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Bloomberg Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control. The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows an earlier announcement enforcing the ...

Bloomberg The $125 billion US dollar bond market Down Under is making a comeback, boosted by the recovering housing and banking sectors. US-currency notes issued by Australian REITs and mortgage asset firms are returning 9.1 percent this year compared with a 0.1 percent drop in 2018 as a rebound in property prices has gathered pace since June. Dollar bonds from ...

Bloomberg South Korean authorities sold a net $3.8 billion in the first six months of the year to intervene in the currency market, compared with $187 million in the second half of 2018, according to central bank data. “It is now confirmed that the authorities constantly conducted smoothing operations during the second quarter when the won weakened rapidly,” said Min ...

Bloomberg A BNP Paribas SA division created to make speculative bets for the bank’s own account lost tens of millions of dollars last year as trading revenue slumped amid volatile markets, leading executives to shutter the business. Opera Trading Capital, which ceased trading in January, posted a loss of $30 million for 2018, filings show. Net banking income before operating ...

Bloomberg HSBC Holdings Plc’s shortlist for its next chief executive officer includes Stephen Bird, Citigroup Inc’s head of global consumer banking, and RSA Insurance Group Plc CEO Stephen Hester, Britain’s Sunday Times newspaper reported. HSBC hired Egon Zehnder to help with the search process, the newspaper said, without saying where it got the information. The report said a key consideration ...

Bloomberg Credit Suisse Group AG’s board is backing CEO TidjaneThiam ahead of a crucial meeting that will determine who takes the blame for a botched spying scandal, according to people familiar with the matter. Recent expressions of support by shareholders for senior executives is swaying the board, which has few obvious successors for Thiam should he be ousted, the people ...

Bloomberg Flight attendants in Hong Kong urged Cathay Pacific Airways Ltd to explain the reasons behind dozens of dismissals, accusing the airline of “political cleansing” amid the unrest that’s ensnared the city’s flagship carrier. In a joint statement, flight-attendant unions from Cathay Pacific and its unit Cathay Dragon accused the airline of monitoring employees’ social-media accounts and obtaining “dubious” information ...

Bloomberg Richemont and Alibaba Group Holding Ltd’s luxury joint venture has gone live in China, presenting 130 brands in one location on the Tmall e-commerce site. Tom Ford, Brunello Cucinelli and Jimmy Choo join Richemont brands Cartier, Piaget and Vacheron Constantin on the site. Investors have awaited details on the partnership since the companies announced it about a year ago. ...

Bloomberg A $2.8 billion Boeing Co upgrade of its Awacs surveillance planes is dogged by delays caused in part by an almost yearlong closing of two classified laboratories developing software for the project, Pentagon agencies disclosed. The two laboratories in Oklahoma City failed to pass Defense Department security certifications from January to December of last year. Boeing builds the aircraft, ...

Bloomberg American Express Co is sweetening rewards and raising the annual fee on many of its co-brand cards with Delta Air Lines Inc after the two renewed their longtime partnership this year. Annual fees on six Delta cards will rise, AmEx said in a statement. Platinum cards for consumers and small businesses will increase to $250 from $195, while Reserve ...