Bloomberg A sportswear company founded by an Olympic gold medalist saw the biggest surge in growth in a ranking of the 100 most valuable brands in China this year. Athletic apparel maker Li Ning Co had its brand value jump 66% to $3.4 billion, the quickest pace in the annual list compiled by Kantar BrandZ. Its rise was fuelled …

  Bloomberg Macy’s Inc cut its full-year forecast for profit and revenue, citing tighter consumer budgets and an industrywide inventory glut that is leading to steeper markdowns. Earnings per share, excluding some items, are now expected to be at least $4 for the fiscal year, compared with a prior outlook of at least $4.53, Macy’s said in a statement. The …

  Bloomberg Royal Bank of Canada’s (RBC) profit took a hit last quarter as a slump in investment-banking activity took a toll on revenue and a deteriorating economic outlook prompted higher-than-expected provisions for loan losses. RBC Capital Markets’ revenue falls by a third to $1.27 billion in the fiscal third quarter, the Toronto-based bank said in a statement. Overall profit …

  Bloomberg The Bank of Korea raised its key interest rate by a quarter-percentage point, returning to its usual pace of tightening as Governor Rhee Chang-yong made clear his view that outsized rate hikes were no longer essential in the battle against inflation. The central bank increased its seven-day repurchase rate by 25 basis points to 2.5%, in line with …

  Bloomberg Citigroup will wind down its consumer and commercial banking operations in Russia after President Vladimir Putin’s invasion of Ukraine complicated the sale of the business. The company will incur $170 million in costs tied to the wind-down, mostly tied to restructuring expenses and vendor termination fees, according to a statement. Citigroup will continue to try to sell certain …

  Bloomberg Bank of America Corp (BofA) is expanding its investments in digital channels as customers shift their transactions online in record numbers. Clients logged in to the bank’s electronic platforms 1 billion times in July and 2.8 billion times — an 11% increase— in the second quarter, Bank of America said in a statement. New investments will focus on …

  Bloomberg Paraguay’s central bank lifted its benchmark interest rate by a quarter of a percentage point to 8.25% with inflation still in the low teens. Policy makers continued a gradual pace of tightening after hiking by 25 basis points in July. The central bank signalled consumer prices might continue to slow in August. “Lower international oil prices have contributed …

  Bloomberg Toronto-Dominion Bank (TD), which has struck two major deals to expand in the US this year, reaped the benefit of higher interest rates and sees more gains to come as central banks continue their fight against inflation. Net interest income rises 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based company said in a …

  Bloomberg Global funds haven’t been this optimistic about emerging Asia ex-China stocks in almost two years. Whether this lasts will depend on the US policy signals. Overseas investors poured a net $7.5 billion into nine regional markets so far in August, the biggest monthly inflow since end-2020, according to exchange data compiled by Bloomberg. India accounted for the lion’s …

  Bloomberg Chinese technology shares rose for a second day after talks between Beijing and Washington to avoid the delisting of companies in New York was said to show signs of progress. Hong Kong’s Hang Seng Tech Index climbed as much as 2.1% on Friday before paring gains to close 0.8% higher as it capped its biggest weekly gain in …