Bloomberg Westpac Banking Corp. has set aside A$900 million ($574 million) to settle a massive breach of anti-money laundering laws, in what would be the biggest fine in Australian corporate history. The potential fine is part of A$1.43 billion of charges — including increased customer remediation — that will slash first-half profit, with newly appointed Chief Executive Officer Peter King …

Bloomberg Toronto-Dominion Bank (TD) said it issued C$3 billion ($2.16 billion) of subordinated bonds in the largest corporate bond sale in Canada on record as it bolsters its position to ride out the coronavirus slump. Canada’s second-largest bank by assets priced the 10-year bonds at 255 basis points above government bonds, according to Bloomberg data. The securities are callable after …

Bloomberg Bank of America Corp. (BofA) can favour its own customers in making emergency loans for now, a federal judge ruled as small businesses start to compete for a piece of the $349 billion Paycheck Protection Program. US District Judge Stephanie Gallagher in Baltimore rejected a request to temporarily bar the bank from giving preferential treatment to existing small-business loan …

Bloomberg The amount of cash commercial banks hold at the Swiss National Bank (SNB) hit a record last week, highlighting officials’ battle to keep the franc from appreciating. Sight deposits increased by 6.9 billion francs ($7 billion) to 634.1 billion francs in the week ending April 10, data published on the central bank’s website on Tuesday showed. The SNB waged …

Bloomberg Norwegian Air Shuttle ASA is fighting for survival, with a last-ditch plan to convert debt to equity driving its share price down as much as 63% during the first frantic moments of trading on Tuesday. Norwegian Air’s proposal will dilute shareholders already counting their losses after Covid-19 ruined the company’s efforts to return to profitability. The plan calls for …

Bloomberg Deutsche Lufthansa AG is seeking shareholder approval to raise up to 2.4 billion euros ($2.6 billion), funds that could lower but not be enough to avoid the need for a government orchestrated bailout the carrier is facing to get through the coronavirus crisis. Germany’s flagship airline is seeking to issue 176 million new shares, or 36% of its existing …

Bloomberg Indonesia has overtaken Japan to become the world’s third-biggest aviation market as airlines continue to slash passenger capacity because of the coronavirus, according to OAG Aviation Worldwide. The country’s scheduled capacity is now 2.1 million seats, down 7.8% from last week, but just ahead of Japan’s after a drop of nearly 15% there. Chinese capacity rose 7.2% to 8.7 …

Bloomberg Universal Robina Corp’s instant coffee and noodles are flying off grocery shelves in the Philippines, but the lockdown in the main Luzon island is disrupting supply chains and limiting its ability to meet orders. The company’s CEO Irwin Lee described the last few weeks as “frenetic” for the JG Summit Holdings Inc’s unit, which has had to adapt to …

Bloomberg True Religion Apparel Inc, once a fast-growing premium jeans brand, filed for bankruptcy in Delaware, its second Chapter 11 since 2017. The company, acquired by New York- and London-based investment management firm TowerBrook Capital Partners in 2013 for $824 million, lists assets and liabilities of as much as $500 million each in the petition. Founded in 2002 and headquartered …

Bloomberg Swiss chocolate makers are offering price cuts in an attempt to stem weak demand during the key Easter season, as shoppers scoop up toilet paper and soup rather than tinfoil bunnies. Lindt & Spruengli is offering online price cuts of 30% on its entire Easter assortment. Laederach, another high-end chocolate chain, abandoned its practice of avoiding discounts this year. …