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  Bloomberg President Joe Biden’s plan to kick-start domestic solar-panel manufacturing depends for now on a federal fund with less than a half billion dollars that’s already being tapped to pay for products including military drones and baby formula. That funding—even if fully dedicated to solar production—would only be enough to open a few factories capable of cranking out a …

  Bloomberg The stock offering for Brazilian power company Eletrobras raised $6.9 billion, becoming the world’s second-largest equity deal of 2022, while also privatising Latin America’s biggest utility in the process. Eletrobras and state-run development bank BNDES sold a combined 697,476,856 shares at 42.00 reais ($8.56) a piece, a discount of about 2.4%, according to a filing, confirming an earlier …

  Bloomberg There may never be a new refinery built in the US despite surging gasoline prices as policymakers move away from fossil fuels, according to Chevron Corp. “We haven’t had a refinery built in the United States since the 1970s,” Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV. “My personal view is there will never …

  Bloomberg Talks between South Africa’s beleaguered power utility Eskom Holdings SOC Ltd and its biggest labor unions on wages have reached a stalemate, the latest crisis for the utility that’s struggling to boost electricity supply. The unions “responded with dismay” after negotiations failed to reach a conclusion during the final round. That’s when Eskom highlighted that it was unprofitable …

  Bloomberg Trafigura Group posted record first-half profit, even after Russia’s invasion of Ukraine forced the commodities giant to pare back its activities as trading risk soared. Wild swings in prices and arbitrage opportunities helped to deliver net profit of $2.7 billion in the six months through March, Trafigura said in a report. At the same time, the war sharply …

  Bloomberg Finnair Oyj, the hardest-hit among European airlines from the closing of Russian airspace, is planning an overhaul of its strategy that would see a smaller operation pivoting westward. “As a first step, the first response when we are reviewing our strategy on the back of the Russian airspace closure, we have pivoted our network to the west, and …

Bloomberg Deutsche Lufthansa AG cancelled hundreds of summer flights due to staff shortages, underscoring the challenges facing European aviation as the industry fights to recover from the coronavirus crisis. Germany’s flagship airline scrapped about 900 domestic and European short haul trips for July, including those at its namesake and Eurowings budget brands, a spokesman said. The canceled flights, which were …

  Bloomberg PT Garuda Indonesia plans to issue $800 million of new debt as part of a plan to address its liabilities, as the embattled carrier seeks to reverse its fortunes after the pandemic. The airline would also raise $330 million by issuing new equity, according to a restructuring proposal made in a Jakarta court. The carrier also suggested modifying …

Bloomberg We’re probably going to have to fly less. And when we do board a plane, it’s going to cost more — a lot more, one way or another. Those are the conclusions of a new report by the nonprofit International Council on Clean Transportation, which analysed how the airline industry could cut emissions in line with global climate goals. …

  Bloomberg Comair, the South African partner of British Airways and owner of low-cost carrier Kulula, is on the brink of collapse after administrators were unable to raise the funds needed to resume flying. The operator of about 40% of domestic air trips in South Africa has been battling with high fuel prices, the aftermath of coronavirus travel bans and …