Bloomberg The European Union (EU) is planning urgent action to try to dampen soaring power prices and is putting together proposals to reform the electricity market, according to Commission President Ursula von der Leyen. “Skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design,” von der Leyen, who heads the EU’s executive body, …

Bloomberg French utility Engie SA is closing in on an agreement with Algeria for an increase in imports of natural gas, a deal that could come after an official visit to the country by President Emmanue Macron. “Diplomatic negotiations are ongoing,” government spokesman Olivier Veran said on BFM TV, adding that an announcement could come shortly. Europe 1 radio first …

  Bloomberg Walmart Inc plans to take Massmart Holdings Ltd. private and will promote the unit’s chief operating officer to head of the company as it prepares to renew its focus on South Africa. The global retail giant plans to buy all of the shares it doesn’t already own of Massmart for 62 rand ($3.65) apiece, a 53% premium to …

  Bloomberg Australian retailers powered further ahead in July, suggesting cashed-up households are coping well with rapid interest-rate increases. Sales advanced 1.3%, easily exceeding economists’ forecasts for a 0.3% gain, the Australian Bureau of Statistics said in a statement on Monday. The gain was the largest in four months. “Turnover rose in five of the six retail industries,” said Ben …

  Bloomberg WhatsApp, the popular messaging service owned by Meta Platforms Inc., is rolling out a shopping product in India, the first time users will be able to browse and purchase groceries and other household products without leaving the app. WhatsApp unveiled the new tool alongside JioMart, part of Reliance Industries Ltd.’s Jio Platforms, an Indian tech company that Meta …

Bloomberg Nasa delayed the debut launch of its new massive rocket due to an issue with one of its engines, dealing a temporary blow to the space agency’s plan to return to the lunar surface. With Vice President Kamala Harris in attendance at Florida’s Kennedy Space Center and a global audience watching online, the uncrewed Artemis I mission was called …

  Bloomberg Two Air France pilots were suspended after coming to blows in the cockpit of an Airbus jetliner during a flight between Geneva and Paris, latest safety issue to plague the airline. The mid-air dispute occurred in June, according to a spokeswoman for the carrier, who confirmed a report by La Tribune newspaper. The incident was resolved quickly, and …

  Bloomberg The European Central Bank (ECB) is prepared to at least repeat the half-point increase in interest rates it delivered last month, with an even bigger move not to be excluded as inflation nears yet another record. That’s the message from ECB officials who joined the Federal Reserve’s annual Jackson Hole symposium, which wrapped up Saturday. Fed Chair Jerome …

  Bloomberg Agricultural Bank of China Ltd, the nation’s third-largest bank by assets, said it’s facing 1.23 billion yuan ($178 million) in overdue loans, nearly double a previous estimate, from a mortgage boycott on unfinished projects that has swept the country. After reporting a small gain in earnings on Monday, the Beijing-based lender revealed that the overdue loans are linked …

  Bloomberg IDBI Bank Ltd’s chief executive officer (CEO) said the lender is likely to recoup 195 billion rupees ($2.4 billion) on soured debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to …