Bloomberg Global consumer giants selling everything from jewellery to t-shirts saw sales in China tumble in their most recent quarter as Covid Zero lockdowns hammered consumer demand in the world’s second-largest economy. Starbucks Corp was particularly hard hit, reporting a more than 40% drop in sales in the quarter ended on July 3. The company began the period with ...

  Bloomberg The unraveling of the latest meme stock frenzy is accelerating as bad news for one of the most popular retail-trader favourites piles up and investors dump riskier assets. Bed Bath & Beyond Inc tumbled 16%, marking a now three-day drop that’s erased 60% of its market value, after a report some suppliers were restricting or halting shipments altogether ...

  Bloomberg Matalan Ltd’s founder John Hargreaves has proposed injecting tens of millions of pounds into the struggling retailer to keep control of the business even as its creditors push for a sale, Sky reported citing people familiar with the matter. Hargreaves, who reinstated himself as Matalan chairman last month, wants to invest between £25 million and £50 million cash ...

  Bloomberg JD.com Inc reported stronger-than-projected revenue growth after consumers continued to flock to the country’s second-largest online retailer despite an economic slowdown. Sales hit 267.6 billion yuan ($39.1 billion) during the second quarter, beating the average forecast of 261.7 billion yuan. The Beijing-based company logged net income of 4.4 billion yuan, following three consecutive quarters of losses. Its shares ...

Bloomberg Russia is preparing to launch intensified strikes against civilian infrastructure as well as government facilities in Ukraine in the coming days, the US embassy in Kyiv said in a statement. It also urged American citizens to leave the country using private ground transportation if possible. Ukrainian President Volodymyr Zelenskiy has warned that Russia “may try to do something particularly ...

Bloomberg A Pakistan court has asked Imran Khan to appear before it next week as it reviews whether remarks he made about the judiciary merit a contempt of court case, the latest in a string of legal troubles for the former premier. Separately, the government has said it is seeking legal advice on whether to pursue action on a police ...

Bloomberg President Jair Bolsonaro pledged to accept the result of Brazil’s October election in a bid to win over moderate voters, even as he continued to raise questions about the integrity of the country’s electronic ballots. The 40-minute interview with the country’s most-watched television show was wide ranging, with questions about the president’s fraught relationship with the top court, his ...

Bloomberg Office availability in central London is at its highest level in more than 15 years, the latest sign of how the pandemic-driven shift to remote working is upending demand for the commercial property. Availability was close to 31 million square feet in August 2022, according to real-estate data and information company CoStar. That’s the equivalent of about 60 Gherkin ...

  Bloomberg The average reservation wage, or the lowest pay level that Americans would be willing to accept for a new job, rose by 5.7% from a year earlier to $72,873 in July, according to the latest labour-market survey by the Federal Reserve Bank of New York, as soaring prices change the calculus for workers. The self-reported reservation wage has ...

  Bloomberg Swedish home construction is falling amid what may be the sharpest drop in house prices since the global financial crisis. In the first six months of this year, the number of housing starts dropped by 11% compared with the year-ago period, data from Statistics Sweden showed. The data comes as Sweden’s broader housing market is showing clear signs ...