Bloomberg India’s central bank governor laid the ground for more interest rate cuts as he took a number of steps to boost liquidity and support lenders amid a nationwide lockdown that’s brought the economy to a virtual standstill. Governor Shaktikanta Das kept the benchmark repurchase rate unchanged at 4.4%, but signalled that inflation will ease to below the central bank’s ...

Bloomberg Banks in Denmark expect the Covid-19 crisis to hit them hard in the second quarter, with anticipated losses bigger than at any time during the financial crisis, according to the central bank. More lenders anticipate reporting bigger impairments and losses than at any other time in the poll’s history, according to a quarterly survey. With first-quarter earnings reports imminent, ...

Bloomberg The Bank of Korea (BOK) said it will offer loans to brokerages and insurers to ease funding strains as coronavirus pandemic roils markets. South Korea’s central bank has slashed the policy rate to a record low and taken steps in tandem with the government to extend liquidity to financial companies. Yet some non-banking firms are still scrambling to fund daily ...

Bloomberg UK banks must get on with providing loans to small and medium-sized businesses to counter the economic shock from the coronavirus pandemic, according to Bank of England (BOE) Governor Andrew Bailey. Asked about scenarios presented by the public spending watchdog this week that showed economic output could plunge 35% in the second quarter, Bailey said that isn’t implausible. The ...

Bloomberg The US central bank said it will disclose information regarding borrowers who seek emergency aid through its forthcoming corporate credit facilities. “The Federal Reserve will publicly disclose information regarding the CCFs during the operation of the facilities, including information regarding participants, transaction amounts, costs, revenues and other fees,” according to a frequently-asked-questions page posted Friday on the New York ...

Bloomberg Wells Fargo & Co. has hired a new head lobbyist in Washington, as the bank works to restore its standing after a series of consumer-abuse scandals that have tarnished its brand and infuriated lawmakers. Brian Smith, 52, will join Wells next month, according to a memo sent out by William Daley, the bank’s vice chairman of public affairs. Smith, ...

Bloomberg South African Airways (SAA) plans to lay off its entire 4,700-strong workforce after failing to persuade the government to provide more financial help, a move that threatens to ground the 86-year-old national carrier for good. The state-owned airline has offered severance deals to all staff from the end of this month after administrators concluded that a successful turnaround is ...

Bloomberg Virgin Australia Holdings Ltd has been offered a A$200 million ($127 million) lifeline from the Queensland government less than 24 hours after Australia’s Deputy Prime Minister all but ruled out nationalising the embattled carrier. The funding is conditional on the Federal government coordinating a response involving all states and territories. Under the proposal the company would remain headquartered in ...

Bloomberg General Electric Co’s aircraft-leasing division scrapped orders for the 737 Max worth at least $6.9 billion based on list prices, dealing another blow to Boeing Co as it grapples with a plunge in jetliner demand because of the coronavirus pandemic. The cancellation of 69 undelivered jets stems from an agreement with Boeing to “rebalance” the order book, GE Capital ...

Bloomberg JC Penney Co, its stores shut and revenue all but extinguished by the pandemic, is continuing to huddle with creditors about how to avert a default after it skipped an interest payment. The struggling chain is seeking their agreement for a deal that would keep it out of bankruptcy, according to people familiar with the negotiations. Management is using ...