Bloomberg President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said, a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted by Congress, came as is part of …

Bloomberg Oil posted its biggest weekly gain since the middle of April ahead of the US Memorial Day weekend that kicks off country’s summer driving season. West Texas Intermediate rises 4.3% this week. A spate of positive US economic data this week continued to highlight the recovery taking shape in the world’s largest oil-consuming country, while Americans are expected to …

Bloomberg Boeing Co has halted deliveries of its 787 Dreamliner just two months after restarting them as the company works to get regulatory approval for its plan to resolve previously disclosed quality issues. The planemaker is providing the US Federal Aviation Administration (FAA) with added analysis and documentation of proposed fixes for undelivered jets, according to a company statement. The …

Bloomberg US aviation officials urged flight crews operating over Belarus to exercise “extreme caution,” but stopped short of a ban on overflights of the region. The Federal Aviation Administration (FAA) issued a so-called notice to airmen in the wake of the forced diversion of an airliner carrying a political opponent of that nation’s government. The European Union’s air-safety regulator advised …

Bloomberg Best Buy Co boosted its full-year sales forecast after revenue soared in the first quarter, fueled by what it deemed “extraordinarily high” demand for its electronics that has continued even as the pandemic wanes. The shares rose. The big-box retailer said it now sees company-wide comparable sales rising between 3% and 6% this fiscal year. It had earlier expected …

Bloomberg Qantas Airways Ltd is considering giving free flight vouchers or air miles to people who’ve had Covid-19 shots, joining a growing list of businesses offering vaccination incentives to kick-start global travel. While details haven’t been finalised, fully inoculated Qantas frequent fliers might also be offered free loyalty status credits, Qantas said in a statement. The program is due to …

Bloomberg Myanmar suspended some domestic flights and imposed restrictions in some townships to fight a surge in Covid cases in the past two days, the Ministry of Health and Sports said. Domestic flights between the commercial capital, Yangon, and at least five cities will be suspended for at least two weeks beginning from May 29. Myanmar Airways International-Air KBZ Group, …

Bloomberg Indonesia’s flag carrier PT Garuda Indonesia confirmed it is taking steps to restructure its debt and revamp its business in order to stay afloat amid the pandemic. The airline is negotiating terms with plane lessors and is talking with banks and business partners to restructure its loans, according to a stock exchange filing submitted. The coronavirus outbreak has forced …

Bloomberg The euro’s charge towards a three-year high is stumbling as the European Central Bank quashes expectations that it’s anywhere near paring back emergency stimulus. The ECB is increasingly expected by economists and investors to extend its elevated pace of emergency bond-buying at a June meeting, even as the continent’s vaccination program surges forward and economy rebounds. That’s putting a …

Bloomberg Canada’s biggest banks are signaling that financial issues from the Covid-19 crisis are largely in the rear-view mirror in North America — and earlier than analysts had expected. After a year of stockpiling record amounts of capital to protect against a wave of loan defaults, Royal Bank of Canada and Toronto-Dominion Bank — the country’s two largest banks — …