Bloomberg Icelandair Group Hf reached a surprise agreement to buy discount rival Wow Air, bringing together the island nation’s two financially embattled airlines. The carriers will continue to operate under separate brands while aiming to better compete on routes linking Europe with North America, they said. Shares of Icelandair surged on the deal, which will create a combined company with …

Bloomberg Hong Kong’s privacy watchdog is investigating Cathay Pacific Airways Ltd. after the carrier last month disclosed the world’s biggest airline data breach that exposed personal information of 9.4 million customers. The compliance probe will examine security measures taken by Cathay Pacific to safeguard its customers’ private data and the airline’s information retention policy and practice, the city’s Privacy Commissioner …

Bloomberg Lowe’s Cos. is leaving Manhattan. The home-improvement retailer announced the closing of 51 under-performing stores, including two New York locations that the company hailed just three years ago as way to win over city dwellers. The move is part of new Chief Executive Officer Marvin Ellison’s push to get rid of distractions and focus on improving its core business …