Bloomberg Hennes & Mauritz (H&M) and Zara owner Inditex both reported that an improvement in sales stalled in the autumn as a new round of Covid-19 lockdowns led consumers to curb spending on clothes. From late October through November, H&M’s sales fell 22% from a year earlier, the Swedish retailer said on Tuesday. Spanish rival Inditex reported a revenue decline ...

Bloomberg JPMorgan Chase & Co won a deal to issue cards in the US for Air Canada, the bank’s first new co-brand card partner in more than a decade. The companies plan to introduce the airline’s Aeroplan credit card in late 2021, using the Mastercard Inc network. The expectation is that air travel will have begun to recover by then ...

Bloomberg London’s Heathrow airport is waiting for a ruling from the UK Supreme Court on Wednesday that could give it permission to build a third runway that it may no longer need. An appeals court ruled in February that the government failed to take full account of the Paris Climate Agreement when approving the airport’s expansion. Heathrow was allowed to ...

Bloomberg Joe Biden officially clinched the presidency after the Electoral College confirmed his victory, capping a tumultuous period sparked by Donald Trump’s refusal to acknowledge he lost with the help of Republicans willing to support his unsubstantiated claims. Some Senate Republicans who had refused to recognize Biden’s overwhelming victory quickly started acknowledging that Trump lost and Biden will be inaugurated ...

Bloomberg Russian President Vladimir Putin sent Joe Biden a congratulatory telegram after the Electoral College formalised his victory in the November 3 election, making him among the last world leaders to recognise the US president-elect. Putin wished Biden luck and said Russia and the US can contribute to solving global problems, according to a Kremlin statement on Tuesday. “For my ...

Bloomberg Malaysia Prime Minister Muhyiddin Yassin has survived his latest leadership test after lawmakers approved his 2021 budget during the final vote in the lower house of parliament. According to House Speaker Azhar Azizan Harun, 111 MPs voted in favour of the spending plan, versus 108 who were against. The budget’s defeat would have been tantamount to the prime minister ...

Bloomberg Somalia’s government cut diplomatic ties with neighbouring Kenya, citing interference in its internal affairs. The announcement was made a day after Kenyan President Uhuru Kenyatta said he’s holding talks with the leader of a breakaway region of northern Somalia that’s lobbying for international recognition. The rift in relations comes as the two nations prepare to square-off at an international ...

Bloomberg The European market for initial public offerings (IPOs) raised more money than in 2019, defying the coronavirus crisis and nail-biting Brexit negotiations this year, led by firms that benefited from pandemic-induced lockdowns. European exchanges hosted 161 IPOs and counting, worth a combined $28.3 billion, surpassing the $26.7 billion raised over 136 listings in 2019, according to data compiled by ...

Bloomberg The Swiss economy will shrink this quarter and recover less quickly than previously expected in 2021 as renewed restrictions to stem the spread of Covid-19 pandemic in Europe and elsewhere weigh on global momentum. Switzerland’s State Secretariat for Economic Affairs sees gross domestic product (GDP) expanding 3.2% next year, slower than the 4.2% previously forecast. It said the situation is ...

Bloomberg Workplace productivity software startup ClickUp was valued at $1 billion in a $100 million investment, roughly five times its valuation in a funding round earlier this year. The new round was led by Georgian, a Canadian venture capital firm, with participation from Craft Ventures, which had invested earlier, too. San Diego-based ClickUp is one of several workplace software companies ...