Bloomberg The Bank of Russia cut interest rates by the most in five years and signaled another reduction is likely to help stimulate an economy heading toward a deep recession. The benchmark interest rate was cut 100 basis points to 4.5%, the lowest level since inflation-targeting began in late 2014, the central bank said in a statement. Policy makers warned …

Bloomberg Zimbabwe’s central bank plans to stop providing the foreign currency needed for fuel imports, handing the responsibility to private companies, reports said. The plan, which will end an effective subsidy, will take place as early as June 23 when a currency peg is removed and an auction system for foreign exchange is set to begin, the people said, asking …

Bloomberg Two Philippine lenders said they didn’t hold cash on behalf of Wirecard AG, the German payments processor whose shares have tumbled after it said it was unable to locate more than $2 billion in funds. A document purporting to show a link between Wirecard and the Bank of the Philippine Islands was “bogus” and may be part of an …

Bloomberg Indonesia’s bonds have been the star performers in Asia this quarter, and the second half of the year may bring further joy to investors. Factors likely to support the debt of Southeast Asia’s largest economy include a pro-active central bank, and the apparent underweight positioning of global funds following the coronavirus sell-off. These should outweigh concerns about rising debt …

Bloomberg Housing Development Finance Corporation (HDFC) plans to raise $1.8 billion through the sale of shares or bonds, as financiers across India seek to boost buffers amid coronavirus. The money will be used for purposes including organic growth, acquisitions and to maintain sufficient liquidity, India’s biggest mortgage lender said in a statement. HDFC becomes the latest to join other lenders …

Bloomberg HSBC Holdings Plc hit out at unspecified “internet rumors’ in China, pledging to continue to invest and support Chinese economy as tensions grow. In a statement on its official WeChat account, the bank urged the Chinese public to “reasonably” consider and assess its positive role as an international bank in the development of China’s market. “We have noticed some …

Bloomberg Twitter Inc. will let users record and post their tweets as short audio clips directly in the app, which other users can then listen to from their Twitter feed. The idea is to give people more space to share than allowed by typing the maximum 280 characters. “Sometimes 280 characters aren’t enough and some conversational nuances are lost in …

Bloomberg Lyft Corp. is committing to make 100% of its trips in electric vehicles by the end of 2030. But to get there, it’ll need the support of policymakers and automakers, a robust charging network, and most of all, its drivers’ cooperation. Ride-hailing companies have struggled as governments asked citizens to stay home to manage the spread of Covid-19. Uber …

Bloomberg Just a month ago, the chief executive officer of Wirecard AG boasted on Twitter that the future would still be bright for the digital payments company when “all the noise and dust settles.” At the time, Markus Braun was a paper billionaire. But over the course of a couple of days, the fintech veteran has been forced to step-down …

Bloomberg Reliance Industries Ltd. is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman Mukesh Ambani. An agreement between Ambani’s Reliance and Future, which already has a partnership with Amazon.com Inc., …