Bloomberg Philippine central bank Governor Benjamin Diokno said it would be better to cut interest rates sooner than later, a signal that policy makers will likely lower borrowing costs on Thursday. Since monetary policy works with a lag and the central bank is mindful of risks to global growth from the coronavirus outbreak, it’s preferable to act the “sooner the ...

Bloomberg Srei Infrastructure Finance Ltd plans to stop financing Indian infrastructure projects after three decades in the business, as a slowing economy and crisis in the shadow bank sector dries up funding lines. The International Finance Corp-backed firm will instead focus solely on financing purchases and leasing of equipment, Vice Chairman Sunil Kanoria said in an interview in his Kolkata ...

Bloomberg Yes Bank Ltd has picked Cantor Fitzgerald LP, IDFC Securities Ltd and Ambit Pvt to help the Indian lender raise as much as $2 billion for bolstering capital buffers, people with knowledge of the matter said. Yes Bank, staggering under the weight of soured loans, has been plagued by worries about its asset quality and uncertainty about efforts to ...

Bloomberg Macy’s Inc plans to close 125 of its least productive department stores — almost a quarter of the total — over the next three years and cut about 2,000 jobs as part of a large restructuring. The stores, including 30 that are already in the process of being closed, account for about $1.4 billion in annual sales, the company ...

Bloomberg Cathay Pacific Airways Ltd asked employees to take three weeks of unpaid leave as the Hong Kong airline is cutting capacity because of the coronavirus outbreak. The airline requested all employees to participate in a leave programme taking place from March 1 to June 30, it said in a statement. Cathay had about 26,700 workers in Hong Kong as ...

Bloomberg The aerospace industry is joining carmakers in shuttering Chinese plants in response to the coronavirus outbreak, with Airbus SE halting an assembly line and Boeing Co and Safran SA also closing facilities. Airbus’s plant in Tianjin, east of Beijing, has remained idle beyond the Lunar New Year holiday as travel restrictions present logistical challenges and the government advises people ...

Bloomberg Bombardier Inc jumped on a Wall Street Journal report that the Canadian maker of planes and trains is in talks to sell its private-jet unit to Textron Inc, which makes Cessna planes. Textron also surged on speculation that a deal would bolster its luxury-aircraft business. The negotiations have been going on for several weeks, and the terms of the ...

Bloomberg Oil traded near $51 a barrel in New York — recovering from a one-year low — as Opec+ officials gathered for an urgent meeting to assess the impact of the coronavirus on demand and consider how best to respond. An internal analysis presented to Opec+ technical experts in Vienna estimated a reduction in average global oil-demand growth of 200,000 ...

ABU DHABI / WAM Chinese media outlets have praised the UAE’s support to China in its fight against the new coronavirus. All prominent media have highlighted the UAE’s symbolic gesture of illuminating important landmarks in the country with the Chinese flag and supportive messages in Mandarin. The reports also appreciated the message of support from His Highness Sheikh Mohamed bin ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc); the Ministry of Climate Change and Environment (MOCCAE); and Environment Agency – Abu Dhabi (EAD), signed a framework agreement to explore opportunities for greater collaboration in environmental protection and conservation. Under the terms of the agreement, Adnoc and EAD will explore opportunities to build upon many years of successful ...