July, 2022

• 8 July

  France to nationalise debt-laden EDF

    Bloomberg The French government will nationalize its financially struggling nuclear giant Electricite de France SA to help it ride out Europe’s worst energy crisis in a generation and invest in new atomic plants. “The climate emergency requires strong, radical decisions,” Prime Minister Elisabeth Borne said during a policy speech in parliament in Paris. “We need to have full control ...

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• 8 July

  European gas extends scorching rally as supply fears mount

  

    Bloomberg Natural gas in Europe headed for the longest stretch of daily gains in more than nine months as persistent fears of deeper supply cuts by Moscow spread through the market. Benchmark futures, which have doubled their value over the past month, surged as much as 9% for a seventh day of increases. The crisis has also sent power ...

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• 8 July

  At 5 years, India’s historic tax reform is out of fuel

  

  Five years ago, India’s federal and state governments struck a historic deal. From July 1, 2017, a uniform tax on goods and services — marketed by Prime Minister Narendra Modi as “One Nation, One Tax, One Market” — replaced a bewildering array of local sales and entry levies. But the many compromises that were struck to bring more than 1 ...

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• 8 July

  Germany’s trade surplus disappears!

  

  In May, for the first time in more than three decades, Germany’s storied trade surplus disappeared. Not only is imported natural gas more expensive, but demand in China is falling — neither of which is good news for Germany. Nevertheless, the fallout will be more manageable than many people expect, the Germans included. For decades there has been too much ...

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• 8 July

  SoftBank is ‘unluckiest’ in venture capital world

    If the fiascoes at WeWork Inc and Greensill Bank AG were not enough, Klarna Bank AB should serve as another fine reminder that SoftBank Group Corp is the unluckiest whale in a crowded venture capital world. Founder Masayoshi Son somehow always manages to hold the worst cards. The Sweden-based fintech, known for its buy-now-pay-later offering, is in talks to ...

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• 8 July

  Nato is sending right message to Putin now

    At their summit in Madrid, Nato’s leaders agreed to add two new members, Finland and Sweden, and to beef up the alliance’s presence in Eastern Europe. Taken together, the moves will greatly enhance Nato’s firepower and strengthen its ability to deter Russian aggression. They also could create new risks, which all member states will need to be attentive to. ...

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• 8 July

  British Airways close to union deal as Lufthansa feels strain

  

  Bloomberg British Airways is nearing a possible agreement on pay with check-in staff that could head off a strike and prevent further disruption after the carrier scrapped thousands of flights amid a staffing crunch. Talks with the Unite union have progressed and a deal is close, according to a person familiar with the matter who asked not to be named ...

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• 8 July

  Germany’s richest man becomes biggest Lufthansa shareholder

  

  Bloomberg Germany’s richest man is now the largest shareholder in Deutsche Lufthansa AG after reinvesting a chunk of a fortune he made in logistics into Europe’s biggest airline. Klaus-Michael Kuehne raised his stake in Lufthansa to 15.01% from 10.01%, according to a filing, overtaking the German government as the carrier’s biggest shareholder. The state has been selling down its interest ...

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• 8 July

  Sainsbury’s sales decline over shoppers’ cost of living battle

  

    Bloomberg J Sainsbury Plc held its profit forecast for the full year even as it warned that rising inflation means pressure on household budgets will intensify. Britain’s second-largest supermarket chain stuck to its forecast for the full year of underlying profit before tax of £630 million ($764 million) to £690 million. The grocer’s comparable sales, excluding fuel, fell 4% ...

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• 8 July

  Hong Kong ends Covid flight bans that caused travel chaos

  

    Bloomberg Hong Kong’s new leader John Lee suspended a system that banned airlines from flying routes if they carried passengers infected with Covid, raising hopes he’ll ease onerous travel curbs that have damaged the city’s status as a financial hub. Starting from Thursday, the so-called circuit breaker mechanism will end until further notice, the government said in a statement. ...

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