Bloomberg Lojas Americanas, the Brazilian retailer controlled by billionaire trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, raised at least $1.1 billion in a share sale, four people familiar with the transaction said. The firm sold preferred shares at 34.50 reais ($6.43) each, the people said, asking not to be named because the information isn’t public yet. It …

Bloomberg Boeing Co’s order stockpile shrank further last month as more airlines and lessors backed out of commitments for the grounded 737 Max jetliner in a market devastated by the coronavirus pandemic. The planemaker recorded 60 Max cancellations in June, including 47 that were already announced, according to the company’s website. The tally excluded Norwegian Air Shuttle ASA’s move to …

Bloomberg Thrasio, an acquirer of private label businesses on Amazon.com, has raised $260 million in a series C funding round led by private equity firm Advent International. The deal values the company at $1 billion, according to a joint statement from the company and Advent. Thrasio, among the top 25 sellers on Amazon, has more than $300 million in pro …

Bloomberg Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic. The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured …

Bloomberg Citigroup Inc. set aside $7.9 billion for souring loans even as the bank’s revenue from fixed-income trading surged 68%, keeping bank solidly profitable. The $5.6 billion windfall from trading bonds, currencies and commodities was even greater than what the firm generated in the year’s first three months, when the pandemic set off a flood of client transactions. Combined with …

Bloomberg JPMorgan Chase & Co.’s results were one more marker of the disconnect between ebullient markets and concern about the US economy. The biggest US bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in the firm’s history. It’s the second consecutive quarter that trading …

Bloomberg The Philippine central bank will likely keep policy accommodative over the next two years to deal with lingering economic damage from the coronavirus pandemic, Governor Benjamin Diokno said. “We know that this crisis may be protracted,” Diokno said when asked how long the central bank will continue its bond-buying and liquidity support programs. “At least for the next maybe …

Bloomberg India’s shadow banks are benefiting from a drop in borrowing costs after government stimulus steps, but the troubled sector faces more challenges ahead as the economy reels from the pandemic. The lenders’ borrowing costs declined in June for a second straight month, according to a gauge that’s among four indicators compiled by Bloomberg to check on the health of …

Bloomberg The Indonesian rupiah slumped to a seven-week low as traders positioned for a policy decision due on Thursday and concern about rising domestic virus infections damped sentiment. The rupiah dropped as much as 1% to 14,597 per dollar, the weakest level since May 29. BI is forecast to cut its key rate by 25 basis points to 4.00%. “If …

Bloomberg Stocks and US equity futures rose, while the dollar weakened to a one-month low as progress in developing a coronavirus vaccine crossed a key milestone. European stocks staged a broad advance, with travel shares leading gains. Atlantia SpA surged 20% as Italy’s government moved to resolve a long-running dispute linked to a 2018 bridge collapse. Treasuries and gold were …