Bloomberg Argentina hiked interest rates for the second time in less than a week to stem the peso’s sharp decline, a tactic that many investors say will again bring only temporary relief. The central bank raised its key interest rate to 33.25 percent, the central bank’s press office said. The peso has fallen more than 5 percent since the day ...

Bloomberg India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers. HDFC Bank Ltd — the most preferred wealth manager in India among high net worth clients surveyed by Euromoney — plans to add as many as 150 relationship managers by ...

Bloomberg Brazilian Daniel Marques hoped to parlay his Dreamer work permit into a job with Bank of America Corp. Instead, he’s suing the firm for discrimination. Marques claims his application to work in the bank’s wealth management department was denied after he told a vice president who interviewed him in 2016 that he’d be required to renew his work authorization ...

Bloomberg The chief executive officer of Danske Bank A/S has apologized for management’s failure to prevent criminals from using his firm to launder billions of dollars in illicit funds over several years. The apology follows an unusually harshly worded public reprimand by the financial regulator. The Danish government said management’s failings were “unforgivable” and the central bank warned that the ...

Bloomberg For a brief moment these past weeks, it appeared that France’s once-mighty unions had lost their clout. Rail workers, once synonymous with crippling strikes, staged a walkout that went largely unnoticed as travellers shrugged, turning to buses and ride-sharing instead. But over at Air France, that well-oiled worker conflict played out in a decidedly more retro fashion. On May ...

Bloomberg Nestle SA is close to a deal for parts of Starbucks Corp.’s business that sells coffee beans and drinks in supermarkets, according to a person familiar with the situation. An agreement was expected to be announced on Monday, according to the person, who didn’t want to be identified as it isn’t public yet. Terms were not immediately available. The ...

Bloomberg Bombardier Inc.’s drive to bolster its cash reserves is getting a lift from the booming real-estate market in Canada’s biggest city. The maker of planes and trains agreed to sell its Downsview factory in Toronto to Canada’s Public Sector Pension Investment Board for about $635 million. The transaction is expected to close in the second quarter, increasing cash by ...

Bloomberg The White House released a blistering statement attacking China’s government for a recent demand that US and other airlines change the way they refer to Taiwan, Hong Kong and Macau in promotional materials. “This is Orwellian nonsense and part of a growing trend by the Chinese Communist Party to impose its political views on American citizens and private companies,’’ ...

Bloomberg American Airlines Group Inc. is cutting ties with two regional affiliates as it seeks to simplify its short-distance operations. The world’s largest carrier won’t renew contracts with ExpressJet and Trans States when they expire in 2019, according to a memo to reservations agents. Their flights will be shifted to other airlines and shouldn’t affect customers, the memo said. The ...

Bloomberg Estee Lauder Cos. Chief Executive Officer Fabrizio Freda apologized for false ad claims on certain cosmetics and said a comprehensive review is under way. “We recently learned that some testing related to certain products advertising claims had been intentionally altered for some time by a small group of employees,” Freda said on a conference call with analysts. “This clearly ...