Bloomberg Air New Zealand posted its third straight annual loss but indicated the worst is over and it expects earnings to improve now that borders have reopened. The Auckland-based airline announced a loss before significant items and tax of NZ$725 million ($450 million) for the year ended on June 30 compared with a NZ$444 million loss a year earlier. …

  Bloomberg Bed Bath & Beyond Inc shares jumped 18% after a report that the home goods retailer has selected a lender to provide financing as it seeks to boost liquidity. The company has picked a lending proposal after talks with investors for a new line of credit, Bloomberg reported, citing people with knowledge of the private discussions. Bed Bath …

Bloomberg Qantas Airways Ltd Chief Executive Officer Alan Joyce defended the airline’s performance and pushed back against calls for him to resign after months of travel chaos, with a post-pandemic surge in demand plagued by flight delays, cancellations and lost luggage. “I think I’ve had more resignation requests than any other CEO or public figure out there,” Joyce, who has …

  Bloomberg England’s elite football clubs wanting to travel to games by private plane are having to do something unfamiliar: get in line. Rising demand for chartered air travel in the UK means many English Premier League clubs are seeing their plans for getting to and from away matches disrupted, an issue that some coaches have already blamed for disappointing …

  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 …