Bloomberg State-controlled VTB Group is buying 29 percent of Magnit PJSC from billionaire Sergey Galitskiy, who said investors don’t trust his vision for Russia’s second-largest food retailer after its share price plunged in the past year. Galitskiy will quit as chief executive officer after selling $2.5 billion of shares to VTB, Magnit said in a regulatory filing. Galitskiy said he …

Bloomberg President Donald Trump “feels strongly” that the US should permit collection of state and local sales taxes on purchases made over the internet, Treasury Secretary Steven Mnuchin said. Mnuchin, speaking at a hearing before the House Ways and Means Committee, said he has spoken with Trump about the issue, and that the president “does feel strongly” that state and …

Bloomberg Fuel hedging hasn’t translated into lower jet fuel prices for some of the biggest US airlines, even after crude oil rose 17 percent in the fourth quarter. American Airlines Group Inc., United Continental Holdings Inc. and Delta Air Lines Inc., three airlines that stopped fuel hedging, will pay the least for fuel this quarter, according to company projections. Alaska …