November, 2022

• 13 November

  TikTok slashes ad sales target by $2 billion after tech downturn

  

    Bloomberg ByteDance Ltd.’s TikTok has slashed about $2 billion off its target for 2022 ad revenue, underscoring fallout of a global downturn that’s hammered fellow internet giants from Google to Meta Platforms Inc. TikTok Chief Executive Officer Shou Zi Chew told a handful of employees that the Chinese-owned app has slashed its ad forecast for 2022 to $10 billion …

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• 13 November

  BMW, Stellantis see Europe demand slowing as inflation bites

  

    Bloomberg Europe’s inflation crisis is beginning to catch up with the automakers. Stellantis NV said consumers in Europe are slightly dialling back car purchases, joining Germany’s BMW AG in warning the region is on the backfoot due to surging costs for anything from energy to lending. Carmakers long defied economic headwinds thanks to robust demand for their priciest models, …

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• 13 November

  Foxconn to ramp up China expansion

  Bloomberg Hon Hai Precision Industry Co. intends to keep expanding capacity in China despite persistent disruption from some of the world’s harshest Covid control measures. The company known as Foxconn intends to raise capital spending in 2023 and the biggest portion of that expenditure will go toward its already giant production base in China, Chairman Young Liu told analysts. Foxconn, …

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• 12 November

  US, Japan-led climate pact set to offer Indonesia $15b

  

  Bloomberg The US, Japan and other countries will offer a climate finance deal worth as much as $20 billion to help Indonesia shift its coal-dominated power grid away from the polluting fossil fuel. Details of an agreement will be announced during the Group of 20 meetings in Bali next week after talks between US President Joe Biden and Indonesian President …

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• 12 November

  Hindalco profit sinks on high costs, plans to raise $124 million

  

    Bloomberg Hindalco Industries Ltd., the metals flagship company of billionaire Kumar Mangalam Birla’s conglomerate, posted a sharp decline in quarterly profit as higher input and energy costs hurt its margins. The aluminum and copper producer’s board also approved a proposal to raise as much as 10 billion rupees ($124 million) through bonds, loans, debentures and other securities, it said …

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• 12 November

  Europe’s gas use slides 22% as households keep heating off

  

    Bloomberg Europe reined in its natural-gas consumption last month as households kept the heating off amid warm weather, providing some relief to a tight market ahead of winter. Governments across the region have been pleading with consumers to reduce their gas use after a slump in Russian supplies raised specter of rationing once the weather gets cold. A mild …

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• 12 November

  Commodities surge after China eases some Covid curbs

  

    Bloomberg Commodities from oil to iron ore and copper jumped after China eased some Covid restrictions, raising hopes over a demand recovery in the world’s second-biggest economy. Almost all major commodities traded higher following news that China reduced the amount of time that travellers and close contacts of infected people must spend in quarantine, a significant amendment of the …

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• 12 November

  Adani Green records 49% rise in Q2 profit

    Bloomberg Adani Green Energy Ltd. reported a 49% jump in its second-quarter profit on higher electricity generation, with the clean energy arm of billionaire Gautam Adani benefiting from India’s strong demand for power. Profit for the three months ended September climbed to 1.49 billion rupees from 1 billion rupees a year earlier, the company said in a stock exchange …

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• 12 November

  Plane ticket bookings double in hour as China eases Covid rules

  

  Bloomberg Bookings for flights into China doubled in the hour after the government announced an easing of restrictions for inbound travellers, including shorter quarantine, Ctrip.com said. Inbound reservations on the online travel agent’s platform were twice as high as the same hour, while international flight searches increased 200%, according to a statement on Friday. Among other measures, mandatory hotel quarantine …

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• 12 November

  Pilot complacency blamed for Indonesia jet crash that killed 62

  

  Bloomberg Sriwijaya Air Flight 182’s engine control system malfunctioned minutes after takeoff, leading to a crash that killed all 62 people on board in January last year, the Indonesian investigators concluded. Pilots failed to control the Boeing Co. 737-500 when one of its automated engine throttle levers began losing power, causing the plane to roll onto its side and plummet …

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