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Bloomberg L Catterton, the private equity firm backed by luxury French fashion house LVMH, agreed to buy a 60% stake in Italian fashion company Etro SpA, Sole 24 Ore reported on its website, without citing anyone. The deal values Etro at about 500 million euros ($590 million), the newspaper reported. Etro, which had hired Rothschild as an adviser, had been …

Bloomberg Amazon.com Inc was sued by the US Consumer Product Safety Commission (CPSC ), which is seeking an order determining that the largest online retailer is legally responsible for defective products sold in its sprawling third-party marketplace. The complaint filed says Amazon sold children’s sleepwear that failed to meet federal standards for flammability; some 24,000 carbon monoxide detectors that failed …

Bloomberg Asian air travel may take another three years to recover fully from the devastation wrought by the pandemic, lagging behind rebounds in other regions and offering a stern headwind for refiners making jet fuel. It’ll take until 2024 for international air travel across the region to reach pre-virus levels, a year after global traffic hits that milestone, according to …

Bloomberg China’s digital yuan trial has reached 34.5 billion yuan ($5.3 billion) in transaction value as the central bank continues to outpace global peers in developing a virtual currency. Across China, more than 20.8 million individuals have opened a virtual wallet that stores the digital currency and have made more than 70.7 million transactions in total, the People’s Bank of …

Bloomberg Nomura Holdings Inc is raising the salaries of its entry-level bankers to $100,000, the latest lender to boost pay as the industry struggles to retain junior talent that has been inundated by deal flow amid the work-from-home grind. The Japanese brokerage will introduce the pay bump in July, according to a person with knowledge of the matter. The move …

Bloomberg Banco Santander SA’s US unit agreed to buy Amherst Pierpont Securities in a deal that gives Spain’s biggest bank a greater presence in the fixed-income trading business that’s been a boon to Wall Street rivals over the past year. Santander Holdings USA is acquiring the independent broker-dealer through a $600 million takeover of its parent company, Pierpont Capital Holdings …

Bloomberg Wall Street dealmakers basked in the spotlight this week as the biggest US banks touted their windfalls from a surge in corporate hookups. But as Morgan Stanley finished the parade of earnings reports, some competitors smirked. The firm — one of three that dominate the world of mergers and acquisitions — had lost ground to arch rivals Goldman Sachs …

Bloomberg The Bank of Japan (BOJ) joined the battle against global warming by offering a series of incentives for lenders to help businesses move toward a greener economy, with Governor Haruhiko Kuroda insisting there was no longer any time to waste. The BOJ said it would offer banks interest-free funds for climate-linked loans or investments and exempt more of their …

Bloomberg Royal Bank of Canada (RBC) is formulating hybrid, flexible work arrangements for its employees and doesn’t plan any “one-size-fits-all mandates” on how much time its staff will need to be in the offices when they reopen. “We believe that flexible and hybrid work models are here to stay, and that the role of the office has forever changed,” Chief …

Bloomberg Wells Fargo & Co.’s average loans tumbled in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing. The average balance of the bank’s lending book dropped 12% to $854.7 billion, according to a statement. The result mirrored a similar decline at Bank of America Corp, which said earlier that loans and leases …