Bloomberg Betsy Duke stepped down as chair of Wells Fargo & Co. ahead of a dramatic congressional hearing set for this week examining the board’s role in the bank’s scandals. Democrats atop the House Financial Services Committee made no secret of their intent to target Duke and other past and current leaders, issuing a scathing report last week on the …

Bloomberg Philippine central bank Governor Benjamin Diokno’s plate is full as he starts his second year in office. Diokno must enforce a range of new laws, including ones allowing the central bank to issue bonds and boost the country’s stubbornly low saving rate. And he ends his first year in office with a fresh global worry: the coronavirus outbreak weighing …

Bloomberg Swiss National Bank (SNB) logic would dictate that it’s time to cut interest rates. With markets in a tailspin due to the coronavirus, the spread between Swiss and German bond yields that SNB President Thomas Jordan has repeatedly cited as necessary to prevent the franc from appreciating has melted away. The yield on German 10-year government bonds plunged to …

Bloomberg Deutsche Lufthansa AG fell with other airline stocks after saying it was looking into government support amid the “immense” fallout from the coronavirus, which could burden travel demand for months. To avoid layoffs after slashing capacity by as much as 50%, the airline is examining the implementation of so-called short-time work, the company said in an emailed statement to …

Bloomberg Air traffic in the Asia Pacific is set to plunge 24% in the first three months of this year because of the coronavirus’s impact on travel, erasing $3 billion in revenue for the region’s airports, a regional industry group said. “Unlike airlines, who can choose to cancel flights or relocate their aircraft to other markets to reduce operating costs, …

Bloomberg Coronavirus has reached UK’s busiest airport, after two British Airways baggage handlers at London Heathrow tested positive for the disease. The affected workers are recovering in isolation at home, British Airways parent IAG SA said in an email. A small number of the luggage handlers’ colleagues are also being tested, a person familiar with the matter said. The outbreak’s …

Bloomberg One year after losing his wife in the Boeing Co 737 Max crash in Ethiopia, it’s the lack of information about what happened that is prolonging Bayihe Demissie’s grief. More than 500 family members of victims of the disaster will gather at the crash site outside the capital, Addis Ababa, to commemorate the first anniversary of the tragedy. As …

Bloomberg Modell’s Sporting Goods Inc is preparing a bankruptcy filing that could come soon after the retailer failed to garner enough support from its vendors and landlords. Following weeks of negotiations with its stakeholders, the family-owned retail chain is looking to file for Chapter 11 protection and sell assets through a court-supervised bidding process, Chief Executive Officer Mitchell Modell said …

TASHKENT / WAM ACWA Power announced the signing of three new strategic agreements, potentially worth up to $2.5 billion, with the Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise. The agreements include a 25-year Power Purchase Agreement (PPA), and Investment Agreement – with a total investment value of $1.2 billion – for the development, construction …

Bloomberg Saudi Arabia plans to boost oil output next month to well above 10 million barrels a day, as the kingdom responds to the collapse of its Opec+ alliance with Russia. The world’s largest oil exporter engaged in an all-out price war by slashing pricing for its crude by the most in more than 30 years. State energy giant Saudi …