Bloomberg Facebook Inc and Gucci filed their first joint lawsuit against an alleged online counterfeiter as the web giant and luxury brand move to crack down on the fraudulent practice. Facebook and Kering SA’s Italian fashion brand filed the suit against an individual for breach-of-contract, claiming violations of the social media platform’s terms and the infringement of Gucci’s intellectual property …

Bloomberg China’s biggest banks fell after posting profit gains of below 3% in the first quarter with policy makers leaning on the lenders to contain debt growth as the economy powers out of the pandemic. Industrial & Commercial Bank of China Ltd., (ICBC) the world’s biggest bank by assets reported a 1.46% gain in profit in period. Its smaller rivals …

Bloomberg UBS Group AG will relocate its Tokyo-based rates trading business to Sydney by the end of this year as the Swiss bank reorganises its Asia-Pacific operations. The firm has initiated the process to relinquish its Japan Government Bond primary dealership, though the change won’t impact UBS’s other fixed-income trading businesses conducted with Japanese clients, it said in a statement. …