Bloomberg Mercedes-Benz Group AG has committed to manufacturing electric vehicles (EVs) in Thailand after signing an agreement to import its battery-powered cars — part of a government plan to bolster the Southeast Asian nation’s status as a clean automaking hub. The luxury carmaker will receive a slew of benefits including lower import duties and excise taxes for each fully electric ...

  Bloomberg Stellantis NV plans to idle a Jeep-making factory in Belvidere, Illinois, citing challenges such as cost burdens due to the shift towards electrification of more models. The automaker said in a statement that the “difficult but necessary action,” effective Feb. 28, will result in layoffs of an unspecified number of workers, which will likely extend for more than ...

  DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco) and Shandong Energy group, are exploring collaboration on integrated refining and petrochemical opportunities in China. The companies have signed a memorandum of understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector in Shandong Province. The ...

  Bloomberg China Eastern Airlines Corp became the first recipient of the Chinese-made C919 passenger jet, a milestone in the country’s aviation ambitions as it bids to compete with aircraft made by Airbus SE and Boeing Co. The single-aisle plane was delivered to China Eastern at Pudong International Airport in Shanghai and then made a short flight to the city’s ...

Bloomberg Capital A Bhd’s AirAsia Aviation Group plans to start a low-cost airline in Cambodia, as tycoon Tony Fernandes reorganises his network following the collapse of a joint venture in Japan and sale of an India affiliate. The airline aims to begin operations late next year after receiving regulatory approvals, Capital A said in a statement. In a subsequent interview ...

  Bloomberg Airfares will increase around the world next year, by as much as 12% on Europe-Asia routes and 10% for North America-Asia flights, according to American Express Global Business Travel (Amex GBT). Asia, which was slower to lift Covid travel curbs, is set for some of the biggest changes as demand swells, Amex GBT said in its Air Monitor ...

  Bloomberg Frasers group Plc’s string of acquisitions and property sales are helping bolster Mike Ashley’s shopping empire as the cost-of-living crisis weighs on most retailers’ performance. Frasers, which owns Sports Direct and House of Fraser, is sticking to its goal of adjusted profit before tax at a record £450 million ($549 million) to £500 million for this financial year. ...

  Bloomberg Britain’s aviation regulator delayed a decision on fee hikes at London Heathrow airport as it evaluates how a UK recession and rising interest rates are likely to impact travel demand. An interim charge of £31.57 ($38) per passenger should be applied from February through the rest of 2023 pending a final ruling on a five-year charging structure, the ...

Bloomberg JetBlue Airways Corp is walking away from the purchase of carbon offsets for its domestic flights in 2023, instead opting to step up its investment in and use of sustainable aviation fuel (SAF). The carrier disclosed the shift as part of a wider commitment to reducing lifecycle greenhouse gas emissions from jet fuel by 50% per revenue ton kilometre ...

  Bloomberg India unveiled a 2.44 trillion rupee ($29.6 billion) plan to build transmission lines to connect renewable generation, as it aims to nearly triple its clean-power capacity by 2030. The project will connect solar plants in the sun-drenched deserts of Rajasthan and Gujarat and wind farms in Tamil Nadu to the national network, the power ministry said in a ...