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Bloomberg The International Air Transport Association (IATA) cut its profit target for the global aviation market this year, predicting lower returns than six months ago as rising fuel prices and labour costs eat into the industry. Net income for 2018 is likely to total $33.8 billion, 12 percent lower than a December forecast for $38.4 billion, the industry’s main trade …

Bloomberg By putting his son Antoine in charge of image and communication, Bernard Arnault is sending a powerful message: LVMH, the world’s largest luxury goods maker, needs to make room in its executive ranks for the owner’s family. Arnault sent a memo to employees on June 1 announcing Antoine’s new responsibilities, a copy of which was seen by Bloomberg News. …

Bloomberg All commitments made so far in talks with the US over trade will be withdrawn if President Donald Trump carries out his threat to impose tariffs, China said. While both sides reported some progress in discussions this weekend about how to reduce China’s $375 billion goods-trade surplus with the US, Trump’s revival last week of a plan to slap …

Bloomberg Exxon Mobil Corp’s Darren Woods says his company is at the center of a delicate balancing act between those who want a cleaner environment and those seeking economic growth that depends on rising energy demand. Exxon is planning to invest more than $200 billion in major oil and gas projects around the world over seven years, a signal that …

Bloomberg Russia breached its oil-output quota agreed with OPEC for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies. Oil output averaged 10.97 million barrels a day in May, almost unchanged from a month earlier, according to data emailed by the Energy Ministry’s CDU-TEK statistics unit. That means its compliance with the …

Bloomberg President Donald Trump wanted more US solar manufacturing — and now he’s getting it. Hanwha Q Cells Korea said it will build a factory in Georgia. JinkoSolar Holding Co. of China is planning one in Florida. And US companies SunPower Corp. and First Solar Inc. say they’ll boost production in Oregon and Ohio. The expansion underscores how immediate the …

Bloomberg PropNex Realty Pte, Singapore’s biggest property broker, plans to seek about S$40 million ($30 million) from a proposed Singapore initial public offering, people with knowledge of the matter said. The company is targeting a market capitalisation of as much as S$250 million, the people said, asking not to be identified as the deliberations are private. PropNex is considering launching …

Bloomberg Beset with political drama in Italy, trade angst in China, a surging dollar, a plummeting Treasury yield and weakening economic data in Europe, equity investors in the US still managed to muddle through. In fact, as far as Mays go, this was a good one, the best for the S&P 500 Index since the bull market began. The benchmark …

Bloomberg So much for the backlash against initial coin offerings. Sales of digital tokens by technology companies this year have already surpassed the record amount raised in all of 2017 even as government officials from China to the US clamp down on offerings and incidents of fraud continue. Block.one, a Cayman Islands-based startup that’s behind the EOS token, is on …

Bloomberg The Bank of Japan cut purchases of bonds for the first time since February, taking advantage of a global slide in yields brought on by political risks in Europe and trade tensions. The BOJ trimmed buying of debt maturing in the five-to-10 year zone by 20 billion yen ($183 million) to 430 billion yen at the regular operation. While …