BLOOMBERG India’s privately owned banks are extending new loans faster than their state-run rivals for the first time ever, as government lenders struggle to bring surging bad loans under control. New credit from private lenders amounted to 3.5 trillion rupees (US$52.4 billion) in the year to March 31, taking their outstanding advances to 17.9 trillion rupees, while state banks’ ...

  Bloomberg The main lending unit of Japan’s biggest bank may quit as one of the 22 primary dealers that underwrite auctions of the nation’s bonds, potentially becoming the first major financial firm to withdraw since the Bank of Japan introduced negative interest rates this year. Bank of Tokyo-Mitsubishi UFJ Ltd is considering the move and nothing has been decided, ...

  Bloomberg The yuan’s pricing mechanism is increasingly transparent and its rate against a basket of currencies may alternate between appreciation and depreciation, according to Ma Jun, chief economist of the People’s Bank of China’s research bureau. Since the spring festival holiday in February, changes in the yuan’s central parity rate against the dollar have been closely aligned with the ...

  Bloomberg The World Bank cut its outlook for global growth as business spending sags in advanced economies including the U.S., while commodity exporters in emerging markets struggle to adjust to low prices. World gross domestic product will grow by 2.4 percent this year, an “insipid” pace that’s unchanged from 2015 and down from the 2.9 percent estimated in January, ...

  Bloomberg The World Bank forecast Brazil’s recession will extend into a third consecutive year, while Venezuela takes the world’s deepest plunge in 2016. The two will drag Latin America into back-to-back economic contractions for the first time in more than three decades. Brazil will contract 4 percent in 2016 and 0.2 percent next year, with the 2017 outlook revised ...

  Bloomberg Brazil’s Senate confirmed Ilan Goldfajn as the country’s next central bank chief, putting him in charge of controlling above-target inflation without exacerbating the worst recession in over a century. Senators voted 56 to 13 in favour of the former chief economist at Itau Unibanco Holding SA. Goldfajn won’t participate in the rate decision on Wednesday during which economists ...

  Bloomberg Soc. Quimica & Minera de Chile SA, the world’s most profitable major chemicals company, risks fines and losing permits after Chilean authorities said it breached environmental rules. The environmental regulator is charging SQM with setting up water pumps in parts of the Llamara salt-flats where it didn’t have permission, failing to monitor the site as agreed and failing ...

  Bloomberg Yahoo! Inc. is exploring the sale of more than 3,000 patents as part of an effort begun earlier this year to look into ways to monetize its intellectual property. The company has extended efforts on the divestiture of patents and pending patents held by its Excalibur LLC unit that include search, advertising and cloud-based technology, the company said. ...

  BLOOMBERG U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage Americans to take to the roads. Demand, which typically peaks between the Memorial Day holiday in late May and Labor Day in early September, will average a record 9.5 million barrels during the second and ...

  Moscow / Bloomberg Irkut Corp., the maker of Su-30 fighter jets, is rolling out Russia’s first new full-sized airliner since the Soviet Union collapsed 25 years ago, in the country’s most direct challenge to commercial-plane industry leaders Boeing Co. and Airbus Group SE. The single-aisle MC-21, designed for 163 to 211 seats, was introduced to the public on Wednesday ...