Business

IKEA gets sales boost from shoppers’ new stay-at-home focus

IKEA sees sales returning to growth this year after the coronavirus crisis boosted shoppers’ interest in spending more on their homes, a trend the world’s biggest furniture retailer believes is here to stay. IKEA is shifting focus from its traditional large out-of-town stores towards e-commerce and smaller inner-city formats as it adapts to the growth […]

Business

Goldman Sachs to not name more than 60 partners in 2020

Goldman Sachs Group Inc will name no more than 60 partners in 2020, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The bank’s new class of partners, to be promoted next month, is likely to be its smallest since the mid-1990s, according to the report. Goldman’s partners collectively own a […]

Business

Airlines warn of more bankruptcies as wage support ends

Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes. “The issue now is that aid, particularly the wage subsidies, is starting to be withdrawn,” Brian Pearce, chief economist at […]

Business

‘Work from work:’ How a U.S. energy firm’s office return left some employees bruised

As the world experimented with working from home, U.S. energy firm Phillips 66 Co PSX.N went the other way: it imposed a “work-from-work” policy for staff at its Houston headquarters in May even as the city became a hot spot for the pandemic. After a brief spike in COVID-19 cases in July, Phillips 66 avoided […]

Business

Lyft gives loyalty members free Grubhub restaurant delivery

Ride-sharing service Lyft Inc will give its most loyal members free restaurant delivery from Grubhub Inc beginning Tuesday, a partnership that could hit their shared rival Uber Technologies Inc. The agreement may steer Lyft customers away from Uber Eats while driving more restaurant orders to Grubhub+, which provides free food delivery for its paying members. […]

Business

South Korean retail investors bid over $50 billion to win coveted shares in BTS label

South Korean retail investors ponied up over $50 billion as they sought to lay their hands on shares in Big Hit Entertainment, the management label of K-pop sensation BTS – more than 600 times the value of shares on offer. The combined 58.4 trillion won ($50.3 billion) in orders fell just shy of a record […]

Business

Macy’s invests in online ‘buy now, pay later’ firm Klarna

Macy’s, the largest U.S. department store operator, has signed a deal to invest in Swedish payments group Klarna, joining investors including rapper Snoop Dogg and BlackRock in betting on the “buy now, pay later” online payments market. The deal includes a five-year partnership between the two companies under which Macy’s customers could choose to make […]