Bloomberg Pick n Pay Stores Ltd. will more than double the pace of low-cost food and clothing store openings over the next year as living costs rise and cash-strapped shoppers turn to cheaper alternatives. The South African grocer plans to open 61 of its discount Boxer food stores in the fiscal year through August, from 36 in the previous ...

Bloomberg President Vladimir Putin spent years racing against Russia’s demographic clock, only to order an invasion of Ukraine that’s consigning his country’s population to a historic decline. Besides casualties in the thousands on the battlefield, the enlistment of 300,000 reservists to join the fight — and an even bigger flight of men abroad — is derailing Putin’s goals of starting ...

  Bloomberg Japan and Australia are expected to sign a new security agreement during a visit by Prime Minister Fumio Kishida to Perth on Saturday, strengthening ties between the long-time partners amid rising tensions in the Asia-Pacific region. The new plan would update a previous agreement signed in 2007 under Kishida’s predecessor Shinzo Abe and then-Australian Prime Minister John Howard, ...

  Bloomberg BNP Paribas SA has won approval to set up a wealth-management joint venture in China, adding competition to global rivals including BlackRock Inc. and Amundi SA vying for a slice of the $4 trillion market. China’s banking regulator has granted permission for the French lender’s asset-management arm to form the venture with the wealth unit of Agricultural Bank ...

Bloomberg Bank of America Corp (BofA) reported its highest quarterly net interest income (NII) in at least a decade as the lender reaps the benefits of the Federal Reserve’s interest-rate hikes, and debt traders beat analysts’ estimates. NII, a key source of revenue for the bank, rises 24% to $13.8 billion in the third quarter on higher rates and loan ...

  Bloomberg Global investors slashed allocations to UK equities in the month after Liz Truss became prime minister, a Bank of America Corp. (BofA) survey showed. Exposure to British stocks “collapsed,” with allocations dropping by nine percentage points compared with the previous month, according to BofA’s global fund manager survey in October. A net 33% of investors are now underweight UK ...

Bloomberg The yen took a further step towards the closely watched 150 per dollar level, keeping investors on high alert for possible intervention to support the currency. In volatile trade, Japan’s currency falls to as low as 149.29 yen in morning trading in London, its lowest since 1990, before bouncing back quickly. The move came after the country’s prime minister ...

ABU DHABI / WAM Under the directives of President HH Sheikh Mohamed bin Zayed Al Nahyan, the UAE signed a $25 million cooperation agreement in support of Al Makassed Hospital in East Jerusalem. This came as part of the UAE’s efforts to support the medical and healthcare sectors in Palestine in collaboration with the World Health Organisation (WHO) and in ...

  Abu Dhabi / WAM ADQ, an Abu Dhabi-based investment and holding company, has submitted an offer to Abu Dhabi Aviation PJSC (ADA) to combine its full 100 percent shareholding of Etihad Engineering and Ammroc, as well as its 50 percent ownership of GAL, into ADA, with the goal of establishing a diversified aviation services and MRO business, with strategic ...

  WASHINGTON, DC / WAM The World Government Summit Organisation and the International Finance Corporation (IFC), a member of the World Bank group, signed a cooperation framework to deepen their partnership around key development issues in the Arab region including supporting women entrepreneurs, on the sidelines of the International Monetary Fund & World Bank Group Annual Meetings in Washington, DC. ...