August, 2022

• 1 August

  Asda cuts petrol prices after criticism

    Bloomberg Asda has slashed the price of petrol after months of criticism that supermarkets have been keeping prices too high. Asda has knocked 5 pence (6 cents) per liter off the price of unleaded fuel and 3 pence per liter off diesel, the retailer said in an emailed statement. This brings the price down to on average 174 pence ...

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July, 2022

• 31 July

  Gen Z uses TikTok like Google

  

    Bloomberg Google is for search. TikTok is for entertainment. At least that’s how it used to be. But for the rising generation of teens and young adults, TikTok is becoming the place to find information, taking on the functions of established internet giants. The service, which boasts more than a billion users, is more than just an app where ...

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• 31 July

  Meta repeats threat it may pull Facebook, Instagram from Europe

  

    Bloomberg Meta Platforms Inc. reiterated its threat to pull its popular Facebook and Instagram services from the European Union if a new transatlantic data transfer pact doesn’t materialise. Its latest warning comes amid an imminent data flow ban it already faces from Ireland’s data protection watchdog, which oversees the tech giants based in the country. The Irish Data Protection ...

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• 31 July

  Xiaomi’s $10bn EV project hits regulatory barrier

  

  Bloomberg Xiaomi Corp is facing difficulties getting regulatory approval for its electric vehicle project in China, an unexpected hurdle for the smartphone giant’s $10 billion car-making endeavour. The Beijing-based company has been talking to officials at the National Development and Reform Commission (NDRC) about the licensing for months without success, according to people familiar with the matter. Xiaomi is one ...

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• 31 July

  Renault to move ahead with breakup plan

    Bloomberg Renault SA will carry out a plan to carve out electric and combustion-engine businesses, even without its Japanese auto-making partners. “They know that we have to do it, that we will do it and we’ve opened the door for them to each project,” Chief Executive Officer Luca de Meo said in an interview on Bloomberg Television. “At the ...

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• 30 July

  Exxon scores record profits as energy markets convulse

  

  Bloomberg Exxon Mobil Corp posted its best-ever profit, reaping the rewards from surging commodity prices as supply disruptions run headlong into rising demand and consumers feel the pinch. Second-quarter adjusted earnings of $4.14 per share beat the $3.98 forecast by the Bloomberg Consensus. Net income reached $17.9 billion, surpassing the previous record set in 2008. The biggest North American oil ...

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• 30 July

  Gas demand falls amid Russian squeeze: Engie

  

  Bloomberg Engie SA Chief Executive Officer (CEO) Catherine MacGregor said the French utility’s clients are cutting natural gas consumption as prices soar amid Russia’s squeeze on fuel deliveries to Europe. “Gas demand has declined among our customers, whether its households, small businesses or large manufacturers,” MacGregor said on a conference call on Friday. That’s probably the result of energy savings, ...

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• 30 July

  Eskom’s hunt for more power risks Zimbabwe import deals

  

  Bloomberg Eskom Holdings SOC Ltd., the South African state-owned power utility, is looking to replace Zimbabwe as an importer of electricity from Mozambique and Zambia to help ease rolling blackouts. Zimbabwe’s contracts with Mozambique’s Electricidade de Mocambique and Zambia’s Zesco Ltd. are set to expire at the end of the month, according to Sydney Gata, the executive chairman of the ...

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• 30 July

  Eni raises buybacks as profit soars on high energy prices

  

  Bloomberg Eni SpA raised share buybacks after profits surged due to high oil and gas prices. The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range. Investors in Big Oil are receiving a ...

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• 30 July

  US coal giants see surging sales

    Bloomberg The biggest US coal miners are seeing soaring revenues as global demand for the dirtiest fossil fuel drives prices to record highs. Peabody Energy Corp., the biggest US coal producer, saw second-quarter sales jump 83% to $1.32 billion, the most since 2018, the company said in a statement. Arch Resources Inc. reported revenue of $1.13 billion, more than ...

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