue this year. “Long-term, this will not have an impact on our industry and our brand,” CEO Bjorn Gulden told journalists. “Can we reach the guidance or not? We will do everything we can.” Puma shares surged as much ...

Bloomberg Forever 21 Inc’s new owners plan to keep most of the fast-fashion chain’s US stores open under a new chief executive officer in the coming weeks when it emerges from bankruptcy. Owners Authentic Brands Group (ABG), Simon Property Group Inc and Brookfield Property Partners LP are talking with other landlords about keeping as many of its 448 US stores ...

Bloomberg L Brands is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing apparel chain a chance to rehabilitate its image and sales outside the glare of public markets. Under the deal, Sycamore Partners will buy 55% in the chain and take it private, leaving L Brands with a minority stake. L Brands’ billionaire founder Leslie ...

DUBAI / WAM Hailing the dawn of a decade defined by innovation in the maritime sector, the 28th Dubai International Boat Show will drop anchor at its new 1,100-berth Dubai Harbour home from March 10-14, buoyed by a striking display of superyachts, future-focused maritime equipment and an extensive range of leisure and aquatic activities. Running under the theme ‘Loving What’s ...