Bloomberg US retail sales rose by less than forecast in August following an upwardly revised July gain as purchases of automobiles and clothing fell, suggesting households took a breather from spending. The value of overall sales climbed 0.1 percent from the prior month after a 0.7 percent increase in July, Commerce Department figures showed. The median forecast of economists surveyed …

Bloomberg Elf Beauty Inc. is “just getting started,” according to CEO Tarang Amin. The low-price beauty brand has “tremendous white space opportunity” and there are multiple avenues to take — and the company’s ready to back with investments in marketing, Amin said in an interview at Bloomberg’s New York headquarters. “Any retailer we go into, we are among the most …

Bloomberg Legal & General Group Plc completed a $5.7 billion buy-in with the British Airways pension scheme in what it says is the largest-ever deal of its kind in the UK. The deal covers almost 22,000 pensioners and it includes the conversion of existing longevity insurance into a so-called bulk annuity. The company expects to announce further transactions in the …

Bloomberg Trade ministers for the world’s 20 largest economies said that they found an ‘urgent need’ to reform the World Trade Organization (WTO). Member nations recognize the need to ‘step up dialogue’ to mitigate risks, enhance confidence in global trade, and improve the WTO, they said in a statement released following meetings in Mar del Plata, Argentina. The meetings included …

Bloomberg Analysts covering Danske Bank A/S see a 33 percent chance that Chief Executive Officer Thomas Borgen will continue in his role through 2018. That probability falls to 25 percent when the same analysts were asked how likely it is that Borgen, 54, will still be running Denmark’s biggest bank in 2019. The Bloomberg survey is based on responses from …

Bloomberg Russian depositors who save in foreign currency can breathe a sigh of relief after central bank Governor Elvira Nabiullina said their money was safe, whatever new sanctions the US throws at state-owned banks. “We don’t see any kind of threat to foreign-currency deposits and we haven’t considered any kind of forced conversion,” Nabiullina said following the Bank of Russia’s …

Bloomberg Supervisors need to keep a close eye on shadow banking and emerging market debt a decade on from the fall of Lehman Brothers, Bank of France Governor Francois Villeroy de Galhau said in a radio interview. As banks have pulled out of riskier businesses since the financial crisis, specialised investors have stepped in to swell the European Union’s shadow-banking …

Bloomberg DBS Group Holdings Ltd. has poured cold water on the idea that private bankers can name their price when jumping ship in Asia’s booming wealth management business. “I don’t believe that every bank needs to join in this crazy rush for talent,” Tan Su Shan, head of consumer and wealth banking at Southeast Asia’s largest lender, said in a …

Bloomberg From Washington to Rome, the world faces a gauntlet of political risks in the months ahead, and that could mean a looming headache for policy makers in China, according to CLSA Ltd. A fresh blast of market stress could push the Asian country’s currency past levels against the US dollar at which officials have previously been forced to intervene, …

Bloomberg The Massachusetts governor declared a state of emergency after explosions along a natural gas distribution system operated by NiSource Inc. killed one person and injured more than 25 others. He tapped another utility owner to oversee the recovery. Eversource Energy would now be “in charge,” Governor Charlie Baker said. The move came after local officials criticised the operator of …