Bloomberg Best Buy Co reported weaker-than-expected holiday sales and said anticipated shifts in consumer spending back to areas like dining out and travel could hamper its performance this year. Comparable-store sales in the US — a key gauge of performance — rose 12.4% in the fiscal fourth quarter that ended on January 30, missing the average projection from Consensus Metrix. …

Bloomberg Bentley isn’t the first brand that springs to mind when it comes to green driving. Tesla and Toyota have cornered that share of the market for now, flaunting electric-powered cars affordable for wide swaths of people who can overlook the appliance-like designs of the electric Model S and the Prius hybrid in favour of their fuel-efficient promise. But credit …

Bloomberg Hyundai Motor Co. will recall about 82,000 electric cars globally and take an almost $900 million hit after South Korean government found defects in some of vehicles’ battery cells. The recall will be for EV models of the Kona, as well as the Ioniq and the company’s Elec City buses, that were manufactured between November 2017 and March 2020, …

Bloomberg Huawei Technologies Co. took the wraps off a high-end foldable smartphone to try and stake out a place in the fast-expanding category, revealing that revenue and profit barely grew in 2020 at the height of Trump-era sanctions. China’s largest technology company is trying to keep its shrinking mobile gadgets business alive despite dwindling expectations that Washington will roll back …

Bloomberg The global semiconductor shortage will slash earnings at General Motors Co. and Ford Motor Co. by about one-third this year as supply constraints hamper production and profits, Moody’s Investor Service estimates. The chip shortage will materially erode margins and could lower expected earnings before interest and taxes by as much as $2 billion for GM and $2.5 billion for …

Bloomberg Apple Inc. is working on a magnetically attached battery pack for the newest iPhones, an accessory that would wirelessly charge the handset and provide the company with another potentially lucrative add-on product. Apple has been developing the attachment for at least a year and it has been scheduled to launch in the months following the release of the iPhone …

Bloomberg HSBC Holdings Plc said it expects to eventually shrink its property footprint by 40%, the latest sign of how the pandemic is changing the role of the office. Europe’s largest bank would reduce its “real estate footprint” over the long term, Group Chief Operating Officer John Hinshaw said in a call with analysts after bank reported fourth-quarter results. Last …

Bloomberg Credit Suisse Group AG and UBS Group AG are relocating a number of bankers to mainland China from Hong Kong to better compete for deals after the world’s fastest growing major economy relaxed curbs on foreign financial firms. Credit Suisse moved three directors, including Vivian Feng, Richard Kot and Felix Meng, as well as four more junior bankers, to …

Bloomberg Lloyds Banking group Plc beat forecasts with a pretax profit of 792 million pounds ($1.1 billion) in its fourth quarter, helped by a buoyant UK housing market and government support for its borrowers. Britain’s biggest mortgage lender announced a dividend 0.57 pence per share, marking the end of a year without payouts to protect lending during the pandemic. In …

Bloomberg Poland’s state-controlled PKO Bank Polski SA wants to end the legacy of its Swiss-franc mortgage lending this year, piling pressure on the rest of the industry to follow suit. The country’s biggest bank will seek shareholders’ approval to offer conversion of foreign currency loans to all borrowers once the pilot program it’s running with selected clients is over, Chief …