Bloomberg Norway’s $1.2 trillion sovereign wealth fund will require the companies it invests in to reach net-zero emissions by 2050 at the latest, joining many global investors in setting such goals to prevent the financial risks from a “delayed transition.” Just 10% of companies in the wealth fund’s portfolio have a net-zero target for 2050, even as many have taken …

  Bloomberg Flying business class has always been beyond the means of most fliers. Now even companies can’t afford fares that have soared as the world tries to reconnect in the wake of Covid. A return business-class flight on the longest routes, between New York and Sydney, for example, can cost more than $20,000, about double the price from pre-pandemic …

  Bloomberg Boeing Co and China’s aviation authority held a meeting to evaluate the 737 Max aircraft, which hasn’t been fully approved to return to commercial service in the country despite flying again in most other markets. The talks were held in Zhoushan in eastern China, according to CAAC News, the media arm of the Civil Aviation Administration of China. …

Bloomberg Ralph Lauren Corp is targeting sales growth over the next three years that’s faster than Wall Street’s estimates, with the fashion brand aiming to pick up new customers and continuing to raise prices. The New York-based apparel company is targeting revenue growth in the mid-to-high single digits in each of the next three fiscal years, including the current one, …

  Bloomberg Mike Ashley is stepping down from the board of Frasers Group Plc four decades after he founded his retail business and just months after son-in-law Michael Murray became CEO of the Sports Direct-owner. The 58-year-old Ashley still holds an almost 70% stake in Frasers and said he remains “100% committed” to the business even though he won’t seek …

  Bloomberg With the pandemic waning, the US is gearing up for pre-pandemic levels of trick-or-treating, despite inflation levels not seen for 40 years. Undeterred by soaring prices, 69% of consumers are planning to celebrate Halloween this year compared with 68% in 2019, the National Retail Federation (NRF) said. A survey commissioned by the trade group found that consumers plan …

Bloomberg Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth. The one-year loan prime rate (LPR) was left at 3.65%, according to a statement by the People’s Bank of China (PBOC). …

Bloomberg The Bank of England (BOE) has limited power to stop the downward spiral in the UK pound, said strategists at TD Securities, who are predicting more losses in the coming months. The pound and euro are trapped in a “doom loop” caused by soaring energy prices that feed into weaker economic growth and lower currency values, wrote strategists including …

Bloomberg Goldman Sachs Group Inc has started axing at least 25 investment bankers in Asia as a drought in dealmaking prompts cuts across sectors, people familiar with the matter said. The cuts span its equity capital markets, healthcare and telecommunication, media and technology teams in Asia, the people said, asking not to be identified because the matter is confidential. The …

  Bloomberg A slide in cryptocurrencies sent Bitcoin to a three-month low as sentiment took a knock from a wave of monetary tightening that’s set to stretch from Europe to the US this week. The largest digital token sank as much as 7.4% and was trading at $18,644 in New York. That’s the lowest since digital-asset prices tumbled after the …