November, 2022

• 5 November

  China preparing plan to end Covid-19 flight suspensions

  

  China is working on plans to scrap a system that penalises airlines for bringing virus cases into the country, according to people familiar with the matter, a sign authorities are looking for ways to ease the impact of the Covid Zero policy. The State Council, which oversees China’s bureaucracy, has asked government agencies including the civil aviation regulator to prepare ...

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• 5 November

  Nestlé shuns price hikes as Indonesians tighten purse strings

  

  Nestlé, one of the top consumer goods suppliers in Indonesia, will avoid raising prices further after a 5% hike this year began to hurt demand. Faltering sales volume amid higher product prices is happening throughout the consumer goods industry, said PT Nestlé Indonesia President Director Ganesan Ampalavanar. He expects commodity costs to fall in the second half of 2023, which ...

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• 5 November

  Airline passengers happier now than before Covid despite delays

  

  Airline passengers are still happier with service standards now than before the coronavirus crisis, despite many carriers suffering a summer of delays and cancellations linked to staffing shortages. Passenger contentedness has shown only a slight dip, the International Air Transport Association (IATA) said, with 80% of people in a recent survey declaring themselves very satisfied or somewhat satisfied, compared with ...

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• 5 November

  Hong Kong Airport opens ‘skybridge’ in preparation for revival

  

  Hong Kong International Airport (HKIA) opened a bridge connecting a terminal and satellite concourse, part of a wider HK$9 billion ($1.15 billion) upgrade even as a full recovery in air traffic remains far off. “What the airport engineers and practitioners want to make sure is we complete the facilities in advance of the demand coming up,” said Ricky Leung, HKIA’s executive ...

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• 5 November

  Uniper posts $39.3 billion loss as Russia throttles gas supply

  

  Uniper SE reported one of the biggest losses in German corporate history, with Russia’s stranglehold on gas supplies leaving the giant utility struggling to survive. Uniper reported a net loss of about €40 billion ($39.3 billion) in the first nine months of the year after being forced to buy gas at prices far beyond what it paid Russia under long-term ...

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• 4 November

  Europe’s wind farm developer gets profit boost from burning coal

  

  One of Europe’s greenest utilities, Orsted A/S, is set to make more money this year thanks in part to burning more coal as Europe turns to the polluting fuel to provide energy security. While Orsted mostly generates electricity from an increasing fleet of wind farms at sea, it also has plants that produce power and heat from burning coal and ...

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• 4 November

  Galp wants partnerships for its renewable business, says CFO

  

  Galp Energia SGPS SA, Portugal’s biggest oil company, said it wants partners for its renewable energy business in different countries where it operates. “We’re growing all our traditional businesses, including upstream, but the renewables business is going to grow so much faster than you would want eventually to have partnerships in different countries, or different projects, without necessarily having to ...

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• 4 November

  China solar giant sees yet more uncertainty for US imports

  

  The world’s largest solar company warned that stricter US import requirements for panel shipments will continue to create disruptions to the American market through next year. Longi Green Energy Technology Co. projects between 20 to 50 gigawatts of US solar market demand in 2023, the Chinese company said in an earnings briefing, according to a note by Daiwa Capital Markets. ...

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• 4 November

  Selloff deepens after Fed warning, BOE rate hike

  

  Stocks and bonds fall as Jerome Powell’s warning that the Federal Reserve would raise interest rates more than previously anticipated sapped risk appetite. The dollar gained. Futures on the S&P 500 fall 1% in the wake of Wednesday’s 2.5% drop. The selloff spread to Europe and Asia, where China’s affirmation of its Covid-Zero stance dashed hopes of a reopening. Lumen ...

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• 4 November

  Byju’s finalising IPO valuing tutoring unit at up to $4 billion

  

  India’s most valuable startup, online-education giant Byju’s, is finalising plans for a $1 billion initial public offering (IPO) of its tutoring business Aakash Educational Services. The company is in talks with at least four foreign banks — JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley — as well as Indian banks including Kotak Mahindra Bank. ...

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