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 ...

Bloomberg Air New Zealand Ltd will slash its long-haul capacity by 85%, suspend some routes to North America and Asia and begin job cuts amid travel restrictions caused by the coronavirus pandemic. Shares in the airline, which have declined 47% this year as the outbreak hits the aviation industry globally, were placed in trading halt on Monday while the company ...

Bloomberg Cambridge University student James Shen didn’t hesitate to pay double for a business-class ticket to fly to China last week, deciding it would be safer there than in the UK as the coronavirus spreads in Europe. “I feel much more protected here,” Shen said after arriving home in Suzhou, about 60 miles (95 kilometres) west of Shanghai. “In the ...

Bloomberg Finland’s national carrier Finnair Oyj will slash 90% of its flight capacity in response to a decline in demand caused by the global new coronavirus pandemic, resulting in a substantial operating loss this year. The airline also withdrew its dividend proposal and plans to cut costs, according to a statement on Monday. In addition, it is implementing a funding ...