(Reuters) -Shares of Bed Bath & Beyond, popular among retail traders, jumped in early trading on Wednesday, extending their rebound from multi-decade lows hit last week following news of the company’s plans to seek bankruptcy protection. The stock, the third most actively traded across U.S. exchanges, was up about 25% at $2.60. It has risen…
By Jamie Freed, Rajesh Kumar Singh and David Shepardson (Reuters) – U.S. flights were slowly beginning to resume departures after Federal Aviation Administration (FAA) scrambled to fix a system outage overnight that impacted thousands of flight. The FAA had earlier it had ordered airlines to pause all domestic departures after its pilot alerting Notice to…
By Mimosa Spencer and Mimosa Spencer PARIS (Reuters) -LVMH Chairman and CEO Bernard Arnault named his daughter Delphine as CEO of the group’s second largest fashion label Christian Dior on Wednesday, further tightening the family’s hold on the sprawling luxury empire. All five of the Arnault children hold key management roles at brands in the…
By Xie Yu and Ankur Banerjee HONG KONG/SINGAPORE (Reuters) – Foreign investors have barely begun buying back beaten-down stocks in China, but there are growing signs that the end of the country’s tough COVID-zero policy marks the beginning of a long global march back into Chinese equities. December’s sudden shift from tight health restrictions to…
(Corrects Ares year of founding to 1997 instead of 2002 in last paragraph) By Chibuike Oguh (Reuters) – Ares Management Corp said on Wednesday it raised about $5 billion for an infrastructure debt fund that invests in the debt of infrastructure assets such as data centers, telecommunication towers, ports and utilities. The new fund is…
By Joice Alves and Tom Westbrook LONDON (Reuters) – The U.S. dollar held its ground on Wednesday as traders waited for this week’s U.S. consumer price data to see whether it will confirm that inflation is in retreat. The euro flattened against the dollar after a European Central Bank policymaker said the cycle of interest…
(Reuters) – European shares edged up on Wednesday, lifted by Bayer and LVMH, while optimism over reopening in China and hopes of less aggressive U.S. interest rate hikes aided the sentiment. The pan-regional STOXX 600 gained 0.1% by 0818 GMT. Wall Street ended higher on Tuesday and European stocks cut some losses, on risk appetite…
By James Davey LONDON (Reuters) – British supermarket group Sainsbury’s forecast full-year profit towards the upper end of its guided range as a better-than-expected performance in general merchandise drove a 5.9% rise in underlying sales for the Christmas quarter. The UK’s second largest supermarket chain after Tesco had previously forecast 2022-23 underlying pre-tax profit of…
ROME/PARIS (Reuters) – The world’s largest luxury group LVMH could pick Pietro Beccari as new CEO of Louis Vuitton, the flagship brand of the French group, according to a media report on Wednesday. Italian Repubblica daily reported that Beccari, who took over as chairman and CEO of Dior Couture in 2018, could replace Michael Burke…
By Wayne Cole SYDNEY (Reuters) -Australian shoppers spent big in November as Black Friday sales and online specials spurred demand for clothes, electronics and furniture, a sign consumption was proving resilient to rising interest rates and high inflation. Data from the Australian Bureau of Statistics (ABS) on Wednesday showed retail sales jumped 1.4% in November…
