Bloomberg A key airline route between Europe and Asia re-opened on Tuesday, almost five months after Pakistan shut its airspace in the wake of military escalations with India. Pakistan closed its entire airspace in February after the Indian Air Force said it struck what it described as a terror camp — an allegation Pakistan denies — inside the boundaries of ...

Bloomberg Billionaire Lucio Tan will be the interim president of his Philippine Airlines Inc after the retirement of its long-time head. Tan will serve as president immediately, according to his daughter Vivienne Tan, in an emailed reply to Bloomberg News’ request for confirmation that the tycoon who’s been the airline’s chairman will serve on a concurrent capacity. Vivienne, executive vice ...

Bloomberg Airlines have for years been embarrassed by photographs and videos taken by disgruntled passengers with smartphones and posted on social media. Indonesia’s national carrier is fighting back. PT Garuda Indonesia issued a directive asking passengers not to take snaps or record footage inside the cabin. Days earlier, a business-class customer’s video blog had shown Garuda flight crew handing out ...

Bloomberg Amazon’s Prime Day gives shoppers an opportunity to flex their deal-spotting muscles ahead of Black Friday. It also gives package thieves their own chance to warm up. Although the weeks between Thanksgiving and Christmas see far more parcel deliveries—and therefore, more brazen from-the-stoop thefts, Prime Day’s limited 48-hour window creates a concentrated opening for “porch pirates” to make their ...

Bloomberg JPMorgan Chase & Co was hit by the Federal Reserve’s about-face on interest rates in the second quarter, warning that lending income will fall in the second half. The largest US bank cut its full-year outlook for net interest income — revenue from customers’ loan payments minus what the bank pays depositors — by $500 million. NII accounted for ...

Bloomberg Facebook Inc won’t launch Libra, the controversial cryptocurrency it’s planning to build with dozens of partner firms, until regulators’ concerns are fully addressed, according to the company’s top executive on the project. David Marcus, who will appear before members of both houses of US Congress to discuss the project this week, said Facebook will also get ‘appropriate approvals’ before ...

Bloomberg Wells Fargo & Co is already feeling the sting of falling rates. Net interest income (NII), the difference between what the bank charges borrowers and what it pays depositors, fell to the lowest since 2016. That brought the net interest margin to a lower-than-expected 2.82 percent. Declining interest rates and a potential Federal Reserve cut have fuelled concern across ...

Bloomberg Charles Schwab Corp appears to be making a play to grab more advisory clients as fees fall for asset management and trading. The San Francisco-based brokerage firm is in talks to buy USAA’s brokerage and wealth-management operations for roughly $2 billion, the Wall Street Journal reported. The deal may be reached this month, the newspaper said, citing people familiar ...

Bloomberg The European Union is unlikely to withdraw the UK stock market’s equivalence status as a Brexit “negotiating tool” after withdrawing market recognition from Switzerland earlier this month, according to Lombard Odier. The UK’s equity market is almost twice the size of Switzerland’s and London’s clearing houses, which guarantee contracts even if one side proves insolvent, are a “core part” ...

Bloomberg Europe’s bond investors are starting to ask whether the European Central Bank (ECB) will pair a potential interest rate cut with unprecedented purchases of senior bank debt. Policy makers have previously shied away from buying unsecured bank bonds, not least because of possible conflicts of interest stemming from the ECB’s role in regulating banks it would be purchasing notes ...