Bloomberg China’s central bank is winning the battle against leverage, yanking billions of funds from the financial system and crushing a popular trade in the bond market. The People’s Bank of China drained a net 150 billion yuan ($23 billion) of funds using open-market operations, the largest such amount since October. That adds to its 178 billion yuan withdrawal from …

Bloomberg Wells Fargo & Co. cut Chief Executive Officer (CEO) Charlie Scharf’s compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008. The board paid Scharf $20.3 million for 2020, his first full year atop Wells Fargo, down from $23 million for 2019. The San Francisco-based …

Bloomberg Ghana banks are extending relief measures to cushion clients from fallout of pandemic as a resurgence in the number of infections threatens an economic recovery. Lenders are retaining measures such as reduced borrowing costs, restructured credit facilities and repayment holidays to customers into 2021 to “ensure that the wheels of the economy continue grinding,” John Awuah, chief executive officer …

Bloomberg Jaguar’s classics department has announced it will make eight more of the curvaceous C-Type that was originally produced from 1951 to 1953. The continuation cars, set to converge on a special track day in 2022 to mark 70 years since the original release, will be the fourth of its kind for the Coventry, England-based company. Jaguar started developing Jaguar …

Bloomberg Content from discredited websites that masquerade as journalism proliferated on Twitter Inc. and Facebook Inc. in 2020 despite the companies’ efforts to stem disinformation, according to research from the German Marshall Fund. On Twitter, the spread of deceptive websites was driven by accounts that have been verified as real but tweet out content from other sites that repeatedly post …

Bloomberg The UK’s top data-protection regulator told lawmakers that millions of people have stopped using WhatsApp in favour of alternative messaging services such as Telegram and Signal. Elizabeth Denham said that changing terms of service have led consumers to vote with their virtual feet away from the Facebook Inc. business. WhatsApp delayed introduction of a new privacy policy after confusion …

Bloomberg Xiaomi Corp. sued the US Defense and Treasury departments, challenging a blacklisting that blocks American investors from buying the Chinese smartphone giant’s securities. The lawsuit came after the Defense Department determined earlier this month that China’s biggest smartphone maker was affiliated with the People’s Liberation Army. Beijing-based Xiaomi called the blacklisting “unconstitutional” and seeks a court ruling to reverse …

Bloomberg Apple Inc. Chief Executive Officer (CEO) Tim Cook lambasted tech giants for “data exploitation” and called for reform around the practices of selling user data to target ads. The iPhone maker is rolling out new privacy features that restrict how mobile apps such as those from Facebook Inc. and Alphabet Inc.’s Google gather data about users to target ads. …

Bloomberg Airlines could “substantially” reduce their fuel consumption if planes become more efficient at riding the wind, according to new research. Commercial flights between New York and London during the 2019-2020 winter could have used as much as 16% less fuel if pilots had taken full advantage of the jet stream, scientists at the University of Reading said in a …

Bloomberg They’re essential workers performing critical safety work and have been assigned priority designation to receive the coronavirus vaccine. Yet tens of thousands of airport security screeners, air-traffic controllers and federal accident investigators who must report to work in spite of the virus ravaging the US haven’t gotten the shot and aren’t sure how and when they will. “It’s incredibly …