BLOOMBERG Sajid Javid, the UK’s former Chancellor of the Exchequer, is set to join London-based Centricus Asset Management Ltd, people with knowledge of the matter said, joining a long list of politicians who’ve moved into financial services after leaving office. Javid plans to join the $40 billion investment firm as a senior adviser, according to the people, who asked not ...

BLOOMBERG Citigroup Inc’s clients are shifting supply chains away from China in a trend that is likely to last for years, according to David Livingstone, the lender’s chief executive officer for Europe, the Middle East and Africa. The Wall Street giant remains positive on China but a recalibration of global supply chains that’s been underway since the Covid pandemic has ...

BLOOMBERG The yen has room to weaken further as Japan’s deteriorating international trade position adds to pressure to maintain a softer currency, potentially hindering the Bank of Japan’s (BOJ) scope to battle inflation with tighter monetary policy. The Japanese currency has already slumped more than 7% since mid-January, reversing the bulk of the gains it made after the BOJ officials ...

BLOOMBERG Airbus SE is advising customers they’ll face longer waits for its newest jetliner, the long-range A321XLR, according to people familiar with the matter, adding to pressure on carriers trying to source planes to meet surging demand for travel as Covid fades. The delays vary by airline, with deliveries typically sliding by a matter of months, the people said, asking ...

BLOOMBERG Ocado Group Plc shares plunged after the UK online grocery company said its venture with Marks & Spencer (M&S) Group Plc is struggling to make a profit this year as shoppers pull back amid the worst inflation on record. The UK e-commerce arm is forecast to be just above break-even this year, and Ocado reported a bigger-than-expected pretax loss ...

BLOOMBERG J Sainsbury Plc is planning to close two depots impacting 1,400 roles as Britain’s second-largest grocer makes a push into automation. The two sites serving Sainsbury’s general merchandise business Argos are set to shut by 2026. The retailer will spend £90 million ($109 million) overhauling its logistics network including automating a facility in Daventry. Sainsbury is also shutting its ...

BLOOMBERG De Havilland Aircraft of Canada Ltd, a leading manufacturer of turboprop planes, is aiming to win 80% of India’s small-plane market as the country seeks to bolster connectivity in far-flung corners and over rugged terrain. The company is expecting India to have as many as 120 small aircraft that seat less than 20 passengers in the next 10 years, ...

BLOOMBERG China’s economy is showing signs of a stronger rebound after Covid restrictions were abandoned, with manufacturing posting its biggest improvement in more than a decade, services activity climbing and the housing market stabilising. The manufacturing purchasing managers’ index rose to 52.6 last month, the National Bureau of Statistics said, the highest reading since April 2012. A non-manufacturing gauge measuring ...

BLOOMBERG India approved its largest ever hydropower project in the mountainous northeastern region bordering China as the country seeks to build renewable generation to meet rising power demand. The government approved the estimated investment of 319 billion rupees ($3.9 billion) for the 2,880-megawatt Dibang project in Arunachal Pradesh, state-run hydropower producer NHPC Ltd said. The project is estimated to take ...

    BLOOMBERG Tesla Inc will sell its electric cars in Malaysia to tap into the rising foreign demand for EVs in the Southeast Asian. Elon Musk’s EV pioneer will set up an office in Malaysia, introduce service centres and build a network of superchargers, the trade ministry said in a statement after approving Tesla’s application to import EVs. Malaysia ...