India’s government seems intent on abandoning good ideas for dealing with the country’s banking crisis and encouraging bad ones. Perhaps that shouldn’t be surprising, given that the bureaucrats don’t yet seem to have grappled with the real nature of the problem. The latest terrible proposal for dealing with the bad loans weighing down India’s state-owned banks, which control more than ...

Big changes have been happening in the economics profession, but many people still don’t seem to realise this. Maybe it’s the steady drumbeat of think pieces reiterating the same outdated critiques. Or maybe there’s a lingering collective memory of the time when the public face of economics was strongly libertarian. Or perhaps think tanks and pundits have publicised a caricature ...

Bloomberg Credit Agricole SA’s investment bank and retail business are both benefiting from the thirst for credit. Financing revenue jumped 17 percent in the second quarter after the bank provided advice and arranged debt financing on large deals including Altran Technologies SA’s takeover of Aricent Inc., helping the investment bank beat estimates. The bank’s French LCL retail business also did ...

Bloomberg American International Group Inc. fell 2.7 percent after second-quarter earnings came in below estimates as a restructuring expense hurt results. Profit in the period fell from a year earlier as private equity and hedge fund performance weakened, the New York-based insurer said in a statement. Net investment income, which declined 12 percent to $3.1 billion, is on target for ...

Bloomberg Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report, saying it faces a US inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners. Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with ...

Bloomberg Deutsche Bank AG had the credit rating of a class of debt cut to the lowest-investment grade level by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing. Moody’s downgraded the bank’s senior debt to Baa3 from Baa2 and reclassified the bonds as “junior senior” debt. The ...

Bloomberg Canada’s economy is gaining strength instead of buckling amid a trade fight with the US. Exports rose to a record high in June even as President Donald Trump slapped tariffs on steel and aluminum, and gross domestic product expanded in May at its fastest clip in a year, according to data released this week by Statistics Canada. That has ...

Bloomberg Aimia Inc. is leaving the door open to reaching an agreement with the Air Canada-led group that sought to acquire the company’s Aeroplan rewards program, seeking a sweetened offer from the airline. Aimia said it wants at least $347 million for Aeroplan after the Air Canada group boosted its bid to C$325 million from an initial proposal of C$250 ...

Bloomberg Bombardier Inc. burned through less cash than expected in its last quarter as the majority owner of the C Series jetliner, buoyed by rising sales of aircraft parts and rail equipment. Revenue rose in the second quarter and Canada’s largest aerospace company reported a surprise profit, according to a statement. Bombardier also reaffirmed its sales, earnings and cash-flow targets ...

Bloomberg Jones Lang LaSalle Inc. acquired Northwest Atlantic Inc., a Canadian retail-tenant representation and advisory firm, to feed the growing demand from retailers around the world looking to expand in Canada. Northwest Atlantic, a closely held company based in Toronto, represents more than 65 retailers including fashion retailer Nordstrom Inc., discount-apparel company Winners and movie-theater operator Cineplex Inc., and has ...