Bloomberg A former Wells Fargo & Co. investment adviser stole nearly $3 million from clients and used the money for personal expenses and to buy gold coins, federal prosecutors said. Kenneth A. Welsh, 41, was arrested at his home in River Edge, New Jersey on charges that he misappropriated funds from the accounts of five investors between 2016 and 2021, …

Bloomberg UBS Group AG posted a surprise jump in profit as wealth management fees soared the most in almost three years and the firm followed Wall Street rivals in seizing on the deal boom. The Zurich-based bank topped expectations on most key metrics, including investment banking pre-tax profit that was almost double what analysts had predicted. At the key wealth …

Bloomberg A year after Beijing kicked off a policy clampdown that roiled stock markets from Shanghai to New York, the most beaten-down targets — China’s technology firms — are still facing a rocky outlook. The Hang Seng Tech Index, which tracks the nation’s biggest technology companies, has failed to break out of the tight trading range it has been in …

Bloomberg Tesla Inc’s ascent into the most exclusive of corporate clubs — the $1 trillion capitalisation set — has investors guessing on which company will be the next to join. The technology industry represents five of the six current members and may well be the spawning ground for the next. But there is competition. The commodity supercycle, the global push …

Bloomberg Oil posted a monthly gain of 11% on signs that consumption is outpacing supply and draining stockpiles. Futures in New York rise 0.9%. Oil’s advance this month shows the impact of an ongoing shortage of natural gas, which has boosted demand for oil products. At the same time, rising margins signal that crude consumption will remain strong as refiners …

Bloomberg Air France-KLM expects a return to profitability for the full year and is adding transatlantic seats as an easing of travel rules revives prospects for the struggling carrier. The shares jumped after the airline group reported positive free cash flow in the third quarter and said it’s offering 70% to 75% of 2019 network capacity during the final three …

Bloomberg Skechers USA Inc is considering strategic options for its Asia business, people with knowledge of the matter said. The Manhattan Beach, California-based shoemaker has held preliminary talks with advisers to evaluate possibilities including a Hong Kong initial public offering of the business, said the people, who asked not to be identified as the information is private. An IPO could …

Bloomberg Long haul budget airline AirAsia X Bhd was officially categorised as a financially distressed company, giving the company a year to restructure its finances or risk losing its Malaysian listing. AirAsia X’s external auditor Ernst & Young issued a disclaimer of opinion on the airline’s audited financial statements for the 18-month period ended June 2021, the company said in …

Bloomberg German delivery firm DHL expects global supply-chain bottlenecks to ease next year as the return of air travel adds cargo capacity and higher vaccination rates keep a lid on Covid-19 infections. A loosening of US borders slated for November 8 will be key, as the added flights provide more space for freight in the holds of passenger jetliners, DHL …

Bloomberg Ryanair Holdings Plc will introduce electric ground-handling equipment at 11 European airports including Madrid, Amsterdam and Oslo as the Irish airline looks to reduce its emissions. Europe’s biggest discount carrier will introduce electric-powered baggage vehicles and plane push-back tractors with partners Azul Handling and Menzies Aviation, Ryanair said in a statement. Azul will allow it to offer zero emission …