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Bloomberg Negative interest rates have created a European banking industry that’s ripe for consolidation, according to the chief executive officer of the biggest Nordic bank. But bankers have lost their nerve, so the mergers aren’t happening. Casper von Koskull, the CEO of Nordea Bank Abp, says a lack of confidence within his industry is now the “biggest impediment” to the ...

Bloomberg India successfully launched its second mission to the moon on Monday, a week after a technical snag forced the South Asian nation to postpone the attempt. The unmanned Chandrayaan-2, which means “moon vehicle” in Sanskrit, was launched at 2:43 pm local time from a tiny barrier island in southeastern India. The country is attempting to become the first nation ...

Bloomberg India’s top court temporarily put ArcelorMittal’s $6.1 billion purchase of Essar Steel India Ltd on hold, after the mill’s lenders sought to annul a lower court ruling that split sale proceeds proportionately among all creditors. The Supreme Court on Monday admitted financial lenders’ appeal against a bankruptcy court ruling that put secured creditors like banks at par with operational ...

Bloomberg India is facing a silent fiscal crisis owing to a shortfall in tax revenues, and the government’s budget suggests it may have grossly underestimated the problem. That’s the assessment of Rathin Roy, a member of the Prime Minister’s Economic Advisory Council, who said the budget presented this month won’t help fully reverse the problem in the current financial year ...

Bloomberg Swedish auto-maker Volvo Cars is recalling 507,000 vehicles worldwide because of a faulty engine component that, in extreme cases, could result in a fire. The company, which is owned by China’s Zhejiang Geely Holding Group Co, said its own “investigations have identified that in very rare cases the plastic engine intake manifold may melt and deform.” “In the very ...

Bloomberg Public backlash in South Korea against Japanese products has dented some sales of tour packages, and analysts say the boycott could spread to luxury cars and retailers as a trade spat between the two countries shows no sign of abating. While Fast Retailing Co doesn’t have a large exposure to Korea through its Uniqlo stores, the clothing chain may ...

Surprisingly for someone who made her name in part by criticising the practices of Wall Street, Senator Elizabeth Warren is slowly winning the respect of the industry. Tech billionaire Peter Thiel fears a Warren administration, and it would most likely take on certain players in finance – private equity and hedge funds, CEOs, and the very wealthiest Americans. She announced ...

China has birthed some pretty impressive billion-dollar startups. Bytedance Inc.’s TikTok is so hip it makes Snap Inc. look like it’s for your parents. Sensetime Group Ltd. and Beijing Megvii Co. are masters of creepily powerful AI used in facial recognition and surveillance. Even in boring old hardware, Bitmain Technologies Ltd. has a niche in bitcoin; SZ DJI Technology Co. ...

It may be a cliche, but it’s true that the stock market isn’t the economy. Values fluctuate based on a seemingly infinite number of variables, from the real (earnings) to the intangible (sentiment). So even though US equities are near all-time highs, that isn’t necessarily a sign that all is well with corporate America. One sign that executives may not ...

President Donald Trump’s efforts to rein in prescription drug prices aren’t going very well. His attempts to erode the Affordable Care Act are going just fine. A federal judge upheld an administration rule that expands the availability of short-term health-insurance plans that don’t have to abide by Obamacare regulations.The ruling is excellent news for companies that sell those plans; they’ll ...