Bloomberg Reliance Industries Ltd, India’s most valuable company led by billionaire Mukesh Ambani, reported a 15% decline in profit for the quarter through September, as the coronavirus pandemic gutted demand for transportation fuels. Net income fell to 95.7 billion rupees ($1.28 billion) from 112.6 billion rupees a year earlier, the Mumbai-based company said in an exchange filing. That compares with ...

Just before the US election, speculation is rife as to whether a Joe Biden victory might herald a big leftward shift, or what kind of chaos a second term for President Donald Trump would bring. The immediate task for either president, however, is likely to be more mundane and less ideological — and guaranteed to displease most Americans. The issue ...

Dunkin’ Brands Group Inc just served up one highly caffeinated deal that will give its stock price a jolt. The Canton, Massachusetts-based coffee chain is selling itself to Inspire Brands for $106.50 a share, a 26% premium to its 20-day trading average before talks between the two sides were made public. The deal values Dunkin’ at $11.3 billion including debt, ...

In “The Godfather,” the book that inspired a generation of corporate boardroom warriors, Michael Corleone dismisses his trusted friend Tom Hagen as an adviser to his family. “Mike, why am I out?” the mystified Hagen asks. “You’re not a wartime consigliere,” Corleone responds. UK Prime Minister Boris Johnson has the opposite problem. In Dominic Cummings, his chief of staff, he ...

In less than a month, two unusual things happened at the People’s Bank of China (PBOC). First, it no longer required banks to set aside cash if clients wanted to short the yuan. This makes betting against the currency cheaper, and allows room for the yuan to weaken. Second, the PBOC removed the so-called counter-cyclical factor, one of the three ...

Bloomberg Overseas travel from England that’s not related to work will be prohibited to help curb a resurgence of the coronavirus, throwing airlines into a fresh crisis. The new rules, part of a wider partial lockdown by Prime Minister Boris Johnson, will apply from Thursday until December 2 and come as the industry struggles to survive a collapse in demand. ...

Bloomberg Two of the top beauty products subscription services are merging. Ipsy has agreed to buy Miami-based rival BoxyCharm Inc, a pairing that will create a combined business with more than 4.3 million subscribers and $1 billion in revenue this year, according to the company. Ipsy and BoxyCharm will operate as separate brands in a merged company called BFA Industries, ...

Bloomberg South Africa’s National Treasury has defended a controversial 10.5 billion rand ($641 million) lifeline for its bankrupt national airline, saying that setting it on the path to recovery will entice private investors. “Government is not going to want to hold on to South African Airways (SAA) at all costs,” Treasury Director-General Dondo Mogajane said in an interview after the ...

Bloomberg Berlin’s new airport finally opened its doors, welcoming passengers after an eight-year delay just as fallout from the coronavirus hammers travel demand. Planes from Deutsche Lufthansa AG and Easyjet Plc landed at Berlin Brandenburg Willy Brandt Airport — known by its airport code BER — shortly after 2 pm on October 31 to inaugurate the hub. Regular departures started ...

Bloomberg Ocado Group Plc raised its profit forecast as the pandemic boosts demand for online groceries, and agreed to buy two robotics companies for about $287 million. The company said it expects full-year earnings to exceed $77 million before interest, taxes, depreciation and amortisation. The previous target was for Ebitda of more than 40 million pounds. Ocado said its joint ...