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Bloomberg Sasol Ltd is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant US chemicals project. …

Bloomberg Ikea wants to assemble its own little power plant. The Swedish flat-pack furniture giant plans to cover every inch of rooftop space at one of its 10 Australian megastores, including purpose-built car parks, with solar panels. Together with big-battery storage and other technology, the operation will not only be energy self-sufficient, but will also be able to feed excess …

Bloomberg India officially started opening its coal sector to non-state firms, seeking to end a government monopoly on mining and selling the fuel. The country launched its first auction process, which will cover 41 mines, the Ministry of Coal said. The ministry expects the mines to generate $4.3 billion of capital investment over the next 5-7 years, and boost the …

Bloomberg China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year. Solar power is the big winner, with incentives set to rise 14% compared to last year’s level, while wind payments will be 3.2% lower, the Ministry of Finance said on its website. The subsidy budget would cover existing …

Bloomberg France is warning flag carrier Air France-KLM against making forced job cuts, with Finance Minister Bruno Le Maire saying such a move would constitute a “red line” the carrier shouldn’t cross after receiving a state bailout. “We spent money to save Air France,” he said on Thursday in a radio interview. “I am asking that there not be any …

Bloomberg Qantas Airways Ltd cancelled most international flights until late October after the government said Australia’s borders are likely to remain closed until next year. The extended cancellation increases financial pressure on the airline, which is slowly adding back domestic services but has grounded dozens of aircraft and furloughed most of its employees. International flights were previously on hold until …

Bloomberg The pilot of a helicopter carrying retired basketball star Kobe Bryant may have become disoriented in clouds as the craft abruptly turned and dove to the ground near Los Angeles earlier this year, killing all aboard, investigators said. A preliminary analysis of the final moments of the flight released by the National Transportation Safety Board (NTSB) found the veteran …

Bloomberg A Senate committee chairman sharply criticised the Federal Aviation Administration (FAA) for what he alleged were repeated failures to respond to a committee’s investigations, including into two crashes of Boeing Co’s 737 Max. Senator Roger Wicker of Mississippi, the Republican head of the Senate Commerce Committee, accused the FAA of delaying interviews with its employees and failing to turn …

Bloomberg Target Corp is raising its minimum hourly wage to $15 at a time when its workers are grappling with the dual impact of the pandemic and protests for racial equality that began in the chain’s hometown. The cheap-chic retailer will move to $15 an hour on July 5, fulfilling a pledge it made three years ago and providing about …

Bloomberg Tesco agreed to sell its business in Poland to Danish retailer Salling Group, as the UK’s largest supermarket operator focuses on its domestic market in a consumer landscape overturned by the coronavirus. The UK grocer said it expects proceeds of about 165 million pounds ($207 million) from the sale of 301 stores, as well as distribution centres and office …