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  Bloomberg Ford Motor Co said it is cutting 3,000 jobs in a move to boost profits as it seeks to fund the $50 billion it plans to spend on electric vehicles. The cuts will come primarily in the US, while some positions also are being eliminated in Canada and India, a company spokesman said. The total includes 2,000 salaried …

  Bloomberg Oil struggled to find direction as traders digested comments made by Federal Reserve Chair Jerome Powell suggesting interest rates will rise, which carries the potential of slowing demand for crude. West Texas Intermediate fluctuated near $92 a barrel. The Federal Reserve Chair signaled the US central bank is likely to keep raising interest rates and leave them elevated …

Bloomberg European governments have allocated about 280 billion euros ($278 billion) in funding to cushion the impact of the energy crisis on households and businesses. The funding, calculated by Brussels-based Bruegel think tank, measures fresh allocations since September, and covers everything from subsidising tariffs for small businesses in Greece to direct payouts to consumers in Belgium. Some of the money …

  Bloomberg Nigeria aims to raise an initial $10 billion in funding to implement its energy transition plan ahead of COP27 climate talks later this year, the country’s vice president said. Africa’s most populous country needs at least an additional $10 billion a year and a total $410 billion to deliver on its net-zero targets by 2060, Vice President Yemi …

  Bloomberg Brazil’s steel consumption should double within the next 10 years thanks to “gigantic opportunities” and a need to build more infrastructure in Latin America’s biggest economy, said ArcelorMittal SA’s executive in Brazil. Demand for the industrial metal will potentially grow due to the need to build more housing, renewable energy projects, ports as well as oil-and-gas assets, especially …

  Bloomberg India’s Avaada Group signed an initial pact to invest 400 billion rupees ($5 billion) in a green ammonia project in the country’s northern state of Rajasthan, the company said. The renewable energy producer plans to build a 1 million ton-a-year green ammonia facility in the solar energy-endowed province, creating direct employment for 3,500 people, Avaada said in an …

  Bloomberg PetroChina Co. posted its best-ever first-half earnings as the nation’s top oil and gas driller benefited from soaring global energy prices, and said that government stimulus is starting to lift Chinese oil demand. The firm reported 82.39 billion yuan ($12 billion) in net income for the first half of the year, up 55% from the same period in …

  Bloomberg Venezuela is in talks with the global energy giant Siemens Energy AG to repair power plants as part of a government plan to rebuild a crumbling electricity grid plagued by constant blackouts and a lack of maintenance. Siemens is working with the government on potential contracts aimed at repairing gas- and diesel-burning generation facilities that serve the capital, …

  Bloomberg Air New Zealand posted its third straight annual loss but indicated the worst is over and it expects earnings to improve now that borders have reopened. The Auckland-based airline announced a loss before significant items and tax of NZ$725 million ($450 million) for the year ended on June 30 compared with a NZ$444 million loss a year earlier. …

  Bloomberg Bed Bath & Beyond Inc shares jumped 18% after a report that the home goods retailer has selected a lender to provide financing as it seeks to boost liquidity. The company has picked a lending proposal after talks with investors for a new line of credit, Bloomberg reported, citing people with knowledge of the private discussions. Bed Bath …