Bloomberg Oil extended gains to trade near $39 a barrel in New York, buoyed by an industry report of a surprise drop in US crude stockpiles and advances in other financial markets. The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. That contrasts with an increase forecast in …

Bloomberg The European Union’s (EU) executive proposed toughening the bloc’s targets for fighting climate change in a move to cut industrial pollution and spur a green economic recovery. The 27-nation EU should tighten its emissions-cutting goal to at least 55% by 2030, European Commission President Ursula von der Leyen said on Wednesday. The current objective, agreed just six years ago, …

Bloomberg Deutsche Lufthansa AG is preparing for more drastic cutbacks in its global workforce and airline fleet than it previously planned, after a hoped-for recovery of air traffic fizzled out. Recent rules that forced travellers into quarantine have had a catastrophic effect on bookings, Chief Executive Officer Carsten Spohr told staff at a meeting, according to people in attendance. For …

Bloomberg Qantas Airways Ltd is considering shifting its headquarters from Sydney in an effort to cut costs as the pandemic forces it to scale down operations. The carrier announced a three-month review of its property footprint across the country, and said it was seeking to trim its annual A$40 million ($29 million) bill for rented office space. Qantas appointed Colliers …

Bloomberg SpiceJet Ltd, one of the world’s biggest customers for Boeing Co’s now-grounded 737 Max jets, said an interim offer of compensation from the US planemaker is higher than what the Indian budget carrier recognised earlier. SpiceJet, India’s second biggest airline, has been using an unusual accounting method to book income on expected compensation from Boeing in the past few …

Bloomberg Airbus SE is offering French employees a bonus of two months’ salary if they accept voluntary severance by the end of next month, stepping up efforts to thin its ranks with fewer forced layoffs. The pandemic-hit planemaker is also offering to top up monthly wages by as much as 350 euros ($415) for up to a year if workers …

Bloomberg Amazon.com Inc plans to open 1,000 small delivery hubs in cities and suburbs all over the US, according to people familiar with the plans. The facilities, which will eventually number about 1,500, will bring products closer to customers, making shopping online about as fast as a quick run to the store. It will also help the world’s largest e-commerce …

Bloomberg Kohl’s Corp is slashing its corporate workforce by about 15% in a bid to rein in expenses as retail sales fail to recover to pre-pandemic levels. The chain said the cuts will save it about $65 million a year. It will record a pretax charge of about $23 million, mostly in the third quarter, related to the layoffs and …

Bloomberg Bank of England (BOE) officials are expected to lay the groundwork this week for yet more monetary stimulus as optimism over the UK’s economic rebound from the coronavirus pandemic fizzles out. While economists and investors don’t see immediate action, they widely predict the BOE’s bond-buying program will be expanded again before the end of the year. The latest policy …

Bloomberg Bank of America Corp. (BofA) and JPMorgan Chase & Co. were the winning bidders on $900 million of New York Metropolitan Transportation Authority (MTA) debt to finance subway, bus and commuter-rail capital projects as the transit agency seeks federal aid to avoid major service cutbacks. The sale shows the MTA, the largest mass-transit system in the US, can raise …