August, 2022

• 3 August

  Italy’s Eni plans second LNG platform off Mozambique

  

    Bloomberg Eni SpA is planning a second liquefied natural gas production vessel offshore Mozambique that could be built in less than four years to help Europe diversify supplies of the fuel, according to a company executive. The Italian oil and gas producer’s potential project would complement its $7-billion Coral-Sul FLNG platform moored off Mozambique’s northern coast that’s scheduled to ...

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• 3 August

  Vitol posts record profit of $4.2bn

  

    Bloomberg Vitol Group, the world’s largest independent oil trading company, posted a record profit of $4.2 billion last year as it benefited from soaring energy prices. Those earnings allowed it to hand a record $3 billion to its executives and senior staff through share buybacks during the course of the year, according to the company’s audited annual accounts, seen ...

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• 3 August

  Ukraine’s coming attack may win or lose the war

  

  The Ukraine war is entering its third phase, and this one could well be decisive. Phase one was Russia’s failed blitzkrieg, meant to destroy the Ukrainian state. Phase two, which continues in desultory fashion, was Moscow’s push to seize all the Donbas area along the Ukraine-Russia border. Phase three will feature a Ukrainian counteroffensive in the south. If Ukraine can ...

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• 3 August

  Is demand for advertising waning?

  

  The economy is weakening, and so is demand for advertising — at least, that’s how Facebook parent Meta Platforms Inc justified its first-ever quarterly decline in revenue last week. Social-media rivals Snap Inc and Twitter Inc echoed the gloom, worsening this year’s share-price slump in the sector. Strange, then, that some of advertising’s more old-school players in Europe, from “Mad ...

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• 3 August

  The food crisis of 2022 appears to be receding

    As quickly as it blew up, the food crisis of 2022 appears to be receding. Indonesia halted exports of palm oil in April in the face of a price spike. Prices are now down more than 40% from the peak. Corn prices fell by nearly a quarter since the start of May. Sugar and coffee beans have hit respective ...

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• 3 August

  HSBC’s promises may not satisfy Ping An

    HSBC Holdings Plc is hoping to buy off dissenting investors with a boost to dividends and a forecast for higher returns. The promises made at the half-year results sent the bank’s stock sharply higher, but the shareholders agitating for big changes are likely to want more — and soon. The London- and Hong Kong-based bank is facing breakup calls ...

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• 3 August

  Bangladesh’s garment industry faces falling orders over power

  

    Bloomberg Bangladesh’s garment industry, the world’s No. 2 exporter after China, is facing a double whammy from slowing global demand and an energy crisis at home that’s threatening to thwart the nation’s pandemic recovery. Plummy Fashions Ltd, a supplier to PVH Corp, the parent company of fashion brand Tommy Hilfiger, and Inditex SA’s Zara, saw new orders in July ...

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• 3 August

  PepsiCo to pay $550m for 8.5% stake in Celsius

  

    Bloomberg PepsiCo Inc will pay $550 million for a stake in fitness-energy drink maker Celsius Holdings Inc as part of a long-term strategic distribution agreement. PepsiCo is getting convertible preferred stock equating to 8.5% ownership in Celsius, the companies said in a statement. The soft drink giant will become the preferred distribution partner globally for Celsius and will also ...

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• 3 August

  Amazon says its carbon footprint grew 18% in ‘21

  

  Bloomberg Amazon.com Inc said its carbon footprint grew 18% in 2021, as the company’s rapid growth during the pandemic overwhelmed nascent efforts to cut its contribution to the emissions warming the planet. The world’s largest online retailer emitted 71.54 million metric tons of carbon-dioxide equivalent last year, Amazon disclosed in an updated edition of its sustainability report. That’s up about ...

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• 3 August

  Boeing supplier sees 787 rate accelerating as output restarts

  

    Bloomberg Boeing Co will most likely lift build rates for its 787 widebody beyond the currently targeted five a month sometime in the future, according to the UK company that makes air ducts and structural parts for the jet. Senior Plc Chief Executive Officer David Squires said the higher pace of output for the Dreamliner seems probable once handovers ...

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