Bloomberg Chinese stocks advanced on Monday as a loosening of Covid-19 restrictions in Bejing increased bets that economic activity will pick up. The CSI 300 Index jumped 1.9%, the most in more than two weeks, as traders returned after the long weekend. Shares related to electric vehicles led the advance after BYD Co. posted strong May sales. The smaller, …

  Bloomberg Weakening corporate profit forecasts may provide the latest headwind to US stocks, which are likely to fall further before bottoming during the second-quarter earnings season, according to Morgan Stanley strategists. “In the absence of an obvious shock like a recession, companies are slow to guide down,” strategists led by Michael Wilson wrote in a note on Monday. “This …

  Bloomberg Bitcoin advanced, rising beyond the $30,000 level after languishing at the weekend. The largest cryptocurrency gained as much as 5.1% on Monday to $31,442. Other cryptocurrencies also rose, with Ether advancing up to 5.2% and Polygon adding as much as 8.6%. “Bitcoin has stabilized over the past few weeks on improved short-term momentum,” Katie Stockton, co-founder of Fairlead …

  Bloomberg Saudi Arabia’s sovereign wealth fund will take a $185 million stake in Capital Bank of Jordan as part of deal to help the lender expand. The Public Investment Fund (PIF) signed a subscription agreement that would involve it buying 63 million newly issued shares to give it a 23.97% stake in the Jordanian bank, according to a statement. The …

  DUBAI / WAM Governments around the world have a “golden opportunity” to create new jobs in the aftermath of Covid-19, which has driven profound changes in businesses, working patterns and accelerated the emergence and development of new economic sectors. That is according to a new report published by the World Government Summit Organisation (WGS) in partnership with PwC Middle …

  Bloomberg The US is ordering refiners to boost the use of biofuels such as corn-based ethanol, as the Biden administration tries to strike a balance between competing political and economic pressures while gasoline prices soar. The US Environmental Protection Agency (EPA) is requiring refiners to mix 20.63 billion gallons of renewable fuels into gasoline and diesel this year — …

  Bloomberg Nikola Corp’s founder and former chair Trevor Milton voted against a proposal by the clean-energy trucking startup that would have authorised new shares to potentially raise capital, throwing the outcome into doubt, according to people familiar with the matter. Milton’s vote led to the decision to immediately adjourn Nikola’s annual shareholder meeting to June 30 so the company …

Bloomberg Frontier Group Holdings Inc sweetened the terms of its takeover offer for Spirit Airlines Inc and won support from a key proxy advisory firm, giving the ultra-discount carrier new momentum as it tries to fend off a rival bid by JetBlue Airways Corp. Frontier agreed to pay $250 million, or $2.23 a share, to Spirit if the deal collapses …

  Bloomberg Boeing Co won’t launch a new jetliner any time soon to address Airbus SE’s widening sales lead in the narrow-body market, Chief Executive Officer Dave Calhoun said. Prominent customers like Air Lease Corp founder Steven Udvar-Hazy have been calling on Boeing to get moving on the mid-sized aircraft family Calhoun tabled two years ago. But there are no …

  Bloomberg American Airlines Group Inc expects revenue to balloon well above its original expectations this quarter as consumers swarm back to travel following the pandemic, helping the carrier absorb the impact of higher jet-fuel prices and other expenses. Total revenue will jump by as much as 13% over the same period of 2019, the Fort Worth, Texas-based airline said …