Bloomberg Amazon.com Inc acknowledged that a hiring and warehouse-building binge during the pandemic is catching up with the company as e-commerce sales growth inevitably slows from the torrid pace of the outbreak. That reality will weigh on revenue and profit going forward as consumers return to their pre-pandemic habits and inflation may cool their spending. Fuel and labour costs are …

  Bloomberg Russia may be forced to ground between half and two-thirds of its commercial aircraft by 2025 in order to cannibalise them for spare parts, Kommersant newspaper reported, citing an unidentified person at the Transport Ministry. In the ministry’s base case, at least 70% of the country’s foreign-made planes will still be flying by the end of 2025, Kommersant …

  Bloomberg Chinese holidaymakers face another holiday season ruined by virus outbreaks and controls, with the government’s stringent Covid Zero restrictions and fears of infection expected to keep many people at home during the upcoming Labor Day break. Travel was already down in March, when the biggest Covid-19 outbreak in two years prompted officials to lock down major cities like …

  Bloomberg UBS Group AG’s David Chin is stepping down as China country head, the third senior executive at a global lender in the nation to exit this month as bankers are hobbled by a strict Covid Zero strategy and a crackdown on private enterprise. After two years in the role, Chin will be succeeded by Eugene Qian, chairman of …

  Bloomberg HSBC Holdings Plc, the largest foreign bank in China, warned of further potential hits from the nation’s battered real estate market as defaults continue to climb amid a worsening Covid-19 outbreak. “It’s a big call to say that we’ve seen the worst,” Ewen Stevenson, HSBC’s chief financial officer, said in an interview with Bloomberg News. “Do I think …

  Bloomberg Banco Santander SA’s earnings beat estimates, with the retail banking giant’s geographical reach providing a buffer against growing economic risks in Europe from the war in Ukraine. Spain’s biggest lender posted net income of 2.54 billion euros ($2.72 billion) in the first quarter, exceeding the analyst consensus of 2.26 billion euros, as rising lending revenue offset increased costs …

  Bloomberg Nomura Holdings Inc posted a fourth straight quarter of profit as Japan’s largest brokerage booked gains from a stake sale in one of its affiliated companies, offsetting further provisions for a legal case in the US. Net income totalled 31 billion yen ($242 million) in the three months ended March 31, the firm said in a statement. Nomura …

  Bloomberg Novan Amirudin, head of Southeast Asia equity capital markets at JPMorgan Chase & Co., is leaving after serving more than 15 years at the US bank, according to people familiar with the matter. Novan, who is also head of Malaysia investment banking at JPMorgan, tendered his resignation this week, said the people. He has started his gardening leave, …

Bloomberg Technology stocks led a broad rally in Chinese equities on Friday as the nation’s top leaders vowed to boost economic stimulus and as speculation grew about a possible easing of the continued crackdown on internet firms. The Hang Seng Tech Index jumped 10% in Hong Kong, the most since March 16, led by names like Alibaba Group Holding Ltd. …

Bloomberg The yen’s plunge to a 20-year low threatens to leave it significantly weaker for years to come, shaking up global money flows and undermining Japan’s efforts to get its fragile economy back on track. The speed of the decline — it’s slumped 11% against the dollar in seven weeks — has caught policy makers off guard and exposed divisions …