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Bloomberg New York’s banking regulator ordered Habib Bank Ltd. to pay $225 million and surrender its license to operate in the state, effectively removing Pakistan’s largest lender from the US financial system. Managers in Habib’s branch office in Manhattan failed for more than a decade to shore up weak anti-money-laundering controls and sanctions compliance, New York’s Department of Financial Services ...

Bloomberg The rally in Indonesian bank stocks may be nearing an end amid sluggish credit growth and tougher regulations for loan quality assessments. Equity analysts are now downgrading banking stocks after the Jakarta Finance Index rallied 21 percent this year—more than double that of the main gauge—as they expect nonperforming loans in the $527 billion industry to creep up again. ...

Bloomberg Nordea Bank AB’s relocation from Stockholm to Helsinki in pursuit of a friendlier regulatory environment is drawing expressions of dismay from some of Sweden’s highest-ranking officials. Stefan Ingves, the governor of Sweden’s Riksbank and the chairman of the Basel Committee on Banking Supervision, called the decision “dangerous for everyone in the Nordics and Baltics” if Nordea’s intention was to ...

Bloomberg Wall Street’s newbies—investment banking analysts straight out of college who just hit the desk—have barely started one job when another starts beckoning. Junior analysts a few weeks on the job can now expect a flurry of emails from headhunters for some of the most prestigious private equity firms in the world. The jobs they’re being recruited for can pay ...

Bloomberg The pound rose to a five-week high against a weaker dollar as investors covered short positions and UK manufacturing data beat expectations. Sterling headed for its third weekly gain against the dollar and hit $1.32, as the greenback dropped against all its Group-of-10 peers. Data showed UK manufacturing rose in July for the first time this year, while the ...

Bloomberg Delta Air Lines Inc. celebrated the final domestic flight for its Boeing Co. 747 jumbo fleet with an overnight party from Los Angeles to Detroit recently. The farewells were a little premature, it turns out. The carrier enlisted the iconic humpbacked jetliner to help whisk people away from Hurricane Irma, with a special round-trip flight from Detroit to Orlando, ...

Bloomberg India’s government, which is planning to sell a stake in its state-run flag carrier, is considering options such as keeping out at least a part of its $8 billion of debt to help lure investors, the nation’s civil aviation minister said. Air India Ltd.’s assets such as real estate could also be spun off into a separate company, A ...

Bloomberg Target Corp.’s announcement that it was cutting prices on thousands of products led to one unintended discount: a nearly 5 percent stock drop. The retail chain said that it spent months examining its products and promotions and was permanently lowering prices on everything from breakfast cereal to razor blades. The announcement was meant as an enticement to customers, but ...

Reuters Prada SpA warned that its turnaround plan may take longer than expected as the Italian maker of $2,200 leather totes and $495 Velcro sandals struggles to keep up with rivals’ online expansion and stem a decline in sales. First-half revenue dropped 5.7 percent as the strong euro cut into tourist spending in Europe in recent months, Milan-based Prada said. ...

Bloomberg Europe’s major airlines may need to consider merging their low-cost arms in order to fend off the challenge of discount specialists led by Ryanair Holdings Plc, International Air Transport Association Chief Executive Officer Alexandre de Juniac said. Fleets of barely more than 100 aircraft at any of the no-frills offshoots of Europe’s three big network airlines fall far short ...