February, 2022

• 18 February

  Japan steel giant wants $17b in state aid for carbon cuts

  

    Bloomberg Japan’s biggest steelmaker is calling on Tokyo to provide at least 2 trillion yen ($17.3 billion) in subsidies over almost three decades to meet net-zero carbon targets, as it seeks to stay competitive against China and other global rivals. Nippon Steel needs the money to vie on an “equal footing,” according to Hideo Suzuki, the managing executive officer …

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• 18 February

  UK needs much more power storage as part of its green future

  

    Bloomberg The UK needs to substantially expand its capacity for storing electricity for longer in order to maintain energy security as it shifts to greener power, according to Aurora Energy Research. As much as 24 gigawatts of long duration electricity storage — about eight times the current installed capacity — may be needed to help integrate intermittent renewable sources …

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• 18 February

  Thailand cuts excise tax on diesel to counter inflation

    Bloomberg Thailand will slash the excise tax on diesel for three months to lessen the impact of soaring global crude prices as inflation emerges as the latest threat to the economic recovery. The cabinet agreed to cut the levy by 3 baht ($0.09) per liter until May 20, Thanakorn Wangboonkongchana, a government spokesman, said in a statement. The lower …

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• 18 February

  Boeing banks on sustainable aviation fuel to run aircraft

  

    Bloomberg As flying electric taxis and hydrogen fuel take center stage at the Singapore Airshow, Boeing Co’s plan to clean up aviation is far less revolutionary. Rather than banking on new technology and different propulsion systems, the Chicago-based company is pushing a solution that will limit disruption to its mainstay plane-making business: Run the aircraft on sustainable aviation fuel. …

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• 18 February

  Ocado, Casino to extend French e-retail alliance

  

    Bloomberg Online grocery services provider Ocado Group Plc and Casino Guichard-Perrachon SA in France have created a logistics joint venture to help other retailers in France sell their goods online. In a significant expansion of their existing partnership, the two companies signed a preliminary agreement where the duo will provide logistics services, including project management and operations support in …

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• 18 February

  UK retail sales bounces back in Jan as Omicron impact eased

  

    Bloomberg UK retail sales bounced back in January as the impact of the Omicron variant on consumers ebbed. The volume of goods sold in stores and online added 1.9%, reclaiming some of the 4% plunge in December, the Office for National Statistics (ONS) said. It was the biggest monthly increase since April when non-essential stores reopened. Economists had expected …

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• 18 February

  Hermes slumps as bottlenecks hinder sales of Birkin bags

  

    Bloomberg Hermes International shares fell the most in five years after the French luxury-goods maker reported lower revenue from its key leather-goods division as it failed to keep up with demand for products like $9,000 Birkin bags. The stock dropped as much as 8.4%, having lost more than a quarter of its value since setting a record late last …

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• 18 February

  IndiGo’s co-founder Rakesh Gangwal resigns from board

    Bloomberg IndiGo co-founder Rakesh Gangwal resigned from the company’s board and plans to pare his stake over five years, according to a statement by the airline. Earlier this month, Rahul Bhatia, the billionaire co-founder of IndiGo, took on a newly-created executive position of managing director at the company. Gangwal had accused Bhatia of corporate governance lapses. The founders were …

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• 18 February

  Hamptons airport closing gets delayed

  Bloomberg The wealthy Long Island resort of East Hampton is delaying the planned closing of its airport until May 17 after the Federal Aviation Administration (FAA) warned of flaws in the New York town’s efforts to reduce noise from air traffic. The town’s board had voted last month to shut the airport at the end of February and reopen it …

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• 18 February

  Stocks, futures advance on planned US-Russia talks

  

    Bloomberg Stocks rise on Friday as planned talks between Russia and the US over Ukraine alleviated some investor gloom about geopolitical risks. Europe’s Stoxx 600 Index and US equity futures advanced after Russian Foreign Minister Sergei Lavrov agreed to meet US Secretary of State Antony Blinken for talks in Europe next week. On Thursday, President Joe Biden warned that …

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