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Bloomberg HSBC Holdings Plc has been fined $175 million by the Federal Reserve after a long-running probe found that foreign-exchange traders had been front-running client orders, sharing confidential customer details with dealers at other firms and attempting to rig currency benchmarks. The Fed order detailed multiple instances of improper behavior, including allegations that traders may have conspired with counterparts at ...

Bloomberg The recent flood of cash into Indian stock funds is just the beginning, as the nation’s growing savings chase equity returns amid decreasing appetite for gold, property and fixed income, according to Morgan Stanley. “We’ve just started, the party has just begun,” said Ridham Desai, managing director at Morgan Stanley India Co. Pvt. The nation’s total financial savings are ...

Bloomberg Ethereum and bitcoin dropped after South Korea banned domestic initial coin offerings (ICOs) and margin trading in cryptocurrencies. The Financial Services Commission in Seoul said all forms of ICOs are prohibited in the country, including projects that share profits, rights, dividends, and other ‘coin-style’ offerings, according to a statement. The commission also banned practice of loaning funds to trade ...

Bloomberg Chinese offshore dollar bond issuance will reach as much as 80 percent of the Asia ex-Japan market in three to five years as buying support from the region grows and the country continues its reform drive, according to Goldman Sachs Asset Management LP. Issuers from China accounted for about 60 percent of dollar-denominated bonds priced in Asia excluding Japan ...

Bloomberg Citigroup Inc. applied for a backup license in France, hedging its bet on making Germany the headquarters for its new European Union broker-dealer after Brexit. Jim Cowles, the bank’s chief executive officer for Europe, the Middle East and Africa, told French newspaper Les Echos that the license is part of a plan to move positions across the continent. The ...

Bloomberg Southwest Airlines Co. is set to pull off an aviation high-wire act as it sends 30 of its oldest planes to a desert graveyard just 24 hours before launching the newest version of its staple 737 jetliner. The changeover will usher in the latest fresh start for Boeing Co.’s bread-and-butter passenger plane, extending Southwest’s almost 50-year dedication to the ...

Bloomberg Bombardier Inc., the Canadian planemaker facing US import duties on its C Series jet, is nearing a deal to sell at least 14 of the planes to Air Baltic Corp. in an order with a list value of about $1.25 billion. The carrier is set to buy CS300 models “definitely before the end of next year,” Air Baltic Chief ...

Bloomberg Airlines worldwide were forced to delay flights as a global flight-bookings system operated by Amadeus IT Group SA suffered what the company called a “network issue.” Carriers including British Airways, Deutsche Lufthansa AG, Cathay Pacific Airways and Qantas Airways were among those impacted, with Dutch operator KLM delaying at least 24 departures. Singapore’s Changi airport said via Twitter that ...

Bloomberg The World Trade Organization approved Brazil’s request to investigate Canada’s alleged use of more than $3 billion in government subsidies to produce Bombardier Inc. aircraft. The South American nation began WTO consultations in February, saying Canada ran afoul of trade rules because its policies unfairly bolstered the domestic aerospace industry to the detriment of Brazilian planemaker Embraer SA. Canada ...

Bloomberg Wal-Mart Stores Inc. has just fired a broadside in the battle for your baby’s bottom. The world’s biggest retailer is going after the new parents who typically shop at rival Target Corp. with dozens of new products for infants—including bedding and a softer, more absorbent diaper that took more than a year to design. Wal-Mart said that it’s overhauling ...