February, 2023

• 3 February

  Air New Zealand tries to recover 9,000 travellers stranded by floods

  

    Bloomberg Air New Zealand Ltd. is attempting one of its biggest-ever passenger recoveries, trying to rebook some 9,000 travellers stranded around the world or stuck at home, unable to fly due to floods in Auckland. With spare capacity on airlines already limited, the task has turned into a complex logistical puzzle for the New Zealand carrier. Some passengers are ...

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• 3 February

  Appliance maker Whirlpool sees profitability as material costs ease

  

    Bloomberg Whirlpool Corp. said it expects easing raw material costs to provide relief to profitability in 2023, even as economic activity loses steam. The shares rose in late trading. The company expects inflation for inputs such as steel and resins to moderate, which, combined with a cost-cutting initiative, should lower expenses by $800 million to $900 million, Whirlpool said ...

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• 3 February

  Made-in-India GE jet engines sought in closer US security ties

  

    Bloomberg The US and India plan to share advanced defense and computing technology, including the potential joint production of General Electric Co. jet engines, as the Biden administration seeks to shift New Delhi away from Russia and counter China. Details of the plan, known as US–India Initiative on Critical and Emerging Technologies, bolster Washington’s broader agenda of strengthening military, ...

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• 3 February

  Oatly unveils climate footprint labels for plant-based yogurts

    Bloomberg Oatly Group AB will this month debut climate footprint labels on four of its plant-based yogurts, known as Oatgurts, in the US, and plans to update the labelling on 12 additional products sold nationwide over the next two years. Climate details for these 16 Oatly products will also be available online. “We’re in the business of driving an ...

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• 3 February

  Bestway raises stake in Sainsbury

    Bloomberg British convenience-store operator Bestway Group Ltd. raised its stake in J Sainsbury Plc as speculation swirls about the future ownership of the UK’s second-largest grocer. Bestway now holds 4.47% of Sainsbury, up from 3.45% last week, according to a filing. The family-owned business previously said that it intended to increase the holding, though it will own the shares ...

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• 3 February

  US labor market seen cooling, but not nearly enough for Fed

  

    Bloomberg US hiring likely continued to moderate at the start of the year, though still-solid wage growth, an unemployment rate near historical lows and high vacancies are seen stiffening the Federal Reserve’s resolve to keep rates elevated for some time. Friday’s jobs report is expected to show payrolls rose by 190,000 in January. Economists also estimate that average hourly ...

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• 3 February

  Royal Mail outsources £8.8 billion pension pot to BlackRock

  

    Bloomberg The Royal Mail Pension Plan is handing BlackRock Inc. an £8.8 billion ($10.9 billion) mandate to be its outsourced chief investment officer. The world’s largest asset manager will lend its trading capabilities and technology to the pension plan, while using staff from the in-house investment team, according to a statement on Thursday. The plan pays for the retirements ...

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• 3 February

  US to tap traditional African crops to solve food insecurity

  

  Bloomberg The US is launching a new initiative to identify and invest in climate adaptation for Africa’s most nutritious crops in a bid to deal with growing hunger on the continent. The program, announced by the US State Department together with the United Nations’s Food and Agriculture Organization and the African Union on Wednesday, will seek to identify crops in ...

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• 3 February

  KKR makes bid for Telecom Italia grid

    Bloomberg KKR & Co. has made a non-binding bid for a stake in Telecom Italia SpA’s multi-billion-euro network, the Italian carrier said on Thursday, as Chief Executive Officer Pietro Labriola seeks to turn the business around. The shares gained as much as 14% in Milan on Thursday following the announcement of the bid. Telecom Italia has struggled under a ...

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• 3 February

  Intel’s planned US chip plant has bankers looking for deals

  

    Bloomberg Brookfield Infrastructure Partners LP’s $15 billion commitment last year to help finance Intel Corp.’s giant new semiconductor complex in Arizona, the first deal of its kind, sent investors and bankers racing to find similar opportunities. Brookfield, a major infrastructure investor, put up $2 billion in equity and borrowed $13 billion from a mix of foreign banks, pension funds ...

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