August, 2022

• 22 August

  Lockdowns, shortages hit Geely sales

    Bloomberg Chinese car maker Geely Automobile Holdings Ltd. reported first-half profit that missed analyst estimates as sales fell short of expectations — pummeled by Covid-19 lockdowns and supply chain disruptions. Net income dropped 35% to 1.55 billion yuan ($228 million) in the six months ended June 30 from a year earlier, the Hangzhou-based automaker said in a statement. That …

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• 22 August

  Apple expects to sustain iPhone sales as market slows

  

    Bloomberg Apple Inc has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn. The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for …

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• 20 August

  World Bank mobilises $20.7bn to help LatAm, Caribbean economies

  

  Washington / WAM As Latin America and the Caribbean (LAC) continues to deal with the negative impact of the pandemic, the World Bank group (WBG) deployed $20.7 billion to support the region in its just-completed fiscal year ending June 30. These brings the WBG support to LAC since April 1, 2020, to an unprecedented total of $49.8 billion to fight …

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• 20 August

  PetroChina considers spinoff of energy marketing business

  

  Bloomberg PetroChina Co, the country’s biggest oil and gas producer, is weighing a plan to carve out its marketing and trading business and seek a separate listing, people with knowledge of the matter said. China National Petroleum Corp (CNPC), the state-owned parent of PetroChina, has asked external consultants to provide proposals on the feasibility of such a plan, said the …

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• 20 August

  Germany’s Uniper suffers $12.2 billion hit in energy shock

  

    Bloomberg Uniper SE reported a loss of more than 12 billion euros ($12.2 billion), ranking among the biggest in German corporate history and laying bare the unprecedented crisis engulfing Europe’s energy markets. The size of the hit for the utility, which last month received a government bailout, shows just how severe the situation is as the European Union braces …

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• 20 August

  Russia’s Sakhalin-2 LNG plant asks its buyers to pay Gazprombank

  

  Bloomberg Russia has asked buyers from its Sakhalin-2 LNG plant to pay Gazprombank JSC, throwing customers including Japan and South Korea into a dilemma over sanctions that threaten shipments. Sakhalin Energy LLC, the new operator, sent settlement instructions to customers for paying in US dollars to Gazprombank, according to documents seen by Bloomberg. Gazprom PJSC owns just over 50% of …

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• 20 August

  BP is exiting its Mexican oil assets

    Bloomberg BP Plc is seeking to get rid of its oil assets in Mexico amid a shift in its business strategy towards renewable energy and a challenging political climate in the energy sector in the country. Since winning three exploration contracts in partnerships with France’s TotalEnergies, Equinor ASA, Qatar Petroleum and Hokchi Energy six years ago, BP has sold …

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• 20 August

  Germany proposes cooler office temperatures to save gas

  

    Bloomberg Germany is proposing additional energy-saving measures as Chancellor Olaf Scholz’s government seeks to reduce the country’s dependence on Russian natural gas supplies. The Economy Ministry suggested reducing the minimum temperature in offices — in both the public and private sectors — to be lowered to 19 degrees Celsius (66 Fahrenheit) as it seeks to cut gas consumption by …

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• 20 August

  Cathay Pacific pilots offered extra pay for flights to China

  

    Bloomberg Cathay Pacific Airways Ltd is dangling allowances of up to HK$5,000 ($640) a flight as a sweetener for pilots rostered on to fly in and out of mainland China, with ongoing Covid-19 curbs making it less appealing to work those routes. The Hong Kong-based airline’s dedicated Chinese mainland operations have “been particularly onerous,” the company acknowledged in a …

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• 20 August

  Apollo in line for $7m breakup fee for SAS

  

    Bloomberg The federal judge overseeing SAS AB’s Chapter 11 process approved a $7 million breakup fee to Apollo Global Management Inc if its planned bankruptcy financing package for the Scandinavian airline falls through. Apollo said it would provide roughly $700 million to help SAS continue to operate during bankruptcy on the condition that the court signed off on the …

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