Bloomberg Credit Suisse Group AG vowed to boost the business with rich clients and cut costs through simplifying technology as it seeks to emerge from two years of scandal and losses. The bank outlined plans to grow the wealth unit by focusing on priority markets such as Hong Kong and Singapore, in a presentation for an “investor deep dive” …

  Bloomberg The surge in the dollar has set Asian currencies on course for their worst quarter since the 1997 financial crisis and created a dilemma for central bankers. Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to …

Bloomberg South Korea ramped up foreign currency sales in the first three months of this year as it stepped into markets to counter the rapid weakening of the won, which has since dropped to a 13-year low. South Korean FX authorities, including the finance ministry and the Bank of Korea (BOK), sold a net $8.3 billion of their foreign exchange …

Bloomberg Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. West Texas Intermediate rose as much as 2.4% to trade near $114 a barrel. US crude stockpiles fell 2.76 million barrels last week, according to an Energy Information Administration (EIA) report on Wednesday. …

  Bloomberg Investment returns from UK power network operators are set to be higher than analysts expected as the regulator unveiled a $25.5 billion budget for expanding the grid for the green-energy transition. Ofgem said it’s proposing tough efficiency targets for the networks, along with a reduction in their allowed rate of equity return to 4.75% from about 6%. While …

Bloomberg Spirit Airlines Inc. stood by a takeover bid from Frontier Group Holdings Inc even after rival suitor JetBlue Airways Corp further sweetened its offer in the final days before a crucial shareholder vote. The revised JetBlue proposal, which includes a higher breakup fee and larger upfront payment, won the backing of Spirit investor TIG Advisors LLC. Proxy adviser Institutional …

Bloomberg Reckitt Benckiser Group Plc is considering whether to shelve the sale of its infant nutrition unit, as the high-profile deal falls victim to chaos in the industry and worsening financing markets, people familiar with the matter said. Talks between the London-listed consumer goods and potential acquirers have stalled in recent weeks. The business, which sells brands including Enfamil, was …

Bloomberg Hennes & Mauritz AB (H&M) reported second-quarter earnings that beat analysts’ estimates as shoppers snapped up its low-cost clothing to replenish post-Covid-19 wardrobes. The shares rise as much as 6.5% in Stockholm. Pretax profit at the Swedish retailer rises by a third to 4.78 billion kronor in the three months through May, the company said on Wednesday. Analysts had …

  Bloomberg Air New Zealand has had its SkyNest concept in development for the past five years and announced on June 28 it’s ready for prime time—in 2024. The seats are fully flat, made up with real mattresses plus cooling pillows and bedding, and located in the back of the plane, right behind the premium economy cabin. But like everything …

  Bloomberg Deliveroo Plc is expanding access for advertisers on its app and website, joining a growing number of delivery companies using ads to improve sales and profitability. The Deliveroo Media and Ecommerce platform, set to roll out in July, will also sell ad space on the company’s order-tracker page for the first time, the company said in a statement …