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Bloomberg Whiting Petroleum’s Chief Executive Officer Brad Holly will leave the company just five months after receiving a $6.4 million payout to see the company through bankruptcy proceedings. The Bakken oil producer expects to emerge from bankruptcy protection on September 1, when Holly will resign and be replaced by Lynn Peterson, who previously led SRC Energy. Holly and fellow executives …

Bloomberg US stocks climbed toward an all-time high as a rally in technology companies tempered a slide in banks. Treasuries rose. The S&P 500 took aim at its February closing record, buoyed fresh Chinese stimulus overnight. The index twice popped above the high last week before fading. The Nasdaq 100 outperformed as a jump in Tesla Inc. and Nvidia Corp. …

Bloomberg Hedge funds turned bearish on the dollar for the first time since May 2018, an indication that a summer slump in the world’s reserve currency will be prolonged. Net futures and options positions held by leveraged funds against eight other currencies dropped to minus 7,881 contracts last week, according to data aggregated from the Commodity Futures Trading Commission. The …

Bloomberg Indian stocks swung between gains and losses as investors weighed corporate earnings that beat expectations against rising coronavirus infections. The S&P BSE Sensex were little changed at 37,872.50 as of 9:48 am in Mumbai after dropping as much as 0.4% and gaining as much as 0.6%. The NSE Nifty 50 Index swung in a similar range and most recently …

Bloomberg The first commercial deal under an Africa-wide free trade zone will take place on January 1 next year as outstanding talks are set to move online, the African Union said. While African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations …

Bloomberg The US West Coast is set to have its hottest two weeks in 70 years, putting even more strain on power grids after California imposed rolling blackouts for the first time since 2001. Excessive heat warnings and watches stretch from the Pacific Coast inland to Montana, Utah and Arizona, according to the National Weather Service. Sacramento is forecast to …

Bloomberg Hitachi Ltd subsidiary Horizon Nuclear Power has been holding detailed conversations with UK government officials in recent weeks to revive plans for a proposed nuclear power plant in north Wales, the Financial Times reported. Horizon has been trying to convince ministers that plans for the Wylfa Newydd plant on Anglesey could be quickly restarted if they can produce a …

Bloomberg On the surface the rebound in US retail sales is a V-shaped recovery, but the overall figure obscures lingering economic pain across many of America’s businesses. After a third straight monthly increase, albeit a weaker gain than expected, the total value of US retail sales has rebounded above pre-pandemic levels. But the composition of spending looks substantially different than …

Bloomberg Deutsche Lufthansa AG’s cabin crew voted in favour of a 500 million-euro ($592 million) savings pact, its union said in a statement, a day after talks with ground staff collapsed. Members of the UFO union agreed to two collective agreements, and also voted in favour of clarifying rules around state wage support and severance payments, according to the statement. …

Bloomberg JetBlue Airways Corp’s top executive is joining an industry push for additional federal help as passenger totals plateau at about a quarter of year-earlier levels. Airlines are “in a very, very critical situation right now,” said Chief Executive Officer Robin Hayes as he called on the Trump administration and Congress to resolve a stalemate over a new economic stimulus …