Bloomberg Banco Santander SA created a special 20 billion euro ($23 billion) line of credit for small- and medium-sized enterprises and self-employed people who may be affected by Spain’s measures to control coronavirus. The lender’s Spanish unit will be offering one-year, pre-approved loans to “help to mitigate the impact” that the containment measures may have on business operations, Santander said ...

Bloomberg The Bank of England (BOE) cut interest rates in its first emergency move since the financial crisis and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity. Governor Mark Carney and fellow policy makers voted unanimously to cut their main interest rate by 50 basis points to 0.25%, returning it ...

Bloomberg DBS Group Holdings Ltd. signalled that its expected 2% revenue hit from the coronavirus may be revised as the pandemic causes loans to sour. “This is a moving target,” the bank’s head of institutional banking Tan Su Shan said when asked about the projection in a Bloomberg Television interview in Singapore. “We are living day by day, week by ...

Bloomberg DNB ASA, Norway’s biggest bank, has closed the trading floor of its Oslo headquarters after registering a coronavirus case among its employees. The bank was made aware of the infection of an employee working in DNB Markets. The person is in a “good condition under the circumstances,” spokesman Even Westerveld said. DNB has resorted to “extensive use” of home ...

Bloomberg Wells Fargo & Co.’s new chief executive officer told lawmakers that the bank hasn’t done enough to turn itself around following a series of scandals and is now more focused than ever on fixing its problems. “The sense of urgency within the company is very different today than it was four months ago,” Charlie Scharf, who took over as ...

Bloomberg White House officials are discussing temporarily allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help as travel plummets due to the spread of coronavirus. The option is being discussed for the 7.5% tax on airline tickets, which provides a substantial part of the $16 billion a year collected for a ...

Bloomberg Federal aviation officials are investigating the cause of a 12-inch-long crack that developed in the top of a Southwest Airlines Co jet during flight, leading to a gradual loss of cabin pressure. Pilots on Southwest Flight 1685 from Las Vegas to Boise, Idaho, descended to 22,000 feet last week after receiving a pressure-drop alert for the cabin, the Dallas-based ...

Bloomberg Air France-KLM is building up cash reserves and preparing a crisis plan to cut costs in response to a dramatic slump in flight reservations through the peak season and President Donald Trump’s ban on trans-Atlantic travel. The carrier is facing “an unprecedented situation” due to the coronavirus pandemic, Chief Executive Officer Ben Smith told staff in an internal video ...

Bloomberg Ever since mid-January, Adnan Durrani, chief executive officer of frozen-food company Saffron Road, knew the coronavirus outbreak was poised to create a spike in demand. For the past six weeks, his factories have been running at full capacity in order to keep items like frozen chicken pad thai and sesame ginger udon bowls on the shelves at Kroger, Walmart ...

Bloomberg American Dream — the New Jersey mega-mall that was slated to open its stores and a huge water park on Thursday — will postpone its grand opening, another setback for the $5 billion project. Some entertainment elements at the mall, such as the indoor ski slope and ice rink, that had opened late last year will close starting from ...