Bloomberg Iberdrola SA agreed to buy PNM Resources Inc for $4.3 billion, pushing deeper into the US power market as the Spanish utility strengthens its position as a global giant in an industry that’s being transformed. The deal — at $50.30 per PNM share and a 10% premium — valued PNM at $8.3 billion including debt. It’s Iberdrola’s eighth acquisition ...

For an airline built in an era of globe-spanning cosmopolitanism, a pandemic that’s shut the world’s borders is particularly brutal. No wonder Cathay Pacific Airways Ltd is struggling. Just four months after receiving a HK$40.95 billion ($5.3 billion) bailout package from Hong Kong’s government, the carrier is planning to cut a quarter of its workforce and close the Cathay Dragon ...

Last spring, as the first wave of the Covid-19 pandemic swept through Europe, Sweden became the continent’s controversial exception on how to tackle the virus. As other countries — from Italy to the UK — enforced draconian lockdowns, the Swedes went for a light touch. That sparked outrage among people concerned by a seemingly cavalier approach to the death toll ...

Optimism is in the air. People are lining up like ants for what might be the world’s biggest initial public offering. But who says buying into Jack Ma’s Ant Group Co is a sure win? No doubt, the Chinese fintech giant is a rare gem, boasting enviable sales growth and profitability. Yet making money off hot IPOs is a delicate ...

Newly announced reforms to the H-1B immigrant visa system have the potential to reduce the number of foreign workers allowed into the US, just as the Donald Trump administration intends. The problem is that goal makes no sense. If implemented, the changes will seriously harm many businesses — small firms and healthcare providers especially. Overall, they’ll harm US workers, not ...

Bloomberg Hindustan Unilever Ltd, Asia’s biggest maker of personal care products by market value, reported a 16% gain in revenue, signaling that demand in India may be reviving after an unprecedented economic contraction in the June quarter. Revenue at the local unit of Unilever Plc rose to 112.8 billion rupees ($1.5 billion), the biggest jump since December 2011. Net income ...

Bloomberg Bulgari is increasing its focus on sales to locals in the countries where it operates, particularly in China, as the pandemic wipes out the tourist market, Chief Executive Officer Jean-Christophe Babin said. The LVMH-owned jeweller is seeing single-digit domestic sales growth in the western world and high double-digit growth in Asian countries, Babin said in an interview in Rome, ...

Bloomberg Lowe’s Cos isn’t known as much of a Christmas destination, but the retailer wants to change that by adding more playthings and gifts. The Mooresville, North Carolina-based chain will sell items like electric scooters, trampolines, backyard movie screens and Ninja air fryers. The majority of these new products will be available online and in select stores. Sales at Lowe’s ...

Bloomberg Southwest Airlines Co and American Airlines Group Inc have scrapped their annual staff Halloween parties because of the coronavirus pandemic, suspending revered traditions amid an unprecedented industry slump. “You all know Halloween celebrations will look differently this year,” Southwest CEO Gary Kelly said in his weekly message to employees. “Please remember to wear your masks while having fun with one ...

Bloomberg Singapore Airlines Ltd will restart 19-hour non-stop flights to New York next month, betting that demand will recover as the coronavirus pandemic eases in its home country. The airline will use its Airbus SE A350 aircraft for the world’s longest flight, with three weekly services starting from November 9 from Changi Airport to John F Kennedy International, according to ...