Bloomberg Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in the coming weeks. Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. ...

  Bloomberg New York’s biggest mall has reached a deal with lenders to avoid a default after the pandemic and years of retail turmoil left it deeply underwater on its mortgages. Destiny USA, a 2.4 million-square-foot (223,000-square-meter) shopping center in Syracuse, owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline. The mall’s owner, Pyramid Management ...

  Bloomberg Euro area economic expansion slowed sharply as surging prices curbed the rebound from pandemic restrictions and factories continued to suffer from supply snarls. An indicator for economic activity by S&P Global falls to a 16-month low in June, driven by rampant inflation, concerns over energy and rising borrowing costs. While the overall gauge still signals modest expansion, manufacturing ...