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Bloomberg India announced its most sweeping bank overhaul in decades, minutes before data showed economic growth in Asia’s No. 3 economy slumped to a six-year low. Four new lenders that result from a series of state-bank mergers will hold business worth 55.8 trillion rupees ($781 billion), or about 56 percent of the Indian banking industry, Finance Minister Nirmala Sitharaman said …

Bloomberg Facebook Inc’s Libra digital currency will be a focus for antitrust and financial regulators in the near future, EU Competition Commissioner Margrethe Vestager said, confirming an early-stage probe into how the new payment system will work. “From both a competition and a financial stability perspective, Libra will have our interest,” Vestager told reporters in Copenhagen. She said the EU …

Bloomberg Incoming European Central Bank (ECB) President Christine Lagarde offered a clear sign that she’s ready to follow Mario Draghi’s path and keep monetary policy ultra-loose to lift euro-area inflation. In her first comprehensive comments on monetary policy since winning the job, she said the ECB has the tools to tackle a downturn and must be ready to use them …

Bloomberg The trade war just ratcheted up another notch and the outlook for Chinese manufacturing deteriorated further, signalling the caution that characterised a tumultuous August for global markets may have further to run. The ground is laid for a volatile start to September, exacerbated by the US Labor Day holiday on Monday crimping trading volume with Treasuries and equity markets …

Bloomberg The benchmark Philippine Stock Exchange Index may rise to 8,450 by the end of 2019 with corporate earnings expected to grow faster this year and as government ramps up spending in the second half, according to Philequity Management Inc. The stock gauge will further climb to 9,125 in 2020 when earnings are estimated to increase 11 percent, according to …

Bloomberg Mexican airline Interjet is in “technical bankruptcy” and at risk of collapse, according to its finance chief, following an order to start paying off nearly $30 million in back taxes. Interjet beat back an attempt by authorities to seize control of its bank accounts in an effort to collect nearly 550 million pesos ($27 million) in unpaid taxes dating …

Bloomberg United Airlines Holdings Inc is removing the 737 Max from its schedule until December 19, the carrier’s sixth adjustment since aviation regulators grounded the Boeing Co jet in March following two fatal crashes. Chicago-based United said the schedule change would affect about 9,500 planned flights through December, with the largest impacts expected in October and November. United flew 14 …

Bloomberg Hudson’s Bay Co’s European adventure is nearing an end, as the Canadian retailer plans to close its 15 Dutch department stores, Het Financieele Dagblad reported. The company will shut the stores and dismiss the workforce of more than 1,400 by the end of the year, the Dutch newspaper said, citing a letter from Hudson’s Bay. A spokesperson wasn’t immediately …

Bloomberg Forever 21 Inc is preparing for a potential bankruptcy filing as the fashion retailer’s cash dwindles and turnaround options fade, according to people with knowledge of the plans. The company has been in talks for additional financing and working with a team of advisers to help it restructure its debt, but negotiations with possible lenders have so far stalled, …

Bloomberg Climate activists plan to fly toy drones near London’s Heathrow airport next month, as they seek to draw attention to a planned expansion and its impact on greenhouse gases. The group, Heathrow Pause, will fly the drones inside an exclusion zone surrounding Europe’s busiest airport starting from September 13, it said in a statement on its website. Drones are …