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Bloomberg Danske Bank A/S said some staff, including managers, have long been aware of a number of the debt collection issues that resulted in up to 15,000 clients being overcharged. The bank, which is still being investigated separately for money laundering, said it has submitted a report to its watchdog in Copenhagen as it tries to deal with the fallout ...

Bloomberg Italy is seeking “a revamp not a break up” of Monte dei Paschi di Siena SpA, Italian Finance Minister Roberto Gualtieri said. “The path to follow is a search for a strategic partner,” Gualtieri told reporters in Berlin. “We sold non-performing assets, a de-risking operation that allows Paschi to be relaunched.” The Italian state plans to dispose of its ...

Bloomberg Underlying price pressures in the euro area have stabilised at a low level that isn’t in line with the European Central Bank’s (ECB) goal, according to Governing Council member Olli Rehn. While the institution’s pandemic stimulus has prevented strong deflationary trends from emerging, “the inflation outlook is a concern,” he said in a webinar. He added that core inflation ...

Bloomberg India’s mid- and small-cap stocks are set to receive a boost after the regulator tweaked rules for multi-cap mutual funds, a move analysts say could push about 400 billion rupees ($5.4 billion) to the broader market. Multi-cap funds must hold at least 75% of their assets in equities — up from 65% at present — with 25% each in ...

Bloomberg SoftBank Group is considering revamping a controversial strategy of using derivatives to invest in tech companies, and its executives have met with investors in recent days to assure them that the bets are relatively conservative. The Japanese conglomerate has stressed to investors that its billion-dollar positions have been concentrated in a handful of blue-chip tech companies, including Microsoft Corp. ...

Bloomberg Some of the world’s biggest oil traders are gearing up for a possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for months-long charters so that they can be ready to store excess barrels if necessary. The chartering spree is likely to alarm producers and their allies as it indicates that the oil traders ...

Bloomberg Deutsche Lufthansa AG plans to eliminate its biggest passenger jets as it deepens fleet cuts, creating a knock-on in additional job losses, people with knowledge of the proposals said. Lufthansa is looking at retiring remaining Airbus SE A380 double-deckers, the bulk of smaller A340s, and all of its older Boeing Co 747-400 jumbos, according to the people, who asked ...

Bloomberg Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. Nearly 1,400 jobs are at risk. The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania and ...

Bloomberg JC Penney Co sales plunged 45% in the second quarter as the department-store chain entered bankruptcy and struggled with an accelerated shift away from physical stores and the Covid-19 outbreak. Net sales fell to $1.39 billion in the period ended on August 1 from $2.51 billion a year earlier, the company reported in a regulatory filing. The retailer’s lenders ...

Bloomberg The UK’s fluctuating quarantine restrictions are again leading to punishing airfares for vacationers forced to rush home on short notice. Travellers scrambling to return from Portugal before a rule requiring self-isolation kicks in on Saturday faced paying more than $640 for a one-way ticket, based on fares from both British Airways Plc and Jet2holidays Ltd. Airlines have been vocal ...