International News

  Bloomberg American Electric Power is planning to sell some or all of its renewable energy portfolio in order to focus on its core utility business. “This move will simplify and de-risk the company while allowing us to redeploy capital to our regulated businesses, where we see a meaningful pipeline of investment opportunities to enhance service for customers across our ...

  Bloomberg Carrols Restaurant Group Inc, the largest Burger King owner in the US, is cutting its chicken-nugget portion sizes as surging beef and wage costs hit profit. Beef costs were up 33% in the fourth quarter compared with a year earlier for Carrols, which owns more than 1,000 Burger King stores. It’s a big deal for the seller of ...

  Bloomberg Chancellor of the Exchequer Rishi Sunak laid out a vision to cut taxes in the UK, establishing his credentials as a Thatcherite who can appeal to the members of his Conservative Party who are questioning Prime Minister Boris Johnson’s leadership following a succession of scandals. “I firmly believe in lower taxes,” Sunak said at the annual Mais lecture ...

  Bloomberg Europe’s currencies slid after Russia’s invasion of Ukraine plunged the continent into its biggest security crisis since World War II. The euro dropped to a nearly seven-year low against the Swiss franc as investors flocked to haven assets. The pair dropped as much as 1%, the largest slide in more than two years, before rebounding slightly. The common ...

  Bloomberg The UK’s cap on energy prices could spike another 50% in October to more than 3,000 pounds ($4,006) per household following huge gains in the wholesale natural gas and electricity markets, according to Investec Bank Ltd. The calculation assumes no change in prices over the remainder of the observation window that sets prices, but sustained market rallies could ...

  Bloomberg Grain markets catapulted even higher as Russia’s attack on Ukraine put a vital source of global supplies at risk. Wheat surged by the maximum allowed by the exchange, and corn earlier did the same. Milling wheat traded in Paris soared as much as 16% to a record, and oilseeds also bounded higher, heightening concerns of a further acceleration ...

Bloomberg With President Joe Biden’s signature environmental legislation indefinitely stalled, progressive Democrats and activists are lobbying the White House to declare a “climate emergency” to unlock executive powers. The tactic could allow Biden to shut down crude oil exports, suspend offshore drilling, and redirect funding for clean energy projects. Former President Donald Trump used a similar step to divert billions ...

  Bloomberg The US Transportation Department is awarding some $450 million in grants for port-related projects to bolster capacity and improve the movement of goods as the US economy continues to be affected by congested supply chains, senior Biden administration officials say. “We’re proud to announce this funding to help ports improve their infrastructure — to get goods moving more ...

  Bloomberg United Parcel Service Inc lost a court fight for about $2 billion in compensation over the European Commission’s 2013 botched veto of its takeover bid for TNT Express. The European Union’s General Court on Wednesday dismissed the challenge, deciding that UPS failed to show how it had suffered damage. The dispute kicked off soon after UPS scrapped its ...

Bloomberg Germany’s economy minister said the country could do without Russian gas. But that won’t be easy. Europe’s industrial powerhouse currently relies on Russia’s Gazprom PJSC for more than half its gas. And if anything, demand will only grow as the country phases out nuclear and coal-fired electricity. No. 2 supplier Norway is already pumping at full tilt, and Germany ...