October, 2022

• 23 October

  Intel reduces Mobileye IPO valuation again to $16 billion

  

  Mobileye Global Inc, the self-driving technology company owned by Intel Corp, is targeting a valuation of about $16 billion in a public offering, far below its previous target amid a rocky year for new listings. Intel had lowered its expected valuation of Mobileye to $30 billion due to turbulent market conditions, Bloomberg News reported last month. The company plans to …

  Read More »
• 23 October

  Mercedes unveils new electric SUV aimed at Tesla’s Model Y

  

  Mercedes-Benz Group AG is broadening its battery-powered line-up with a sport utility vehicle (SUV) that will take on Tesla Inc.’s Model Y in another step towards the automaker’s goal to go all-electric by the end of the decade. The EQE SUV, unveiled on the eve of the Paris car show, will edge out the cheaper Model Y with 590 kilometers …

  Read More »
• 22 October

  Europe racks up $700 billion energy tab as budgets strain

  

  Bloomberg European Union (EU) governments have pledged more than 550 billion euros ($536 billion) to protect citizens and businesses from soaring energy costs over the past year, highlighting the enormous fiscal burden the bloc’s leaders face as they jostle over how to pay for it. That figure climbs to 710 billion euros when support for utilities via loans, bailouts and …

  Read More »
• 22 October

  Enel in talks on $15.8 billion credit line for power price hit

  

    Bloomberg Italy’s Enel SpA is in talks with banks on a new €16 billion ($15.8 billion) state-backed credit line to cover derivatives risks linked to spiking energy prices, according to people familiar with the matter. Under the plan, the country’s trade-credit insurer Sace would provide guarantees for around 70% of the total amount, said the people, asking not to …

  Read More »
• 22 October

  Germany risks wasting billions on LNG projects

  

    Bloomberg Germany is at risk of wasting billions of euros on boosting liquefied natural gas imports instead of moving towards sustainable alternatives like energy efficiency, according to a new report. The country faces about 200 billion euros ($196 billion) of additional costs for gas imports by the end of the decade, causing a doubling of bills for consumers, the …

  Read More »
• 22 October

  Chinese city plans offshore wind farm that could power Norway

    Bloomberg A city in southern China is planning an offshore wind farm bigger than all of the power plants in Norway combined. Chaozhou, in Guangdong province, intends to start work on the 43.3-gigawatt project before 2025, according to a copy of the city’s five-year plan posted on industry publication bjx.com. The wind farm will be built between 75 and …

  Read More »
• 22 October

  BP to acquire US biogas producer

    Bloomberg BP Plc agreed to acquire biogas producer Archaea Energy Inc. for about $4.1 billion including debt, the latest step in the UK energy giant’s expansion into into lower-carbon fuels. BP will pay $26 per share, a 38% premium to the average share price in the 30 days to Oct. 14, Archaea said in a statement. The Houston-based company, …

  Read More »
• 22 October

  Indonesia eyes sugarcane-mixed biofuel to cut emission

  

    Bloomberg Indonesia plans to sell biofuels made from a blend of sugarcane extract and oil from next year as the world’s largest exporter of dirty coal seeks to reduce emission and curb fuel imports. State-owned oil and gas firm PT Pertamina Persero will begin selling A20 fuel, which is a mix of 80% gasoline, 15% methanol derived from natural …

  Read More »
• 22 October

  Air India plans to triple its fleet of 113 jets in five years

  

  Bloomberg Air India Ltd is planning to triple its fleet of 113 aircraft over five years as the money-losing carrier prepares to transform the business following its takeover by India’s largest conglomerate, the Tata group. “The airline is in discussions with aircraft and engine manufacturers on procuring new aircraft,” Air India Chief Executive Campbell Wilson said in New Delhi. “I …

  Read More »
• 22 October

  Branson says first UK space launch on course for next month

  

    Bloomberg Britain’s first-ever space launch is on track to take place before the end of November, according to billionaire entrepreneur Richard Branson, whose Virgin Orbit Holdings Inc. will undertake the mission. “We plan to launch our first satellite into space from European soil within six weeks,” Branson said at a press conference in Milan. “We are pretty much ready.” …

  Read More »