Bloomberg SAS AB is unexpectedly losing its chief executive officer, leaving Scandinavia’s main airline to search for a replacement with the industry going through an unprecedented crisis. CEO Rickard Gustafson is leaving to take the top job at Swedish industrial giant SKF AB, according to a statement. The 56-year-old, who has spent a decade at the helm of Stockholm-based SAS, …

Bloomberg In a bid to better leverage its millions of customers, retail giant Walmart Inc created a fintech startup to win more of their spending. The company has formed a partnership with Ribbit Capital, an investor in stock-trading platform Robinhood, to start a venture that “will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven …

Bloomberg Airbus SE former Chief Executive Officer Tom Enders has become the latest aviation stalwart to throw his weight behind the future of flight, joining the board of German startup Lilium. Enders, an industry veteran with almost three decades of experience, spent seven years at the helm of planemaker Airbus before stepping down in 2019. Lilium impressed him with its …

Bloomberg Representatives from Boeing Co and the US National Transportation Safety Board (NTSB) will leave for Jakarta this week to help with an investigation into Saturday’s crash of a Sriwijaya Air passenger jet, which hurtled into the Java Sea with 62 people on board. The Indonesian government granted a waiver allowing the Boeing and NTSB officials to enter the country …

Bloomberg Australian household spending jumped in November as the southeastern state of Victoria was released from lockdown and consumers took advantage of discounts during annual Black Friday sales. Retail sales advanced 7.1% from a month earlier, compared with the 7% gain forecast by economists and the 7% reported in late December as the preliminary figure, data from the Australian Bureau …

Bloomberg India’s central bank expects banks’ bad-loan ratios to almost double this year and warned that soaring markets and a weakened economy threaten financial stability. The Reserve Bank of India (RBI) forecasts non-performing assets will rise to 13.5% of total advances by the end of September from 7.5% a year ago, according to its semiannual Financial Stability Report. If the …

Bloomberg India will seek to narrow its budget deficit next financial year, amid expectations of improved revenue collections and economic rebound, according to Standard Chartered Bank Plc. Finance Minister Nirmala Sitharaman will likely target fiscal deficit — the gap between income and expenditure — at 5.3% of gross domestic product in the budget for the year starting April 1, the …

Bloomberg UBS Group AG plans to lower the threshold for customer deposits that will be subject to a charge as the bank deals with the prospect of low and negative interest rates for the foreseeable future. Starting in July, the fee will apply to clients with deposits of more than 250,000 francs ($280,000) or the same amount in euros, according …

Bloomberg Sandeep Uberoi, the former head of technology, media and telecom for Southeast Asia at Bank of America (BofA) Merrill Lynch, has joined Jungle Ventures as a strategic adviser. He will lead strategy and corporate development at the Singapore-based venture capital firm and overseee its portfolio companies across Southeast Asia and India, Uberoi said. His focus will include fundraising, partnerships …

Bloomberg A group of HSBC Holdings Plc shareholders filed a resolution urging the bank to cut its support to the fossil-fuel industry. Amundi SA, Europe’s largest listed asset manager, and Man Group Plc, the world’s biggest publicly traded hedge fund firm, were among 15 institutional investors overseeing a combined $2.4 trillion that are backing the move, according to a statement …