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Bloomberg Tesco Plc said shoppers are buying fewer items and trading down to cheaper own-brand versions of staples in an “incredibly challenging” market hit by the worst inflation in 40 years. Britain’s biggest supermarket chain reported a greater-than-expected 1.5% decline in comparable UK sales in the first quarter, in fresh evidence of how rising prices are changing shopping behaviour. “Inflation …

  Bloomberg Kroger Co said grocery shoppers are “aggressively” turning to cheaper store brands as they wrestle with the highest inflation in four decades. Same-store sales for Kroger-branded products rose 6.3% in the first quarter, faster than the overall sales growth, the company said Thursday on its earnings call. Customers who are facing higher prices everywhere from the gas pump …

  Bloomberg Amsterdam’s Schiphol airport will limit capacity this summer as long lines caused by a shortage of security staff are expected to persist through the busy holiday months. Hub operator Royal Schiphol Group NV said the maximum number of passengers it’s able to handle will vary, reaching 67,500 on the busiest days in July and 72,500 in August, with …

  Bloomberg Stocks tumbled around the globe as recession fears resurfaced, with the Federal Reserve struggling to get on top of inflation that has proved more persistent and widespread than officials anticipated. The S&P 500 closed at its lowest since December 2020, while the tech-heavy Nasdaq 100 sinks 4%. The deal spread on Elon Musk’s proposed takeover of Twitter Inc. …

  Bloomberg The selloff in the digital-asset space accelerated, with losses in US equities also snowballing, a day after the Federal Reserve raised interest rates by the most in decades. Ether, down as much as 8.3% to trade around $1,080, is facing a tougher road than most. The native token for the Ethereum blockchain is on pace to decline for …

  Bloomberg Russia’s oil-export revenues surged to around $20 billion in May despite shipping lower volumes, as a rally in global energy prices buoyed its coffers, according to the International Energy Agency (IEA). That’s a 11% increase from a month earlier, taking Russia’s total revenue for shipping crude and oil products roughly back to levels before the invasion of Ukraine, …

  Bloomberg TotalEnergies acquired 49% of Gabonese logging firm Compagnie des Bois du Gabon, the French oil major’s first foray into Gabon’s forestry sector. TotalEnergies, which has been pumping oil in the central African country for more than 80 years and is its leading fuel retailer, said it is joining forces with CBG to develop a new forest management model …

  Bloomberg Air India Ltd is polling pilots on whether they want to be trained to fly Airbus SE A350 jets, indicating that it intends to operate the model as it looks to renew its widebody fleet under new owner Tata Group. The airline may introduce the A350 by the first quarter of 2023, according to a letter sent to …

  Bloomberg Boeing Co hinted that it’s considering a cargo-hauling version of its 787 Dreamliner to eventually replace 767 freighters, whose engines won’t comply with tougher emissions standards that take effect in 2028. “That’s a natural place for us to look,” Brian Hermesmeyer, freighter customer leader for Boeing’s commercial airplane division, told reporters in a briefing near its plant in …

  Bloomberg Europe’s retail stocks are heading back towards pandemic lows. And after the profit warning from Asos Plc and the first UK sales decline in Boohoo Group Plc’s history, it’s online merchants that are leading them there. Asos shares sunk as much as 28%, falling to the lowest since August 2010. The warning sent tremors through larger peer Zalando …