Bloomberg Reckitt Benckiser Group has agreed to sell its Chinese baby formula business to Primavera Capital Group in a deal with $2.2 billion enterprise value. Reckitt will retain an 8% stake and sees net cash proceeds of about $1.3 billion, which the company plans to use to reduce debt. The household products maker expects to record a net loss of …

Bloomberg Japanese banks are in a bind — again. Sitting on record levels of excess cash, lenders are turning to riskier investments that need complex foreign exchange hedges, such as US Treasuries, to make a return on deposits that ballooned during the pandemic. Many will be seeking to avoid past mistakes. The surplus, calculated by subtracting bank loans from deposits, …

Bloomberg Market watchers haven’t been this bullish on State Bank of India in almost two decades, as they bet on the lender’s improving asset quality to help it weather the pandemic. Among 48 analysts who cover the stock, 47 recommend buy and only one has a hold rating — a ratio of 98% that’s the highest since June 2004, according …