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Italy will speed up drilling for new sources of domestic gas in a bid to lower energy prices for its industries, reversing a decade of restrictions on new exploration. The plan is part of the new Prime Minister Giorgia Meloni’s first budget law, and the government is pledging €30 billion of additional energy aid. The government estimated about 15 billion ...

Britons are paying more than £2 billion ($2.28 billion) to help people heat the country’s biggest houses because of the government’s decision to cap energy bills for everyone rather than target the aid. Subsidising the gas and electricity for homes with at least five bedrooms will cost approximately £1.62 billion between October 2022 and March 2023, according to Bloomberg calculations. ...

Shares of Brazil’s state-controlled oil producer Petrobras erased their gains for the year as fears of increased political intervention with Luiz Inacio Lula da Silva as president are driving investors to dump the stock. Petroleo Brasileiro SA’s shares closed down 5.5% to 28.30 reais in Sao Paulo, and have shed over $20 billion in market value since their October peak. ...

Conor Sen All the tightening moves by the Federal Reserve this year to rein in inflation are supposed to lead to less hiring and spending by companies. But there is no law that says the biggest, most profitable companies have to cut back if they don’t feel like it. And the cuts showing up in this quarter’s earnings reports from ...

Stuart Trow The cost-of-living crisis has prompted more young workers to opt out of their workplace pensions, forgoing contributions from both their employers and the government. According to investment platform AJ Bell, 34% of workers have opted out or are considering doing so, a figure that rises to 47% for 18- to 34-year-olds. This is the opposite of what this ...

Cash is king, with investors fleeing to the safety of cash funds at the fastest pace since the coronavirus pandemic as the Federal Reserve remains firmly hawkish, according to strategists at Bank of America Corp (BofA). The asset class had inflows of $62.1 billion in the week through November 2, according to a note from the bank citing EPFR Global ...

China’s central bank Deputy Governor Fan Yifei is under investigation by an anti-graft agency, the latest high-level finance official to be probed as President Xi Jinping cracks down on corruption. Fan is being investigated for “suspected severe violations of discipline and laws,” according to a statement from the Central Commission for Discipline Inspection, the Communist Party’s top graft buster. Fan ...

Abu Dhabi / GULF TIME The China Automotive Technology and Research Center (CATARC) announced the C-NCAP 2021 results of EXEED VX. With the advantages in active and passive safety features, EXEED VX won the “five-star” safety rating, and ranked first among all 7-seat medium and large SUVs since the promulgation of the new regulations in 2018 with a comprehensive score ...

Jakarta / WAM   Abu Dhabi Ship Building (ADSB), an Edge entity, on Friday signed a memorandum of understanding with PT PAL Indonesia, Indonesia’s state-owned shipbuilder, to strengthen cooperation and to leverage the capabilities of both partners to build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements. Speaking on the occasion, ...

Riyadh / WAM    The real gross domestic product (GDP) of Saudi Arabia continued to grow by 8.6% in Q3 2022 compared to Q3 2021, according to flash estimates by the Saudi General Authority for Statistics. This growth is mainly due to the increase in oil activities by 14.5% in Q3 2022. Non-oil activities grew by 5.6% and government services activities ...