Bloomberg A week after Swedbank AB fired its chief executive officer, the lender is parting ways with its chairman as a multibillion dollar money-laundering scandal forces top-level changes. Lars Idermark has decided to leave Sweden’s oldest bank and biggest mortgage lender with immediate effect, Swedbank said in a statement. That follows a March 28 announcement that CEO Birgitte Bonnesen had ...

Bloomberg Commerzbank AG Chief Executive Officer Martin Zielke, almost three weeks into formal discussions about a combination with Deutsche Bank AG, is lobbying hard to overcome internal opposition to the idea. The lender doesn’t have the market share needed for costly investments to pay off, Zielke told employees in a memo. Low interest rates are squeezing profits, regulatory expenses have ...

Bloomberg Iceland’s central bank now has more scope to cut interest rates as a result of this week’s agreement between workers and employers, despite an “unfortunate” clause in the deal that ties planned pay hikes to monetary policy, Governor Mar Gudmundsson said. “The break-even inflation rate in the market has now slumped, the exchange rate has been strengthening and our ...

Bloomberg Boeing Co is cutting production of its 737 jetliner for the first time since the September 11 attacks as the planemaker works to limit financial damage from the global grounding of its newest and best-selling aircraft model. By slashing output 19 percent — to 42 airplanes a month by mid-April — Boeing will be able to reduce its spending ...

Bloomberg Chinese airline shares surged after the government announced plans to slash infrastructure levies charged to the companies, a welcome relief for carriers battling oil-price volatility and currency fluctuations in one of the world’s biggest aviation markets. Beijing-based Air China Ltd rose as much as 12 percent in Hong Kong, while Shanghai-based China Eastern Airlines Corp jumped 20 percent and ...

Bloomberg Investors shouldn’t fret over the growing list of departing Walmart Inc executives who were involved in tech and innovation, according to Bernstein. Recent departures do not imperil Walmart’s future because “the people Walmart needs to be innovators were never the ones coming from outside,” analyst Brandon Fletcher wrote in a note. Outsiders with their “worldview” aren’t helpful to Walmart ...

Bloomberg United Continental Holdings Inc will stop publishing charts showing the miles needed to obtain tickets through its frequent flyer program, allowing for a wider — and more expensive — range of prices. The move follows a similar decision by rival Delta Air Lines Inc in 2014 to scrap fixed tables in favour of dynamically pricing award tickets. The change ...

Bloomberg Target Corp is boosting its minimum starting wage for the third time in as many years, distancing itself from rival Walmart Inc in a tight labour market. The cheap-chic retailer will move to $13 an hour in June, providing tens of thousands of workers a raise, the company said, without specifying exactly how many staffers would benefit. This follows ...

DUBAI / WAM The smart city concept has the potential to boost the economic development of global cities by over five percent and deliver at least $20 trillion in additional economic benefits by 2026, reveals a a report titled “Role of Smart Cities for Economic Development.” The numbers were released as discussions on the economic impact of smart cities have ...

DUBAI / WAM Dubai Chamber of Commerce and Industry’s representative office in Kenya organised a study mission to Dar es Salaam, Tanzania, which explored business potential within country’s healthcare, manufacturing, agriculture, energy, tourism, and hospitality sectors. The study mission coincided with the 7th East African Health and Scientific Conference where Chamber officials examined new investment opportunities emerging across region. Dubai ...