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Bloomberg Bank of America Corp (BofA) reported its highest quarterly net interest income (NII) in at least a decade as the lender reaps the benefits of the Federal Reserve’s interest-rate hikes, and debt traders beat analysts’ estimates. NII, a key source of revenue for the bank, rises 24% to $13.8 billion in the third quarter on higher rates and loan …

  Bloomberg Global investors slashed allocations to UK equities in the month after Liz Truss became prime minister, a Bank of America Corp. (BofA) survey showed. Exposure to British stocks “collapsed,” with allocations dropping by nine percentage points compared with the previous month, according to BofA’s global fund manager survey in October. A net 33% of investors are now underweight UK …

Bloomberg The yen took a further step towards the closely watched 150 per dollar level, keeping investors on high alert for possible intervention to support the currency. In volatile trade, Japan’s currency falls to as low as 149.29 yen in morning trading in London, its lowest since 1990, before bouncing back quickly. The move came after the country’s prime minister …

  WASHINGTON, DC / WAM The World Government Summit Organisation and the International Finance Corporation (IFC), a member of the World Bank group, signed a cooperation framework to deepen their partnership around key development issues in the Arab region including supporting women entrepreneurs, on the sidelines of the International Monetary Fund & World Bank Group Annual Meetings in Washington, DC. …

Bloomberg United Airlines Holdings Inc. is closing in on an order for more than 100 widebody jets as it studies offers for Boeing Co.’s 787 Dreamliner and Airbus SE’s A350. The transaction would be one of the largest-ever purchases of long-range aircraft. It’s part of a broader push by Chief Executive Officer Scott Kirby to upgrade United’s offering a little …

Bloomberg The European Union (EU) finalised a deal with the Association of Southeast Asian Nations (Asean) to expand flights between the two trading blocs following negotiations that began six years ago. The deal, signed on Monday in Bali, Indonesia, will add passenger and cargo services between and beyond both regions, boosting connectivity as Asia reopens following Covid-19 restrictions, the EU …

  Bloomberg Prices for the most popular pre-owned Rolex, Patek Philippe and Audemars Piguet watches will fall further as the market has been flooded with supply, analysts at Morgan Stanley said in a report. After surging in 2021 and during the first quarter of 2022, an index of the most popular models from Daytona chronograph maker Rolex tracked by WatchCharts …

  Bloomberg Domino’s Pizza Inc’s better-than-expected quarterly sales are a further indication that even in the face of inflation, consumers are still indulging in their favourite meals and snacks. Domino’s stock surged as much as 11% in New York trading, the most since July 2021, after US comparable-store sales beat analyst estimates. Overall it was a mixed quarter, with revenue …

Bloomberg Airbus SE Chief Executive Officer Guillaume Faury said high energy prices are weighing hard on suppliers to its jetliner programs and that some smaller firms are having to idle production. While the worst of a supplier crunch triggered by shortages of labour and raw materials may be over, the high cost of power has become a pressing issue for …

  Bloomberg Indian smartphone maker Lava International Ltd. is in advanced talks with China’s Huaqin Technology Co. to create an electronics manufacturing venture in the South Asian nation. The venture would aim to win contracts from US and Chinese customers for research and development, design, and manufacturing of electronics products, according to a letter from Lava to India’s technology ministry …