Retail

  Bloomberg McDonald’s Corp. shrugged off Brexit by announcing plans to switch its non-U.S. tax base to the UK, ditching tiny Luxembourg where its fiscal arrangements are under attack from European Union regulators. In an apparent vote of confidence in the U.K., the hamburger giant said it’s creating a new international holding company based in Britain, which decided in June ...

  Bloomberg When Berkshire Hathaway Inc. Vice Chairman Charles Munger lamented the mistakes made in the company’s first 50 years under Warren Buffett, he cited the failure to buy Wal-Mart Stores Inc. stock early enough in the retailer’s history. Judging by recent events, Buffett doesn’t think Wal-Mart is such a great idea for his company’s next half-century. Berkshire said last ...

  Bloomberg After turning Starbucks Corp. into the world’s largest coffee chain, Chief Executive Officer Howard Schultz will hand the reins to a lieutenant who could solidify its role as a technology company. Kevin Johnson, a 33-year veteran of the tech industry who became Starbucks’ chief operating officer last year, will take the helm from Schultz on April 3. The ...

  Gaza City / AFP Coca-Cola formally has opened its first factory in the Gaza Strip, the company announced, in a move that could create hundreds of jobs in the beleaguered Palestinian enclave. The bottling facility had been partially open for several months but began full operations after a ceremony Wednesday. The $20-million (19-million euro) investment is the company’s first ...

  Bloomberg Walt Disney Co. ceased doing business with one Chinese toymaker and put another on notice following reports of labor violations. Disney, the world’s largest entertainment company, said in a memo posted on its website that it would no longer allow the Dongguan Qing Xi Juantiway Plastic Factory to make products featuring the company’s characters. The violations had been ...

  Bloomberg Breitling, the Swiss watchmaker known for aviation-themed timepieces worn by actor John Travolta, is weighing a sale, according to people familiar with the matter. The process is still in the early stages, said the people, who asked not to be identified as the deliberations are private. The most likely suitors are luxury-goods companies rather than private equity firms, ...

  Bloomberg Apparel chains such as H&M, Zara and Forever 21 conquered the retail world by promising fast fashion: cheap, trendy and disposable. Yet there’s a growing number of consumers this holiday season who want just the opposite. Data shows that shoppers — especially millennials, the target market for fast-fashion companies — are increasingly looking for clothes made of higher-quality ...

  Karachi / AFP Pakistan’s national flag carrier said it has raised $130 million in fresh financing from a banking consortium, as the airline staggers under the weight of earlier loans totalling more than $3 billion. Pakistan International Airlines (PIA) said in a statement the financing facility was arranged by Pakistan’s United Bank Limited (UBL) and Credit Suisse Singapore as ...

  Dubai / Emirates Business Al-Futtaim Watches & Jewellery announced the opening of their latest The Watch House Outlet store within the Dubai Outlet Mall. The portfolio currently includes 19 Watch House stores, 2 Al-Futtaim Watches & Jewellery stores, 4 Al-Futtaim Jewellery stores, 2 Time Zone stores and an exclusive Seiko Boutique, in addition to 2 Watch House Outlets including ...

  London / AFP British supermarket Iceland hit back at Iceland the country after Reykjavik said it was suing the retailer over use of the Nordic nation’s name. The frosty response came after the government of Iceland complained Thursday that the British supermarket had “aggressively pursued and won multiple cases against Icelandic companies” that use the word “Iceland” as part ...