Bloomberg Selfridges & Co. is pushing further into selling pre-worn clothing, offering rental services and repairing used items as the UK department-store chain seeks ways to reduce the fashion industry’s weighty environmental impact. Since 2020, Selfridges has increased sales of previously owned items by 240%, according to a report in which it sets out new goals. The retailer has …

  Bloomberg Australia’s central bank risks raising interest rates too far too fast in its efforts to contain inflation, opening up the possibility of tipping the economy into recession, senior economists warned. Unlike many international counterparts, Australians feel the impact of rate hikes quickly because about 60% of home loans are at variable rates, said Diana Mousina, a senior economist …

  Bloomberg Singapore’s dollar is emerging as the top bet for Wall Street’s biggest banks as wagers the central bank will extend policy tightening bolsters demand for Southeast Asia’s top-performing currency. Goldman Sachs Group Inc favours the Singapore dollar the most among Asian currencies, along with Thailand’s baht. Citigroup Inc. recommends buying the currency on dips, while RBC Capital Markets …

  Bloomberg Credit Suisse Group AG faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth, according to Deutsche Bank AG. The size of any equity raise would be determined by the Swiss bank’s ability to quickly sell its securitised-products trading business, Deutsche Bank analysts wrote …

  Bloomberg UBS Group AG is letting go of half a dozen mainland China-focused employees in Hong Kong as turmoil in the world’s second-largest economy hammers deal-making, prompting global banks to rein in their presence in the once lucrative market. The Swiss bank has trimmed bankers in businesses including debt capital markets, investment banking and real estate. Investment banking revenue …

  Bloomberg The Bank of Uganda raised interest rates for a third straight meeting and signalled its willingness to boost rates further if inflation isn’t reined in. Policy makers facing the most significant cost pressures in six years lifted the benchmark rate to 9% from 8.5%. That takes the increase in borrowing costs to 250 basis points since June. “The …

  Bloomberg Standard Chartered Plc’s joint venture with an arm of Singapore’s biggest trade union group started digital banking services in the city-state, adding to rivalry in the space where tech giants are also seeking to make their mark. Trust Bank, in which the UK firm holds 60%, is offering savings accounts, credit cards and insurance products, targeting workers and …

Bloomberg Citigroup Inc joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. Fewer than 100 positions were eliminated, according to a person familiar with the matter, who asked not to be named discussing internal information. “Citi has made a small number of staffing reductions within our mortgage …

  Bloomberg Just a minute. You have forgotten your phone.” The dulcet tone of the voice coming from the depths of the Maybach took people by surprise. People didn’t know who she was, but she was right. We’d left our cell charging in the center console. Turns out the Mercedes-Maybach S 580, especially its onboard artificial intelligence minder system, doesn’t …

  Bloomberg Instagram, racing to improve its algorithm to catch up with TikTok, is asking its users for some input. The social media app, owned by Meta Platforms Inc., is now allowing users to select and indicate that they are “not interested” in multiple posts at once within the Explore tab, the section on the app where users can discover …