March, 2022

• 25 March

  LG considers building battery facility for electric cars in Arizona

  

    Bloomberg LG Energy Solution will invest around $2 billion on increasing output in North America as the South Korean battery maker ramps up production to meet rising demand for electric cars. LG will spend about $1.5 billion on a joint venture plant with Stellantis NV in Canada, the Seoul-based firm said in a company filing, without disclosing the exact …

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• 25 March

  Germany slashes fuel tax in $16.5b energy package

    Bloomberg Germany’s ruling coalition agreed on additional measures worth about $16.5 billion to ease the burden on businesses and households from soaring energy costs, including a temporary reduction in fuel prices. Chancellor Olaf Scholz’s government will cut the tax on fuel for three months by 30 euro cents ($0.33) for gasoline and 14 cents for diesel, Finance Minister Christian …

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• 25 March

  TotalEnergies in talks on realising South Africa gas development

  

    Bloomberg TotalEnergies SE is working on a plan to develop gas discoveries in South Africa with its partners and the government, according to its managing director in the country. The oil major starting in 2019 has made discoveries of gas and condensate — a light liquid hydrocarbon — offshore the most industrialised nation in Africa. After overcoming strong offshore …

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• 25 March

  Airbus scouts India in search of elusive widebody customer

  

    Bloomberg Airbus SE has tried for years to find a new customer for its bigger jets in India, the world’s fastest growing aviation market before Covid shattered travel. Two of its previous buyers went bankrupt, while another was sold, giving arch rival Boeing Co a firm foothold in the South Asian nation’s market for transcontinental planes. Remi Maillard, the …

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• 25 March

  CD&R’s $9.2b Morrison deal faces probe in UK

  

    Bloomberg Clayton Dubilier & Rice (CD&R) LLC has been given five days to address competition concerns in its 7 billion pound ($9.2 billion) purchase of British grocer Wm Morrison Supermarkets Plc or it will face an in-depth probe from the UK’s watchdog. The Competition and Markets Authority (CMA) said the deal could lead to higher fuel prices in 121 …

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• 24 March

  Major airlines urge Hong Kong to drop Covid-19 tests for crew

  

    Bloomberg A coalition of leading passenger and cargo airlines is calling on Hong Kong to scrap pre-flight and on-arrival Covid-19 tests for aircrew, saying they are a key reason to avoid flying to the city. Hong Kong is the only jurisdiction in Asia that requires such tests, which lead to delays and the risk of staff being sent to …

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• 24 March

  Next cuts profit forecast as war, inflation knock confidence

  

    Bloomberg Next Plc lowered its profit and sales guidance for this year as the war in Ukraine and record inflation in Britain dimmed the retailer’s outlook. The clothing and housewares chain forecast a profit of 850 million pounds ($1.1 billion) in the year through January, a 10 million-pound drop on a previous estimate, in a statement. Often considered a …

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• 24 March

  Vaccine passports likely to become unnecessary: Goh

  Bloomberg Vaccine passports will probably become redundant as more people are inoculated against Covid, and efforts to create a common standard are stymied by differing entry requirements, the head of the world’s biggest airline alliance said. “There’s no way that this has been integrated in one place,” Star Alliance Chief Executive Officer Jeffrey Goh said in an interview in Singapore. …

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• 24 March

  Amazon halts work on San Francisco depot

    Bloomberg Amazon.com Inc has stopped work on a new warehouse in San Francisco after the city’s Board of Supervisors voted unanimously to implement a moratorium on new parcel delivery services there. The incident is the latest flashpoint between Amazon and some of the communities where it’s setting up shop amid a rapid expansion of its urban presence. The world’s …

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• 24 March

  SNB tolerates franc strength, keeps up intervention threat

  

  Bloomberg Switzerland’s central bank refrained from sounding the alarm about the exchange rate despite the first breach of parity with the euro since 2015, as it warned that the war in Ukraine could hurt economic growth. Reflecting a restrained reaction to gains in the currency since the Russian invasion of Ukraine, the Swiss National Bank (SNB) stuck with its description …

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