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Bloomberg Xiaomi Corp is facing difficulties getting regulatory approval for its electric vehicle project in China, an unexpected hurdle for the smartphone giant’s $10 billion car-making endeavour. The Beijing-based company has been talking to officials at the National Development and Reform Commission (NDRC) about the licensing for months without success, according to people familiar with the matter. Xiaomi is one …

  Bloomberg Renault SA will carry out a plan to carve out electric and combustion-engine businesses, even without its Japanese auto-making partners. “They know that we have to do it, that we will do it and we’ve opened the door for them to each project,” Chief Executive Officer Luca de Meo said in an interview on Bloomberg Television. “At the …

Bloomberg Exxon Mobil Corp posted its best-ever profit, reaping the rewards from surging commodity prices as supply disruptions run headlong into rising demand and consumers feel the pinch. Second-quarter adjusted earnings of $4.14 per share beat the $3.98 forecast by the Bloomberg Consensus. Net income reached $17.9 billion, surpassing the previous record set in 2008. The biggest North American oil …

Bloomberg Engie SA Chief Executive Officer (CEO) Catherine MacGregor said the French utility’s clients are cutting natural gas consumption as prices soar amid Russia’s squeeze on fuel deliveries to Europe. “Gas demand has declined among our customers, whether its households, small businesses or large manufacturers,” MacGregor said on a conference call on Friday. That’s probably the result of energy savings, …

Bloomberg Eskom Holdings SOC Ltd., the South African state-owned power utility, is looking to replace Zimbabwe as an importer of electricity from Mozambique and Zambia to help ease rolling blackouts. Zimbabwe’s contracts with Mozambique’s Electricidade de Mocambique and Zambia’s Zesco Ltd. are set to expire at the end of the month, according to Sydney Gata, the executive chairman of the …

Bloomberg Eni SpA raised share buybacks after profits surged due to high oil and gas prices. The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range. Investors in Big Oil are receiving a …

  Bloomberg The biggest US coal miners are seeing soaring revenues as global demand for the dirtiest fossil fuel drives prices to record highs. Peabody Energy Corp., the biggest US coal producer, saw second-quarter sales jump 83% to $1.32 billion, the most since 2018, the company said in a statement. Arch Resources Inc. reported revenue of $1.13 billion, more than …

  Bloomberg Southwest Airlines Co said it’s facing high costs and delays in aircraft deliveries from Boeing Co, tarnishing a quarter in which the carrier topped Wall Street’s profit expectations on rebounding summer travel. The airline will receive 66 jets this year, down sharply from its prior plan for 114 deliveries, Southwest said in a statement. That puts further pressure …

  Bloomberg JetBlue Airways Corp is acquiring deep-discounter Spirit Airlines Inc for at least $3.8 billion in cash, clinching a deal less than a day after Spirit called off a planned merger with Frontier Group Holdings Inc. JetBlue will pay $33.50 per share for Spirit, or as much as $34.15 depending on timing, the airlines said in a joint statement. …

Bloomberg British Airways (BA) parent IAG SA reported a second-quarter profit and said it expects to post positive earnings for the full year as a rebound in travel led by premium leisure bookings more than makes up for capacity curbs tied to the industry’s staffing crisis. IAG had an operating profit of 287 million euros ($293 million) in the three …