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Seoul / AFP North Korea released a new propaganda video on Saturday menacingly titled “Last Chance”, showing a submarine-launched nuclear missile laying waste to Washington and concluding with the US flag in flames. The four-minute video romps through the history of US-Korean relations and ends with a digitally manipulated sequence showing a missile surging through clouds, swerving back to the ...

Bloomberg Banks’ latitude in assessing their biggest source of risk is set to be curtailed as global regulators try to prevent the financial industry from gaming capital requirements. The Basel Committee on Banking Supervision has proposed to remove the option for lenders to use their own models to determine how much capital they need to fund exposures to financial firms, ...

Boao / Reuters More than 30 countries are waiting to join the China-backed Asian Infrastructure Investment Bank (AIIB), adding to its 57 founding members, its president said. The AIIB, first proposed by President Xi Jinping less than two years ago, has become one of China’s biggest foreign policy successes. Despite the opposition of Washington, almost many major US allies – ...

ANKARA / Reuters Turkey’s central bank should have cut interest rates more at this week’s policy meeting, an aide to President Tayyip Erdogan said, in a sign the central bank is likely to remain under pressure to lower the cost of borrowing. The bank kept its benchmark rate steady for the 13th straight month this week, but cut the upper ...

Bloomberg Deutsche Bank AG, Europe’s biggest investment bank, will hire about 100 people across equities trading as it seeks to expand the business and reduce reliance on desks dealing in bonds, according to a person with knowledge of the matter. The hires will include roles in research, sales, technology and prime services, the business that caters to hedge funds, according ...

BEIRUT / AP Hundreds of millions of dollars in assistance money for cash-strapped Lebanon is being held up because of the country’s nearly two-year-old political stalemate, the president of the World Bank group warned, imploring the country’s politicians to vote for a president who can enact laws. In an interview in the Lebanese capital Beirut, Jim Yong Kim also said ...

Reuters GameStop Corp, the world’s largest retailer of video games, forecast first-quarter revenue below analysts’ estimates, blaming a lack of major videogame releases and weaker hardware sales. The company’s shares were down 5.6 percent at $28.55 in after-market trading this week. They had declined as much as 8.3 percent earlier. GameStop’s sales have been languishing as videogame publishers such as ...

Bloomberg Latam Airlines Group SA and Avianca Holdings SA were both downgraded further into junk territory by Fitch Ratings, which said that the economic slowdown in the region will be an obstacle for them to cut debt. Fitch cut Latam’s long-term foreign currency credit grade one step to B+, four levels below investment grade. The outlook for the Santiago-based carrier ...

DUBLIN / Reuters Founder Pat Byrne and private equity backers have repurchased Irish regional airline CityJet from German owners Intro Aviation for an undisclosed sum, the company has recently announced. The regional airline, which carried around 2 million passengers last year, was bought from Air France-KLM in 2014 by Intro Aviation. CityJet operates eight routes into the small London City ...

Bloomberg Next, one of Britain’s biggest fashion retailers, warned that 2016 was set to be its toughest year since the global financial crisis, sending its share price tumbling. “The year ahead may well be the toughest we have faced since 2008,” chief executive Simon Wolfson said in the company’s annual results statement as Next slashed its sales forecast. “We are ...