Bloomberg PetroChina Co isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the country through its existing contracts, company executives said. Deals with Russian counter-parties are operating normally, Chief Financial Officer Chai Shouping said on the company’s first-quarter earnings call. Transactions have continued to be settled in US dollars or euros despite international sanctions …

  Bloomberg India’s government ordered coal-fired power plants that run on imported fuel to operate at full capacity to address an escalating energy crisis that’s threatening economic growth. The government took the unusual step of invoking a little-used provision in electricity laws to bridge a supply deficit that’s causing widespread blackouts. The order is valid until October 31, the power …

  Bloomberg Petrobras posted strong first quarter results thanks to growing oil production during this year’s rally, prompting a rebuke from President Jair Bolsonaro who wants it to contain fuel prices ahead of an October election. Bolsonaro called on Petrobras to freeze gasoline and diesel prices, adding that its profits are unacceptable during a crisis. Recently elected Chief Executive Officer …

Bloomberg Spain’s Seaya Ventures, which has invested in more unicorns than any other venture capital fund in the country, is raising a new fund focused on the sustainable economy and the energy transition. The Madrid-based investment firm aims to raise EU300 million ($315.5 million) for its “sustainable tech” fund, with the Spanish government committing as much as a third and …

  Bloomberg British Airways parent IAG SA reported worse-than-expected earnings and tempered plans to boost capacity after staffing shortages at London’s Heathrow airport slowed its UK expansion. Shares of IAG fell 12%, the biggest drop in almost six months, after the company reported a first-quarter operating loss of $769 million. Operations were hit by IT glitches together with the reduced …

Bloomberg Airbus SE is pushing ahead with ambitious plans to ramp up production of its bestselling A320-family of jets to 75 a month by 2025. The figure represents a jump from a build rate of about 50 of the narrow-body planes per month right now and the 65 targeted for the middle of 2023, and comes as demand recovers from …

Bloomberg Japan Airlines Co forecast a return to profit this year, betting on a pick-up in domestic and international travel as the nation signals it’s ready to loosen virus-related border controls. JAL forecast net income of 45 billion yen ($345 million) for the fiscal year ending March 2023, topping analysts’ average estimate for around 10.2 billion yen. The airline posted …

Bloomberg New Jersey is the first state to ban both plastic and paper bags, leaving companies and shoppers to find creative workarounds to get their groceries home. ShopRite, with more than 100 New Jersey stores, will charge a flat $1.50 per order for reusable bags. Instacart Inc, which fulfills shoppers’ lists for Aldi Inc, Lidl Ltd, CVS Health Corp and …

  Bloomberg Amazon Inc makes it too hard and unnecessarily confusing to cancel subscriptions for services, some customers claimed in a lawsuit alleging the internet retailer is violating California’s rules on automatic renewal programs. The lawsuit was filed in San Francisco federal court by three California residents who say they signed up for free trials of Amazon services only to …

  Bloomberg Hong Kong’s retail sales plummeted 13.8% in March, the first back-to-back contraction in more than a year as stringent virus restrictions weighed heavily on the economy and crushed consumer spending. The fall in sales value from a year earlier was worse than the median estimate of a 12.6% decline expected by economists in a survey, though it was …