Bloomberg Russia has asked buyers from its Sakhalin-2 LNG plant to pay Gazprombank JSC, throwing customers including Japan and South Korea into a dilemma over sanctions that threaten shipments. Sakhalin Energy LLC, the new operator, sent settlement instructions to customers for paying in US dollars to Gazprombank, according to documents seen by Bloomberg. Gazprom PJSC owns just over 50% of …

  Bloomberg BP Plc is seeking to get rid of its oil assets in Mexico amid a shift in its business strategy towards renewable energy and a challenging political climate in the energy sector in the country. Since winning three exploration contracts in partnerships with France’s TotalEnergies, Equinor ASA, Qatar Petroleum and Hokchi Energy six years ago, BP has sold …

  Bloomberg Germany is proposing additional energy-saving measures as Chancellor Olaf Scholz’s government seeks to reduce the country’s dependence on Russian natural gas supplies. The Economy Ministry suggested reducing the minimum temperature in offices — in both the public and private sectors — to be lowered to 19 degrees Celsius (66 Fahrenheit) as it seeks to cut gas consumption by …

  Bloomberg Cathay Pacific Airways Ltd is dangling allowances of up to HK$5,000 ($640) a flight as a sweetener for pilots rostered on to fly in and out of mainland China, with ongoing Covid-19 curbs making it less appealing to work those routes. The Hong Kong-based airline’s dedicated Chinese mainland operations have “been particularly onerous,” the company acknowledged in a …

  Bloomberg The federal judge overseeing SAS AB’s Chapter 11 process approved a $7 million breakup fee to Apollo Global Management Inc if its planned bankruptcy financing package for the Scandinavian airline falls through. Apollo said it would provide roughly $700 million to help SAS continue to operate during bankruptcy on the condition that the court signed off on the …

  Bloomberg Estee Lauder Cos’ sales forecast trailed analyst estimates amid continued lockdowns in China and pressure from the strengthening US dollar. The fragrance and skin-care company said that it expects an 8% to 10% drop in sales this quarter, compared with a year ago. Analysts surveyed by Bloomberg expected revenue to be roughly flat in the quarter, which is …

  Bloomberg Chinese budget retailer Miniso Group Holding Ltd apologised for styling itself as a Japanese designer brand and said it would change its logo, amid a wave of local nationalism fueled by geopolitical tension over Taiwan. The Guangzhou-based company has long promoted itself as Japanese-influenced, with a Japanese chief designer and Japanese characters on its shopping bags and marketing …

  Bloomberg Kohl’s Corp cited financial stress on its middle-income customers as it cut its profit and sales outlook for the second straight quarter. But soaring inflation is also helping the department-store chain entice wealthier shoppers hunting for bargains. “In our higher-income customers, we’re actually seeing more customers and they’re spending more,” CEO Michelle Gass told analysts. Gass’s comments echoed remarks …

  Bloomberg Bed Bath & Beyond Inc shares tumbled as much as 44% in premarket trading, giving back much of this month’s huge gains, after top investor Ryan Cohen exited his stake. The stock traded down 41% at $10.98 in New York, putting the retailer on course for its worst day since going public in 1992. Cohen’s RC Ventures sold …

  Bloomberg Bank of America Corp (BofA) said overdraft-service fees plummeted 90% after it took steps to ease off on the charges, which have been under fire from lawmakers. The decline from a year earlier came in June and July, the first two months after the second-largest US bank implemented sweeping changes related to overdraft services for its more than …