Bloomberg Chinese demand for luxury goods is projected to grow as much as 30% this year as high-income mainland shoppers drive the country’s post-pandemic economic rebound. It’s the only bright spot for the luxury industry, which is otherwise poised to see worldwide spending shrink 45% in 2020 as Europe and the US continue to battle the coronavirus ahead of a ...

Bloomberg Chinese President Xi Jinping took a veiled swipe at the US in a strongly worded speech, saying no country should “be allowed to do whatever it likes and be the hegemon, bully or boss of the world.” Pushing for developing countries to have a greater role in world affairs, Xi said the United Nations could be “more balanced” and ...

Bloomberg Boris Johnson told Britons to work from home when possible and ordered restaurants to close early as he sought to stamp out a resurgence of coronavirus in the weeks ahead. Under the new measures for England, which are likely to last six months, face coverings will become mandatory for passengers travelling in taxis and workers in the hospitality and ...

Bloomberg Italian Prime Minister Giuseppe Conte saw off a challenge from opposition rival Matteo Salvini in local elections, strengthening the premier’s grip on his quarrelsome coalition ahead of negotiations over the European Union’s recovery fund. Parties in Conte’s year-old alliance, led by the anti-establishment Five Star Movement and the center-left Democratic Party, held on to three regions including the leftist ...

Bloomberg Tropical Storm Beta was flooding southeastern Texas as it grinds along the coast, pounding it with heavy rain before meandering toward Louisiana. Beta was expected to stall inland over Texas on Tuesday and then move slowly northeastwards, according to an advisory from the National Hurricane Center at 5 am New York time. The storm was about 35 miles (56 ...

Bloomberg India’s lower house of parliament approved a set of long overdue labour legislations that aim to attract investment and make it easier for companies to do business in the South Asian nation. The new bills include the industrial relations code that will allow companies with as many as 300 workers to fire them without seeking prior government approval, a ...

Bloomberg China is instituting a mass labour system in Tibet similar to the one in neighboring Xinjiang, the Jamestown Foundation said, despite intensifying global scrutiny of Beijing’s policies toward ethnic minorities. Tibet has since last year introduced policies promoting “the systematic, centralised, and large-scale training and transfer of ‘rural surplus labourers’” to other parts of Tibet and other regions, the ...

Bloomberg A battle for financial talent is intensifying in China, one of the few places worldwide where global banks are firmly in hiring mode. Credit Suisse Group AG this month hired a dozen analysts in China, almost half of whom used to work at UBS Group AG. UBS has scooped up more than 40 people from global and local firms. ...

Bloomberg HSBC Holdings Plc told its staff to stop posting on all the bank’s social media accounts over fears of “negative reactions” to the revelations in leaked suspicious activity reports. “Given the current news coverage, a decision has been taken to pause all HSBC proactive social media posts with immediate effect (except for customer responses in banking services), to avoid ...

Bloomberg Deutsche Bank AG’s top leaders were warned multiple times about serious compliance failures that exposed the bank to money launderers, a news investigation shows. The supervisory board and committees that included Chairman Paul Achleitner were informed in 2013 and 2014 of anti-money laundering problems on at least three occasions, according to a BuzzFeed News story. Presentations at the time ...