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Bloomberg German banks may face about 610 million euros ($695 million) of costs after helping investors take improper advantage of a loophole to reduce taxes on dividends, according to the country’s regulator. About 60 lenders were directly involved in so-called cum-cum trades that allowed foreign investors to profit from tax breaks meant for Germany-based shareholders, a BaFin spokesman said, citing ...

Bloomberg The Bank of England (BOE) acknowledged rising concerns over a no deal Brexit as it kept interest rates on hold and cut its near-term economic growth forecast to zero. While officials, led by Governor Mark Carney, said they still see need for interest-rate hikes in coming years if their forecasts bear out, they also ackno-wledged that investors are tak- ...

Bloomberg Canadian inflation quickened in May on increases across the board, giving the Bank of Canada plenty of scope to hold interest rates steady. The consumer price index jumped 2.4 percent from a year earlier, compared with 2 percent in April and versus a median economist forecast of 2.1 percent, Statistics Canada said from Ottawa. It was the highest annual ...

Bloomberg Online-only bank Monzo has closed a new funding round doubling the startup’s valuation to more than $2.5 billion, making it one of the UK’s most highly valued fintech companies. Monzo last raised funding late last year at a valuation of $1.25 billion. In this new round, the company will bring in 113 million pounds ($143 million) of fresh capital, ...

Bloomberg Delivering cargo to the farthest reaches of the world’s biggest archipelago has forever been a challenge. Indonesia’s biggest airline sees a solution in drones. PT Garuda Indonesia plans to use 100 unmanned aerial vehicles procured from China’s Beihang UAS Technology to ship goods across the nation’s more than 18,000 islands, Director for Cargo and Business Development Mohammad Iqbal said, ...

Bloomberg MINISO Co, a Chinese budget household and consumer good retailer, is planning an initial public offering that could raise about $1 billion, according to people with knowledge of the matter. The company is inviting banks to pitch for roles on the proposed offering, the people said, asking not to be identified because the information is private. The share sale ...

Bloomberg Singapore’s Trax is acquiring Shopkick, adding the US rewards app to its growing stable of retail technology. Redwood City, California-based Shopkick lets shoppers earn rewards and gift cards by browsing online offers, watching videos, walking into stores or scanning product barcodes on shelves. Trax didn’t disclose how much it’s paying but seller SK Telecom Co acquired the Californian outfit ...

Bloomberg UK retail sales fell at their fastest pace since the financial crisis in the year to June, as relatively poor weather kept shoppers away from stores, according to the Confederation of British Industry. The volume of goods sold slumped by the most since March 2009, with almost one-in-six stores saying they sold less than the same time a year ...

Bloomberg When Ray Conner retired as head of Boeing Co’s commercial aircraft business in 2017, the company threw a farewell party for its lifelong employee. Among the speakers: Willie Walsh, who runs the IAG SA airline group and had built a close rapport over the years both with Conner and Boeing, having spent almost two decades piloting 737 planes himself. ...

ABU DHABI / WAM Abu Dhabi’s Department of Community Development is to launch its second survey to explore the needs of the community and assess the challenges facing the emirate’s development process. This is part of the department’s commitment to ensure the social welfare of the Abu Dhabi community, carrying on the legacy of the Founding Father, Sheikh Zayed bin ...