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Bloomberg UniCredit SpA ended one its most significant legal disputes by settling a US probe over sanctions violations, clearing the path for the lender to focus on growing its business after years of cleaning up legacy issues. The bank agreed to pay $1.3 billion to settle US charges for violating sanctions against Iran that have been hanging over UniCredit since ...

Bloomberg UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker said. While the Zurich-based bank continued to dominate the regional top spot by a wide margin, with assets totaling $357 billion last year, Credit Suisse Group AG slightly ...

Bloomberg JPMorgan Chase & Co and Barclays became the latest financial institutions to lower their estimates for Brazil’s economic growth this year, on the back of weak activity data and increased political uncertainty. They joined Itau Unibanco SA, Latin America’s largest bank by market value, which remains the most pessimistic of the three after cutting its 2019 growth forecast for ...

Bloomberg China’s central bank shifted its tone on the economy, emphasising that it will control excessive money supply amid signs of a recovery. The People’s Bank of China (PBOC) said it’ll keep good control of the money supply “floodgate” and not “flood” the economy with excessive liquidity, according to a statement. That wording had been dropped from the previous quarter’s ...

Bloomberg A unit of HNA Group Co defaulted on a loan it took out less than seven months ago, the latest in a string of missed payments that threaten to complicate the embattled Chinese conglomerate’s restructuring. Lenders to CWT International Ltd, a Hong Kong-listed unit of HNA, said they would seize most of the company’s assets — including CWT’s stake ...

Bloomberg India cut its trade deficit with China by the most in more than a decade, according to people familiar with the data, as it boosted exports amid a US-China trade war. The South Asian nation’s exports to China jumped 31 percent year-on-year to $17 billion in the financial year ended on March 31, the people said, asking not to ...

Bloomberg Nissan Motor Co no longer has an office staffed by an inner circle of people working for the chief executive officer following the arrest and exit of former Chairman Carlos Ghosn, a person with knowledge of the change said. The team was abolished as of April 1, said the person, asking not to be identified because the information hasn’t ...

Bloomberg The new Model Y crossover that Tesla Inc hopes will satisfy growing consumer preference for bigger vehicles didn’t make it over to the Shanghai auto show. The car instead will be shown at an event in the US later this month, a spokeswoman said. Still, Tesla is showcasing two Model 3 cars, a Model X and a Model S ...

Bloomberg New-home price growth in China snapped a four-month weakening streak, one of the first official signs there may be a widespread recovery in the nation’s housing market. The value of new homes, excluding government-subsidised housing, gained 0.61 percent on average in March from February in 70 major cities tracked by the nation’s statistics bureau, official data released showed. That ...

Bloomberg India’s forecast of plentiful rain during this year’s monsoon may come as a relief to its farmers as well as Prime Minister Narendra Modi, who’s seeking a second term in office in national elections currently underway. Annual rainfall during the June-September rainy season, which waters more than half of the country’s farmland and is crucial for economic growth, is ...