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Bloomberg L’Oreal SA got more revenue from Asia than from western Europe for the first time last quarter as the region’s surging demand for luxury products continued to resist the drag of a slower Chinese economy. The shift for the maker of products like Maybelline mascara and Acqua di Gio Armani cologne is the latest example of how French companies …

Bloomberg Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, may raise as much as $1 billion from the share sale of its malls unit in what would be the kingdom’s biggest initial public offering in five years. Arabian Centres Co. said Tuesday that it will sell 65 million existing shares and …

Bloomberg US oil refiners, in line for a windfall from new ship-fuel rules, are taking steps to lock in the change quickly, concerned it could fall victim to President Donald Trump’s re-election push. Under the new rules, many shippers will switch to low-sulfur fuels, boosting competition and, potentially, increasing the price of diesel, jet fuel and heating oil. The US …

Bloomberg US stocks faltered in their pursuit of all-time highs as investors sifted through a group of high-profile earnings for clues on the strength of the American economy. The 10-year Treasury yield reached its highest level since the March Federal Reserve meeting. The S&P 500 failed to hold its six-month high after UnitedHealth Group Inc erased a gain that topped …

Bloomberg There is a complacency haunting foreign-exchange markets. Measures of how much traders expect currencies to gyrate over the coming months have plunged amid apparent assurances from central banks that they aren’t going to create major waves with further policy normalisation anytime soon. But some observers, including strategists at Canadian Imperial Bank of Commerce, Morgan Stanley and Scotiabank are raising …

Bloomberg Deutsche Bank AG estimates it could lose the equivalent of almost a fifth of Commerzbank AG’s annual revenue should it go ahead with a takeover of the lender, another potential sticking point for a deal that’s run into hurdles of late. Customers seeking to reduce their exposure to the combined lender could pull business worth 1 billion euros to …

Bloomberg The Bank of Japan (BOJ) needs a vision for eventually unwinding its massive asset purchases if it eases policy further, according to a former BOJ official. “It’s becoming important for the BOJ to not simply say it is strengthening stimulus but to plot the course of events, to tell the story of how these steps will lead to normalisation,” …

Bloomberg Government companies in South Africa that have had billions of rand looted through a process known as state capture shouldn’t be bailed out by the central bank even as they pose a significant fiscal risk, Governor Lesetja Kganyago said. “The challenge of dealing with too-big-to-fail SOEs, of combining cash injections with conditionality measures, needs to be dealt with by …

Bloomberg UniCredit SpA ended one its most significant legal disputes by settling a US probe over sanctions violations, clearing the path for the lender to focus on growing its business after years of cleaning up legacy issues. The bank agreed to pay $1.3 billion to settle US charges for violating sanctions against Iran that have been hanging over UniCredit since …

Bloomberg UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker said. While the Zurich-based bank continued to dominate the regional top spot by a wide margin, with assets totaling $357 billion last year, Credit Suisse Group AG slightly …