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Bloomberg Ralph Lauren Corp has reopened a significant portion of its global store network and will accelerate its digital plans as pandemic restrictions ease around the world. Chief Executive Officer Patrice Louvet said all stores in China and Korea are back in business, and Japan and Australia are set to return this week. Two-thirds of Ralph Lauren stores have been ...

Bloomberg Scandinavia’s main carrier SAS AB warned shareholders it will need to generate more funding to see it through the crisis triggered by Covid-19. The company has halted most of its traffic and started a process to cut 5,000 jobs, it said. SAS is in “ongoing and constructive discussions” with its “largest owners on a recapitalisation plan to secure adequate ...

Bloomberg Several of Denmark’s biggest banks will see their so-called bail-in buffers come under intense pressure as the Covid-19 crisis triggers an historic economic slump. Stress tests published by the Danish central bank show that lenders may need to issue as much as 160 billion kroner ($24 billion) until 2022 to maintain a layer of capital known as MREL, which ...

Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan said he expects the company’s traders to do very well in the current quarter, while not up to the pace set in the first three months of the year. Combined bond- and stock-trading revenue may rise in the “high single digits” or even close to 10% from a year ...

Bloomberg Citigroup Inc. will gradually start bringing traders back to its London offices in the coming weeks as UK leaders continue to craft plans to ease social distancing restrictions. The firm will begin by restoring traders and other employees from its markets and securities services unit to its offices in London, according to people familiar with the matter, who asked ...

Bloomberg The Bank of Korea (BOK) cut rates to a record low and forecast the first economic contraction since the Asian financial crisis, but stopped short of offering clarity on what future steps it might take to shore up an economy battered by the coronavirus pandemic. Following the BOK’s unanimous decision on Thursday to cut the seven-day repurchase rate to ...

Bloomberg The worst crisis in more than two decades among Indonesia’s smaller companies will boost loan losses and curtail profit at nation’s largest lender, according to PT Bank Rakyat Indonesia Finance Director Haru Koesmahargyo. Bank Rakyat expects more than 10 million customers in its core segment — micro, small and medium enterprises — to be affected by the Covid-19 outbreak, ...

Bloomberg Bank of Montreal (BMO) had about C$180 million ($130 million) in trading losses on a single day in March, a sign of just how risky stocks were as the coronavirus outbreak became a global pandemic. The loss, disclosed in a quarterly presentation, marks the company’s worst trading day in more than a decade. “On that day, there was significant ...

Bloomberg Stocks climbed while US futures fluctuated on Thursday as investors weighed fresh fiscal stimulus from the European Union against increased friction between America and China. Treasuries drifted. The Stoxx Europe 600 opened in the green for a fourth day after the EU unveiled 2.4 trillion euros ($2.6 trillion) in total recovery spending to battle the impact of the coronavirus. ...

Bloomberg Indian stocks rose amid optimism the restarting of business will help revive the economy. The S&P BSE Sensex Index added 1.8% to 31,169.39 as of 11:43 am in Mumbai on Thursday, while the NSE Nifty 50 Index gained 1.7%. Both gauges may be volatile ahead of the expiry of monthly derivatives contracts, after crossing their 50-day moving averages on ...