Some good news for the luxury industry: There’s no sign of all that revenge spending running out of steam. Despite pandemic restrictions still gripping many parts of the world, LVMH Moet Hennessy Louis Vuitton SE reported remarkable performance. The world’s biggest luxury goods group said sales rose 32% in the three months to March 31, compared with 2020. It’s a ...

As the late Swedish economist Assar Lindbeck memorably put it, “In many cases rent control appears to be the most efficient technique presently known to destroy a city — except for bombing.” And yet that’s never kept economic populists from passing new rent curbs. One of the most radical such attempts, watched by cities all over the world, was enacted ...

The Biden administration’s new sanctions on Russia matter more for what they say than for their economic impact. They say that this president, unlike his predecessor, has no illusions about the challenge Russia poses — nor about the kind of strategy that will be required to confront it. The new measures call out Russian interference in the 2016 and 2020 ...

Bloomberg Delta Air Lines Inc stuck to its upbeat financial forecasts despite posting a bigger-than-expected loss in the first three months of the year and jarring Wall Street with its outlook for cost pressures tied to the travel rebound. The carrier still expects to stop burning cash this quarter and to return to profitability in the third “if recovery trends ...

Bloomberg Avianca Holdings SA plans to raise $1.8 billion to repay debt and provide new financing as the Colombian airline eyes an exit from the bankruptcy reorganisation it was forced into last year during the pandemic-driven travel collapse. The air carrier retained Seabury Securities LLC to help raise the exit financing, likely a combination of debt and equity, the company ...

Bloomberg Wizz Air Holdings Plc CEO Jozsef Varadi said he’s no longer counting on a rebound in European air traffic this summer as travel restrictions persist and vaccine rollouts stutter. Uncertainty over the easing of curbs make it impossible to predict levels of demand in three or four months, and whether an envisaged increase in capacity to between 70% and 80% ...

Bloomberg Bed Bath & Beyond Inc’s shares plunged after higher shipping and e-commerce costs eroded profitability in the fourth quarter, tarnishing the results as the home-furnishings retailer reported a stronger-than-expected same-store sales gain. The increase in online sales and freight expenses led to higher costs for the company, contributing to a gross margin of 31.5%, which was below the estimate ...

Bloomberg President Joe Biden welcomed Japan’s Prime Minister Yoshihide Suga to the White House for conversations centred on a growing concern for both leaders: what to do about China. Suga said he and Biden agreed to pursue collaboration on climate change, Covid-19 and the global shortage of semiconductors. But China’s increasingly assertive role in the region loomed large in the ...

Bloomberg Eritrea agreed to start pulling its troops from Ethiopia’s Tigray region, making its first public admission to having troops in the neighboring country, in a letter to the United Nations Security Council. The development follows comments by UN aid chief Mark Lowcock to the Security Council asserting that there was no proof Eritrean forces were withdrawing. “Eritrea and Ethiopia ...

Bloomberg President Joe Biden will keep the historically low refugee cap set by former President Donald Trump for now, going back on a plan to accept many more refugees this year. The president instead signed new order intended to accelerate processing of refugees. The order reallocates slots to make them more readily available to people living in Africa and the ...