Bloomberg Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rise above $120 a barrel, trading near a three-month high. Inventories at the nation’s biggest storage hub at Cushing, Oklahoma, falls 1.59 million barrels last week, according to an Energy …

Bloomberg Target Corp cut its profit outlook for the second time in three weeks as it rushes to ease an inventory surge by marking down items and cancelling orders. Soaring merchandise stockpiles and “unusually high transportation and fuel costs” prompted Target to cut its outlook for operating profit to about 2% of sales this quarter. The company had projected the …

  Bloomberg Administrators for PT Garuda Indonesia have acknowledged claims worth 120.5 trillion rupiah ($8.3 billion) as the beleaguered airline seeks to restructure its debts. Documents posted online showed the biggest claim coming from Airbus SE at more than 7.8 trillion rupiah. Oil company PT Pertamina, which is looking to recover 7.5 trillion rupiah, also featured on the list labeled …

  Bloomberg Singapore Airlines Ltd will start selling sustainable aviation fuel credits in July, a move that will help travelers mitigate carbon footprints as businesses and governments work to reach net zero emissions by 2050. The city-state’s flag carrier plans to sell 1,000 SAF credits to travelers and freight forwarders, it said in a joint statement with the Civil Aviation …

  Bloomberg Inditex SA reported its highest profitability in a decade as the Zara owner offset inflation through tight cost control and kept attracting shoppers even with higher prices. Operating income rose 82% in the three months through April, exceeding pre-pandemic levels, the company said. The gross margin reached a 10-year record. The stock rose as much as 4.8%. Inditex …

  Bloomberg Marks & Spencer Group Plc’s outgoing Chief Executive Officer Steve Rowe is set to receive a £2.6-million ($3.3 million) compensation package as he officially steps down from his role this summer. That includes a £1.6 million bonus because he will serve as adviser to the new leadership for a year, according to the annual report. Half of the …

  Bloomberg Australia’s Qantas Airways Ltd is appealing to head-office employees to help the airline’s overworked ground handling staff as the pandemic-hit sector struggles to cope with a rebound in air travel. Workers at the headquarters of Sydney-based Qantas and its Melbourne-based low-cost airline Jetstar have been asked to step in and assist during the peak July vacation period, according …

  Bloomberg India’s central bank raised the key interest rate for a second straight month and pledged to withdraw the pandemic-era accommodation as it steps up its fight to tame prices that have been running above its target band since beginning of year. The Reserve Bank of India’s rate setting panel unanimously raised the repurchase rate by 50 basis points …

  Bloomberg Australia’s central bank surprised investors by raising interest rates by twice as much as forecast and committing itself to “doing what is necessary” to rein in broadening inflationary pressures. Bond yields soared and stocks falls as the Reserve Bank of Australia (RBA) raised its cash rate by 50 basis points — the biggest increase in 22 years — …

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda pointed to some positive changes that suggest progress is being made toward his stable inflation target while making clear that policy tightening still isn’t an option for now. Several data sets are showing rising inflation expectations and a higher tolerance for price increases among households, the governor said in a speech. “This …