Bloomberg Alibaba Group Holding Ltd soared after reporting revenue rose a better-than-expected 9%, reassuring investors trying to come to grips with the economic cost of sweeping lockdowns intended to eradicate Covid-19. The shares rose more than 12% in Hong Kong after the company reported revenue climbed to 204.05 billion yuan ($30.3 billion) in the March quarter, beating analysts’ projections. Chief …

  Bloomberg Australian retailers recorded a fourth consecutive month of sales gains, suggesting cashed-up households are so far weathering a spike in the cost of living from surging fuel and other prices. Sales advanced 0.9% in April to a fresh record $24.1 billion and just shy of economists’ estimates for a 1% increase, Australian Bureau of Statistics data showed. “Cost …

Bloomberg Cathay Pacific Airways Ltd has started a review that could lead to the shuttering of its pilot bases in the US, the Hong Kong carrier’s last overseas outpost, as it continues to cut costs to stem a cash drain from operating so few flights during the Covid crisis. Cathay has bases in New York, Los Angeles, San Francisco and …

  Bloomberg India’s flying public is becoming increasingly frustrated with the nation’s airlines, according to a survey undertaken for Bloomberg, saying that customer service and the behaviour of airline staff has deteriorated sharply in the wake of Covid-19. Some 79% of the 15,000 airline passengers surveyed by LocalCircles said they believe carriers in India are compromising on passenger comfort and …

  Bloomberg A consortium backed by the billionaire Issa brothers is considering dropping out of the bidding for Walgreens Boots Alliance Inc’s international arm due to disagreements over price, people with knowledge of the matter said. The Issas, who were bidding together with TDR Capital, balked at a request by Walgreens to increase their offer for the Boots drugstore chain …

  Bloomberg European stocks rise, heading for their best weekly advance since mid-March as investors returned to risk assets, lured by cheaper valuations. The Stoxx Europe 600 Index added 0.6% by 9:57 am in London. Consumer and tech sectors outperformed, while utilities and energy shares lagged after the UK government announced windfall tax plans on oil and gas companies. While …

  Bloomberg JPMorgan Chase & Co.’s hedge fund clients have returned to buying Hong Kong stocks since mid-March after continuous selling for more than a year, the Wall Street bank said in a note. In China, flows have stabilized as purchases to cover short positions were offset by a reduction in bullish wagers in the last few weeks, the US …

  Bloomberg Oil, bolstered by a broad-based market rally, rose for a second day as US crude and gasoline stockpiles showed signs of continuing decline ahead of the summer driving season. West Texas Intermediate futures rise more than 3% alongside a rebounding equity market, while the dollar falls, which makes commodities priced in the currency cheaper. Global crude markets continue …

Bloomberg Qantas Airways Ltd’s pilots union has warned of looming risks to flight safety — from crew fatigue to looser landing rules in Australia — as a travel rebound stretches an industry still fragile from the pandemic. With domestic travel restrictions eased, passenger demand in Australia exceeds 2019 levels and Qantas and smaller rival Virgin Australia are ordering new planes …

  Hanoi / WAM All airline members of Vietnam Airlines Group, Vietnam Airlines, Pacific Airlines and VASO, will offer more than 7.1 million seats on both domestic and international routes during the peak summer travel season. According to Vietnam News Agency (VNA), it is estimated that a total of over 36,000 flights will be made available for summer travellers from …