Bloomberg The Federal Reserve Board said that the coronavirus outbreak presented a “new risk” to the economic outlook for the US and warned of disruptions in global markets. “Because of the size of the Chinese economy, significant distress in China could spill over to US and global markets through a retrenchment of risk appetite, US dollar appreciation, and declines in ...

Bloomberg The International Monetary Fund’s (IMF) top deputy, David Lipton, will depart after nine years, handing President Donald Trump a chance to install an ally at the head of the institution. Lipton and another senior official are leaving in the first significant shakeup of the leadership team by Managing Director Kristalina Georgieva, who took office in October. Lipton, the IMF’s ...

Bloomberg Two former managers of a German bank were arrested in a money-laundering probe linked to Denmark’s $2 billion Cum-Ex tax scandal. The two North Channel Bank managers were taken into custody on February 4, prosecutors in the German city of Koblenz said in a statement. It’s part of a probe into the actions of the pair and five other ...

Bloomberg Bank of America Corp (BofA) awarded Chief Executive Officer Brian Moynihan $26.5 million for 2019, unchanged from a record amount a year earlier. Moynihan, 60, received $25 million in stock grants and a $1.5 million salary, the bank said in a filing. While he hasn’t received a cash bonus since 2007, part of his stock award will settle in ...

Bloomberg Australia’s central bank chief Philip Lowe signalled his board is firmly on hold for now, saying further cuts to the nation’s already historically-low interest rate risk doing more long-term damage to the economy than the short-term benefit they would create. “While it’s plausible that we can move towards our goals, at least right at the moment the risks have ...

Bloomberg Philippine central bank Governor Benjamin Diokno said he anticipates the next interest-rate cut will probably come around the middle of this year. The bank will remain “data-dependent,” but still has monetary policy space to ease after it lowered interest rates for the fourth time in a year, Diokno said in an interview with Bloomberg TV’s Haidi Lun. Bangko Sentral ...

Bloomberg Passengers stuck on a cruise ship being quarantined in Hong Kong are beginning to worry that lax controls on the boat and a lack of information puts them at risk of being exposed to the deadly coronavirus. “We are in quarantine, but everyone is still walking around,” Edgar Chan, 28, said using WhatsApp. The software engineer, his sister and ...

Bloomberg Toyota Motor Corp and Honda Motor Co were among carmakers extending shutdowns at their China plants as the country steps up measures to fight the deadly coronavirus. Toyota, which initially halted its Chinese plants until February 9, said it now plans to resume production as soon as February 17. Honda said it will reopen its factory on February 14 ...

Bloomberg Vodafone Group Plc and Cairn Energy Plc are eligible to settle a tax dispute with India’s government under a new amnesty programme, a senior government official said. The companies will need to pay their taxes by March to benefit from the interest and penalty waivers under the programme, Pramod Chandra Mody, chairman of the Central Board of Direct Taxes, ...

Bloomberg More so than anywhere else, automakers are chasing the holy grail of electric mobility in India: a lower price. Mahindra & Mahindra Ltd’s launch of its e-KUV at a price of 825,000 rupees ($11, 587), compared to its next cleanest option — a mid-range petrol variant at 650,000 rupees — highlights the challenge of pricing electric cars that can ...