Bloomberg Scenes of mayhem unfolded in an Ikea in Shanghai as health authorities tried to lock down the store and quarantine those on site after learning someone who had been in contact with a Covid-19 patient had visited. News of the flash shutdown sent shoppers fleeing and screaming in an effort to get out of the building before the doors …

  Bloomberg The recovery of global business-travel spending to the pre-pandemic level of $1.4 trillion has been pushed out 18 months to mid-2026 by inflation, economic slowing and high energy prices, the Global Business Travel Association is forecasting. The return to the 2019 level also is being slowed by supply-chain disruptions, labour shortages, lockdowns in China and the effects of …

  Bloomberg Paramount Global reached a deal with Walmart Inc to offer its streaming service to subscribers of the retail giant’s membership program. Under the agreement, Walmart+ members will have access to the Paramount+ Essential plan, an ad-supported version of the streaming service, at no additional cost, according to a statement. The offering may bolster Walmart’s appeal as it tries …

  Bloomberg US stock-index futures slipped and the dollar rises as investors fretted over signs of a sharp economic slowdown even as the Federal Reserve stays on the path of monetary tightening. September contracts on the S&P 500 and Nasdaq 100 indexes dropped 0.2% each after the equity benchmarks advanced. Crude oil retreated amid economic headwinds that clouded the demand …

Bloomberg The death of Indian billionaire Rakesh Jhunjhunwala puts a spotlight on the nearly $4 billion worth of stocks held by the famed investor, whose trades were closely followed. The man known as India’s Warren Buffett died of a reported cardiac arrest at the age of 62. The self-made trader invested in a wide swathe of established businesses and startups, …

  Abu Dhabi / WAM Alan Smith, CEO of the Agthia group, said that the total value of the acquisitions carried out by the group last year exceeded AED2.3 billion, adding that the group is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. In an interview with the Emirates News Agency (WAM), Smith said …

Bloomberg Oil falls as softer economic data from China eased the pressure on crude markets. West Texas Intermediate plunged as much as 5.7% to fall below $87 a barrel, the lowest in more than six months. Oil started the week on the back foot after China announced a surprise cut in key interest rates on the back of weak economic …

Bloomberg China’s sovereign bonds are back on the menu for foreign investors. The nation’s debt rallied on Monday after the central bank unexpectedly cut interest rates, with the 10-year yield dropping to the lowest level in more than two years. The surprise easing move underscores how the nation’s bond market offers investors an asset class that’s uncorrelated to Treasuries and …

  Bloomberg In what has been an annus horribilis for most developed-market equities, Japanese investors find their blue-chip benchmark back in positive territory for the year. Helped by a weaker yen and continued stimulus by a resolute Bank of Japan (BOJ), the Nikkei 225 index has outperformed peers and erased its 2022 losses on Monday. Its 0.3% gain compares with …

  DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter. The results set a new quarterly earnings record for the company since …