Bloomberg Fossil fuels are no longer considered “green” by China’s central bank. The People’s Bank of China (PBOC) plans to remove “clean utilisation of fossil fuel” projects from the list of programs that can be funded by green bonds, according to a draft plan. The bank has drawn the ire of environmentalists for allowing the sustainable financing tools to fund ...

Bloomberg Occidental Petroleum Corp cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt. Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement. The move extends a cut announced ...

Too bad I didn’t keep our plane tickets from 2012 as souvenirs. They showed us departing from Los Angeles (LAX) and arriving at Berlin Brandenburg Airport (BER), which was just about to open. But the launch, already delayed the previous year, was again called off at the last minute. So we landed instead at the charming but small Tegel airport ...

One constant in Facebook’s corporate culture is the ruthless aggression when it comes to growth and competition. To take just one example: More than a decade ago, a young, upstart Facebook smashed a wage-fixing cartel that than had been imposed by older, more established tech companies and it tried to hire the best tech talent. With Facebook now among the ...

As the novel coronavirus cyclones through Latin America, it has staggered almost every nation. So how to explain Uruguay? Its infection rate of 2.1 cases per million inhabitants is the second lowest in South America and already falling, with just 22 fatalities by May 27. Ahead of many of its neighbours, Uruguay is already glimpsing a safe return to economic ...

President Donald Trump’s executive order targeting social-media companies raises tough questions about presidential power, presidential bullying and freedom of speech. To understand it, we need to start with what’s clear, and then explore what’s not. An executive order is not a law. It doesn’t bind the private sector. It doesn’t require Twitter or YouTube to do anything at all. Many ...

Bloomberg The German government settled a dispute with the European Commission over a 9 billion-euro ($9.9 billion) bailout of Deutsche Lufthansa AG, clearing the way for the carrier to accept the rescue package. After intensive talks, the commission and the German government agreed that Lufthansa will reduce the number of aircraft it keeps at Frankfurt and Munich airports. Lufthansa in ...

Bloomberg Southwest Airlines Co CEO Gary Kelly predicted that intense competition for passengers will create “a brutal low-fare environment” among carriers once coronavirus fears subside and more people start to fly. Even with capacity cuts, the number of available airline seats will still far outnumber customers in the near term, the chief executive officer said in a video message to ...

Bloomberg South African Airways’ bankruptcy administrators submitted a business rescue plan to the government, creditors and labour unions and will begin discussions on it next week. The so-called Business Rescue Practitioners have asked for an extension to their contract until June 8 to complete the work, they said. The airline has been unprofitable since 2011 and has been surviving on ...

Bloomberg Walmart Inc is jumping into the fast-growing resale clothing market to give its apparel offering a shot in the arm and diversify its e-commerce business beyond groceries and consumer staples. The world’s largest retailer is partnering with ThredUp, an online secondhand apparel company, to sell used women’s and children’s clothing on its website. Accessories and handbags, as well as ...