August, 2022

• 16 August

  Oil sinks to six-month low on China outlook

  

  Bloomberg Oil falls as softer economic data from China eased the pressure on crude markets. West Texas Intermediate plunged as much as 5.7% to fall below $87 a barrel, the lowest in more than six months. Oil started the week on the back foot after China announced a surprise cut in key interest rates on the back of weak economic ...

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• 15 August

  Chinese bonds rally as rate cut reinforces split with Treasuries

  

  Bloomberg China’s sovereign bonds are back on the menu for foreign investors. The nation’s debt rallied on Monday after the central bank unexpectedly cut interest rates, with the 10-year yield dropping to the lowest level in more than two years. The surprise easing move underscores how the nation’s bond market offers investors an asset class that’s uncorrelated to Treasuries and ...

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• 15 August

  Nikkei 225 index outperforms peers, erases its 2022 loss

  

    Bloomberg In what has been an annus horribilis for most developed-market equities, Japanese investors find their blue-chip benchmark back in positive territory for the year. Helped by a weaker yen and continued stimulus by a resolute Bank of Japan (BOJ), the Nikkei 225 index has outperformed peers and erased its 2022 losses on Monday. Its 0.3% gain compares with ...

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• 15 August

  Aramco’s net income rises 90% to $48.4 billion in Q2

  

    DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter. The results set a new quarterly earnings record for the company since ...

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• 15 August

  Coal giants making mega profits as climate crisis grips the world

  

    ­­­Bloomberg The globe is in the grips of a climate crisis as temperatures soar and rivers run dry, and yet it’s never been a better time to make money by digging up coal. The energy-market shockwaves from Russia’s invasion of Ukraine mean the world is only getting more dependent on the most-polluting fuel. And as demand expands and prices ...

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• 15 August

  Norway moves to limit power exports in blow to Europe

  

  Bloomberg Norway is gearing up to limit power exports, an early sign of the tests Europe’s cross-border solidarity will face this winter as the energy crunch deepens. Refilling reservoirs will be prioritised over power production when levels fall below seasonal averages, Energy Minister Terje Aasland said Monday. The country is one of Europe’s top exporters of electricity, sending about a ...

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• 15 August

  Norse Air bets on London-NY boom surviving slowdown

  

    Bloomberg Startup airline Norse Atlantic ASA, which begins UK-New York flights, said it will rely on strict cost control and the strength of Europe-US travel to endure headwinds from spiraling inflation and slowing economies. The discount carrier, which operates Boeing Co. 787 jets from the failed trans-Atlantic arm of Norwegian Air Shuttle ASA, is starting off slow with a ...

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• 15 August

  Outdoor Voices mulls putting itself up for sale

  

    Bloomberg Activewear brand Outdoor Voices Inc is exploring options including a potential sale. The closely held company is working with an adviser to study possibilities that also include raising new financing, said the people, who asked to not be identified discussing private information. Deliberations are at early stage and Outdoor Voices could decide against a transaction, the people said. ...

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• 15 August

  Flying taxi firm expands defense department deal to $75 million

  

    Bloomberg Joby Aviation Inc., the electric aircraft company working on flying taxis, has increased the size of its contract with the US Defense Department to as much as $75 million. The company plans to announce the new agreement. The California-based company makes electric-powered, vertical takeoff and landing vehicles, or eVTOLs. Its Defense Department deal, which runs through 2025, more ...

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• 15 August

  Late-night egg attack shows traveller fury at Qantas CEO

  

  Bloomberg The black and white security camera footage is clear enough to make out a hooded figure on a tree-lined Sydney street. The person is energetically hurling — almost like a baseball pitcher — something at a house just before 2 am on July 12. Daylight reveals that the A$19 million ($13 million) harborside home of Qantas Airways Ltd. Chief ...

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