Manama-based Investcorp on Wednesday posted a net profit of $124 million for its financial year ending June 30, rebounding from a loss a year earlier, citing strong activity across its core businesses that helped boost fee and asset-based income. The firm, which focuses on private equity, real estate, credit management and absolute return investments, said it had raised $1 billion for its North American private equity fund. Investcorp, which has a medium-term goal to increase its assets under management to $50 billion, said its assets grew 17% in the last financial year to $37.6 billion.
Euro zone business activity raced ahead last month, expanding at its fastest pace in 15 years, as the lifting of more coronavirus restrictions and an accelerated vaccine drive injected life into the bloc's dominant service industry, a survey showed. But supply chain disruptions and labour shortages meant input prices surged at the fastest rate in over two decades and fears of further curbs to contain the more infectious Delta variant of COVID-19 from spreading hit optimism.
German fashion house Hugo Boss said it expected a rebound in its business to continue in the second half of the year as sales recovered to pre-pandemic levels in Britain and China in the second quarter. "We are well prepared to further drive our business recovery also in the second half of the year," said new Chief Executive Daniel Grieder, the former Tommy Hilfiger boss who is due to present his strategy later on Wednesday. Hugo Boss shares were up 1.2% at 0738 GMT.