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Bloomberg UBS Group AG appeal of a record 4.5 billion-euro ($4.9 billion) French fine for helping clients stash undeclared funds in offshore accounts was postponed over concerns related to coronavirus pandemic, according to people familiar with the case. Judges at the Paris Court of Appeals postponed the case, originally scheduled for June, due to the lockdown caused by the coronavirus, ...

Bloomberg HSBC Holdings Plc may need to revise its restructuring plans after the fallout from the coronavirus pandemic settles. Chief Executive Officer Noel Quinn told investors that HSBC faced a “very different” context compared to February, when he announced a plan to cut about 30,000 jobs over the next three years. “We will need to consider what additional actions we ...

Bloomberg American Express Co. (AmEx) said it’s seeking to cut $3 billion in costs after the coronavirus pandemic caused a plunge in spending on the firm’s cards. The slowdown the credit-card issuer began to see in March as a result of nationwide shelter-in-place orders has “dramatically” impacted spending on its cards in April as well, American Express warned. Provisions for ...

Bloomberg Bank of Baroda, India’s third-largest state-run lender by market value, plans to raise as much as 135 billion rupees ($1.8 billion) over the next 12 months to improve risk buffers and boost lending. The lender, which combined with two smaller rivals last year, plans to raise 90 billion rupees selling shares and the balance through debt including tier-I capital, ...

Bloomberg The European Central Bank (ECB) will increase emergency bond-buying in the coming months to ramp up support for an economy that President Christine Lagarde sees shrinking as much as 15% this year, according to a Bloomberg survey of economists. One in four respondents expect the ECB could boost the size of its pandemic purchase program, when the Governing Council ...

Bloomberg Deutsche Lufthansa AG risks running low on cash within weeks, with the German airline saying the global oil rout has deepened its distress, and its survival now depends on a multibillion-euro bailout from four states. Liquidity will fall sharply if Europe’s largest carrier is unable to soon access aid, Lufthansa said. The coronavirus pandemic has forced the sprawling airline ...

Bloomberg Indonesia is banning domestic air travel through June 1 to limit the spread of coronavirus in the Southeast Asian nation. The ban applies to both scheduled services as well as chartered and private flights, Novie Riyanto, director general of civil aviation, said. The move comes ahead of a month-long festive season when millions of Indonesians are expected to return ...

Bloomberg When their doors finally open after mandatory shutdowns, American malls could face another hurdle: consumer fears. Only one-third of American adults surveyed said that they will feel safe shopping in a mall after stores reopen, according to a new study by retail predictive analytics company First Insight Inc. More respondents said they’ll feel safe shopping in grocery, drug and ...

Bloomberg E-commerce companies have emerged as a favourite play on Wall Street during the coronavirus pandemic, amid a growing consensus that upcoming results will reveal a potentially permanent shift in consumer behaviour towards online shopping. While online sales have long been growing their market share as a percentage of overall retail spending, the trend has been accelerated as shutdowns force ...

Bloomberg A Walmart Inc store near Denver has been shuttered by local authorities after three people with ties to the location died from coronavirus. The closing came after a series of complaints from employees and shoppers about a lack of social distancing, according to the Tri-County Health Department. This included workers not wearing face masks and too many people in ...