Bloomberg EHang, one of China’s largest drone makers, has made a confidential application for an initial public offering with Nasdaq Inc, according to people with knowledge of the matter. EHang plans to float 10 percent to 15 percent of its shares, with the company’s valuation not yet set due to volatile market conditions, said one of the people, who asked ...

Bloomberg China’s top maker of electric-vehicle batteries plans to spend $1.4 billion building its first factory in the southwest of the country, adding to ambitious plans for next decade even as the short-term EV outlook get buffeted by subsidy cuts and demand uncertainties. Contemporary Amperex Technology Co will build the facility in Sichuan province, an outpost of China’s car industry, ...

Bloomberg Facebook Inc is trying to broaden its virtual horizons. The company’s virtual reality unit Oculus announced Facebook Horizon, described as “an ever-expanding VR world” where people can interact with others as digital avatars. Users will be able to add features and elements to the world, which Facebook said will be “constantly growing with extraordinary creations made by Horizon citizens.” ...

Bloomberg Wells Fargo & Co named Charlie Scharf chief executive officer, marking a new era in the bank’s efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years. Scharf, the CEO of Bank of New York (BNY) Mellon Corp, will replace interim chief Allen Parker on October 21, capping a wide-ranging ...

Bloomberg Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability. Shares of the state-controlled bank slumped the most since its 2015 initial public offering and its bonds ...

Bloomberg The Bank for International Settlements (BIS) started an open-ended fund for central bank investments in green bonds, it said in a statement. The institution, which is often referred to as the central bankers’ central bank, said the fund comes in response to growing demand for climate-friendly investments. It should also help institutions incorporate sustainability objectives into the management of ...

Bloomberg Christine Lagarde didn’t immediately jump at the chance of succeeding Mario Draghi as president of the European Central Bank — but needed some convincing. That’s what the former chief of the International Monetary Fund revealed to Francine Lacqua in New York this week, in a Bloomberg Television interview that also offered insights into her likely management style, and even ...

Bloomberg US tariffs on European airplanes and luxury goods are emerging as a new threat not just for Airbus SE but for US airlines. The risk is rising for Boeing Co as well if the European Union seeks to retaliate. The World Trade Organization (WTO) will authorise the US to impose tariffs on nearly $8 billion of European goods due ...

Bloomberg Boeing Co has reached the first settlements of lawsuits filed by families of Lion Air passengers who died when the 737 Max aircraft crashed in Indonesia late last year. Eleven of 17 clients represented by the Wisner Law Firm in Chicago have settled claims, partner Alexandra M. Wisner said in an interview. She declined to say how much Boeing ...

Bloomberg Ikea’s annual retail sales exceeded $44 billion for the first time as the Swedish home-furnishings giant opened new stores and rolled out e-commerce in more markets. Sales of products and services to Ikea customers rose 6.5 percent in the year through August to 41.3 billion euros, according to a statement. It was the fastest growth since 2016. “We passed ...