A further spike in US inflation — prices were 7.5% higher than a year ago, the fastest increase for 40 years — was the last the thing the Federal Reserve wanted to see as it weighed its next moves in monetary policy. It had led investors to expect a very gradual increase in interest rates starting next month. Already ...

  Bloomberg Hong Kong reported another record number of coronavirus cases, as well as two more deaths, with the worsening outbreak straining health-care resources and ramping up pressure on the government’s steadfast push for Covid Zero. Authorities announced 1,325 infections on Friday, alongside more than 1,500 preliminary positive cases. That’s up from just 614 on Monday. The city said it ...

  Bloomberg London’s Gatwick Airport will reopen its second terminal as easing Covid-19 restrictions give airlines confidence to add flights amid a budding travel rebound. The south terminal, mothballed nearly two years ago to cut costs, will help meet expected strong demand this summer, Gatwick said in an emailed statement. It will open on March 27, three weeks before Easter, ...

  Bloomberg Ryanair Holdings Plc has seen a “dramatic recovery” in bookings over the past two weeks as the easing of pandemic travel curbs across Europe encourages people to fly again. The Irish low-cost carrier’s planes are flying about 75% full and could reach 90% of capacity by the peak of the summer high season, Chief Executive Officer Michael O’Leary ...

  Bloomberg Frontier Group Holdings Inc.’s planned $2.9 billion purchase of Spirit Airlines Inc., positions Bill Franke, the self-proclaimed father of ultradiscounting, to expand his global network of carriers that offer bargain-basement fares while maintaining a laser focus on low costs. The deal comes as the industry’s recovery from the Covid-19 pandemic leans on domestic markets and leisure travelers —the ...

  Bloomberg Thousands of Italian cities shut off power at some of their biggest tourist attractions to protest spiraling energy costs. Municipal authorities from across the political spectrum banded together to highlight their call for 550 million euros ($627 million) in energy-cost relief from the government, as gas and electricity bills have risen by more than 30% this year. Italy ...

  Bloomberg President Joe Biden was to issue an executive order to transfer shift the $7 billion in Afghan central bank assets frozen in the US so it can be used to compensate victims of the Sepember 11 terrorist attacks and support aid efforts in Afghanistan, a person familiar with the matter said. The order will direct US financial institutions ...

  Bloomberg US Secretary of State Antony Blinken said that “China has been acting more aggressively,” although he didn’t consider a conflict in the Indo-Pacific inevitable. Blinken spoke as a meeting of the Quad, a regional partnership that also includes Japan, India and Australia, got underway in Melbourne. “Nothing is inevitable,” Blinken said in response to a reporter’s question about ...

  Bloomberg The Taliban-appointed permanent representative to the United Nations says the new Afghan government is pressing the international body for recognition and a member’s seat as the lack of legitimacy hurts the country’s economy and diplomacy. “Why the world is not recognizing us when we have met their conditions,” Suhail Shaheen said in an interview from Doha, Qatar. He ...

  Bloomberg The European Union wants to establish a new crisis response system to defend against threats in space as well boost its capabilities to ward off hybrid and cyber attacks. By the end of the year, the EU will explore the possibility of activating “solidarity, mutual assistance, and crisis response mechanisms in case of attacks originating from space or ...