Bloomberg Ocado Group Plc raised £575 million ($705 million) to fuel expansion even as the surge in online food shopping during the pandemic recedes with soaring inflation thinning consumer wallets. Shares in the British e-commerce group fell as much as 6.1% in early trading, after Ocado sold 72.3 million shares in an accelerated placing, in an emailed statement. Stock ...

  Bloomberg Ryanair Holdings Plc’s British-based pilots accepted a new pay deal with the airline, avoiding any potential strike and giving the carrier some relief amid a wave of action from staff across Europe. Ryanair members of the British Airline Pilots’ Association voted to accept a revised pay offer from the airline, a union spokesperson said. BALPA had been in ...

Bloomberg The secretary of Russia’s Security Council threatened retaliation in a growing standoff with the European Union after Lithuania blocked the transit of sanctioned goods to the Baltic exclave of Kaliningrad. Russia “will certainly respond to such hostile actions” and appropriate measures will be taken soon, Nikolai Patrushev, a close ally of President Vladimir Putin, said Tuesday in comments from ...

Bloomberg India is expected to push back against an anticipated effort by Chinese President Xi Jinping to use this year’s Brics summit as a platform to highlight his efforts to build an alternative to the US-led global order, Indian officials with knowledge of the matter said. The virtual event, which Beijing is hosting this week, is set to bring together ...

Bloomberg Italy’s biggest party is set to splinter over the country’s support for Ukraine, just as Prime Minister Mario Draghi defended in parliament his government’s stance on the conflict. Foreign Minister Luigi Di Maio may soon quit the Five Star Movement and set up a new parliamentary group of his own, in a clash with party leader Giuseppe Conte, according ...

  Bloomberg South Africa’s main opposition party has asked the US Federal Bureau of Investigation to probe whether President Cyril Ramaphosa was involved in money laundering, after it emerged that foreign currency had been stolen from his game farm. “Specifically, we have requested that the FBI considers investigating the source of the funds and whether the money was brought into ...

  Bloomberg Corporate distress in Europe’s biggest markets is near a two-year high as inflation and higher interest rates squeeze indebted firms. Companies in Germany, the UK, France, Spain and Italy are the most distressed since August 2020, according to the Weil European Distress Index. The study aggregates the data from more than 3,750 listed European firms. “If this upward ...

  Bloomberg President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters at Rehoboth Beach, Delaware. “I think we’re going to ...

  Bloomberg Swiss watch exports to China plunged for the second month in a row as the Covid-19 lockdowns battered demand. Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said on Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion ...

  Bloomberg Tesla Inc is cutting its salaried workforce by about 10% over the next three months, resulting in an overall reduction of some 3.5% in total headcount as hourly staff numbers are still expected to grow, Chief Executive Officer Elon Musk said. “We grew very fast on the salaried side,” Musk said in an interview with Bloomberg News editor-in-chief ...