Bloomberg Suruga Bank Ltd., the worst-performing bank stock in Japan this year, tumbled the most since 1975 after the Asahi newspaper reported that it gave property investment loans based on faked applications. Real estate companies provided the regional bank with documentation for loan applications that had been falsified to make borrowers look more creditworthy than they were, the Asahi reported. ...

Bloomberg The World Bank won support from its member countries for a $13 billion capital increase, with the US dropping its objection as the lender imposes measures that would potentially reduce loans to China. The boost will be accompanied by internal steps “including operational changes and effectiveness reforms, loan pricing measures, and other policy steps,” the World Bank said in ...

Bloomberg New Zealand’s banking sector doesn’t share the cultural problems that are coming to the surface at an inquiry into misconduct in Australia’s financial industry, Reserve Bank Governor Adrian Orr says. “The true problem and challenge going on in Australia is cultural,” Orr said in an interview on Television New Zealand’s Q+A. New Zealand bank culture “is infinitely better than ...

Bloomberg For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct. Then President Donald Trump tweeted his ire about Wells Fargo & Co. and — at least in the case of the embattled bank — the GOP is singing a different tune. Watchdogs ...

Bloomberg US aviation regulators ordered emergency inspections of one of the world’s most popular jet engines after the fatal accident this week on a Southwest Airlines Co. plane. The Federal Aviation Administration (FAA) order covers an estimated 352 CFM International Inc. engines in the US that have made at least 30,000 flights, the agency said in a statement. The emergency ...

e Bloomberg Amazon.com Inc. Chief Executive Officer Jeff Bezos said the e-commerce giant has exceeded 100 million paid Prime subscribers and will continue to invest to meet “ever-rising” customer expectations. Bezos noted the milestone in his annual shareholder letter. The letter is the founder’s opportunity to underline his long-term strategy for investors, seeking to bolster their confidence as he continues ...

Bloomberg Macerich Co.’s chief executive officer and chairman, Arthur Coppola, will retire from the US mall owner at the end of the year, the company said. Coppola joined Macerich as a founding partner in 1976 and has led the company since 1993, according to a statement. Macerich has started looking for a replacement CEO and named Steven Hash, an independent ...

Bloomberg UK retail sales plunged in March as snow and freezing temperatures kept consumers indoors and disrupted deliveries of stock. The data comes as a fresh blow to the British high street after a year of consumer pullback in the face of rising prices and sluggish wage growth. While pay and inflation data this week show tentative signs that the ...

Bloomberg Honeywell International Inc.’s confidence in its aerospace business was bolstered by expanding sales of in-flight internet and cockpit controls that drove first-quarter earnings higher than analysts’ expected. The company raised its 2018 profit target. A drag on earnings as recently as last year, the aerospace business is taking off on higher demand for commercial aircraft parts and service, increased ...

Bloomberg The global growth outlook faces rising threats from trade tensions and mounting debt despite a strengthening and “increasingly broad-based” expansion at the moment, according to a statement from world finance ministers and central bankers. “Risks are broadly balanced in the near term, but remain skewed to the downside beyond the next several quarters,” according to a communique by IMF’s ...