South Africa and Indonesia will receive a combined $1 billion from the Climate Investment Funds to replace some of their coal-fired power plants with renewable energy facilities, part of global efforts to cut planet-warming emissions. The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund ...

The French government will spend 12 billion euros ($12 billion) to help small and mid-sized companies that are struggling to pay soaring energy bills. Prime Minister Elisabeth Borne said that the government will rely on three new mechanisms to help businesses, local authorities and associations, and to simplify access to aid. About 7 billion euros of the total cost will ...

European ministers pulled off what one diplomat called a miracle in July when they took just six days to agree to slash gas demand. Ever since, the bloc’s timelines have been slipping, and it now looks unlikely key new measures will be in place for winter. Ministers set another new deadline, and now aim to clinch a deal on the ...

Unilever Plc raised its sales forecast for this year after pushing through the biggest increase in prices in its history amid rampant inflation. The maker of Knorr stock cubes now expects sales this fiscal year to increase more than 8%, up from a prior range of 4.5% to 6.5%, after reporting a better than expected third quarter. However, the group ...

Southwest Airlines Co. reported a third-quarter profit greater than Wall Street expected as business sales strengthened, even as the carrier warned that cost pressures will extend into next year. Adjusted earnings were 50 cents a share in the period, the company said in a statement, compared with the 44-cent average from analyst estimates compiled by Bloomberg. Revenue of $6.22 billion ...

China Southern Airlines Co. has added the Boeing Co. 737 Max back to its schedule in what would be the model’s first commercial passenger flight in China since regulators grounded it in 2019. The airline plans to deploy the Max from October 31 on at least one daily roundtrip from Guangzhou to both Wuhan and Zhengzhou, according to its booking ...

Nigeria’s central bank will replace high-value currency notes starting December 15 in a bid to mop up excess cash, rein in inflation and target rising insecurity in Africa’s largest economy. The country’s banking regulator plans to issue redesigned 200, 500 and 1,000 naira notes, central bank Governor Godwin Emefiele said at a briefing in Abuja, the capital. The old notes ...

The yuan leaped over the Australian, Canadian and Swiss currencies to become the fifth most traded currency in the world, according to the Bank for International Settlements’ Triennial Central Bank Survey. The Chinese currency was involved in 7% of all trades in 2022, compared with 4% three years ago, Basel-based BIS said in a report. Meanwhile, total daily trades rise ...

Lloyds Banking Group Plc missed estimates in the third quarter after the lender took charges for bad loans as it warned of a darkening outlook for the UK economy. Pretax profit falls more than expected to £1.5 billion ($1.7 billion) after the bank took its biggest charge since the Covid-19 pandemic to cover loans that could default. The £668 million ...

The Bank of Canada signalled it’s nearing the end of its interest-rate hiking campaign, potentially providing a model for counterparts elsewhere as recession risks mount. The central bank unexpectedly slowed its pace of rate increases, amid concern Canada’s economy is already flirting with a recession. Governor Tiff Macklem boosted the benchmark overnight lending rate by 50 basis points, instead of ...