Article content (Bloomberg) — A drop in household spending drove Germany’s contraction in the third quarter as Europe’s largest economy began what the Bundesbank reckons may be a recession. Gross domestic product shrank 0.1% in the three months through September, the statistics office reported Friday, confirming an initial reading. Consumer spending dropped 0.3% from the […]
Article content (Bloomberg) — The European Union is finalizing a decision to release as much as €1 billion ($1.1 billion) in EU funds for Hungary just as Prime Minister Viktor Orban is stepping up his attacks against the bloc and threatens to derail aid to Ukraine. The European Commission, the EU’s executive arm, is concluding […]
Article content (Bloomberg) — Australia plans to dramatically expand its policy to lure renewable energy investment to the country, Climate and Energy Minister Chris Bowen said, as concerns grow that the government is on track to miss its 2030 green energy targets. Officials intend to broaden the Capacity Investment Scheme to underwrite about 32 gigawatts […]
Article content (Bloomberg) — Thyssenkrupp AG wrote down the value of its steel business by a further €1.8 billion ($1.96 billion), the latest sign of German industry suffering due to high energy costs and a worsening economic outlook. That pushed the conglomerate to a €1.98 billion net loss for its financial year ended Sept. 30, […]
Article content (Bloomberg) — South Korea is avoiding the global trend toward long-term agreements on liquefied natural gas due to high prices, a risky move that will leave the top importer exposed to the volatile spot market. State-owned Korea Gas Corp. plans to rely on short-term deals or spot purchases to fill its supply needs, […]
Breadcrumb Trail Links PMN Business UK government borrowing is running 15% below official forecasts, setting the stage for Chancellor Jeremy Hunt to announce fiscal giveaways in his Autumn Statement on Wednesday. Author of the article: Bloomberg News Andrew Atkinson, Philip Aldrick and Lucy White Published Nov 21, 2023 • 3 minute read Join the conversation […]
Breadcrumb Trail Links PMN Business Brian Souter built one of the world’s largest transport fortunes over the past four decades through Stagecoach, the UK bus operator he and his family started with a pair of second-hand vehicles. Author of the article: Bloomberg News Ben Stupples Published Nov 21, 2023 • 4 minute read Join the […]
Breadcrumb Trail Links PMN Business Electrifying oil rigs is a taste of what the future could hold if oil companies get to lead the way toward net zero. Author of the article: Bloomberg News Kari Lundgren Published Nov 21, 2023 • 7 minute read Join the conversation Norway’s Oil Minister Terje Aasland in the control room of Equinor’s […]
Article content (Bloomberg) — With promises of climate finance from the developed world having largely remained unfulfilled, African nations are now looking to fill the gap themselves. Egypt, Morocco, Benin and Ivory Coast are setting up so-called green banks under the guidance of the African Development Bank, according to Audrey-Cynthia Yamadjako, the lender’s principal climate […]
Article content (Bloomberg) — German Vice Chancellor Robert Habeck said last week’s ruling by Germany’s top court curbing the use of off-budget special funds is a major blow for Europe’s biggest economy and could lead to higher power costs for households and companies. Constitutional Court judges said that €60 billion ($65.5 billion) in untapped credit […]