Bloomberg Hermes International reported its fastest quarterly sales growth in more than four years, buoyed by demand from Chinese consumers, another sign that the world’s largest luxury market is holding up. The French maker of the famed Birkin bag reported sales growth of 12 percent at constant exchange rates, beating analysts’ estimates. “This is a rock solid start to the …

Bloomberg The activist investors in Bed Bath & Beyond Inc say the retailer could unlock about $1.9 billion of value if it were to hire a new chief executive officer, improve inventory and explore selling non-core assets. Legion Partners Asset Management, Macellum Capital Management and Ancora Advisors proposed those changes and others in a 168-page report with their diagnosis of …

ABU DHABI / WAM The Board of Directors of the Emirates Development Bank (EDB) approved AED1.45 billion worth of housing finance for UAE nationals, during its meeting on Wednesday. The bank’s financing solutions provide up to AED5 million for home buyers and up to AED3 million towards construction, enabling Emiratis to maintain a good standard of living. The meeting was …

Bloomberg Saudi Arabia started the year with a quarterly budget surplus for the first time since the 2014 collapse in oil prices. The biggest Arab economy posted a surplus of 27.8 billion riyals ($7.4 billion) in the first quarter, helped by an increase in non-oil revenue as well as income from crude exports, Finance Minister Mohammed Al- Jadaan told an …

Bloomberg Trade negotiators led by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing next week, the White House said, as both sides work to reach a draft agreement by next month. Talks starting next Tuesday “will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agr- iculture, services, purchases and enforcement,” the …

ABU DHABI / WAM Etihad Cargo on Wednesday celebrated its position as a market leader in the air cargo digitalisation and innovation community, six months after migrating to a new technology platform. Last year, the carrier saw the introduction of several transformative programmes across its fleet and network, commercial and operational processes, and its physical and digital infrastructure. This culminated …

Dubai / Emirates Business Emaar Hospitality Group, the hospitality and leisure business of global developer Emaar Properties, on Wednesday announced that it will open four new hotels in Dubai under its premium luxury Address Hotels + Resorts and upscale lifestyle Vida Hotels and Resorts, this year. Further, Rove Hotels, the joint venture of Emaar Properties and Meraas, will open a …

Bloomberg US equities were little changed as investors assessed corporate earnings and economic data. Treasuries joined a global rally in sovereign bonds and the dollar extended its rally to a six-week high. The S&P 500 Index fluctuated between small losses and gains after closing at a record. AT&T Inc and Caterpillar Inc fell after reporting first-quarter results, while Boeing Co …

Bloomberg India’s benchmark stock index advanced for the first time in four days as earnings optimism outweighed concerns that Asia’s third-biggest economy may be crimped by higher oil prices. The S&P BSE Sensex climbed 1.3 percent to 39,054.68 in Mumbai, its steepest daily gain in more than six weeks. The NSE Nifty 50 Index rose by the same magnitude, its …

Bloomberg India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top econ-omies diversify their reserves. The Reserve Bank of India’s (RBI) purchases are part of a wider picture across developing economies that are looking at de-dollarising their foreign-exchange reserves, …