June, 2022

• 18 June

  Solar power floods Europe’s grids

  

    Bloomberg Europe’s biggest economies are seeing near-record amounts of solar power as a heat wave spreads across the southwest of the continent, boosting demand for electricity to keep people cool. Solar met almost a quarter of all energy demand in five of Europe’s biggest power markets. The surge in electricity supply did little to ease rising prices that are ...

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• 18 June

  Norway gasoline prices hit $10 a gallon

    Bloomberg While US drivers despair over gasoline topping $5 a gallon, spare a thought for motorists in oil-rich Norway, where prices sit at $10. Gas stations in Oslo were selling the unleaded fuel for about 27 kroner a liter, or about $10.30 a gallon, on Friday. That makes it the most expensive European country to fill up and second ...

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• 18 June

  Global energy crunch making gas too pricey for Asia

  

    Bloomberg A breakneck rally in Asian natural gas spot prices is forcing some importers to halt plans to buy additional shipments of the power plant fuel. North Asia spot liquefied natural gas (LNG) prices are surging towards $40 per million British thermal units, the highest in over three months, on fears of a global supply squeeze, according to traders ...

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• 18 June

  Hong Kong was never a British colony. Who knew?

  

  Hong Kong was never a British colony, schoolchildren in the city will soon be taught. That may come as a surprise to the many parents who remember British governors, the Queen’s head on coins and stamps, and numerous other relics of a 150-year colonial presence. Behind the apparent absurdity is a deadly serious program to inculcate youth with the Communist ...

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• 18 June

  Is there a way to save Revlon still?

  

  The beauty industry is having its department store moment: American cosmetics giant Revlon Inc, controlled by billionaire Ron Perelman, filed for voluntary Chapter 11 bankruptcy. The company had assets of $2.3 billion as of late April and total debts of $3.7 billion, Bloomberg News reported. It’s the clearest indication yet of the impact of shifting consumer habits on the beauty ...

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• 18 June

  Australia’s electricity grid is being cornered

    In commodity markets, there are few phenomena more feared than a corner. If a few traders become too dominant, they can at times set prices at will by withholding supply, driving values to ridiculous levels. That’s what happened when the Hunt brothers cornered the market in silver in 1980, sending it to prices that are still a record. In ...

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• 18 June

  Fed’s path between inflation and recession

    Last week’s surprisingly bad news on inflation — prices rose 8.6% in the year to May, the highest for 40 years — and the financial markets’ anxious reaction have seriously complicated the Federal Reserve’s job. With policy makers set to announce their latest interest rate decision along with projections for the rest of this year, the Fed’s prospects for ...

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• 18 June

  Cathay continues to see pilot exodus as it tries to hire more

  

    Bloomberg Cathay Pacific Airways Ltd continues to experience a very high rate of pilot resignations, and may improve allowances and benefits to appease crew who took deep pay cuts to help Hong Kong’s flag carrier navigate its way through the city’s Covid-19 crisis. “We still have resignation rates at much higher levels than we’ve historically had,” Chief Operations and ...

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• 18 June

  Boohoo mulls charging UK shoppers for returns

  

    Bloomberg Boohoo Group Plc is considering charging customers to send back garments as an increasing rate of returns crimps sales at the fast-fashion retailer. The British firm, whose business is purely online, is looking at returns across all markets, Chief Executive Officer John Lyttle said, at a time when many retailers are trying to manage logistics costs. While Boohoo ...

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• 18 June

  London’s Gatwick to cut flights in summer over staffing woes

  

  Bloomberg London Gatwick airport said it will scrap hundreds of flights over the peak summer travel period, hours after Amsterdam’s Schiphol hub took a similar step, as the aviation industry’s staffing crisis deepened. Gatwick, Britain’s second-busiest airport, will limit airlines to 825 flights a day in July and 850 a day in August, from a pre-pandemic peak of around 950 ...

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