Bloomberg Deutsche Bank accused a pair of offshore funds of failing to follow through on a deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Kingate Global Fund Ltd and Kingate Euro Fund Ltd, which funnelled client money to Madoff’s firm for years before his Ponzi scheme collapsed in 2008, have “sellers’ …

Bloomberg Mexico’s central bank called for the preservation of its independence amid economist concerns that President Andres Manuel Lopez Obrador may encroach on its independence, as he has with other autonomous institutions. One by one, the four heads of Banco de Mexico over the past three-and-a-half decades took the podium to praise the benefits of autonomy and the importance of …

Bloomberg China still has room for conventional monetary expansion, but its ability to deal successfully with a crisis depends on whether monetary policy can work together with fiscal and structural reform policies, China’s former central bank head Zhou Xiaochuan said. “We can still try to avoid getting very soon into the negative interest rates area, if we can successfully manage …

Bloomberg Goldman Sachs Group Inc Chief Executive Officer David Solomon forcefully denied customer allegations of gender bias in setting credit limits for the Apple Card, pledging to address a social media and political uproar with more transparency when making decisions. “There’s no gender bias in our process for extending credit,” Solomon told Bloomberg TV in an interview from the New …

Bloomberg The Bank of Thailand is prepared to use monetary policy if economic growth disappoints, its governor Veerathai Santiprabhob said. “In the short term, we are ready to use monetary policy if needed,” Veerathai said during a visit to Laos. “We are ready to act if growth fails to meet our expectations.” At the same time, he cautioned against taking …

Bloomberg European Central Bank (ECB) President Christine Lagarde called for a new policy mix, saying public investment should be stepped up to ease the burden on monetary stimulus and ensure the region can thrive in an uncertain world. In her first major speech, three weeks into the job, the new ECB chief said her institution will continue to support the …

Bloomberg Indonesian president Joko Widodo ordered an overhaul of the management of state-owned oil giant PT Pertamina, as the former Opec member seeks to reduce crude oil imports to rein in the current-account deficit. Former Jakarta governor Basuki Tjahaja Purnama will become president commissioner of Pertamina, while Emma Sri Martini, chief executive officer of state-owned PT Telekomunikasi Selular, will be …

Bloomberg Two of Australia’s richest people, Atlassian Corp co-founder Mike Cannon-Brookes and Fortescue Metals Group Chairman Andrew Forrest, are investing in an ambitious project to export solar power from a giant plant in Australia to Singapore via a 4,500 kilometre transmission cable. The project raised tens of millions of Australian dollars, said developer Sun Cable’s CEO David Griffin.

Bloomberg Amazon.com Inc is preparing to open Amazon Go supermarkets and pop-up stores, an expansion of the company’s cashierless ambitions that includes the possibility of licensing the technology to other retailers. The new store formats and licensing initiative could launch as soon as the first quarter of 2020, according to a person familiar with the project. Amazon is testing a …

Bloomberg The future is electric, at least for Porsche. “We are in the beginning of a transition phase in the car industry, and to Porsche, to switch over to battery electric fully,” said Klaus Zellmer, president and chief executive officer of the luxury automaker’s North American division. “Luxury consumers expect, with a brand’s purpose, for sustainability to play a major …