July, 2022

• 26 July

  European gas prices advance on Russian pipeline uncertainty

  

  Bloomberg European natural gas prices rose for a fourth consecutive session, with little clarity on future flows via a major Russian pipeline. While the Nord Stream pipeline is sending gas to Germany at a consistent rate of 40% of capacity following the end of maintenance on July 21, Russian President Vladimir Putin warned that this could decline to 20% if ...

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• 26 July

  A US recession will also come to India’s tech hub

  

  India’s tech industry is ruling out a US recession. Or so you would think from Infosys Ltd’s cheery forecast of 14% to 16% annual revenue growth, slightly better than what the country’s second-biggest exporter of software services was projecting just three months ago. The Bengaluru-based firm, which reported its June quarter earnings, is considered the industry’s weathervane. If it’s optimistic ...

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• 26 July

  Primark is ready to shine on its own

  

  It’s the end of an era for Primark’s owner Associated British Foods Plc, as longtime CFO John Bason prepares to retire in April next year. He will be succeeded by Eoin Tonge, the finance director of Marks & Spencer Group Plc. Behind the drama — Tonge was given an enlarged role at M&S only a few weeks ago and was ...

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• 26 July

  How UK paid a record price to dodge blackout

    Last week, unbeknown to many outside the power industry, parts of London came remarkably close to a blackout — even as it was recovering from the hottest day in British history. On July 20, surging electricity demand collided with a bottleneck in the grid, leaving the eastern part of the British capital briefly short of power. Only by paying ...

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• 26 July

  Will rolling back tariffs help tame inflation?

    President Joe Biden’s administration has been discussing changes to US tariffs on China for weeks. Officials are concerned that high import prices are adding to inflation, and they’re looking for remedies. People familiar with the discussions say a decision will come soon — and that the result will be tweaks to the measures put in place by the Donald ...

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• 26 July

  Ryanair’s passenger bookings cloud prospects beyond ‘boom’

  

  Bloomberg Ryanair Holdings Plc said passengers remain cautious about booking, clouding its prospects beyond a summer travel boom in which it’s suffering less disruption than many of its rivals. Europe’s largest discount airline posted a profit for the first quarter through June that beat analyst estimates, and is sticking with plans to lift capacity beyond pre-Covid levels even as other ...

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• 26 July

  Boeing defense staff reject contract offer

  

    Bloomberg Nearly 2,500 members of a union that represents three Boeing Co defense locations in the St Louis area voted to reject the company’s contract offer and plan to strike starting on August 1. “We cannot accept a contract that is not fair and equitable, as this company continues to make billions of dollars each year off the backs ...

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• 26 July

  Consumer confidence drops as inflation squeezes US shoppers

  

  Bloomberg Rising prices in the US are starting to weigh on consumer spending. Two-thirds of US consumers say they are planning to reduce spending over the next six months as a result of inflation, according to a recent survey of roughly 2,000 people conducted this month by Morgan Stanley. A similar percentage identify inflation as a top concern. The number ...

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• 26 July

  Hong Kong to speed arrivals with new electronic health rule

  

    Bloomberg Hong Kong will require travellers to the city to fill out an electronic health declaration form before boarding a flight, no longer allowing them to do the paperwork after landing, in an effort to make the process more efficient. The new system will begin from July 28 on a trial basis, the government said in a statement. In ...

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• 26 July

  China’s Shein private bids imply $30b valuation drop: sources

    Bloomberg Investors looking to sell stakes in Shein are evaluating bids at discounts of about 30% to its $100 billion valuation in April, according to people familiar with the matter, amid concern about the Chinese fast-fashion giant’s slowing growth. While some current shareholders in the private company are considering cashing out ahead of a future initial public offering, the ...

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