February, 2023

• 25 February

  Tesco, Aldi join grocers rationing fruit, vegetable sales in UK

  

    Bloomberg Tesco Plc has joined discounter Aldi in limiting purchases of some fruit and vegetables in the UK after difficult harvests due to cold weather in southern Spain and North Africa. Both retailers are capping purchases of peppers, cucumbers and tomatoes to three units per person. The moves follow Morrisons which has a limit of two products and Asda ...

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• 25 February

  Singapore Air axes city’s only nonstop route to Vancouver

    Bloomberg Singapore Airlines Ltd will scrap the city-state’s only nonstop flight to Vancouver from October, a little more than a year after the Asian carrier returned to Canada. The move is another example of how global hub airlines are having to readjust their networks after the pandemic in order to better match supply and demand. The sharp uptick in ...

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• 25 February

  P&G sees harder price-increase choices

    Bloomberg Decisions to raise prices again are becoming “more difficult” as inflation wears on, Procter & Gamble Co Chief Financial Officer Andre Schulten said. The Tide maker is focused on offsetting higher costs with productivity savings to minimise the need for price increases. But it still sees a need to charge more to fund innovation that it believes will ...

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• 25 February

  BP aims to transform carbon into cash with limestone play

  

    Bloomberg A plan to turn carbon dioxide into limestone — and sell it at a profit — is getting some high-profile backing as BP Plc signs a deal with a San Antonio chemical company that aims to transform greenhouse gas emissions from a liability to a commodity. Under the arrangement, BP and CarbonFree Chemicals Holdings LLC will collaborate to ...

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• 25 February

  Harnessing waste heat from Europe industries could save $71.3 billion

  

    Bloomberg Europe’s industries and transportation systems waste so much heat that capturing the excess and reusing it could save consumers more than €67 billion ($71.3 billion), a Danish engineering company said. The surplus produced each year by factories, supermarkets, wastewater facilities, data centers and subways amounts to 2,860 terawatt-hours, nearly the same as the European Union’s total demand for ...

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• 25 February

  Eskom deepens power cuts to unprecedented level

    Bloomberg South Africa is experiencing an unprecedented level of power blackouts. Eskom Holdings SOC Ltd. cut 7,045 megawatts from the grid — a move to prevent a total shutdown of the national grid — spokesman Sikonathi Mantshantsha said in a Tweet. He confirmed that the intensity of power cuts increased to the so-called Stage 7 of loadshedding, as the ...

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• 25 February

  European gas reaches tipping point to price out coal in power

  

  Bloomberg European gas prices rose amid expectations of higher demand from power producers, after a recent slump improved the profitability of the fuel compared to coal. Benchmark futures have been fluctuating near €50 over the last few days after plunging about 35% since the start of the year. Together with surging carbon prices, that could rein in an increased reliance ...

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• 25 February

  Eni reports record annual profit

    Bloomberg Eni SpA posted a record annual profit due to high oil and gas prices, despite its fourth quarter missing estimates. The Italian energy giant followed its peers with stellar earnings for 2022, after Russia’s invasion of Ukraine sent the value of key commodities soaring. Eni’s fourth-quarter adjusted net income was €2.5 billion ($2.6 billion), missing the average analyst ...

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• 25 February

  Solar industry faces whiplash from volatile material prices

  

    Bloomberg Even as solar power grows into one of the world’s largest sources of new energy, the industry behind it is facing unprecedented volatility as a battle for profits intensifies. The roller-coaster ride is best seen through the lens of polysilicon, the key material in solar panels. Prices fell more than 40% over the course of a few weeks ...

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• 25 February

  UK needs to raise ‘green finance game’ or may fall behind EU, US

  

    Bloomberg The UK needs to advance its green finance agenda or risk falling behind as rivals pursue ambitious regulatory and subsidy programs, according to an expert panel advising the government. The nation’s Green Technical Advisory Group (GTAG) said the government should provide clarity to investors on what a green investment is through a so-called taxonomy. The UK’s rules should ...

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