Lion Air’s Founders Planning to Launch New Airline in Indonesia
The founders of Indonesia’s largest low-cost carrier PT Lion Mentari Airlines are planning to start a new airline, according to people familiar with the plan.
Latest From Bloomberg
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AirAsia to Shut Down Its Japanese Operations, Nikkei Reports
AirAsia Group Bhd. is closing down its operations in Japan as it grapples with coronavirus-related restrictions on global travel, Nikkei reported, citing an unidentified person close to the low-cost airline.
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Mr DIY’s IPO Draws AIA, BlackRock as Cornerstone Investors
Mr DIY Group is in talks with Aberdeen Standard Investments and BlackRock Inc. to become cornerstone investors in its initial public offering, which could be Malaysia’s biggest in more than three years, said people with knowledge of the matter.
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Bank Caps Continue, ECB Mulls Inflation, One More Day: Eco Day
Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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Australia Home Prices Fall, Dragged Down by Sydney, Melbourne
Australian house prices fell for a fifth month, as declines in Sydney and Melbourne outweighed a nascent recovery in the rest of the country.
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American Air Moves Ahead With 19,000 Layoffs as U.S. Weighs Aid
American Airlines Group Inc. will start laying off 19,000 workers on Thursday as originally scheduled, spurning an appeal from U.S. Treasury Secretary Steven Mnuchin as he negotiates with Congress about extending payroll support for U.S. carriers.
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Japan Exchange Halts Trading Due to Network Issue
Tokyo Stock Exchange operator Japan Exchange Group said that it is halting trade of all securities due to a network issue, the company said in an announcement.
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Venezuela Draft Legislation Sets Ground for More Privatizations
The draft version of legislation introduced by Venezuela’s Nicolas Maduro on Tuesday opens the door for bigger private investment in the nation’s economy, potentially undoing decades of state intervention.
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Trump Moves to Expand Rare Earths Mining, Citing China Threat
President Donald Trump signed an executive order declaring a national emergency in the mining industry, a move aimed at expanding domestic production of rare earth minerals vital to most manufacturing sectors.
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Oil Falls Back to $40 as Flight Slump Adds to Demand Concerns
Oil erased some of Wednesday’s gains as a seasonal drop in commercial flights exacerbated demand concerns.
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Brexit Prompts 7,500 Finance Jobs, $1.6 Trillion to Leave U.K.
Financial services firms operating in the U.K. have shifted about 7,500 employees and more than 1.2 trillion pounds ($1.6 trillion) of assets to the European Union ahead of Brexit -- with more likely to follow in coming weeks, according to EY.
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Big African Cocoa Harvest Starts With Political, Demand Worries
As Ivory Coast prepares to collect a record cocoa crop, the market is bracing for two key unknowns: the risk of political unrest disrupting supplies and the demand hit from Covid-19.
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U.K. Covid Rules May Be Working, 80,000-Person Mass Survey Shows
There are signs that restrictions on social contact such as limiting gatherings to groups of six may be helping slow the spread of Covid-19 across the U.K., according to a major study.
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China, Pakistan Lead Asia in Virus-Related Surveillance Risk
The risk of Chinese-style state surveillance is likely to rise across Asia, a new report found, if countries continue to use technology being used to control the coronavirus even after the health crisis recedes.
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India’s Super-Spreaders; U.S. Stimulus Talks: Virus Update
Researchers in India say a relative handful of super-spreaders are linked to an explosion of virus cases in the nation. Talks in Washington, D.C., over another economic stimulus package were extended for another day.
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Europe’s Oil Refineries Struggling to Cope With Diesel Glut
The coronavirus is destroying the profitability of Europe’s oil refiners and the industry is hunkering down for a tough winter.
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New Zealand Labour Vows to Investigate Supermarket, Building Supplies Prices
New Zealand’s ruling Labour Party said it will investigate pricing in the supermarket and building supplies industries if it wins this month’s election to ensure consumers are paying fair prices.
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Cinema Trade Group Says 70% of Smaller U.S. Theaters May Fail
Almost three-quarters of small and midsize cinemas in the U.S. are at risk of bankruptcy, and about 100,000 people who work in the industry could lose their jobs as a result of the pandemic, according to the National Association of Theatre Owners.
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Pro Baseball Will Allow Some Fans at Championship Games in Texas
Major League Baseball, loosening its policy after a fan-free regular season, will allow a limited number of spectators to watch championship games in Texas.
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Citi Trial Over $900 Million Payout to Revlon Lenders Now Dec. 9
The trial for Citigroup Inc.’s lawsuit seeking the repayment of millions of dollars the bank says it accidentally sent to Revlon Inc. lenders was postponed by a month to Dec. 9 after the judge remarked on a new wrinkle in the case.
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Tepper Returns to High-Tax New Jersey to Face $120 Million Tab
Billionaire David Tepper has returned to New Jersey -- a move that may cost him $120 million in state income taxes this year.
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Asian Stocks Set to Advance; Dollar Declines; Markets Wrap
Asian stocks were set for modest gains at the start of the year’s final quarter though volumes may be subdued Thursday with many markets closed for holidays. U.S. shares earlier finished higher after a volatile session.
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Senate passes stopgap funding bill to avert government shutdown
The Senate Wednesday passed a stopgap spending bill needed to prevent an Oct. 1 shutdown of the federal government on an 84 to 10 vote.
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Trump Administration Plans to Announce Probe on Vietnam Currency
The Trump administration plans to announce an investigation into Vietnam’s currency practices, according to three people familiar with the matter.
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Seafarers Stranded by Virus Spark a Sudden Jump in Labor Costs
Shipowners are facing rising labor costs as widespread Covid-related restrictions limit movement of seafarers and make crew swaps more expensive.
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9:23Fed's Bullard breaks with peers on fiscal aid, says it can wait
The U.S. economy should continue to recover from the coronavirus-induced recession even if Congress puts off consideration of additional fiscal stimulus to 2021, Federal Reserve Bank of St. Louis President James Bullard said.
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JPMorgan finds more than 500 workers got U.S. virus relief funds
More than 500 JPMorgan Chase & Co. employees got assistance from taxpayers aimed at helping businesses through the pandemic -- and dozens of them shouldn’t have, according to people with knowledge of the firm’s internal investigation.
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Biden Raised Nearly $10 Million During Chaotic Debate With Trump
Tuesday’s chaotic presidential debate produced a surge of cash for Joe Biden from Democratic grassroots donors, who poured nearly $10 million into his campaign between 9 p.m. and midnight.
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U.K. Estimates Pandemic Loan Losses Could Hit $30 Billion
The U.K. government estimates it could lose as much as 23 billion pounds ($30 billion) on loans it guaranteed to help prop up businesses during the pandemic.
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IRS Cuts Entertainment Tax Break Trump Now Favors, Amid Virus
The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.
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Trump’s Voter Fraud Claims Are ‘Fiction,’ Montana Judge Says
President Donald Trump’s campaign lost an effort to block Montana election officials from automatically mailing ballots to all registered voters for the Nov. 3 election -- a setback for Republicans in a state with a tight Senate race that could help flip control of the chamber to Democrats.
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HP to Pay $6 Million to Settle SEC Charges on Sales Practices
HP Inc. agreed to pay $6 million as part of a settlement with the U.S. Securities and Exchange Commission on charges the printer maker violated antifraud law in its effort to boost sales of ink supplies.
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Time to Get Exposed: Election Flux May Be Emerging-Market Moment
A roller-coaster ride in the third quarter has left emerging-market investors bracing for more swings in the fourth.
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Asia Family Office Commitment to ESG Investing Tested by Virus
As markets tumbled this year, Mary Ann Tsao faced a tough choice. Her fourth-generation family office in Singapore had adopted sustainable investing principles, but the coronavirus was trashing the global economy. Relatives suggested a return to the old ways.
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Hong Kong Faces Tense Holiday With Protest Calls, Arrest Threats
Hong Kong braced for another tense National Day, as authorities threatened to arrest anyone who turned out to protest a Beijing-backed crackdown on dissent in the Asian financial center.
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Philippines Seen Extending Rate Pause Amid Slump: Decision Guide
The Philippine central bank is set to leave its key interest rate unchanged for a second straight meeting, allowing previous stimulus steps to work their way through an economy in recession.
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Consolidate or Sell: Docomo Deal Signals More Unwinding in Japan
The buyout of Japan’s largest publicly traded subsidiary is set to trigger a wave of consolidation of listed units, amid ongoing criticism of the country’s practice of “parent-child” listings.
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Fed Approves Morgan Stanley Acquisition of E*Trade
Morgan Stanley has received Federal Reserve approval for its acquisition of discount brokerage E*Trade Financial Corp., the U.S. central bank said in a statement on Wednesday. The Fed’s order allows the companies’ banking operations to merge.
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The global economic recovery has slowed from a bounce to a grind
The best is already over for a global economic recovery that started off at a sprint and is turning into a slog.
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With Testing Already Low, Mexico Lost 93,803 Covid Lab Results
Mexico has lost or discarded 93,803 results of Covid-19 tests throughout the pandemic, health officials said, reducing the nation’s already low levels of testing for the virus.
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Apollo’s Covis Nears Deal to Buy Amag Pharmaceutical
A drug company backed by Apollo Global Management Inc. is in advanced discussions to acquire Amag Pharmaceutical Inc., according to people familiar with the matter. The shares rose more than 40% in late trading.
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Oil Refiner Marathon Says 12% of Workforce Affected in Jobs Cull
Marathon Petroleum Corp. is slashing its workforce as the largest independent U.S. oil refiner adjusts to gasoline demand that’s showing no sign of recovering to its pre-pandemic level.
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California Firefighters Face Dire Forecast in Wine Country Blaze
Even as firefighters in Northern California’s wine country battle a blaze that forced the evacuation of entire towns, a forecast of extreme heat and dry winds threatens to breath new life into the inferno.
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Allstate to Cut 3,800 Jobs as Firm Battles for More Market Share
Allstate Corp., the fourth-largest car insurer in the U.S., plans to cut 3,800 jobs as it accelerates a revamp it started last year.
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Seagram's heiress gets 81 months in prison in cult case
Clare Bronfman, an heiress to the Seagram Co. liquor fortune, was sentenced to 81 months in prison for her role in securing female victims for the Nxivm sex cult founded by Keith Raniere.
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Goldman to Resume Job Cuts as Banks Abandon Covid Moratorium
Goldman Sachs Group Inc. is resuming job cuts as the coronavirus pandemic outlasts the financial industry’s resolve to offer jittery employees stability through the economic downturn.
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Fed Extends Dividend, Buyback Limit on Wall Street Banks to 2021
The Federal Reserve has extended through the rest of the year its unprecedented constraints on dividend payments and share buybacks for the biggest U.S. banks.
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New Jersey’s Fastest-Growing Town Hits 27% Virus Positivity Rate
New Jersey’s fastest-growing town hit 27% positivity among those tested for the novel coronavirus while the state’s overall rate reached its highest since July.
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Blistering IPO Market Is Rekindling Dot-Com Era Froth Fears
SPACs, direct listings, traditional IPOs. No matter how companies have made the switch from private to public markets, they’ve been met with exuberance.
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Covid-19 Relief for Undocumented Would Boost the Economy for All
Depriving workers of $1,200 checks caused a $10 billion loss in economic activity.
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Mnuchin Says There Is Still No Agreement on Fiscal Stimulus
U.S. Treasury Secretary Steven Mnuchin said there’s still no agreement on a fresh fiscal stimulus package after he met for about 90 minutes with House Speaker Nancy Pelosi.
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Ex-UAW Chief Williams Admits Conspiring to Embezzle Union Funds
Former United Auto Workers president Dennis Williams admitted to embezzling funds from the union, becoming the latest official from the labor organization to plead guilty in a long-running federal corruption probe.
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FBI Releases Movie to Alert Americans of Foreign Spy Threats
U.S. national intelligence agencies released a movie Wednesday to raise awareness of how foreign intelligence entities use social media to target Americans.
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Tipsters get US$175M from SEC in record year for program
The U.S. Securities and Exchange Commission paid about $175 million to 39 whistle-blowers in the past year, setting a record for a program that rewards tipsters for helping the agency go after corporate wrongdoing.
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FAA head calls test flight of 737 'productive' but work remains
The chief aviation regulator in the U.S. called a test flight of the Boeing Co. 737 Max Wednesday “productive,” but said the agency hasn’t completed its work assessing the fixes needed to return the plane to service.
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Biden Unveils Transition Ethics Plan Aimed at Countering Trump
Democratic presidential nominee Joe Biden’s transition team on Wednesday unveiled an ethics plan aimed at responding to recent stock-trading scandals in Congress and striking a sharp contrast with President Donald Trump’s administration.
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Australia Lays Out Rescue Plan for Economy Stung by Covid-19
After slowing the coronavirus pandemic to just a trickle of new cases a day, Australia’s Prime Minister Scott Morrison faces his next challenge: shoring up an economy that’s plunged into its first recession in almost 30 years.
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3:14Google debuts 5G Pixel phones ahead of Apple's iPhone launch
Google launched a pair of new 5G Android smartphones: the Pixel 5, its flagship model, and the Pixel 4a 5G, an entry-level device with faster cellular network speeds.
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Senegal to Expand Health System After Covid-19 Exposes Needs
Senegal will recruit 1,500 additional health workers and raise 500 billion CFA francs ($893 million) to modernize hospitals and build new facilities, President Macky Sall said.
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Health Plans Undercutting Obamacare Get Boost From Texas Ruling
The U.S. judge in Texas who ruled that Obamacare’s individual mandate was unconstitutional has signed off on a kind of low-cost insurance alternative that could pull young, healthy people away from the exchanges and drive up health-care costs for those left behind.
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In World of Video Game Development, Chronic Overtime Is Endemic
Video game makers call it “crunch” -- the process of working nights and weekends to hit a tight deadline. But unlike other professions that might muster employees to work overtime in the final stretches of a project, in game development it can be a permanent, and debilitating, way of life.
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Permit in Hand, Alaska-Alberta Railway Set to Start Construction
The team behind the proposed Alaska to Alberta railway aims to start prep work for construction in December, with a goal of getting the $17 billion cross-border railroad running by 2025.
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Save Nature or Risk Economic Disaster, Global Leaders Tell Each Other
The international community hasn’t met any of the biodiversity targets it set a decade ago.
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Murphy Aides Enabled Mess at $12 Billion Authority, Report Says
New Jersey Governor Phil Murphy’s administration gave “tacit approval” to mismanagement of one of the nation’s biggest public-construction programs by a Democratic Party loyalist who replaced veteran staff with friends and family, according to a State Commission of Investigation report.
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Palantir's Crystal Ball Can't Guarantee a Bright Future
The data-mining company’s solid but not stellar stock debut shows investors can be discerning even in frothy times for tech shares.
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Google launches US$99 Nest Audio speaker, new Chromecast TV device
Alphabet Inc.’s Google launched a $99 Nest Audio speaker and a new Chromecast TV device, seeking to hold off Amazon.com Inc. and other competitors from grabbing more consumers in the smart home market.
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Third-Biggest U.S. County Argues for Mass Mailing in Vote Fight
Texas can’t stop a clerk from sending unsolicited vote-by-mail applications to all registered voters in its largest county, lawyers for Harris County argued in a court case that could affect Democrats’ effort to clinch the crucial state in November.
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JPMorgan targets US$700M for residential-development fund
JPMorgan Chase & Co.’s asset-management arm is seeking $700 million for a residential-development fund focused on U.S. Sun Belt states as the pandemic accelerates migration to the region.
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Russia’s Military Strength Now at Post-Cold War Peak, Report Says
Russia’s military is now more capable than at any time since the end of the Cold War, a development that comes as Western nations are increasingly concerned about President Vladimir Putin’s role in election meddling and conflicts from Ukraine to Syria, according to a new report.
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U.K. Covid Outbreak Is Not Under Control, Government Warns
The U.K.’s coronavirus outbreak is not under control as hospitalization and death rates rise, Boris Johnson’s chief scientist said.
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New Jersey Has 43 Covid-19 Cases Linked to Schools, Murphy Says
New Jersey has confirmed novel coronavirus outbreaks in 11 schools, Governor Phil Murphy said. “We said going in” that cases would pop up, he said.
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Trump Can Thank Obama for Tax-Refund Play Democrats Now Oppose
At the center of President Donald Trump’s dispute with the IRS is a $72.9 million tax refund. He can thank his predecessor for that benefit.
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Fed’s Kaplan Says Markets Have Clarity on Fed’s Policy Path
Federal Reserve Bank of Dallas President Robert Kaplan said the central bank has been clear to investors and businesses on where the benchmark policy rate will be over the next few years.
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Hedge Funds May Escape Fed Blame Over Market Mayhem in March
Hedge funds can rest easier for now.
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Mortgages Set for Worst September Performance in Half a Decade
Mortgage-backed securities are on track for their worst September performance in five years despite massive support from the Federal Reserve.
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Palantir debuts at US$17B value in long-awaited listing
Palantir Technologies Inc. began trading Wednesday as a public company, ending a 17-year tradition of secrecy surrounding the software business co-founded by Peter Thiel.
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Covid-19 Pounds Wisconsin Ahead of Trump’s Green Bay Rally
Covid-19 cases are reaching new heights in Wisconsin just as President Donald Trump prepares to hold rallies in Green Bay and La Crosse this weekend, potentially exacerbating the spread and stoking debate on the ethics of campaigning during the pandemic.
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Bain-Backed Chindata Climbs After U.S. IPO Raises $540 Million
Chindata Group Holdings Ltd. rose as much as 17% in its trading debut after raising $540 million in a U.S. initial public offering priced at the top of a marketed range.
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Supreme Court Expedites Review of Trump Appeal Over Census Count
The U.S. Supreme Court put a clash over undocumented immigrants and the census on a fast track, granting a request by President Donald Trump’s administration to expedite handling of his appeal.
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Bayer to cut costs, weigh asset sales as COVID hits farming
Bayer AG said it will eliminate 1.5 billion euros ($1.76 billion) of annual costs and may cut jobs as the coronavirus pandemic hits the agricultural market.
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Debate Commission Says Changes Coming After Trump-Biden Faceoff
The commission that runs presidential debates said it would change the formats of the next presidential debates after Tuesday’s chaotic clash between President Donald Trump and Democratic nominee Joe Biden to provide a more orderly exchange of views.
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Rolls-Royce drops sovereign funds from equity plan, Sky says
Rolls-Royce Holdings Plc ended talks to raise 500 million pounds ($645 million) from sovereign funds in Singapore and Kuwait and will instead seek to raise 2 billion pounds from existing shareholders, Sky reported.
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Comey and Graham Face Off in Hearing Examining Russia Probe Origins
Former FBI Director James Comey said the probe into whether people close to Donald Trump conspired with Russia to interfere in the 2016 election was largely conducted “by the book” but that specific aspects of the inquiry fell short.
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Velodyne Lidar Chief Eyes Growth as Stock Sinks in Public Debut
Velodyne Lidar Inc. could ride higher as the self-driving car revolution takes hold -- that is if such modes of transport come to realization sooner rather than later.
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Trump Allies Defend Him After White Supremacist Debate Remarks
The White House and some GOP allies defended President Donald Trump’s failure to explicitly condemn White supremacy at Tuesday’s debate, while the only Black Republican Senator called on the president to “correct” his comments.
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Woke Activists Won’t Fix Latin America’s Broken Politics
To bring real change, they need to revitalize political parties, not forsake them.
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NYSE's Cunningham says record flurry of IPOs will keep coming
The New York Stock Exchange expects this month’s record pace for initial public offerings to continue.
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Airlines Near 50,000 Job Cuts as American, United Feel Squeeze
U.S. airlines are preparing to lay off tens of thousands of workers starting Thursday unless they get additional federal aid, sparking a plea from Treasury Secretary Steven Mnuchin to hold off on the cuts amid signs of progress in talks with Congress.
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New York Sues Sports Club, Lucille Roberts Over Covid Gym Fees
New York Attorney General Letitia James sued the New York Sports Club and Lucille Roberts gym chains for charging dues to members for facilities that remain closed due to the coronavirus pandemic and failing to honor cancellation requests.
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Asana Opens at $5.2 Billion Value in Direct Listing Debut
Workplace management software maker Asana Inc. is valued at about $5.2 billion in its trading debut through a direct listing, one of two companies on Wednesday using the alternative route to an initial public offering.
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California Ethnic Studies Plan Undercuts Itself
Students need to learn more about the dark side of U.S. history. But there's a better way to do it.
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Oxford-Astra COVID vaccine review to start in Europe
European regulators are set to start an accelerated review of a Covid-19 vaccine front-runner from the University of Oxford and AstraZeneca Plc, according to a person with knowledge of the situation, in a sign the shot could be the first to seek approval in the region.
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McDonald’s ‘Didn’t Dawdle’ in Firing Easterbrook, Board Member Says
John Rogers, co-chief executive officer of Ariel Investments, defended the McDonald’s Corp. board’s handling of the dismissal of Steve Easterbrook last year.
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Trump-Biden Drew Smaller Audience to Messy Debate, Variety Says
The chaotic first debate between President Donald Trump and former Vice President Joe Biden turned off viewers, with fewer tuning in compared with four years ago, according to early broadcast-network figures reported by Variety.
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YouTube TV to Drop Fox Sports Networks, Though Talks Continue
YouTube TV is dropping 19 Fox regional sports networks owned by Sinclair Broadcast Group Inc. after the two sides failed to resolve a long-running dispute, but negotiations continue.
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Lloyd Blankfein Says Market Doesn’t Seem Upset With Biden Win Prospect
Former Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein says so far the stock market doesn’t seem too upset at the prospect of Democratic nominee Joe Biden winning the presidential election.
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U.S. Blocks Palm Oil Imports From One of World’s Top Producers
The U.S. has blocked imports of palm oil and palm oil products from Malaysia’s FGV Holdings Bhd., one of the world’s largest producers.
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NFL postpones Titans-Steelers game in league's first COVID delay
The NFL has its first postponement due to COVID-19, a troubling milestone for a league with scant capacity for scheduling changes.
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‘American Friends’ Plotted to Kidnap Assange From Embassy
Officials at a security agency that was meant to be guarding the Ecuadorean embassy in London were actually carrying out a very different task: spying on WikiLeaks founder Julian Assange, according to a court filing.
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4:14Boeing tempers hoopla on Max's return after crisis 'dug a hole'
Boeing Co. is plotting a low-key comeback for the 737 Max, the grounded jetliner that has spent almost two years engulfed in controversy and tragedy after two fatal crashes, said people familiar with the matter.