September, 2022

• 10 September

  Power cuts resume in South Africa

    Bloomberg South Africa announced its first rolling blackouts in almost three weeks, hours after the nation’s statistics office published data that showed economy contracted in second quarter when was hit by record power outages. Eskom Holdings SOC Ltd. will implement so-called stage-2 loadshedding, where it cuts 2,000 megawatts from the grid, until September 10. If the utility sticks to ...

  Read More »
• 10 September

  Germany’s energy crisis deepens as local utilities cry for help

  

    Bloomberg Germany’s fears that soaring power and gas prices could trigger a deeper crisis is starting to get real. Several hundred local utilities are coming under strain and need support, according to the head of Germany’s largest energy lobby group. The companies, generally owned by municipalities, supply households and small businesses directly and are a key part of the ...

  Read More »
• 10 September

  Revolutionary monarchy of Queen Elizabeth II

  

  Britain’s longest-serving monarch has died. It feels like a death in the family. Born in 1926, the year that John Logie Baird gave the first public demonstration of television, and crowned in 1953, the year of Joseph Stalin’s death, the Queen has been with us for so long that only a sliver of the population can remember life without her. ...

  Read More »
• 10 September

  Markets should check bullish impulses

  

  Financial conditions have tightened in the past three weeks, with stocks dropping, corporate credit yield spreads widening and mortgage rates rising back to almost 14-year highs. If the data continues to show inflation is moderating, it could be enough to help convince Federal Reserve Chair Jerome Powell and his central bank colleagues to only institute a modest interest-rate increase when ...

  Read More »
• 10 September

  Sorry bankers, you’ll never have an easy life

    It seems blindingly obvious: Banks should not trade shares to help investors claim rebates for taxes they have not paid. Yet, in Germany it took a court ruling just last year to confirm this was illegal a decade after the practice was banned. A string of international lenders are still being investigated; last week, German prosecutors raided JPMorgan Chase ...

  Read More »
• 10 September

  Farewell to the Queen, a monarch for the ages

    The death of Queen Elizabeth II on Thursday marks the end not just of an era spanning seven decades, but of one of the most remarkable public careers in modern history. Amid war, geopolitical upheaval, social turmoil and technological revolution, the queen’s decency and grace brought stability to Britain and endeared her to generations all over the world. It’s ...

  Read More »
• 10 September

  United threatens to halt JFK service without more flights

  

    Bloomberg United Airlines Holdings Inc threatened to suspend service at New York’s John F. Kennedy International Airport unless federal regulators review runway use and allow the carrier to increase daily operations. The airport’s total flight capacity hasn’t changed since 2008, despite a widening of runways and other infrastructure improvements, United told employees in a memo about its plan. The ...

  Read More »
• 10 September

  Travel industry revival shows US consumers are willing to spend

  

  Bloomberg News from several travel-related companies shows consumer spending is healthy. Demand is high, and the industry is rebounding as pandemic era troubles subside. United Airlines boosted its sales and margin outlooks, citing strong demand in the wake of a “robust” summer. Travel and tourism firm Sabre said air bookings and passengers boarded in late August reached the highest levels ...

  Read More »
• 10 September

  FAA tightens oversight of Boeing design after crashes of 737 MAX

  

    Bloomberg Employees at Boeing Co and other manufacturers will be given new protections against company interference as federal regulators continue to tighten oversight of aircraft development following a pair of crashes of 737 Max jets. The latest rules apply to engineers who are deputised by the US Federal Aviation Administration (FAA) to review the safety of aircraft designs. Any ...

  Read More »
• 10 September

  Primark drags down AB Foods outlook as energy costs rise

  

    Bloomberg Associated British Foods Plc (AB Foods) warned profit will decline in the next fiscal year as rising energy costs and the strengthening of the dollar weigh on the Primark value fashion chain. The UK conglomerate said Primark, which generates most of the group’s profit, is experiencing unprecedented volatility and its operating margin will fall next year, despite recent ...

  Read More »