Here’s a scenario. You buy a pre-construction apartment and start paying the mortgage before it’s complete. The developer halts the project, has defaulted on its debt and it looks like the property may never get built. You hear of buyers elsewhere who have stopped making their loan payments; the government has stepped in to ensure the builders have money and ...

  Currency values fluctuate all the time, but some changes leave a lasting impression on the banking industry. In the Bretton Woods-era of fixed exchange rates, the 1967 devaluation of the British pound was one such seminal event. It made demand for dollars explode in Asia. Out of that craze, Dick van Oenen, an enterprising Dutch currency trader at Bank ...

  Thursday was expected to bring the spotlight to Europe, and what could be a historically consequential meeting on monetary policy by the European Central Bank (ECB). It’s going to raise rates. But there is now some question over how much — 25 or 50 basis points? And the constraints have never looked tighter. We all know that the world ...

Bloomberg After emerging from a debilitating pilot strike, SAS AB now faces its next battle: convincing investors that it’s worth backing the Scandinavian airline’s $3 billion rescue plan. The carrier has just weeks to secure as much as $700 million in bridge loans to finance ongoing operations while it undergoes US Chapter 11 bankruptcy proceedings, said Jacob Pedersen, an analyst ...

  Bloomberg Embraer said the choice of engine provider for a proposed propeller-driven model has been whittled down to US-based Pratt & Whitney and its UK rival Rolls-Royce Holdings. The Brazilian planemaker is evaluating the proposals and will make a final decision on the supplier by the fourth quarter, Arjan Meijer, chief executive officer at its commercial aviation business, said ...

Bloomberg Qantas Airways Ltd cancelled one in 12 flights in Australia last month, even more than in May, increasing the pressure on CEO  Alan Joyce as the airline struggles to cope with a demand rebound. Australia’s national airline scrapped 8.1% of scheduled domestic services in June, making it the country’s least reliable carrier, according to a government report. Virgin Australia ...

  Bloomberg A top management executive from Marks & Spencer Group Plc is leaving to take a finance role at Associated British Foods Plc, the owner of clothing chain Primark. Eoin Tonge, currently chief financial and strategy officer at M&S, will replace John Bason who will be retiring as finance director, AB Foods said in a statement. Bason, who has ...

  Bloomberg An Indian court agreed to send Future Retail Ltd into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer that once operated the largest chain of department stores across the country and was the prized trophy for two retail sector giants. The National Company Law Tribunal gave its verdict on a petition by Bank ...

  Bloomberg Refuelling workers at London Heathrow airport called off a strike that was set to begin on Thursday and had threatened further disruptions at the UK travel hub. The walkout was suspended after Aviation Fuel Services Ltd made a “sustainably improved offer,” the Unite union said in a statement. The roughly 50 employees involved will now be given time ...

Bloomberg Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October. The former European Central Bank chief delivered his decision to President Sergio Mattarella Thursday morning. The government will continue in a caretaker role to handle ongoing business but its influence will be minimal. Mattarella, ...