Bloomberg Norwegian Air Shuttle ASA replaced its chief executive officer after exiting insolvency proceedings, as the low-cost airline rebuilds its operations as a regional carrier. The board voted to end the contract of CEO Jacob Schram, according to a statement. He was replaced by Chief Financial Officer Geir Karlsen, who spent about six months as interim CEO in 2019. Karlsen …

Bloomberg The CEO of Tag Heuer — the maker of luxury watches beloved by athletes — expects sales to recover to 2019 levels this year after last year’s pandemic shock. The forecast of the brand owned by luxury group LVMH comes as the industry became more polarised amid lockdowns last year. The largest privately-owned timepiece brands such as Rolex outperformed, …

Bloomberg Thousands of federal engineers, inspectors and other aviation workers have a new channel through which to report safety concerns without fear of retaliation in an action spurred by the two fatal crashes on the Boeing Co 737 Max. The US Federal Aviation Administration (FAA) unveiled what it calls the Voluntary Safety Reporting Program. The 7,400 people working at FAA’s …

Bloomberg The series of flight cancellations from American Airlines over the weekend will continue to plague travellers. Almost 100 flights from the airline have already been cancelled for June 21, according to a representative from American Airlines Group Inc. That’s following 123 flights cancelled on June 19 and at least 178. “The first few weeks of June have brought unprecedented …

Bloomberg The recovery in Europe’s air traffic hit a new milestone as people take to the skies again for summer vacations. Aside from a brief pickup around Christmas, the continent’s air traffic is at its highest compared with pre-Covid levels since March last year, when continent’s lockdowns really began to affect demand. It rose just above 50% of 2019 levels …

Bloomberg The European Central Bank (ECB) said it will grant lenders about 70 billion euros ($83 billion) of capital relief by extending a measure designed to help them keep supplying credit to the pandemic-struck economy. The ECB will allow lenders to continue to exclude deposits held at central banks when calculating their leverage ratio for nine months until the end …

Bloomberg HSBC Holdings is targeting to become the number one wealth manager in Asia in “roughly five years” as Europe’s largest bank shifts capital to tap clients in the increasingly affluent region, according to HSBC Pinnacle Venture Chief Executive Officer Trista Sun. “Household wealth in China has grown so rapidly, become the second largest globally,” Sun said in a Bloomberg …

Bloomberg Citigroup Inc shares fell the most in five months after the bank warned expenses would increase sharply as it invests to satisfy a pair of consent orders from regulators. Expenses in second quarter will likely jump to “somewhere in the middle” of a range of $11.2 billion to $11.6 billion, Chief Financial Officer Mark Mason told investors at a …

Bloomberg China adjusted how banks can set deposit rates in a move that could lower longer term funding costs and boost economic growth. Under a new way of calculating the ceiling on deposits rates, banks will be allowed to add basis points on top of the existing benchmark rate instead of as before using a multiple. Under the new regime, …

Bloomberg TSB Banking Group is set to ban more than 5 million customers from buying cryptocurrencies amid fears over “excessively high” fraud rates on trading platforms, according to a report by Telegraph newspaper. The company is the latest British bank to crack down on financial cyber-crime following temporary moves by Barclays Plc, Monzo Bank and Starling Bank to block transfers …