Bloomberg South Africa’s plan to add an estimated $6.5 billion worth of private power generation has been further delayed as the nation continues to suffer from intermittent power outages. The signing of power purchase agreements by preferred bidders for the 2,000 megawatt risk mitigation, or emergency power, program was postponed due to “outstanding matters and conditions” with state-owned electricity ...

Bloomberg China’s biggest oil company posted its best profit since 2014 as it benefited from rising energy prices. PetroChina Co’s net income rose to 92 billion yuan ($14.5 billion) in 2021, more than quadrupling the level from the previous year, according to its annual earnings release. Oil and gas production rose 3.4%, while the refining business recovered from a loss ...

  It’s not especially fun for a plane lessor to tell shareholders that more than 100 aircraft formerly on lease to Russian airlines may be gone for good, especially when the aerospace industry is only just recovering from a global pandemic. Still, AerCap NV did a decent job explaining why its remaining $2.5 billion exposure to Russia shouldn’t cause investors ...

When I am trying to understand the macroeconomy, I often find myself resorting to one of my favorite sayings: All propositions about real interest rates are wrong. For starters, let’s define the real interest rate, or more properly a term series of real interest rates. If the long rate is published at say 6%, that is the nominal long rate. ...

The fastest growing niche of the global smartphone business isn’t the latest, greatest upgrade. It’s used phones, and American companies are leaders in supplying them to consumers at home and abroad. It’s a commercial success story with environmental and social benefits. But thanks to a provision hidden in a sprawling legislative trade- and industrial-policy package recently passed by the US ...

  Much of the commentary about the Ukraine war’s implications for the investment-management industry has tended to be both immediate and narrow, particularly in discussions about the spillovers for different segments. By zooming out, however, some longer-term ramifications become more apparent for both public and private markets. The war is amplifying and accelerating six important secular evolutions that were already ...

  Bloomberg Kenya Airways Plc’s board gave approval for the carrier to hedge prices for more than 35% of its fuel needs and is in talks with the African Airlines Association for bulk fuel purchases in a drive to cut costs. Fuel accounts for at least a quarter of costs for the airline in which the Kenyan government has a ...

Bloomberg Christian Smalls, who started a labour union after being fired by Amazon.com Inc, was on track to potentially win a historic election to unionise one of the e-commerce giant’s facilities in New York. When federal labour officials overseeing the election halted the count, Smalls’ upstart Amazon Labor Union had 1,518 yes votes compared with 1,154 no votes from workers ...

Bloomberg Russia “appreciates” India’s neutral position on the war in Ukraine, Foreign Minister Sergei Lavrov told reporters in New Delhi ahead of meetings with officials including Prime Minister Narendra Modi. “The western world wants to reduce any meaningful relationship to the crisis in Ukraine,” Lavrov said on his first visit to New Delhi since Vladimir Putin invaded Ukraine. Moscow “appreciates” ...

Bloomberg The US denied claims from Pakistan Prime Minister Imran Khan that the Biden administration is seeking to oust his government, which seems to have lost its majority in parliament ahead of a no-confidence vote on Sunday. He said it’s evidence of an “international conspiracy” to unseat him, even though he has yet to publicly release the document. In separate ...