May, 2022

• 8 May

  BOE chief says he won’t take a pay rise in 2022

    Bloomberg Bank of England (BOE) Governor Andrew Bailey has said that he won’t take a pay rise this year after asking high earners to help keep inflation in check by holding off on making aggressive demands. The central bank chief, who receives total compensation well in excess of 500,000 pounds ($618,000), said he asked the court that sets executive …

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• 8 May

  Tesla plans to boost Shanghai car production

  

    Bloomberg Tesla Inc is making plans to resume double shifts at its factory in Shanghai as soon as mid-May as it expects staffing and parts shortages to ease, according to people familiar with the matter. The US electric carmaker’s China factory was shuttered for three weeks in April as Shanghai was plunged into lockdown in an attempt to halt …

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• 8 May

  BMW profit beats estimates on strong demand for top-end cars

  

    Bloomberg BMW AG said earnings rose 12% in the first quarter even as the war in Ukraine and Covid-lockdowns in China disrupted the automaker’s supply chain. Group earnings before interest and tax rise to 3.39 billion euros ($3.6 billion) in the first quarter, the company said, exceeding analyst estimates of 2.9 billion euros. BMW confirmed the outlook for the …

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• 8 May

  Microsoft’s Xbox cloud lets iPhone users play Fortnite again

  

    Bloomberg Microsoft Corp is bringing the hit video game Fortnite back to iOS devices two years after Apple Inc took it off its App Store. Fortnite, produced by Epic Games Inc is one of the most popular video games of all time. But it’s been absent from Apple’s App Store and Google Play after Epic tried to circumvent the …

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• 8 May

  Stellantis Q1 sales rise on new models

    Bloomberg Stellantis NV’s sales jumped in the first quarter on the back of strong vehicle prices and a range of new models like the Jeep Grand Cherokee even as shipments dropped due to the supply-chain issues. The maker of Ram and Fiat brands said net revenue rose 12% to 41.5 billion euros ($44.1 billion), the company said. Stellantis said …

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• 7 May

  Oil gains as Europe moves closer to ban Russian crude

  

    Bloomberg Oil prices edged higher on Friday and headed for the first back-to-back weekly gain in two months on signs the market is tightening as the European Union moved towards banning Russian crude. West Texas Intermediate futures traded near $109 a barrel, and were on track to be up more than 3% this week. The EU intends to ban …

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• 7 May

  EU drafts compromise fixes to toughen carbon reform

  

  Bloomberg Lawmakers in the European Parliament’s environment committee agreed a set of draft compromise changes to a sweeping overhaul of the European Union’s carbon market in a push to further strengthen the cap-and-trade program. Representatives of the biggest political groups in the ENVI committee signed off on joint proposals to toughen carbon permit supply controls and improve existing shields against …

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• 7 May

  South Africa’s dependence on fuel imports to multiply

  

  Bloomberg South Africa’s monthly petroleum product imports are expected to as much as triple by next year from pre-pandemic levels as domestic refineries close, according to energy consultant Citac. Africa’s biggest industrialised nation already relies on imports to meet up to 60% of its fuel demand, and any increase in shipments will require improvements to existing storage facilities, ports and …

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• 7 May

  PetroChina says it’s not seeking discounted Russian oil and gas

    Bloomberg PetroChina Co isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the country through its existing contracts, company executives said. Deals with Russian counter-parties are operating normally, Chief Financial Officer Chai Shouping said on the company’s first-quarter earnings call. Transactions have continued to be settled in US dollars or euros despite international sanctions …

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• 7 May

  India asks its coal plants to run flat out to address rising energy crisis

  

    Bloomberg India’s government ordered coal-fired power plants that run on imported fuel to operate at full capacity to address an escalating energy crisis that’s threatening economic growth. The government took the unusual step of invoking a little-used provision in electricity laws to bridge a supply deficit that’s causing widespread blackouts. The order is valid until October 31, the power …

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