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Bloomberg The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent. Some observers pinned the latest retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come ...

Bloomberg The message came from one of Bank of America Corp’s (BofA) most powerful board members across large video screens: “We’re not going to do anything crazy to the customer — and we’re not going to do anything crazy for the customer.” The declaration by Frank Bramble Sr. kicked off the firm’s shareholder meeting in April. It wasn’t just for ...

Bloomberg HSBC Holdings Plc Chief Executive Officer John Flint’s plan to pour as much as $17 billion into expanding its key Asian markets and improve technology failed to inspire investors. In his first wide-ranging plan since taking the helm four months ago, Flint said the bank would roughly invest two thirds of that amount by 2020 to build its presence ...

Bloomberg Pakistan’s central bank devalued the rupee for a third time since December amid a worsening economy and speculation the country will need support from the International Monetary Fund. The managed currency dropped as much as 5.1 percent to 121.5 per dollar in trade, according to bank foreign-exchange traders who asked not to be identified as they are not authorised ...

Bloomberg China’s banks have managed to sidestep the severest curbs on their shadow banking activity, suggesting the real pain of the deleveraging process lies ahead, according to a report by UBS Group AG. A squeeze on their interbank borrowing was mitigated through extensive use of a short-term funding instrument called negotiable certificates of deposit, the report by UBS analysts led ...

Bloomberg Switzerland dismissed a proposal to radically change the way banks lend money, a victory for the financial establishment including central bank chief Thomas Jordan. Vollgeld, as the plan is known in German, was the latest in a string of national ballots in recent years that critics argued were reckless and would make Switzerland unattractive for businesses. Swiss National Bank ...

Bloomberg Hainan Airlines Holding Co. plans to raise as much as 7 billion yuan ($1.1 billion) by selling shares to investors, including an arm of Singapore state investment company Temasek Holdings Pte., as part of a restructuring planned by the unit of Chinese conglomerate HNA Group Co. The Haikou, Hainan-based carrier is selling up to 20 percent of its Shanghai-listed ...

Bloomberg V-Mart Retail Ltd., India’s most-profitable department store chain, is planning to sell apparel and other goods online in a bid to attract youth in villages and small towns. The retail store, which runs medium-sized stores that sell clothes, accessories, footwear and everyday staples, is also planning to add 30 to 40 stores every year to its current 177 stores, ...

Bloomberg Rolls-Royce Holdings Plc’s engine-durability crisis worsened as the company revealed it has detected new issues that will require extra repair shop visits on a further batch of turbines that power Boeing Co.’s 787 airliner. The glitch concerns the intermediate pressure compressor on a “small number” of Package B Trent 1000 engines for the Boeing plane, London-based Rolls-Royce said in ...

Bloomberg A stretching studio. Guided meditation sessions. Shower suites with light therapy. They sound like the features of a New Age spa. But all are elements of Qantas Airways’ new international transit lounge at the Perth Airport. And they’re all designed with one purpose in mind: helping you combat jet lag. For the Australian carrier, this is an especially relevant ...