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Bloomberg Nordstrom Inc said poor inventory planning at its off-price Rack stores dragged on revenue growth in the third quarter, a problem company executives said they were working to address heading into the holiday season. Sales at the Rack division were 8% below where they were before the pandemic. Revenue at the company overall was down 1% in the same ...

Bloomberg Retailers say shoplifting is getting more brazen in the US: A California Nordstrom store was recently hit by a flash mob of more than 80 people who made off with designer goods, while more than a dozen people pilfered from a Louis Vuitton location in a suburb of Chicago. The impact of shoplifting reached Wall Street, with Best Buy ...

Bloomberg Gap Inc lowered its projection for 2021 sales and profit as supply-chain bottlenecks led to lost sales and higher expenses. The shares fell in trading. Gap now sees revenue growing about 20% for the full year — down from its previous projection of a 30% gain. Analysts had projected revenue to be 28% higher this year, according to estimates ...

Bloomberg The Biden administration included Taiwan among the 110 invitees to its upcoming democracy summit, the State Department announced, a move that’s intended to show solidarity with a key regional partner but risks angering China. Taiwan was invited to join nations, including the UK and Japan, at the December 9-10 virtual summit, the State Department said on its website. The ...

Bloomberg Olaf Scholz is set to succeed Angela Merkel as German chancellor after forging an unprecedented alliance that aims to revamp Europe’s largest economy by tackling climate change and promoting digital technologies. After nearly two months of intense negotiations, Scholz’s center-left Social Democrats said they would present their agreement with the Greens and the pro-business Free Democrats. Details of the ...

Bloomberg Investors looking for ESG strategies have been handed a new group of indexes promising to focus on biodiversity by excluding companies that are found to pose a threat to nature. The Euronext ESG Biodiversity Screened Index series by HSBC Holdings, developed the product together with Euronext NV and Iceberg Data Lab SAS. The idea is to bring liquidity to ...

Bloomberg Atom Bank has moved to a four-day working week, one of the most dramatic flexible working policies introduced by a finance firm since the pandemic upended office norms. The UK fintech, which has 430 employees, moved to a four-day week, the digital lender said in a statement. Contractual working hours will be reduced by 3.5 hours to 34 hours ...

Bloomberg Australia’s central bank will closely monitor risk premiums to judge whether asset prices appear “sensibly valued,” especially at a time of record low interest rates, said Marion Kohler, head of the domestic markets department. “Asset prices increase when risk-free rates are low, and this is part of the monetary transmission mechanism,” Kohler said in the text of a speech. ...

Bloomberg DBS Group Holdings Ltd is facing a second day of outages in its online banking services, marking one of the worst digital disruptions for Southeast Asia’s biggest lender in a decade. The disruptions in DBS’s digital services — an area where the Singapore-based bank has invested in heavily — started early Tuesday and resurfaced on Wednesday. The problems stemmed ...

Bloomberg New Zealand’s central bank raised interest rates for the second time in two months and signalled it will need to tighten policy more quickly than previously expected to contain the inflation. The Reserve Bank’s Monetary Policy Committee lifted the official cash rate by a quarter percentage point to 0.75% on Wednesday, as expected by most economists. New forecasts published ...