Bloomberg Japan’s retail sales unexpectedly fell in November from the previous month for the first drop in five months as pent-up demand started to cool amid rising prices, outweighing a boost from the return of tourists. Spending slipped 1.1% from October with outlays on clothing falling in a milder-than-usual month, according to the economy and trade ministry. Economists had expected ...
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US goods-trade deficit narrows in Nov
Bloomberg The US merchandise-trade deficit narrowed in November to the smallest since December 2020 due to a plunge in imports. The shortfall decreased 15.6% — the most since 2009 — to $83.3 billion last month, Commerce Department data showed on Tuesday. The figures, which aren’t adjusted for inflation, compared with a median estimate for a gap of $96.3 billion ...
Read More »Brazil’s Guararapes taps Safra for stake sale
Bloomberg Guararapes Confeccoes SA, the Brazilian conglomerate that owns fashion retailer Riachuelo, is working with Banco Safra SA as it mulls a potential stake sale, according to people familiar with the matter. Shoemaker Arezzo Industria e Comercio SA and Grupo SBF SA, owner of sporting-goods retailer Centauro, are among the companies that have been approached, said the people, who ...
Read More »Lidl panettone becomes taste of Christmas in broke Britain
Bloomberg Britons normally splash out on food at Christmas, trading up to more premium grocers for turkeys and mince pies. This year, amid the worst cost-of-living squeeze in memory, they’re heading to Aldi and Lidl. The German discounters have escalated their challenge to traditional supermarkets like Tesco Plc, slashing prices of fowl and vegetables to try to attract last-minute ...
Read More »Macy’s workers strike in San Francisco
Bloomberg Macy’s Inc workers at a flagship location in San Francisco’s Union Square began a two-day strike, walking out on some of the most crucial holiday shopping days of the year. Macy’s said in a statement that “our top priority is to ensure the safety of our colleagues and customers,†adding that the store location will remain open. The ...
Read More »Britain cuts back on Christmas gift giving after inflation jumps
Bloomberg British consumers have cut back on Christmas gift-giving after the tightest cost-of-living squeeze in memory reduced disposable income, official figures showed. Six in 10 adults in the UK surveyed said they were planning on cutting spending in the holiday period by buying fewer and less expensive presents and eating out less, the Office for National Statistics (ONS) said. Household ...
Read More »Nestle CFO foresees tough start to 2023
Bloomberg Nestle SA Chief Financial Officer Francois-Xavier Roger foresees a challenging six months before inflation starts to ease in the second half of 2023. “We are likely going to go into a recession — we know that the next six months are probably going to be complicated and difficult,†the executive at the maker of Nescafé and KitKat said ...
Read More »Ambani’s Reliance to acquire Metro’s India unit for $344 million
Bloomberg Reliance Industries Ltd agreed to buy Metro AG’s Indian unit for 28.5 billion rupees ($344 million) as the nation’s biggest retailer run by billionaire Mukesh Ambani further expands his footprint. Metro will see a transaction gain of about €150 million at closing, and higher earnings per share are anticipated, the company said in a statement. The transaction with ...
Read More »Under Armour names Marriott’s Stephanie Linnartz as next CEO
Bloomberg Under Armour Inc picked Marriott International Inc’s Stephanie Linnartz to be the sportswear company’s new chief executive officer. She’ll be tasked with reigniting growth. Linnartz, a 25-year veteran of Marriott who currently serves as the hotel chain’s president, will take over at Under Armour on February 27, according to a statement. She will succeed Patrik Frisk, who stepped ...
Read More »Amazon urged to tread carefully
Bloomberg Amazon.com Inc risks violating French luxury shoe designer Christian Louboutin’s European trademark rights by failing to make it clear to buyers when products are being offered by third-party sellers. The European Union’s top court said that Amazon may be confusing people by failing to make a distinction between Louboutin and non-official sellers of the brand’s famous red-soled shoes. ...
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