August, 2022

• 6 August

  France to curb nuclear output as Europe’s energy crisis worsens

  

    Bloomberg Electricite de France SA said it’s likely to extend cuts to nuclear generation as scorching weather pushes up river temperatures, bringing the energy crisis in the European Union’s second-largest economy into sharp focus. Europe’s biggest producer of atomic energy, usually a net exporter of power for most of the year, is importing now. The nuclear issues are not ...

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• 6 August

  Uniper warns on German power output

    Bloomberg Uniper SE warned it may have to cut output at two key coal-fired power plants in Germany as the company struggles to get fuel supplies along the Rhine River, exacerbating an energy crunch that has threatened to push the continent’s largest economies into recession. Water levels on the Rhine have fallen so low that the river may effectively ...

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• 6 August

  India plans to order consumers to use cleaner fuels

  

    Bloomberg India plans to order consumers to use cleaner fuels and aims to establish a carbon market under legislation to bolster the country’s push to hit net-zero greenhouse gas emissions by 2070. The world’s third-biggest emitter will seek to mandate the use of a minimum share of non-fossil fuel sources including biomass, ethanol, green hydrogen and ammonia, both for ...

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• 6 August

  Google trends an arbiter of economic downturns

  

    We didn’t need the reported two consecutive quarters of declining real gross domestic product —the unofficial determination of a recession — to tell us the US economy is already in, or at least close to, a business downturn. And we certainly don’t need to wait for many months for the official declaration by the National Bureau of Economic Research ...

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• 6 August

  Toyota’s supply-chain woes loom large

  

  The world’s biggest car company had a rough quarter, and its supply-chain problems aren’t going away any time soon. That’s a warning for other large manufacturers — and their stakeholders. Toyota Motor Corp’s profits fell 18% for the quarter ended June. Much of the hit came from raw material prices that knocked operating income down by 315 billion yen ($2.35 ...

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• 6 August

  Honeywell’s CEO needs to tap dealmaker goals

    Darius Adamczyk, the chief executive officer of Honeywell International Inc, is running out of excuses not to make a splash in M&A. Adamczyk, who has been CEO since 2017, has talked for a while about Honeywell’s large pipeline of potential acquisitions and how he wants to prioritise doing deals over buying back stock. But he usually quickly countered that ...

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• 6 August

  Ruble rally is a headache for banks stuck in Russia

    You don’t often hear bankers embarrassed about a surge in profits. But Johann Strobl, chief executive officer of Austria’s Raiffeisen International Bank, sounded almost exasperated explaining its exceptionally strong gains driven by its business in Russia. “While we are of course pleased to report record results … we have seen an unusual, high contribution out of Russia and an ...

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• 6 August

  Apollo Global-led group to acquire Atlas Air for $3.2b

  

    Bloomberg An investor group led by Apollo Global Management Inc is acquiring Atlas Air Worldwide Holdings Inc for about $3.2 billion, expanding its foray into aircraft leasing and charter flying as demand for air cargo cools from pandemic-era highs. The consortium agreed to pay $102.50 a share in cash, or about 57% more than the stock’s 30-day average price, ...

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• 6 August

  SAS reports 32% drop in traffic due to strike

  

  Bloomberg SAS AB reported a 32% plunge in passenger traffic last month, revealing the impact a strike had on the troubled Scandinavian airline and its customers. The total number of passengers fell to 1.3 million in July from 1.9 million a month earlier, the Stockholm-based carrier said in a statement. Capacity fell 23% in July as the 15-day strike among ...

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• 6 August

  Lufthansa seals crew wage deal to avert more walkouts

  

  Bloomberg Deutsche Lufthansa AG and labour union Verdi sealed an agreement on a wage deal for the company’s 20,000 ground crew after a one-day strike led to a wave of cancellations. The deal includes monthly pay hikes in three stages through the end of next year, Verdi said in an emailed statement. Check-in staff will get between 13.6% and 18.4% ...

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