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Bloomberg Robinsons Retail Holdings Inc plans to increase its e-commerce business to between 2% and 3% of total sales this year by expanding the company’s online presence through its own Internet platforms and others. The Philippine retailer’s e-commerce sales reached 1.1% of total revenue last year, up from 0.4% in 2019, as consumers migrated to online purchases because of the …

Bloomberg Virgin Galactic Holdings Inc sank after saying its next test flight to space won’t occur until May, three months after the previous plan and further delaying the company’s space tourism trips. The new schedule also pushed back Virgin Galactic’s plan to carry billionaire founder Richard Branson on a separate test that had been set for the first quarter, since …

Bloomberg LVMH’s Sephora beauty chain said it will open more than 60 stand-alone US stores this year in addition to the hundreds of shops already planned at Kohl’s Corp locations, betting big on a resurgence of retail foot traffic as the pandemic wanes. The expansion will take place in the Pacific Northwest, Los Angeles and the South, with plans to …

Bloomberg Foot Locker Inc shares fell as much as 12% in premarket trading after the athletic-goods retailer missed analysts’ expectations for same-store sales and overall revenue. Comparable-store sales declined 2.7% in the fourth quarter ended on January 30, Foot Locker said, compared with analysts’ estimate of a 3.5% increase as compiled by Consensus Metrix. Revenue of $2.19 billion missed the …

Bloomberg Belk Inc, the department store chain owned by Sycamore Partners, won court approval of its plan to slash $450 million of debt less than one day after filing for Chapter 11 bankruptcy. US Bankruptcy Judge Marvin Isgur said in a hearing he would approve the retailer’s bankruptcy plan, paving the way for Belk to emerge from Chapter 11. If …

Bloomberg Investors will soon discover if Hong Kong’s Hang Seng Index will undertake one of the biggest overhauls in its 51-year history, a move that would impact tens of billions of dollars in funds tracking the stock benchmark. On Monday, Hang Seng Indexes Co. will offer its conclusion after an industry consultation over proposed measures to the city’s stock benchmark, …

Bloomberg US regulators are engaging in the stock market’s version of whack-a-mole — racing to suspend shares of companies with dubious prospects that have been hyped to the moon on social media. In a statement, the Securities and Exchange Commission (SEC) said it temporarily halted trading in 15 companies due to concerns that their stock prices were artificially inflated. One …

Bloomberg The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment in response to a plunge in crude prices. Despite government …

RIYADH / WAM The Coalition to Restore Legitimacy in Yemen intercepted and destroyed of Bomb-Laden UAV launched by terrorist, Houthi Militia towards Khamis Mushait, Kingdom of Saudi Arabia, reported the SPA. The Official Spokesman of the Coalition to Restore Legitimacy in Yemen Brigadier General Turki Al-Malki, said, “Joint Coalition Forces have intercepted and destroyed a bomb-laden UAV launched systematically and …

Bloomberg Boeing Co has agreed to pay $6.6 million in penalties to US regulators after failing to comply with a 2015 agreement to improve its safety processes. The Federal Aviation Administration (FAA) announced the penalties in a press release. The company agreed to pay $5.4 million to settle earlier cases brought against the company and another $1.21 million for two …