Bloomberg India’s benchmark stock index slumped to its lowest since September 2017 after entering a bear market last week amid concern that the novel coronavirus outbreak may threaten the nation’s already fragile economy. The S&P BSE Sensex fell 8% to 31,390.07 in Mumbai, with all 30 members declining, following a wild session last week, when the gauge swung to end …

Bloomberg Zimbabwean Finance Minister Mthuli Ncube restricted trading in three companies’ stocks to try and halt a rout of the nation’s currency. The measure to limit trading of dual-listed shares Old Mutual Ltd, PPC Ltd and Seed Co will be in place for a year, Ncube said in a Government Gazette. The order doesn’t have any impact on the settlement …

Bloomberg The Federal Reserve (Fed) and five counterparts united to ensure that dollars keep flowing around the world after the coronavirus emergency sparked a rush for greenbacks. In coordinated statements, the Fed, Bank of Japan (BOJ), European Central Bank (ECB), Swiss National Bank (SNB), Bank of Canada and Bank of England (BOE) said they would use their swap lines to …

Bloomberg China’s central bank added to its growing list of measures aimed at countering the economic fallout from the spreading virus, injecting $14.3 billion into the financial system. The People’s Bank of China offered 100 billion yuan via the one-year medium-term lending facility, keeping the rate unchanged at 3.15%. There were no loans coming due Monday. The central bank refrained …

Bloomberg Citigroup Inc. is forecasting a 10% boost in new clients and assets at its retail wealth unit in Asia, betting that a digital push will help it grow this year even as the coronavirus upends businesses across the region. The bank plans to expand its customer base across 12 markets, underpinned by online growth, said Fabio Fontainha, Citi’s head …

Bloomberg BMO Harris Bank, a unit of Bank of Montreal, must face billions of dollars in investor claims tied to a massive Ponzi scheme run by former client Tom Petters, a judge ruled. A request by BMO Harris to have the case thrown out before trial was rejected Friday by a federal judge in St. Paul, Minnesota. The claim was …

Bloomberg Eight giant US banks including JPMorgan Chase & Co. and Bank of America Corp. agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic. “The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide …

Bloomberg Danske Bank will stop charging negative interest rates to thousands of small business clients as part of a palette of measures intended to stem the fallout of the coronavirus through the economy. “We are in an extraordinary situation that has major financial implications for society, businesses and families alike,” Chief Executive Chris Vogelzang said. “As the country’s largest bank, …

Bloomberg The airline downturn reached new levels as carriers from American Airlines Group Inc to British Airways parent IAG SA slashed schedules and braced for a drought that could last for months. American will pare long-haul international flights by 75% — the biggest reductions to date by a US-based carrier — because of the collapse in travel demand and government …

Bloomberg Scandinavian airline SAS AB will temporarily lay off up to 10,000 employees, or 90% of its workforce, in response to the fallout from the coronavirus and related measures from authorities that have restricted international air travel. “It is important to say that we do not intend this to lead to permanent layoffs,” said the company’s chief executive officer Rickard …