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  Bloomberg Monetary authorities in Indonesia and the Philippines delivered large interest-rate increases to curb inflation and support their currencies, while signalling their approaches to policy tightening may differ from here on. Bangko Sentral ng Pilipinas raised the key rate by a previously announced 75 basis points to 5%. Shortly after, Bank Indonesia lifted its benchmark rate by half-point to …

Bloomberg The International Monetary Fund (IMF) has urged the Central Bank of Nigeria to reduce its interventions on the foreign-exchange market and allow banks to set the naira’s conversion rate. This will stop speculation around possible devaluation fuelled by dollar shortages, rising inflation, limited debt servicing capacity and restrictions on dollar transactions, the IMF said after a mission. “These factors …

Bloomberg Apple Inc is preparing to begin sourcing chips for its devices from a plant under construction in Arizona, marking a major step towards reducing the company’s reliance on Asian production. Chief Executive Officer Tim Cook made the disclosure during an internal meeting in Germany with local engineering and retail employees as part of a recent tour of Europe, according …

  Bloomberg Fiat, the Italian car brand owned by Stellantis NV, said it will bring the 500e, an electric version of its urban minicar, back to North America in 2024, roughly three years after it yanked the model from US dealerships. The Fiat 500e, which is currently made at its Mirafiori plant in Turin, Italy, has been doing well in …

  Bloomberg Google agreed to pay a total of $391.5 million to 40 US states to resolve a probe into controversial location-tracking practices that the Alphabet Inc. unit says it already discarded several years ago, in what state officials are calling the largest such privacy settlement in US history. Google will “significantly improve” its location-tracking disclosures and user controls starting …

  Bloomberg VinFast, an electric vehicle maker backed by Vietnam’s richest man, is weighing whether to hold its planned initial public offering in the US as soon as January 2023. The unit of conglomerate Vingroup JSC could raise at least $1 billion but it could also be more depending on interest, one of the people said, asking not to be …

  Bloomberg The UK announced a windfall tax on “excess” profits of some electricity generators to help pay for the continuation of a freeze on household energy bills. Renewable, nuclear and biomass generators will see a 45% tax, while an existing levy on oil and gas firms will rise to 35% from 25% as the government seeks to claw back …

  Bloomberg German Chancellor Olaf Scholz promised the swift implementation of natural gas price subsidies recommended by a government-appointed panel to ease the impact of soaring energy costs. “The cabinet will start implementing the proposals this Wednesday,” Scholz said at a press conference in Berlin. “We don’t want to let anyone alone in this difficult situation.” Germany, Europe’s largest economy, …

Bloomberg Natural gas can play a transitional role in Africa’s development to a greener economy, the European Union’s climate chief Frans Timmermans said in response to climate activists’ concerns about locking the continent into fossil fuels. While renewable energy is becoming cheaper globally, Timmermans said he understands Africa’s need to monetise its fossil-fuel resources. The EU and member states like …

  Bloomberg Strong growth in global demand for renewable fuels offers a great opportunity for suppliers in Australia, the second-largest exporter of canola seed, according to one of the country’s biggest crop shippers. While the US is the largest market, “we are seeing very strong growth across Asian markets and into China, and I think it creates a great opportunity …