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Fortis Healthcare Ltd. has to admit a new owner to keep the lights on. Before it does, though, India’s second-largest hospital chain must write four of its board members a discharge slip. The country’s serious fraud office and the stock-market regulator are investigating Fortis even as it tries to sell itself to one of five serious suitors, which include Malaysian, ...

Bloomberg A degree of risk appetite returned to global markets on Tuesday, with developing-nation stocks and currencies rebounding and Italian bonds climbing. The dollar fell as Treasury yields climbed, and the pound advanced. US equity futures pointed to a higher open and the Stoxx Europe 600 Index nudged upward after the MSCI Asia Pacific gauge eked out a gain in ...

Bloomberg While locals in Malaysia cheer the ouster of the Barisan Nasional coalition for the first time since independence, foreign stock investors are voting with their feet. Foreign inflows into the local stock market of $937.8 million were wiped out as concern remains on how the new coalition party under 92-year-old PM Mahathir Mohamad will continue economic growth. As of May ...

Bloomberg State Bank of India, the country’s largest lender by assets, joined its private peers in shrugging off losses as investors believe the lenders have finally got a handle on bad loans. SBI’s shares surged to a six-week high after it reported a record loss on Tuesday, weighed down by a doubling in provisions for soured debt. A similar contrarian ...

Bloomberg A former Deutsche Bank AG executive, Nizar Al-Bassam, is suing the German lender to reclaim bonuses totaling about 4 million euros ($4.7 million) following a probe into hiring practices in Russia and the UK. Al-Bassam, a former head of corporate and debt capital market finance for central and eastern Europe, the Middle East and Africa, said he believed the ...

Bloomberg Wells Fargo & Co. Chief Executive Officer Tim Sloan said the firm is ready to increase lending for car sales after pulling back last year, and it’s now looking with consternation at the commercial real estate market. In auto lending, “we’ve pulled back enough and now we’re going to be growing that business again,” Sloan said in an interview ...

Bloomberg Investors are decamping Canadian banks ahead of earnings season, with six straight weeks of outflows from the largest exchange-traded fund tracking the industry. The BMO Equal Weight Banks Index ETF saw a record C$263 million ($204 million) leave the fund between April 2 and May 11, according to data compiled by Bloomberg. But the fact that the iShares S&P/TSX ...

Bloomberg Ghana’s central bank is lining up investors for lenders willing to combine their operations in an unprecedented push to force consolidation and strengthen the industry, according to people familiar with the matter. Investors from local pension funds to foreign private-equity firms are on standby to pump cash into the system as lenders scurry to bolster their capital levels, according ...

Bloomberg The price of jet fuel is surging, but so far the airline industry has been so competitive that carriers haven’t been able to pass on much of the cost to consumers. That means investors are bracing for lower profit margins as travellers take advantage of cheap flights. An abundance of seats in the domestic market means airlines have limited ...

Bloomberg Marks & Spencer Group Plc plans to close around a third of its large UK stores over the next four years, as the retailer belatedly adapts to the rise of e-commerce. M&S will close more than 100 stores that sell both clothing and food by 2022, the company said in a statement. The London-based retailer intends to increase the ...