Bloomberg Philippines President Rodrigo Duterte surprised central bank watchers by naming his budget secretary as governor of the monetary authority. The peso slumped the most in more than five years. Benjamin Diokno, 70, will succeed Nestor Espenilla, who died in February after a battle with cancer. The new Bangko Sentral ng Pilipinas governor will serve the remainder of his predecessor’s ...

Bloomberg Australia’s central bank held its nerve in the face of a credit squeeze and tumbling property prices, keeping interest rates unchanged as it waits to see how consumers respond. Governor Philip Lowe kept the cash rate at 1.5 percent on Tuesday — as expected by markets and economists — saying “the main domestic uncertainty continues to be the strength ...

Bloomberg Malaysia’s central bank kept its benchmark interest rate unchanged on Tuesday, saying inflation is likely to remain low after the economy slipped into deflation in January. The central bank kept its overnight policy rate at 3.25 percent, in line with the forecasts of all 22 economists surveyed by Bloomberg. Bank Negara Malaysia has left the rate on hold since ...

Bloomberg Cathay Pacific Airways Ltd. is in talks to buy shares in Hong Kong’s only budget airline from Chinese conglomerate HNA Group Co., as Asia’s biggest international carrier seeks to gain a foothold in the region’s booming low-cost travel market. Cathay is in “active discussions” about an acquisition involving Hong Kong Express Airways Ltd., the marquee carrier said in a ...

Bloomberg JetBlue Airways Corp. pumped up speculation that it will announce plans to order long-range aircraft and start trans-Atlantic flights, inviting employees to a special event next month. The carrier said it would hold a “chat about JetBlue’s vision and strategy” on April 10, followed by a party in New York. The announcement spurred a flurry of speculation on social ...

Bloomberg Japanese heavy-machinery maker IHI Corp said employees didn’t properly check so-me aircraft engines, the latest quality-control issue to dent the reputation of the country’s manufacturing sector. Shares of IHI, which makes engine components found on Airbus SE and Boeing Co. jets, dropped as much as 5.2 percent after the company confirmed Japan’s Transport Ministry had inspected its aircraft-engine business ...

Bloomberg Gap Inc.’s plans to spin off Old Navy made two things clear: The long decline of its namesake brand is accelerating, and its Athleta chain is its best chance of a future. The company’s signature Gap banner, which turns 50 this year, has posted just one quarterly sales gain in five years. That’s in stark contrast to Athleta, a ...

DUBAI / Emirates Business Middle East and North Africa (Mena) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018, according to the latest forecast by Gartner Inc. “In 2019, businesses in Mena are set to increase their IT spending in all segments except for the devices segment,” said John Lovelock, distinguished research vice ...

ABU DHABI / WAM The realty sector attracted the largest share of liquidity on the country’s two main bourses during the first two months of the current year. Up to AED4.45 billion of real estate transactions were conducted in January and February, accounting for 24.4 percent of the total trades, valued at AED18.2 billion, according to official figures obtained by ...

ABU DHABI / WAM AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, together with CEOs of leading UAE banks, received Sigal Mandelker, the US Under Secretary of the Treasury, and Paul Khuri, the recently-appointed US Treasury Attache to the UAE and the Sultanate of Oman, along with other high-level delegates from the US Treasury. The meeting addressed ways of increasing consultations, ...