September, 2022

• 6 September

  Flight delays prompt revamp of airline meal, hotel offerings in US

  

    Bloomberg Passengers finding themselves with a lengthy delay or cancelled flight have a new way to check what they can get from airlines, ahead of an expected travel rush for Labour Day weekend. The Biden administration launched a dashboard where passengers can check if airlines will provide meals, rebooking, or hotel rooms when flights are delayed or cancelled because …

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• 6 September

  UK supermarket offers instalment-plan loans for groceries

  

    Bloomberg Tens of thousands of applications for a payment-by-instalment plan have flooded into a British budget grocery chain just two weeks after its launch, as a cost of living crisis crushes UK household incomes. Customers of Iceland Foods have sent in around 60,000 applications so far, more than the total number of loans the credit provider behind the initiative …

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• 6 September

  Samsung Electronics credit risk falls

    Bloomberg Samsung Electronics Co.’s credit risk falls after Moody’s Investors Service lifted its rating to the same level as the South Korean government, citing the company’s profitability and strong finances. The senior unsecured debt rating of Korea’s biggest company was raised to Aa2, the third highest level, from Aa3, Moody’s said. The cost to insure the technology giant’s debt …

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• 5 September

  European stocks, euro sink as energy crisis worsens

  

    Bloomberg European stocks slumped and the euro falls on Monday as the region’s worsening energy crisis added to risks for a global economy already facing high inflation and a wave of monetary tightening. The Stoxx Europe 600 Index falls 1.1% after Russia’s Gazprom PJSC halted its key gas pipeline indefinitely. Steelmaker Thyssenkrupp AG, car-parts manufacturer Valeo, chemicals firm BASF …

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• 5 September

  UK’s slumping local stocks reflect headache facing its new leader

  

  Bloomberg Domestic UK stocks have had a rough year. And with recession looming and the pound plunging, it’s hard to see how things will get better anytime soon for a new prime minister on that front. Britain’s mid-cap index — made up of companies that are heavily dependent on the local economy — is down 20% this year, on course …

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• 5 September

  Oil slumps as global energy demand outlook darkens

  

    Bloomberg Oil falls this week as prospects for a global economic slowdown weighed heavily on the demand outlook. West Texas Intermediate futures dropped 6.7% for the week amid tightening monetary policy and renewed anti-virus lockdowns in China. Meanwhile, traders shrugged off an announcement by G-7 leaders of plans to cap the price of Russian crude in retaliation for Vladimir …

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• 5 September

  Sweden sets up $23.2bn emergency backstop for utilities

  

    Bloomberg Sweden’s government will provide Nordic and Baltic utilities as much as 250 billion kronor ($23.2 billion) in credit guarantees as it seeks to prevent Russia’s energy curbs from setting off a financial crisis. The measure is aimed at helping companies struggling to meet the surging collateral requirements needed to trade electricity, and avoid the threat of some going …

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• 5 September

  EU unanimity on Russia price cap a ‘challenge’, says Le Maire

  

  Bloomberg The European Union (EU) needs to act with unanimity to impose a price cap on Russian oil and overcome reluctance by some member countries to support the initiative by the Group of Seven to limit Russian energy revenue, French Finance Minister Bruno Le Maire said. G-7 leaders agreed to put a cap on oil prices, but without support from EU …

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• 4 September

  Amazon closes, scraps plans for dozens of US warehouses

  

  Bloomberg Amazon.com Inc, determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm. MWPVL International Inc., which tracks Amazon’s real-estate footprint, estimates the company has either shuttered or killed plans to open 42 facilities totalling almost 25 million …

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• 4 September

  Bed Bath & Beyond looks to capture Best Buy magic

  

    Bloomberg Bed Bath & Beyond Inc., short on cash and time, is trying to have its Best Buy moment. While many US retailers’ attempts at a turnaround have failed in recent years, Best Buy Cos.’s is one of the few that’s succeeded. The electronics chain overcame relentless online competition and management missteps to regain its stature during the past …

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