Bloomberg An Iranian air defense unit that “forgot” to adjust its radar system triggered a chain of communication and human errors that led to the deadly downing of a Ukrainian passenger jet in January, according to a report from Iran’s Civil Aviation Organization (CAO). Iran said it mistakenly shot down Ukraine International Airlines Flight 752 shortly after take-off, killing all …

Bloomberg Indian banks, which are already struggling with one of the world’s worst loan ratios, are set to face more pain as the coronavirus pandemic slams growth, the central bank’s chief warned, urging lenders to gird up their defenses. “The economic impact of the pandemic, due to the lockdown and the anticipated post-lockdown compression in economic growth, may result in …

Bloomberg China may face a sharp rebound in non-performing loans after virus-relief incentives delayed the reflection of risk exposure on the balance sheet of lenders. The bad-loan ratio rose 8 basis points from the start of the year to 2.1% as of end-June, while non-performing loans are expected to increase, the China Banking and Insurance Regulatory Commission (CBIRC) said in a …

Bloomberg Bank of Nova Scotia and Canadian Imperial Bank of Commerce say they will fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025. The two banks confirmed they plan to sign the BlackNorth Initiative CEO pledge, the brainchild of a group led by Wes Hall, a prominent Black executive who founded Toronto-based …

Bloomberg Climate activist group Extinction Rebellion called on the Bank of England (BOE) to stop providing emergency funding to companies that contribute to climate change. The UK central bank should require companies that have received more than 18 billion pounds ($22.7 billion) of aid in recent months to commit to achieving net-zero carbon emissions by 2025, according to a statement …

Bloomberg US banks had only a few weeks’ experience with the full-blown pandemic when they last tried to forecast how bad things would get. Now, they’re about to reveal what three more months of Covid-19 did to the industry. Second-quarter results, set for release next week, will probably show that the trends that took hold at the start of the …

Bloomberg Stimulus measures like bond purchases are more effective than interest rate cuts to support the economy at this point in time, Riksbank Governor Stefan Ingves said. “Altogether, these measures entail a monetary policy that is aimed in full at attempting to alleviate the negative effects of the corona pandemic on the Swedish economy,” Ingves said, according to minutes of …

Bloomberg Yes Bank Ltd. set a large discount in the price range for its $2 billion public offering scheduled for next week. The Mumbai-based lender plans to sell the shares at 12 rupees to 13 rupees apiece, a filing showed. That’s a discount of as much as 55%. Yes Bank, which was bailed out this year, is the latest Indian …

Bloomberg Investors are gearing up for a potentially tumultuous European earnings season that may offer clues on whether the stock market’s rapid rebound since the start of the Covid-19 pandemic has been wise or foolish. The second-quarter reporting season kicks off this week with the likes of Volvo AB, Electrolux AB and Nordea Bank set to shed light on the …

Bloomberg Similarities between a speculative frenzy that this month added more than $1 trillion in value to China’s stock market and 2014’s debt-fuelled binge left investors wondering if a new bubble was in the making. Familiar signs of euphoria emerged before Beijing moved to cool the rally. Turnover soared, margin debt grew at the fastest pace since 2015 and a …