Bloomberg Estée Lauder Cos. is close to a deal to buy US luxury brand Tom Ford, founded by the former longtime creative director for Gucci, the Financial Times reported. The transaction would value Tom Ford, a fashion empire that spans across menswear, eyewear, beauty and fragrance, at $2.8 billion, the report said. Ford, a 61-year-old Austin, Texas, native, started …

  Bloomberg Joules Group Plc is set to file for insolvency after the British retailer failed to secure bridge financing or raise equity, putting around 1,600 jobs at risk. The clothing chain, known for its colourful coats and Wellington boots, said it will appoint Interpath Advisory as administrators to protect the interest of creditors. Shares have been suspended. Joules warned …

Bloomberg China’s property slump is estimated to cost the nation’s banking system as much as 1.5 trillion yuan ($212 billion) in losses on loans, bonds and other assets, according to UBS Group AG. Such a loss will be “digestible by the banking system as the banks have strong earnings power and high” reserves against non-performing assets, May Yan, the bank’s …