October, 2022

• 15 October

  Rosneft sues Germany for taking control of oil assets

  

  Bloomberg Russian oil major Rosneft PJSC has filed a legal complaint against the German government’s move last month to take control of its assets in the country. Chancellor Olaf Scholz’s ruling coalition justified the step by saying it was necessary to protect energy supplies and secure the future of the Schwedt refinery near the Polish border, which supplies Berlin and ...

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• 15 October

  Germany reaches 95% natural gas storage target ahead of schedule

  

  Bloomberg Germany met a crucial natural-gas storage target more than two weeks ahead of plan, but the regulator warned that wasn’t enough to guarantee supplies during the coldest months. Gas storage in Europe’s biggest economy is now on average 95% full, ahead of a November 1 deadline, according to the Economy Ministry. Germany was the EU country most reliant on ...

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• 15 October

  Russia sanctions spur buying frenzy for ice-breaking oil tankers

  

    Bloomberg The cost of oil tankers that can navigate icy waters has surged ahead of looming European Union sanctions on the export of Russian crude. Some ice-class Aframax vessels have recently been sold at between $31 million and $34 million, double the price compared with a year earlier, said shipbrokers. The bids for tankers have been aggressive and most ...

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• 15 October

  BP to power London’s largest car service going all-electric

    Bloomberg BP Plc’s electric-vehicle charging business is partnering with Addison Lee, London’s largest car and courier service, to keep its drivers from running out of battery range. Addison Lee’s fleet of EVs — which is expected to be 1,000 strong by the end of the year — will get enhanced access to BP Pulse’s more than 3,000 charging points, ...

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• 15 October

  Malfunction hits Shell refinery unit

    Bloomberg Europe’s largest oil refinery suffered a malfunction, a potential source of jitters for the continent’s refined fuels market where supply has already been hit by industrial action. The compressor of fluid catalytic cracker unit 2 tripped on Oct. 12 due to the loss of power supply, according to a fire safety alert from the region’s Rjinmond Veilig service. ...

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• 14 October

  Bank of England snatching defeat from jaws of victory

  

  “You’ve got to get this done.” Hardly the words of encouragement UK pension fund managers wanted from the governor of the Bank of England. Speaking in Washington late on Tuesday, Andrew Bailey insisted they wind up excess leverage in gilts before the BOE ends its support for the country’s government bond market. That means the pension funds have just three ...

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• 14 October

  Welcome to last hurrah for US earnings

  

    The US corporate earnings season could prove to be half decent, but don’t expect the market to celebrate. The prospect of a looming recession is becoming too real for investors to get hung up on last quarter’s success. Consider the economic backdrop. Macroeconomic data suggest that key parts of the US economy have held up until now, which makes ...

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• 14 October

  Google’s AI videos point to machine-generated future

    AI’s creative abilities are outstripping its driving skills. While self-driving car technology is going nowhere, there’s been a remarkable explosion in research around generative models, or artificial intelligence systems that can create images from simple text. In just the past week, AI researchers from Meta Platforms Inc. and Alphabet Inc.’s Google have taken an extraordinary leap forward, developing systems ...

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• 14 October

  Apex court has history of failed leak probes

    Although the matter is reportedly still up in the air, I’m hoping the Supreme Court releases its report on the investigation of a draft opinion in last spring’s abortion case. But I doubt we’ll learn the identity of the leaker. We never do. I consider the leak contemptible, but we mustn’t be starry eyed. The court has leaked for ...

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• 14 October

  Qantas roars back to profit as airline leaves pandemic behind

  

    Bloomberg Qantas Airways Ltd has surged back to profitability on booming travel demand after most pandemic-era curbs were dismantled, helping shore up Alan Joyce’s position as chief executive officer and sending the shares to their biggest gain in two-and-a-half years. First-half underlying profit before tax is seen at A$1.2 billion to A$1.3 billion ($816 million) — ending a streak ...

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