Bloomberg Bank of America Corp.’s (BofA) profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by pandemic’s economic fallout. Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the US economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan ...

Bloomberg Bank Indonesia lowered its key interest rate for a second straight month to bolster economic growth, and signalled further easing will depend on inflation and how the recovery from the coronavirus pandemic unfolds. The central bank cut its seven-day reverse repurchase rate by 25 basis points to 4%, the lowest since the current rate system was adopted in 2016, ...

Bloomberg DNB ASA, Norway’s biggest bank, delivered second-quarter earnings that beat even the most optimistic estimates as impairments proved less dire than feared. The Oslo-based lender’s net income reached 4.77 billion kroner ($508 million) in the three months through June. Impairments fell 63% from the first quarter, DNB said. Thomas Eskildsen, an analyst at Handelsbanken, said trading and commission income ...

Bloomberg The road to recovery for the US economy will be uneven, unclear and uncertain as the coronavirus retains its hold on business and Americans’ everyday activities, according to the heads of the nation’s biggest banks. In the wake of brighter data on employment, retail sales and housing over the last two months, most financial-institution executives curbed their enthusiasm about ...

Bloomberg HSBC Holdings global head of equities is leaving the lender as the bank revives restructuring plans that are hitting the securities unit. Hossein Zaimi, who has held the role within HSBC’s global banking and markets division since 2017, is leaving within weeks, according to people familiar with the matter, who asked not to be named discussing private information. HSBC’s ...

Bloomberg The future of manufacturing may lie with companies like Italy’s Isinnova SRL, which saw a need for respirator valves in its Covid-stricken area and was able make hundreds in two days using 3D printing rather than waiting a week for ones made in Chinese factories. It’s an example of how the US and Europe are leading in innovation in ...

Bloomberg The Apple Watch and the Siri digital assistant inside it; Amazon.com Inc.’s Echo speakers and Alexa service; the data about eating habits recorded by internet-connected refrigerators — all are potential targets in a European Union competition probe. Regulators led by Margrethe Vestager said they want about 400 companies to contribute to a report about how so-called internet-of-things (IoT) devices ...

Bloomberg Tesla Inc. kept growing in China last month, with registrations of its electric vehicles jumping to a record in the world’s largest market as the coronavirus outbreak receded. In June, 14,976 China-built Teslas were registered in the country, according to data from state-backed China Automotive Information Net. That’s a 32% increase from May and the highest monthly number so ...

Bloomberg Twitter Inc. said several of its employees were manipulated by hackers into providing credentials for internal systems, and 130 Twitter accounts were targeted including those of Joe Biden, Elon Musk and Jeff Bezos. The hackers were able to reset passwords for 45 users, while eight had their data, including private messages, downloaded entirely, Twitter said in a blog post. ...

Bloomberg Voice assistants such as Apple Inc.’s Siri and Amazon.com Inc.’s Alexa are at the center of a sweeping European Union (EU) antitrust inquiry into how Silicon Valley uses data to gain a tight grip on growing markets. EU watchdogs already see signs that tech giants might be restricting access to data or making products that don’t work well with ...