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Cernobbio / Reuters The chairman of France’s second-biggest retail bank is more worried about Europe’s banking sector now, in some ways, than when he took the reins at BPCE bank during the depths of the global financial crisis in 2009. Francois Perol said on the sidelines of an economic conference in Italy that negative interest rates in the euro zone ...

Bloomberg Sam Woods, a former UK Treasury official, was appointed as Deputy Governor for regulation at the Bank of England (BOE), replacing Andrew Bailey. Woods — who will continue as the central bank’s executive director of insurance until the end of June — becomes Chief Executive of the Prudential Regulation Authority, the UK’s main banking supervisor, the Treasury in London ...

Bloomberg Negative interest rates, one of the latest central bank experiments to goad economies back into growth, got low marks at a financial and economic conference along Lake Como. Richard Koo, the chief economist at Nomura Research Institute, said such rates were “intellectually bankrupt.” Olivier Blanchard, the former chief economist at the International Monetary Fund in Washington, said they interfere ...

Reuters Higher sales helped Saudi Arabia’s Almarai to post a marginal rise in first-quarter net profit on Sunday, though the Gulf’s largest dairy company warned of challenging market conditions in the face of the region’s economic slowdown. Saudi companies are grappling with a protracted slump in oil prices that is putting government and consumer spending under pressure. One indicator of ...

Bloomberg India is considering restricting the number of flights that can take off or land at airports to cut noise pollution, in line with several European and American nations, a senior official at India’s aviation regulator said. The environment ministry is working with the Directorate General of Civil Aviation, the regulator, to formulate guidelines on the maximum noise levels to ...

Managua / AFP Nicaragua is to start a new national airline and expand its international airport under a deal with Russia involving Russian aircraft and a loan of up to $300 million, state media reported. Government officials did not immediately respond to queries seeking to verify the information. According to a report by the online news website 19 Digital, a ...

EMIRATES BUSINESS Philippines’ leading airline, Cebu Pacific (PSE: CEB), has announced additional flight frequencies from Manila, Cebu, Iloilo, and Davao to key domestic and international destinations, to accommodate passenger demand during the summer peak travel period. The airline also launched an exclusive seat sale for its routes between the GCC region and the Philippines. Travelers looking to book flights between ...

TOKYO / Reuters Activist investor Daniel Loeb claimed success after the surprise exit of convenience store pioneer Toshifumi Suzuki as CEO of Seven & i, saying it was a step forward for corporate governance in Japan, but his victory may turn out to be pyrrhic. The sudden departure of its 83-year-old patriarch left the $90 billion retail conglomerate without a ...

Bloomberg Delta Air Lines Inc. is nearing a decision on upgrading its single-aisle fleet as four planemakers bid furiously to win the order, people familiar with the matter said. Airbus Group SE, Boeing Co., Bombardier Inc. and Embraer SA are competing for the sale as the second-largest US carrier seeks to replace its McDonnell Douglas MD-88 workhorse jets for shorter ...

Yangon / DPA Myanmar is taking help of technology to boost domestic tourism. An app developed by Jovago aims at making the process of booking easier for domestic travellers. The app is available in Burmese and features a selection of more than 700 hotels across the country. It is targeting partnering 95 per cent of hotels in Myanmar by the ...