Bloomberg New Zealand’s central bank cut interest rates to a fresh record low and hinted at the chance of a further reduction if necessary, becoming the first among developed-world economies to ease policy this cycle. Governor Adrian Orr and his newly-formed Monetary Policy Committee decided that recent unexpected weakness in inflation and hiring warranted the Reserve Bank’s first rate cut ...

Bloomberg Banks including JPMorgan Chase & Co. and Citigroup Inc. are set to be fined imminently by the European Union over collusion on foreign-exchange trading, according to two people with knowledge of the probe. The European Commission may announce fines as soon as this week as part of a settlement that sees the lenders get reduced penalties for agreeing not ...

Bloomberg Societe Generale SA failed to halt the slide in its investment bank in a quarter where the key equities business and stronger capital levels were bright spots for Chief Executive Officer Frederic Oudea. Profit at the unit that houses the trading operations declined 16 percent in what’s usually its strongest period. While earnings were dragged down by fixed-income trading, ...

Bloomberg Boeing Co met with 737 Max operators and lessors in Amsterdam, the first of about six sessions planned around the world as the planemaker lays the groundwork for resuming commercial flights of the aircraft following two deadly crashes. Executives are using the sessions to discuss how to maintain the jetliners, which were grounded days after a March 10 disaster, ...

Bloomberg Changes to a bill that opens up Brazil’s airline industry to foreign investment may scare off low-cost carriers, the head of the country’s aviation regulator said in an interview. The regulatory agency, known as Anac, is concerned that lawmaker-backed changes mandating airlines to fly to smaller airports and also forbidding them from charging for baggage could make Brazil unattractive ...

Bloomberg Japan Airlines Co (JAL)’s domestic flights are being disrupted due to problems at its self check-in kiosks across the country, the company said. Passengers are checking in at staffed counters, which is taking time and causing boarding delays, the airline said in an emailed statement. The carrier had cancelled 18 flights as of 9 am local time, affecting about ...

Bloomberg Nestle SA’s US unit will dismiss about 4,000 workers as it stops delivering frozen pizza and ice cream directly to stores and transitions to a warehouse model that’s becoming an industry standard for Big Food companies looking to trim costs. The company said that it’s shutting down its direct-to-store delivery network for products like DiGiorno and Skinny Cow beginning ...

Bloomberg Walmart Inc wants to change how its work gets done. US’s biggest private employer is testing out a comprehensive new framework for how its stores operate, including changing some roles and responsibilities and emphasizing teamwork, accountability and skill improvement. The new model, dubbed “Great Workplace,” is already in place in about 75 locations, primarily its smaller Neighborhood Market grocery ...

ABU DHABI / WAM The value of financial aid provided by the UAE’s federal government and local governments totalled AED19.2 billion in 2018, reflecting the country’s keenness to support its people and strengthen community cohesion. According to statistics from the Ministry of Finance, this aid accounted for five percent of the government’s total financial expenditure in 2018, which amounted to ...

ABU DHABI / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company (Ad-noc), and Darren W. Woods, Chairman and CEO of Exxon Mobil Corporation (ExxonMobil), met to explore new opportunities for collaboration in the upstream and downstream sectors, and discuss wider regional and business-related developments of mutual interest. ...