Bloomberg Steinhoff International Holdings NV reduced its loss by 70 percent in the fiscal year ended in September. The step towards a recovery wasn’t enough to stop its shares from falling. The net loss was 1.2 billion euros ($1.3 billion) during the period, down from 4 billion euros in the previous year. The owner of Conforama in France and Mattress ...

Bloomberg Iberdrola SA will invest 100 million euros ($112 million) in renewable energy and storage projects in Ireland by 2025 as it starts to offer customers power in the country for the first time. The Spanish utility said it’s offering consumers in the Republic of Ireland 100 percent clean electricity tariffs as it enters the market with plans to provide ...

Bloomberg Prime Minister Justin Trud-eau’s government decided to proceed with the construction of a major crude oil pipeline, saying the project has met strict requirements on safety and consultation with Canadian indigenous groups. Trudeau’s cabinet approved the expansion of Trans Mountain, a state-owned pipeline that runs from Alberta to Vancouver. The project will add 590,000 barrels of daily shipping capacity, ...

Bloomberg PG&E Corp., the California utility giant that went bankrupt five months ago amid crippling wildfire liabilities, has reached a $1 billion settlement with local government agencies that were harmed by blazes its equipment ignited. The company has been juggling the interests of wildfire victims, activist investors and state lawmakers and regulators as it tries to come up with a ...

Bloomberg Adobe Inc. reported quarterly revenue that topped Wall Street estimates, signalling the Photoshop maker’s expanding prod-uct suite is continuing to fuel growth. Sales increased 25 percent to $2.74 billion in the fiscal second quarter from a year earlier, the San Jose, California-based company said in a statement. Analysts, on average, projected $2.7 billion. For more than a decade, Chief ...

Bloomberg Facebook Inc.’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry US lawmakers. House Financial Services Committee Chairwoman Maxine Waters urged the company to halt development of the token until Congress and regulators can examine it. Other lawmakers demanded hearings and questioned whether the coin, called ...

Bloomberg New York’s Senate has passed the state’s own version of the Green New Deal — a climate bill that will set the most aggressive clean energy target in the country, more than triple the state’s solar capacity and unleash wind power off the coast. The legislation, which was approved 41-21 and is expected to clear the Democratic-led Assembly, would ...

President Trump has a credibility problem at a time when his confrontation with Iran is moving towards a dangerous test. “There is no capital in the bank” in terms of trust with major European and Asian allies, said one former senior defense official. “We’ve managed to isolate ourselves, rather than Iran. This is a strategy-free zone.” Adding to the sense ...

Mario Draghi has spent much of his time as president of the European Central Bank (ECB) fighting crises. So he hasn’t had much time to consider his legacy, even now that he’s less than five months away from retirement. Yet in his last appearance as president at the ECB’s yearly shindig in Portugal, Draghi was in reflective mood about what’s ...

Huawei Technologies Co. is braced for a fall. China’s premier telecommunications equipment and smartphone maker is preparing for a drop of 40% to 60% in overseas handset sales, Bloomberg News reported, citing people familiar with the situation. That’s quite a blow to the business, considering that consumer devices (mostly smartphones) accounted for 45% of the company’s revenue last year. But ...