Bloomberg The spread of the coronavirus to China’s stock market erased more than $10 billion from the collective net worth of the richest 15 people whose companies trade on the mainland. Midea Group founder He Xiangjian lost $1.8 billion, the most among that group, as shares of the appliance manufacturer tumbled 8.9%. He was followed by Zhang Fan, whose fortune ...

Bloomberg Central banks in Asia face increasing calls to cut interest rates as they jump into action against a spiralling coronavirus crisis that’s hammering tourism, travel and confidence across the region. The People’s Bank of China (PBOC) trimmed some interest rates and injected massive liquidity into the financial system to shore up slumping markets. Indonesia’s central bank said it was ...

Bloomberg The European Central Bank (ECB) needs an “understandable, forward-looking and realistic” inflation goal — but not necessarily a higher one, according to Bundesbank President Jens Weidmann. The German staked out his position on the most important part of the ECB’s strategy review for the first time since President Christine Lagarde launched the assessment last month. She was in the ...

Bloomberg Credit Suisse Group AG scrapped its annual Asia investment conference next month as the spread of the deadly coronavirus shows no sign of abating. The Zurich-based lender informed investors on Tuesday it will cancel the conference in Hong Kong, its biggest in the region. “In view of the continued health and safety risks caused by the coronavirus, we have ...

Bloomberg Citigroup Inc suspended its head of high-yield credit trading for Europe, the Middle East and Africa after he allegedly stole from the company’s cafeteria, according to a person familiar with the matter. Paras Shah, one of the bank’s highest-profile traders, left Citigroup last month over the issue, the person said, asking not to be named because the matter is ...

Bloomberg Bank of Japan Governor (BOJ) Haruhiko Kuroda signalled growing concern over coronavirus, now saying the bank won’t hesitate to take action to cope with the virus’s economic impact if it becomes necessary. Kuroda’s remarks in Japan’s parliament contrasted with comments last month when he said it was too early to assume the latest viral outbreak would pose as big ...

Bloomberg Visa Inc is planning the biggest changes in a decade to the rates US merchants pay to accept its cards, hoping to persuade more people to abandon checks and adjusting its fees for new businesses such as ride-hailing services. The company’s interchange rates — fees charged every time a consumer uses a card — will go up or down ...

Bloomberg The UK Treasury shortlisted two women and seven men to replace Mark Carney as governor of the Bank of England (BOE). Of the 23 applicants for the post, 21 were male, and both of the female candidates went through to the interview round, Chancellor Sajid Javid said in a December letter to Parliament’s Treasury Committee which was published on ...

Bloomberg Airbus SE and AirAsia Bhd, the discount airline built by Tony Fernandes, were inseparable for years, with the boisterous aviation executive gorging on ever-larger aircraft orders to become the manufacturer’s single biggest customer for single-aisle jets. That happy marriage ended in acrimony last week after Airbus admitted to illegally trying to sway decision makers in aircraft sales and agreed ...

Bloomberg Government regulators plan to review drone designs in the same way they review other aircraft, a major step towards allowing routine drone deliveries and other flights over congested cities. The Federal Aviation Administration (FAA) announced it’s seeking comment from the public and the drone industry on what criteria should be used for determining whether these novel new devices are ...