Bloomberg Wells Fargo & Co. will pay $5.1 million to settle a US regulator’s claims that employees abused clients by persuading them to sell certain investments before maturity, generating large fees for the lender. Brokers with Wells Fargo Advisors, from January 2009 to June 2013, encouraged retail customers to sell market-linked investments meant to be held to maturity so they ...

Bloomberg Irish banks are set to be forced to hold more capital to cope with a future economic downturn, according to a person familiar with the matter. The country’s central bank is leaning towards increasing the so-called counter cyclical capital buffer from zero percent in coming months, according to the person, who asked not to be identified as the information ...

Bloomberg Bank of Japan Governor Haruhiko Kuroda endorsed a Japanese government call for employers to raise wages by 3 percent a year — far faster than the current pace — to help the central bank meet its inflation target. “The government request for 3 percent wage increase is quite appropriate,” Kuroda said during a panel discussion at a European Central ...

Bloomberg For months, global regulators have been scrambling to get a grip on cryptocurrencies. Yet, even as they debate potential action, a key question looms: What exactly are these things? Now, a consensus appears to be forming around how to define these new instruments. In a speech at the annual general meeting of the Bank for International Settlements in Basel, ...

Bloomberg With a month to go before the world’s major airlines must comply with Beijing’s order to recognise Taiwan as part of China, US carriers risk flying fewer mainland passengers by staying defiant. While Japan Airlines Co., ANA Holdings Inc. and Australia’s Qantas Airways Ltd. have changed how they described Taiwan on their websites, Delta Air Lines Inc. and American ...

Bloomberg Boeing Co. isn’t waiting for next month’s Farnborough International Airshow to unveil blockbuster aircraft deals — or start booking cash. The Chicago-based planemaker is poised to bolster its backlog with orders valued at $14.4 billion thanks to two transactions announced. That’s a break from an industry practice of stockpiling sales for the biggest annual trade expo that alternates between ...

Bloomberg Jet Airways India Ltd. purchased another 75 of Boeing Co.’s 737 Max aircraft for about $8.8 billion as it looks to continue rapid expansion in the world’s fastest-growing major aviation market. The latest purchase brings the airline’s backlog for the narrowbody plane to 225, Jet said. It already placed two 75-plane orders, the most recent in April, with the ...

Bloomberg Neiman Marcus Group went online for its latest management search, hiring a former Amazon.com Inc. executive to run its luxury department store Bergdorf Goodman as it refocuses efforts on growing internet sales. Darcy Penick, previously chief executive officer of Amazon subsidiary Shopbop, will be tasked with speeding up the company’s “digital transformation,” according to a statement. She will step ...

Bloomberg The demise of Toys ‘R’ Us in the US has left billions of dollars in sales up for grabs, and Party City Holdco Inc. is going after that gaping hole. Party City plans to operate 50 pop-up toy stores from September through the holiday-shopping season, possibly in former locations of the defunct chain, executives said. The assortment will include ...

DUBAI / WAM As part of its leading investor and issuer services, Dubai Financial Market (DFM) has successfully accomplished the cash dividend distribution for the financial year 2017. As much as AED15.8 billion been disseminated to 466,482 investors. The number of listed companies that have outsourced the dividend distribution process to DFM increased from 35 companies during the previous year ...