October, 2022

• 29 October

  ArcelorMittal, BHP to capture carbon at Belgian steel plant

  

  ArcelorMittal and BHP Group will test a full-scale carbon capture operation in Belgium, in the latest sign of major steelmakers and miners working together to curb emissions. Steelmaking is one of the most polluting industries, approaching a 10th of all greenhouse gas emissions. That’s put it in the firing line of investors and environmentalists who want to see credible plans …

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• 29 October

  Renewables need $1.3trn per year for climate goals by 2030

  

  Investment in renewable energy will need to hit $1.3 trillion a year by 2030 for the world to be on track to limit global temperatures set out in the Paris climate accord. That’s the latest assessment from the International Energy Agency (IEA), which revised up the figure from $1 trillion in a previous forecast. While the amount is more than …

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• 29 October

  South Africa, Indonesia get $1bn to close coal plants

  

  South Africa and Indonesia will receive a combined $1 billion from the Climate Investment Funds to replace some of their coal-fired power plants with renewable energy facilities, part of global efforts to cut planet-warming emissions. The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund …

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• 29 October

  France pledges $12bn to shield firms from soaring energy bills

  

  The French government will spend 12 billion euros ($12 billion) to help small and mid-sized companies that are struggling to pay soaring energy bills. Prime Minister Elisabeth Borne said that the government will rely on three new mechanisms to help businesses, local authorities and associations, and to simplify access to aid. About 7 billion euros of the total cost will …

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• 29 October

  Europe running out of time to act on gas before winter

  

  European ministers pulled off what one diplomat called a miracle in July when they took just six days to agree to slash gas demand. Ever since, the bloc’s timelines have been slipping, and it now looks unlikely key new measures will be in place for winter. Ministers set another new deadline, and now aim to clinch a deal on the …

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• 28 October

  Unilever boosts sales goal, hikes prices more than ever

  

  Unilever Plc raised its sales forecast for this year after pushing through the biggest increase in prices in its history amid rampant inflation. The maker of Knorr stock cubes now expects sales this fiscal year to increase more than 8%, up from a prior range of 4.5% to 6.5%, after reporting a better than expected third quarter. However, the group …

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• 28 October

  Southwest profit tops estimates despite lingering cost pressures

  

  Southwest Airlines Co. reported a third-quarter profit greater than Wall Street expected as business sales strengthened, even as the carrier warned that cost pressures will extend into next year. Adjusted earnings were 50 cents a share in the period, the company said in a statement, compared with the 44-cent average from analyst estimates compiled by Bloomberg. Revenue of $6.22 billion …

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• 28 October

  Boeing 737 Max set for China return with airline scheduling

  

  China Southern Airlines Co. has added the Boeing Co. 737 Max back to its schedule in what would be the model’s first commercial passenger flight in China since regulators grounded it in 2019. The airline plans to deploy the Max from October 31 on at least one daily roundtrip from Guangzhou to both Wuhan and Zhengzhou, according to its booking …

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• 28 October

  Nigeria to replace high-value currency to rein in cash

  

  Nigeria’s central bank will replace high-value currency notes starting December 15 in a bid to mop up excess cash, rein in inflation and target rising insecurity in Africa’s largest economy. The country’s banking regulator plans to issue redesigned 200, 500 and 1,000 naira notes, central bank Governor Godwin Emefiele said at a briefing in Abuja, the capital. The old notes …

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• 28 October

  Yuan becomes 5th most traded currency in world

  

  The yuan leaped over the Australian, Canadian and Swiss currencies to become the fifth most traded currency in the world, according to the Bank for International Settlements’ Triennial Central Bank Survey. The Chinese currency was involved in 7% of all trades in 2022, compared with 4% three years ago, Basel-based BIS said in a report. Meanwhile, total daily trades rise …

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