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  Bloomberg The federal judge overseeing SAS AB’s Chapter 11 process approved a $7 million breakup fee to Apollo Global Management Inc if its planned bankruptcy financing package for the Scandinavian airline falls through. Apollo said it would provide roughly $700 million to help SAS continue to operate during bankruptcy on the condition that the court signed off on the ...

  Bloomberg Estee Lauder Cos’ sales forecast trailed analyst estimates amid continued lockdowns in China and pressure from the strengthening US dollar. The fragrance and skin-care company said that it expects an 8% to 10% drop in sales this quarter, compared with a year ago. Analysts surveyed by Bloomberg expected revenue to be roughly flat in the quarter, which is ...

  Bloomberg Chinese budget retailer Miniso Group Holding Ltd apologised for styling itself as a Japanese designer brand and said it would change its logo, amid a wave of local nationalism fueled by geopolitical tension over Taiwan. The Guangzhou-based company has long promoted itself as Japanese-influenced, with a Japanese chief designer and Japanese characters on its shopping bags and marketing ...

  Bloomberg Kohl’s Corp cited financial stress on its middle-income customers as it cut its profit and sales outlook for the second straight quarter. But soaring inflation is also helping the department-store chain entice wealthier shoppers hunting for bargains. “In our higher-income customers, we’re actually seeing more customers and they’re spending more,” CEO Michelle Gass told analysts. Gass’s comments echoed remarks ...

  Bloomberg Bed Bath & Beyond Inc shares tumbled as much as 44% in premarket trading, giving back much of this month’s huge gains, after top investor Ryan Cohen exited his stake. The stock traded down 41% at $10.98 in New York, putting the retailer on course for its worst day since going public in 1992. Cohen’s RC Ventures sold ...

  Bloomberg It didn’t take long after Russia attacked Ukraine for French Colonel Clement Torrent to get his orders: He had six months to build a base for 1,000 soldiers on Nato’s eastern frontier. He and about 200 troops from France, Belgium and the Netherlands are now busy leveling a hilltop in the Romanian region of Transylvania. “Our due date ...

  Bloomberg Russia is likely using the Zaporizhzhia nuclear power plant in southern Ukraine to shield its troops and equipment, undermining the safety of the plant’s operations, according to European intelligence officials. There appears to be a deliberate effort by Russia to use the plant’s protected status as a nuclear site to provide cover to its forces, and prevent them ...

  Bloomberg Chinese President Xi Jinping and Russian leader Vladimir Putin are both planning to attend a Group of 20 summit in the resort island of Bali later this year, Indonesian President Joko Widodo said. “Xi Jinping will come. President Putin has also told me he will come,” Jokowi, as the president is known, said in an interview with Bloomberg ...

Bloomberg The influential sister of North Korean leader Kim Jong Un rejected a disarmament-for-aid deal offered by South Korea’s president, calling it a “stupid” plan and dismissing the idea of engaging with Seoul. Kim Yo Jong told South Korean President Yoon Suk Yeol to “stop dreaming in vain,” the state’s official Korean Central News Agency reported Friday. The comments added ...

  Bloomberg Myanmar’s military government announced on Friday a cabinet reshuffle with slight changes to ministerial roles, maintaining generals and close allies of military chief Min Aung Hlaing in top positions. Min Aung Hlaing’s premiership and deputy military chief Soe Win’s role as deputy prime minister remained the same, according to an order by the ruling State Administration Council, which ...