BLOOMBERG Feeling the pinch of airfare inflation? JetBlue Airways Corp announced an expansion of its transatlantic service with daily nonstop, round-trip flights from New York City to Paris beginning on June 29, 2023. Main cabin fares start at $479, a price tag that’s roughly 60% lower than similar overnight departures on Delta Air Lines Inc and American Airlines Group Inc. ...

BLOOMBERG Cathay Pacific Airways Ltd posted an annual operating profit for the first time since 2019, after Hong Kong opened for quarantine-free travel again following more than two years of Covid restrictions. Operating profit in 2022 was HK$3.55 billion ($452 million), comfortably beating the HK$2.87 billion average estimate from analysts. Revenue grew 12% to HK$51.04 billion, Hong Kong’s main airline ...

BLOOMBERG Lego Group reported the smallest increase in profit in three years as the world’s largest toymaker faced higher costs and invested heavily in production to meet rising demand. Net income rose 3.7% to 13.8 billion kroner ($2 billion) in 2022, the Billund, Denmark-based company said. Expenses jumped 22% and revenue rose 17% to 64.6 billion kroner, driving gains in ...

BLOOMBERG UK Prime Minister Rishi Sunak’s deal to solve the bitter dispute with the European Union (EU) over Northern Ireland’s trading arrangements has sparked hope in the City of London that the two sides could finally formalise a pledge to work together on setting rules for banks and financial markets. The so-called memorandum of understanding (MOU) on financial rules may ...

BLOOMBERG Deutsche Bahn AG has selected Goldman Sachs Group Inc and Morgan Stanley to advise on the potential sale of its DB Schenker logistics unit, which could be valued at as much as €20 billion ($21.3 billion), people with knowledge of the matter said. The German railroad operator is set to formally hire the two banks after a weeks-long pitching ...

BLOOMBERG Hungarian consumer price growth slowed for the first time in 19 months, giving policy makers room to consider when to start reducing the European Union’s highest key interest rate. Headline inflation, the EU’s fastest, slowed to 25.4% in February from 25.7% the month before, the statistics office said. The data matched the estimate in a Bloomberg survey. It’s too ...

BLOOMBERG The role of the squeaky wheel in Renault and Nissan’s alliance looks to be changing in a remarkable example of what a difference a year makes. One year ago, Renault shares hit rock bottom in a rout triggered by the invasion of Ukraine. Fitch Ratings was sounding alarm bells about the carmaker’s exposure to Russia, then its No. 2 ...

BLOOMBERG Chinese tech giants led shares of Asian peers lower after hawkish comments from the Federal Reserve stoked concerns for the rate-sensitive sector. The Hang Seng Tech Index slid 3.2%, with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. each falling at least 2% in Hong Kong. The shares tracked losses in the Nasdaq 100 overnight as Fed Chair Jerome ...

BLOOMBERG Global stock markets struggled on Wednesday, after comments from Federal Reserve Chair Jerome Powell boosted interest rate wagers, drove up Treasury bond yields and revived fears that the world’s largest economy will not be able to dodge a recession. Europe’s Stoxx 600 equity benchmark slipped about 0.2%, following a weak Asian session, though US equity futures turned marginally positive, ...

ABU DHABI / WAM Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development, and Japan’s Sumitomo Mitsui Financial Banking Corporation (SMBC), have joined hands to provide a loan facility of $135 million to Trafigura, a market leader in the global commodities industry. Adex contributed $125 million of the total facility to support Trafigura’s working ...