Bloomberg The pound rallied 1 percent and gilts slid as investors saw a lower risk of a no-deal Brexit following a defeat for the government in parliament. Sterling led gains among Group-of-10 peers and UK stocks also gained as lawmakers were expected to vote on Wednesday to force Prime Minister Boris Johnson to delay Brexit by three months. Johnson retaliated …

Bloomberg Europe’s top banking executives ratcheted up criticism of negative interest rates ahead of a key European Central Bank (ECB) meeting, warning of severe consequences to asset prices and the broader economy. Deutsche Bank AG Chief Executive Officer Christian Sewing warned that more monetary easing by the European Central Bank, as widely expected next week, will have “grave side effects” …

Bloomberg Two major UK lenders warned that a last-minute rush by compensation-seeking customers will make the most expensive scandal in British banking even costlier. Royal Bank of Scotland Group Plc said it plans to set aside as much as 900 million pounds ($1.1 billion) more for claims related to payment protection insurance (PPI) that customers didn’t want or need. The …

Bloomberg Goldman Sachs Group Inc enlisted another investment banker in the effort to revive its trading unit. Marc Nachmann was named co-head of the firm’s trading division, replacing Marty Chavez, who will leave the firm at the end of this year. Nachmann, a 25-year veteran of the firm, has been co-head of the investment banking business since 2017. David Solomon, …

Bloomberg Argentine banks are willing to pay top dollar to hold onto their customers’ greenbacks. As the country’s financial crisis deepens, savers are withdrawing their dollar deposits from their accounts. But the banks are striving to retain them by paying the highest returns in more than 3 years, while the Central Bank adopts measures to provide liquidity and guarantee supplies …

Bloomberg Two former London investment bankers appeared in court in Germany’s first trial targeting a complex trading strategy that racked up massive tax losses for the nation’s treasury. The British men, who can only be identified as Martin S, 41, and Nicholas D, 38, appeared in a court in the city of Bonn, charged with helping to orchestrate so called …

Bloomberg Cathay Pacific Airways Ltd Chairman John Slosar followed the chief executive officer in resigning after the carrier faced scrutiny from China for its employees’ involvement in the anti-Beijing protests in Hong Kong. Slosar, 63, will be replaced by Patrick Healy, a 31-year veteran at parent Swire Group, Cathay said on Wednesday in a filing. The changes are scheduled to …

Bloomberg Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp’s takeover of WestJet Airlines Ltd, arguing that the C$3.5 billion ($2.6 billion) deal may run afoul of foreign-ownership rules. “I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of …

Bloomberg Kenya Airways Plc is looking to renegotiate a 24-year long partnership with Air France-KLM to gain more control over their cost and revenue-sharing deal and the ability to make agreements with other airlines. The partly state-owned company has removed all staff that came from the European airline, including Chief Operations Officer Jan de Vegt, and replaced them with local …

Bloomberg Campbell Soup Co agreed to sell its European potato chips business to Valeo Foods Group Ltd for about 66 million pounds ($80 million), the soupmaker’s latest divestment as it simplifies operations. Valeo, a Dublin-based food producer, will acquire the Yellow and Kettle brand chips for the European market, according to a statement. Campbell will retain the Kettle brand for …