February, 2023

• 1 February

  UK to reinstate airports slots rules this summer

  

  Bloomberg The UK will reinstate utilisation rules that mandate airlines use their allocated airport take-off and landing slots or lose them in the next season as travel rebounds from the pandemic. Airlines will be required to use 80% of their airport slots this summer in order to retain them, the Department for Transport said. Carriers will still be able to ...

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• 1 February

  Rolex reseller Chrono24 cuts 13% jobs as pre-owned watch prices fall

  

    Bloomberg Chrono24 GmbH, the biggest dedicated online marketplace for luxury watches, cut about 13% of its workforce after prices for the most sought-after Rolex, Patek Philippe and Audemars Piguet timepieces plunged. The company eliminated 65 jobs as it shifted the focus of its operations in the US to Miami from New York, and to Japan from Hong Kong in ...

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• 1 February

  Now, companies making biodegradable clothing from algae

  

  Bloomberg Nutritious and fast-growing, algae already has a following as an alternative protein among health fanatics. A new generation of sustainable fashion startups want us to wear it too. The fashion industry produces more than 100 billion garments annually, about 14 for every person on Earth. Most end up in landfills or clogging rivers and beaches in developing countries. Only ...

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• 1 February

  Billionaire Birla inducts his kids as directors in retail unit

    Bloomberg Indian billionaire Kumar Mangalam Birla appointed two of his children as directors on the retail unit of his Aditya Birla Group, setting the stage for succession. The board of Aditya Birla Fashion and Retail Ltd., inducted Ananya Birla and Aryaman Vikram Birla, according to a stock exchange filing. The board believes the company will benefit from their new-age ...

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• 1 February

  Australia retail sales fall in Dec 2022

    Bloomberg Australian retail sales declined for the first time in 2022 in December, suggesting consumers are beginning to rein in spending in response to rapid inflation and rising interest rates. The currency and bond yields slid as sales tumbled by a larger-than-forecast 3.9%, the biggest fall since August 2020. The result came after November’s gain was revised higher to ...

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• 1 February

  Exxon posts record $56b 2022 profit

  

  Bloomberg Exxon Mobil Corp. reaped a record $56 billion annual profit but disappointed some investors by holding the line on share buybacks. Full-year profit, excluding one-time items, jumped 157% from 2021, far exceeding the driller’s prior record of $45.2 billion in 2008, which at the time marked the biggest in US corporate history. The stock initially fell almost 4% in ...

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• 1 February

  India says its path to net zero must pass through fossil fuels

  

  Bloomberg India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonisation. The country, one of the world’s largest producers of coal, has often countered demands to curb use of the dirtiest fossil fuel, arguing it is key to its energy security and economic development. The war in Ukraine saw ...

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• 1 February

  Hungarian refiner Mol eyes alternatives to Russia pipeline

  

    Bloomberg Hungarian refiner Mol Nyrt is in talks to use Croatia’s oil pipeline network as it works to wean itself off Russian supplies, according to a senior company executive. “Our intention at the moment is to clearly develop the alternative possibilities,” Peter Ratatics, Mol’s 40-year-old executive vice president for consumer services, said in an interview. “In a conflict zone, ...

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• 1 February

  UK to be only G-7 economy in recession this year, IMF says

  

  Bloomberg Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024, the International Monetary Fund predicts. The UK will be the only Group of Seven member whose economy will shrink this year, with a contraction of 0.6%, the IMF said. That makes Britain’s outlook even worse ...

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• 1 February

  Falling property values create $55b funding shortfall in Europe

  

    Bloomberg Falling values are the latest headache for landlords in Europe who need to refinance their debt. It’s a problem for their lenders too. There’s a gap of €51 billion ($55 billion) between the amount owed by commercial property owners across Germany, France and the UK and the credit likely to be available for refinancing when the borrowings mature, ...

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