Bloomberg The global economy risks sustained weakness without a change in how it’s run, according to Agustin Carstens, who heads the Bank for International Settlements (BIS). The pandemic and war in Ukraine have proved a “rude awakening” for central banks, which had assumed for too long that supply adjusts automatically and smoothly to shifts in demand, Carstens told the ...

  Beijing / WAM China’s software industry reported a 10.3 percent increase in business revenues in the first seven months of the year, Chinese news agency, Xinhua, reported. Revenues totalled 5.46 trillion yuan (about $796.66 billion) from January to July, data from China’s Ministry of Industry and Information Technology showed. Companies in the sector raked in 569.8 billion yuan in ...

Bloomberg More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, and the program that rich nations have to help poorer ones needs to be faster and broader, the International Monetary Fund’s (IMF) deputy chief said. About 60% of low-income countries are at high risk of or already in debt distress, and about 20 emerging markets ...

Bloomberg SAS AB, which is working its way through a Chapter 11 restructuring in the US, cautioned that much more remains to be done to convince stakeholders to invest in the ailing Scandinavian carrier. The airline also needs to overcome the impact of a pilot strike and travel disruptions that hobbled its key summer season, just as the price of ...

  Bloomberg Nasa aims to use Boeing Co.’s Starliner space vehicle for a crewed mission to the International Space Station as soon as February, the agency said. The flight will mark a major milestone in Starliner’s development, which has suffered from delays and testing setbacks. The planned eight-day mission would be Starliner’s first with astronauts aboard. While the exact launch ...

Bloomberg Deutsche Lufthansa AG pilots said they have begun preparations to go on strike after failing to reach a wage accord with the airline, potentially creating more chaos after recent labour action already disrupted operations at the height of summer travel season. “At this point we remain far apart,” Matthias Baier, the spokesman for the Vereinigung Cockpit pilot labour union, ...

  Bloomberg Vegans with a hankering for chocolate-covered wafers can at last get their hands on a KitKat. Nestle SA, the Swiss food giant, is launching KitKat V, a plant-based version of one of the world’s most popular chocolate bars, with a rollout planned across 15 European countries including the UK. Unlike the classic KitKat, the vegan version uses a ...

  Bloomberg The US Department of Transportation is suspending 26 flights by Chinese airlines next month in a dispute over Beijing’s strict policies when travelers test positive for Covid-19. The retaliatory move follows the Chinese government’s decision to limit inbound flights by US carriers including United Airlines Holdings Inc. and Delta Air Lines Inc. China’s actions are “adverse to the ...

  Bloomberg Gap Inc.’s shares rose in late trading as investors took solace in higher-than-expected earnings and improving sales trends even as the chain withdrew its full-year projections. The apparel retailer said macroeconomic uncertainty and its ongoing search for a new executive officer sparked the decision to pull the guidance. Still, the company saw “an improvement in sales trends in ...

  Bloomberg Apple Inc announced plans to hold a launch event on September 7, when the tech giant is expected to unveil the iPhone 14 lineup and its next slate of smartwatches, confirming a date that was reported by Bloomberg News. The company sent out invitations for a presentation titled “Far Out,” describing it as an in-person event at the ...