Bloomberg The African Development Bank (AfDB) seeks investments from global pensions and commercial financiers to help fund the continent’s infrastructure gap of as much as $170 billion a year. The Abidjan-based lender is launching its Africa Investment Forum in Johannesburg. The forum will host its first meeting in November in South Africa’s commercial hub and will have “no speeches,” but ...

Bloomberg Lloyds Banking Group Plc is “surprised” and “disappointed” by Standard Life Aberdeen Plc’s decision to challenge the bank’s plan to pull 109 billion pounds ($148 billion) from the asset manager, the lender said in a statement. Lloyds gave notice in February that it planned to end the mandate after the merger of Aberdeen and Standard Life made the combined ...

Bloomberg ICICI Bank Ltd., India’s second-largest private sector lender by assets, was Asia’s best-performing bank stock on Tuesday after its top official said bad-loan ratios will improve. ICICI jumped 7.1 percent, set for the biggest gain since October 25, and was the top stock on Bloomberg’s Asia Pacific Banks Index. Chief Executive Officer Chanda Kochhar, who has been assuring investors ...

Bloomberg Japan Airlines Co. is examining setting up a new low-fare carrier to increase capacity and take on rising competition from budget operators in Asia’s second-largest economy. Starting a discount airline is part of the carrier’s need to widen its product line-up, Vice Chairman Junko Okawa, 63, said in an interview in Singapore. It is one of several options the ...

Bloomberg French Transport Minister Elisabeth Borne said concern is mounting about Air France-KLM Group’s French arm as a protracted labor dispute over wages hurts the airline’s competitiveness and ability to buy new planes. “I’m worried about the future of Air France,” Borne said. The carrier “is less competitive than its partner KLM and other European airlines.” The government has waded ...

Bloomberg Walmart Inc. will offer men’s grooming products from Harry’s later this month, expanding the brand’s reach beyond Target Corp. and giving Walmart a product coveted by millennials. Starting on May 21, the world’s biggest retailer will sell Harry’s goods in 2,200 of its US stores — fewer than half of the total — and online. There are plans to ...

Bloomberg Thanks to Nestle SA, Starbucks Corp. just came into some serious cash. With the Swiss food giant agreeing to pay the coffee chain $7.15 billion for the right to sell Starbucks coffee products at retailers, shareholders can expect to receive their portion of the proceeds via buybacks and dividends. But the company will also funnel investment into its two ...

Bloomberg Southwest Airlines Co. intends to offer island-hopping flights within Hawaii after it ramps up service to the state from California, boosting the competitive threat to Hawaiian Airlines. Inter-island flights will “eventually” be added to complement new service from the US mainland, Southwest said in a statement. The carrier named San Jose, San Diego, Sacramento and Oakland as the first ...

Bloomberg Mondelez International Inc. is betting that if you pay more for a classy cookie, you’ll eat more of them. The company, which makes Oreos and Chips Ahoy — mass-market baked goods that bear scant resemblance to the products of your mom’s oven — has agreed to buy Tate’s Bake Shop for about $500 million. The fast-growing company started as ...

DUBAI / WAM Dubai Holding has announced that it will invest up to AED1 billion over the next five years to launch a next-generation digital bank for the UAE, with plans to expand services across the Middle East and North Africa region. The announcement is in line with the UAE’s goal of becoming a cashless digital economy, guided by the ...