UK Homes in Debt on Energy Bills Surges 36% This Year, EDF Says
The number of customers falling into debt on their energy bills has increased by 36% since the beginning of this year, according to EDF Energy.
Latest From Bloomberg
-
-
Asia Stocks Set to Follow End-of-Month US Uptick: Markets Wrap
Stocks rose on the last trading day of the quarter and a global bond selloff eased after dovish-leaning comments from Federal Reserve policymakers and signs that European inflation is finally slowing.
-
Striking Workers at Key South Africa Coal Port Reject Wage Offer
Workers at the Richards Bay Coal Terminal in South Africa rejected its latest wage offer and will continue to strike, according to the main labor union at the port.
-
At Least 50 Killed in Blast Near Mosque in Pakistan, Dawn Says
A powerful explosion at a religious rally near a mosque in southwest Pakistan killed at least 52 people and wounded more than 50 others, the Dawn newspaper reported citing health officials.
-
UK Mortgage Approvals Hit Six-Month Low After Rate Rises
UK mortgage approvals fell more than forecast in August as the housing market slowdown gathered pace.
-
China Bars Executive at US Firm From Leaving Mainland, WSJ Says
China blocked a senior executive at US risk advisory firm Kroll from leaving the mainland, the Wall Street Journal reported, the latest case of Chinese authorities imposing exit bans on the employees of foreign firms.
-
Billionaire Agarwal Plans Shake-Up of Vedanta’s Zinc Unit
Billionaire Anil Agarwal is exploring an overhaul of his lucrative Indian zinc unit that could split out its three core businesses, as part of the wider Vedanta group’s efforts to reduce a multibillion dollar debt load.
-
Riksbank’s Next Move Uncertain Despite Inflation Concern: Floden
The Riksbank’s next move in its battle to curb inflation remains shrouded in uncertainty, with a decision to keep rates unchanged in November a possibility despite concern over stubborn price increases on services, Deputy Governor Martin Floden said.
-
China Economy Improved Further in September, Satellite Data Show
China’s economy showed signs of a stronger recovery in September, according to several early indicators and a firm analyzing the global economy using satellite data.
-
Giant Gas-to-Methanol Machines Could Curb Methane Emissions
The semi-trailer-sized units convert fossil gas that would otherwise be wasted through flaring or venting into a widely used industrial compound and fuel.
-
US Sets Aside $500 Million in Grants for Smaller Chip Suppliers
The Commerce Department has set aside $500 million in government grants for smaller companies in the semiconductor supply chain, as the US seeks to beef up domestic production of critical electronic components and reduce reliance on Asian production lines.
-
US Lawmakers Ramp Up Trade Heat On China Over Auto-Parts Tariffs
Republican lawmakers accused a Chinese auto-parts maker of a “blatant” effort to evade US tariffs in the latest sign of rising pressure in Washington to limit China’s growing presence in the car business.
-
Singapore Will Increase Utility Tariffs in Sign of More Costs Pain
Singapore will increase gas and electricity tariffs next quarter, days after announcing a hike in water rates starting April 2024, adding to the burden of consumers already grappling with high prices.
-
Bangkok Readies New Airport Terminal to Deal With Tourist Rush
Thailand’s capital city will add a third passenger terminal to its biggest airport as the Southeast Asian nation prepares for a surge in tourist arrivals under a visa waiver program for Chinese visitors during the peak holiday season.
-
Larry Fink Sees Large Opportunities for Deals to Transform BlackRock
BlackRock Inc. Chief Executive Officer Larry Fink said he’s open to more acquisitions, as the world’s largest asset manager increasingly seeks to position itself as a one-stop shop for investors.
-
Hong Kong Retail Sales Rise in August as Mainland China Tourists Return
Hong Kong’s retail sales rose in August as mainland Chinese tourists returned to the city, providing an encouraging lift for an economy that’s been trying to revive its image as a shopping hub.
-
A New £500 Million Real Estate Fund Seeks to Tap Into Britain’s Housing Woes
A UK fund manager is planning to capitalize on the distress in Britain’s housing market by purchasing homes from troubled landlords and renting them out.
-
India Stocks Set for First Monthly Foreign Outflow Since February
Foreigners are set to end their longest monthly buying streak of India equities in two and a half years as the surge in oil prices dampens the South Asian market’s otherwise positive outlook.
-
Schonfeld Makes First Asia Macro Hire, Hunts for Regional Head
Schonfeld Strategic Advisors is hunting for an Asia-Pacific head for its discretionary macro and fixed income business, having made its first hires for this team in the region.
-
Commerzbank Vows €3 Billion Payouts Over Three Years
Commerzbank AG shares rose after it committed to returning a higher share of its profits in an effort to meet a pledge to return €3 billion ($3.2 billion) to shareholders for net income earned from 2022 through 2024.
-
Nike’s Profit Beats Expectations as Inventory Glut Eases
Nike Inc. shares rose after the sportswear giant reported a drop in its stockpile of inventory — a sign it’s making progress in moving out older merchandise for newer, more-profitable items.
-
Standard Chartered Doesn’t See India Rupee Cross 84 Even if Dollar Climbs
India’s rupee will not drop past the 84-per dollar mark even if the greenback strengthens further from current levels as the nation’s central bank will step in to defend the currency, according to Standard Chartered Plc.
-
Lawrence Stroll-Led Group Raises Stake in Aston Martin to 26%
Aston Martin Lagonda Global Holdings Plc shares jumped after Executive Chairman Lawrence Stroll’s Yew Tree Consortium agreed to boost its stake in the carmaker to 26.2%.
-
Polish Inflation Eases to Single-Digit Territory in September
Poland’s inflation edged into single digits in September, potentially giving the central bank scope to cut interest rates for a second consecutive meeting.
-
Stonepeak to Buy Stake in Cellnex Nordic Units for €730 Million
Cellnex Telecom SA agreed to sell a stake in its businesses in Denmark and Sweden for about €730 million ($772 million) in a drive to cut debt.
-
China Looks to Relax Data Export Rules to Allay Business Fears
China has proposed relaxing its strict rules on data flows abroad, in its latest move to allay foreign business concerns and revive faltering growth in the world’s second-largest economy.
-
Myanmar Resistance Leader Claims Majority Control Over Territory
The acting leader of Myanmar’s government-in-exile said resistance forces are in control of about 60% of the country’s territory and poised to threaten the ruling junta in key strongholds as fighting rages across the Southeast Asian nation.
-
Marcos Says Philippines to Defend Territory Amid China Row
The Philippines will continue to defend its maritime territory and the rights of Filipino fisherfolk, President Ferdinand Marcos Jr. said in his first remarks since the Southeast Asian nation’s coast guard cut a floating barrier that China installed at a disputed shoal in the South China Sea.
-
Credit Suisse May Report $2.2 Billion of Third-Quarter Losses
Credit Suisse said it may incur $2.2 billion in losses in the third quarter as it exits more businesses following its acquisition by UBS Group AG.
-
Cinven to Buy Out German Lab Firm Synlab for About $1.3 Billion
Cinven agreed to buy out Synlab AG for about €1.27 billion ($1.3 billion) two years after listing the German laboratory operator, which has been suffering from reduced demand for its testing facilities.
-
BOJ Acts to Slow Rising Bond Yields With Unscheduled Buying
The Bank of Japan announced an unscheduled bond-purchase operation Friday in a reminder to the market of its determination to manage the upward momentum in sovereign yields.
-
Ukraine Recap: Putin Taps Former Wagner Commander to Lead Units
President Vladimir Putin put a former top commander of the Wagner mercenary group in charge of volunteer units in Ukraine, the Kremlin said on its website. The groups will carry out “various combat tasks,” according to Putin.
-
Denmark Loses Only Female CEO at Major Bank as Frosig Retires
Denmark will lose the only female chief executive officer among its large banks as Karen Frosig decided to step down from her position at Sydbank A/S from next year.
-
French Inflation Unexpectedly Eases, Despite Jump in Energy
French inflation unexpectedly slowed as smaller price increases for services and manufactured goods offset a government-controlled rise in energy costs.
-
Swiss Central Bank Stepped Up FX Sales in Bid to Tame Inflation
The Swiss National Bank extended its foreign-exchange sales in the second quarter, as it continued to sell other currencies for francs in fighting inflation.
-
UK Economy Stronger Than First Thought in Boost for Sunak
The UK economy is larger than previously thought, new figures show in a boost for Prime Minister Rishi Sunak days before his Conservative Party begins its annual conference.
-
Turkey Upholds Philanthropists' Conviction in Coup Case Watched by US and Europe
Turkey’s top appeals court upheld the sentencing of philanthropist and businessman Osman Kavala to life in prison on charges of attempting to overthrow the government, in a trial that’s closely watched by the US and Europe as a test of the judiciary’s independence.
-
Switzerland’s Top Party Wants Fewer People — Employers Need More
Switzerland’s biggest party has decided that the country only has room for 10 million people — just as businesses struggle to fill vacancies.
-
Ukraine Steps Up Strikes on Crimea as Offensive Grinds On
Ukraine has stepped up missile and drone attacks on Russian-occupied Crimea, destroying weapons, bases and supply lines as a four-month-old counteroffensive makes halting progress on the ground in the country’s east and south.
-
Donald Trump Sues Former British Spy in London Data Lawsuit
Donald Trump sued the ex-British spy who compiled the notorious dossier about alleged ties between the Kremlin and the former US president’s successful run to the White House.
-
Denmark’s Economy Contracted in Second Quarter After Revision
Denmark’s economy contracted in the second quarter instead of expanding as initially reported, with the boon from its pharmaceutical industry falling short to offset a broad-based weakening.
-
Severn Trent Pledges Billions to Reduce Leaks: The London Rush
Your morning roundup of key UK business news
-
Embracing AI Is the Battle Plan For Philippines’ Call Centers
In a Philippine hotel ballroom packed with stakeholders from the world’s second-largest provider of outsourcing services, their main trade group leader issued a bold call: embrace generative AI, don’t fear it.
-
Hong Kong Leads Rally in Asia on Bets Golden Week May Lift Mood
Asian equities gained, led by a rally in Hong Kong on hopes that China’s Golden Week holiday will spur a consumption revival and boost sentiment marred by the country’s property sector crisis.
-
Putin Tasks Ex-Wagner Commander to Lead Combat Units in Ukraine
Russian President Vladimir Putin put one of the former top commanders of the Wagner mercenary group, whose chief died in a plane crash after leading an aborted mutiny against Moscow’s military leadership, in charge of volunteer combat units in Ukraine.
-
India Aiming to Monetize $24 Billion Worth of Highways by 2027
The Indian government is expected to monetize close to two trillion rupees ($24.1 billion) worth of highways over the next few years, a rating agency has said.
-
Evergrande Tycoon Crossed a Red Line When Wealth Funds Ran Dry
China Evergrande Group wiped out international investors, roiled financial markets and left thousands of suppliers in the lurch. Yet it was the developer’s failure to pay households who invested in its wealth management products that may have provided the last straw for Chinese authorities.
-
US “Deeply Concerned” About Jailing of Vietnam Environmentalist
The US is “deeply concerned” about the sentencing of former Obama Foundation Scholar Hoang Thi Minh Hong to three years in prison, State Department spokesman Matthew Miller said in a statement.
-
Oil Steady After Blistering Rally Ran Into Technical Resistance
Oil steadied after dropping the most in eight weeks on technical resistance and speculation Saudi Arabia will start restoring output if prices get too high.
-
Beer Losing Cheer as Vietnamese Households Brace for Headwinds
Vietnam’s sluggish economy is hitting many where it hurts the most: their thirst for beer.
-
Redux of 1998 Selloff Hits Japan Bonds as BOJ Support Wanes
Japan’s government bonds are set for the worst quarterly selloff in more than two decades as the central bank loosens its grip on the market.
-
Europe’s Richest Royal Family Builds $300 Billion Finance Empire
The top royal for one of the world’s smallest nations heads a multibillion-dollar dynasty dating back almost 1,000 years that’s endured through wars, floods and scandals.
-
UBS’s Best Quarterly Stock Gain Since 2009 Has Scope to Extend
Just six months after mounting an emergency rescue of stricken rival Credit Suisse, UBS Group AG is poised for its best quarterly share-price gain in 14 years. And most analysts reckon there’s more to come.
-
Wheat Set for Worst Quarterly Run in 14 Years on Ample Supply
Wheat headed for the worst run of quarterly losses in 14 years as bumper harvests in parts of the Northern Hemisphere offset ongoing tension in the Black Sea after the collapse of a grain agreement.
-
US Says Philippines Took ‘Bold Step’ in Barrier Row With China
The US has backed the Philippines’ removal of a South China Sea barrier supposedly installed by Beijing, with a Pentagon official describing the move as a “bold step” to defend maritime claims.
-
Thai Central Bank Chief Says It’s Time to Pause on Rates
(Bloomberg) -- Thailand’s central bank Governor Sethaput Suthiwartnarueput said interest rates have reached neutral level and it’s time to hit the pause button on tightening.
-
Asia High-Grade Credit Has Its Worst Month in Almost a Year
Investment-grade corporate bonds in Asia outside Japan are set to post their worst performance in eleven months in September, hurt by high US interest rates, rising energy costs and China’s ailing economy.
-
PineBridge Is Bullish on China as Xi Turns Pragmatic on Economy
PineBridge Investments has turned bullish on China saying the authorities are starting to look more determined to bolster the ailing economy and there are fewer headwinds facing private companies.
-
BOJ Former Research Chief Sees 2% Approaching for 10-Year Yield
Investors need to prepare for Japan’s benchmark 10-year bond yield rising to around 2% if the central bank’s inflation goal is realized and it ends its negative-rate policy, according to a former research chief at the Bank of Japan.
-
War in Ukraine Pushes India to Obtain More Self-Propelled Guns
India is planning to add more self-propelled long range artillery to its arsenal after officials conducted a study indicating their effectiveness in shaping Russia’s war in Ukraine.
-
India’s Energy Storage Plans Need Subsidies, US Executive Says
India’s support for energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but more incentives may be needed, according to the head of California-based Energy Vault Holdings Inc.
-
Startup Bets Wood Can Make Wind Turbines Even Greener
In the forests of western Sweden, a turbine of the future is taking cues from windmills of the past in a quest to be greener.
-
The Climate Sleuth Uncovering Methane Leaks for the United Nations
Itziar Irakulis Loitxate is a 27-year-old Ph.D. student who is the closest thing the world has to climate police.
-
Biden’s $100 Billion Chip Bet Caught Up in Arizona Union Showdown
High-stakes labor showdowns are putting President Joe Biden’s administration in between the companies central to his economic vision and the workers he’s promised will reap the rewards of a US manufacturing renaissance.
-
Coup No One Saw Coming in Gabon Redraws African Frontier Markets
The coup in Gabon that ousted a key French ally in Africa shook up bond investors by destabilizing one of the region’s few international borrowers.
-
Banks Wary of London Housing Projects Amid $1 Billion Value Drop
UK banks are becoming increasingly cautious about lending for housing development in London, the latest signal that the outlook for the capital’s property market is weakening.
-
Congo’s Sofibanque Says Ripe for Takeover After Decade of Growth
After a decade of growth that saw assets balloon nearly 12,000%, Sofibanque SA sees itself as the next natural bank acquisition target in the Democratic Republic of Congo.
-
Europe Is Trying to ‘Trump Proof’ the Transatlantic Relationship Before the US Election
The European Union is looking at ways to lock down improvements in its working relationship with the US in case Donald Trump wins next year’s presidential election.
-
Copper-Tax Dive, Debt-Deal Delay Pose Budget Quandary for Zambia
Zambia’s Finance Minister Situmbeko Musokotwane needs to reassure investors that Africa’s second-largest copper producer is on a path to debt sustainability and simultaneously address concerns over high living costs when he presents the southern African nation’s budget on Friday.
-
FTSE Holds Off From Adding South Korea, India to Key Bond Indexes
FTSE Russell said South Korea will continue to remain on the watch list for inclusion to its global bond index — and India for the emerging-market equivalent — extending the countries’ wait to be added to the key indexes by at least another six months.
-
Thailand to Cut Reliance on Long Bonds in $66 Billion Debt Plan
Thailand will reduce sales of long-tenor debt in favor of shorter notes to soothe investors worried about its plan to lift sovereign borrowing to a three-year high, according to the nation’s debt office.
-
Anwar Sees No Urgency to Revamp Cabinet, Says Still Mulling
Malaysian Prime Minister Anwar Ibrahim said he sees no pressing need to reshuffle his cabinet, after local media said discussions for a change were intensifying.
-
New US-China Talks Are Building Momentum for Xi-Biden Meeting
Senior US and Chinese officials held “candid” talks in Washington as a flurry of high-level diplomacy bolsters expectations President Xi Jinping will attend a major summit in California this year.
-
Sugar Market Eyes Curbs From India After Lower Monsoon Rains
As India’s monsoon draws to a close, all eyes are on the health of the sugar crop as speculation swirls about possible export restrictions.
-
Unrelenting Fed Hikes Are Good News for Asia ESG Investors
Rising interest rates in the US and Europe are forcing environmentally focused investors to rethink a market long-considered a laggard on everything ESG: Asia.
-
Ambani’s JioCinema to Appoint Former Google Manager as CEO
JioCinema plans to appoint former Google general manager Kiran Mani chief executive officer, leading the Indian streaming TV service’s effort to broaden its reach among mobile customers, according to people familiar with the move.
-
Vietnam’s Economy Accelerates as Exports Grow in September
Vietnam’s economy accelerated for a second straight quarter on the back of stronger performances by its key growth drivers — manufacturing and exports.
-
Plunging US Oil Supply Is Driving Up Prices Around the World
Oil buyers across the planet are facing some of the highest premiums for supplies they’ve seen in months — or longer — as dwindling stockpiles at the largest US storage hub reverberate through markets from Asia to the Middle East to Europe.
-
Evergrande’s Extended Yuan Bonds Are Another Risk Hurdle for Developer
A missed payment on a China Evergrande Group unit’s yuan bond is raising questions about the usefulness of recent debt extensions granted by Chinese investors.
-
Argentina to End Income Tax as Election Spending Spurs Inflation
Argentina’s congress approved a bill that will eliminate income taxes for almost all formal workers, a measure poised to put more pressure on a ballooning fiscal deficit that’s underpinning 124% inflation before October’s presidential elections.
-
Australian Lawmakers’ Taiwan Visits Test Warming Ties With China
Diplomatic tensions between Beijing and Canberra threaten to flare anew over a stream of Australian lawmakers visiting Taiwan, including former Prime Minister Scott Morrison who triggered a breakdown in relations with China in 2020.
-
Blinken Meets India’s Top Diplomat, Skips Canada Row in Readout
US Secretary of State Antony Blinken met with his Indian counterpart Thursday as tensions between two of Washington’s key allies, Canada and India, grow over the killing of a Sikh leader.
-
BlackBerry Sees ‘Better Than 50-50’ Shot at Wrapping Review Soon
BlackBerry Ltd. Chief Executive Officer John Chen expects a “better than 50-50 chance” of wrapping a strategic company review before his contract expires in November, setting up a takeover or overhaul of the former tech darling.
-
Hong Kong Set to Name HKMA Official CEO of New $8 Billion Fund
Hong Kong is poised to name Clara Chan as the first chief executive officer of a new HK$62 billion ($8 billion) fund being established to invest in businesses across the Greater Bay Area.
-
Japan’s 30-Year Bond Yield Reaches Highest Level Since 2013
Japan’s 30-year government bonds dropped, sending the yield to the highest in a decade amid a selloff in global debt.
-
Long-Bond Yields Poised for Biggest Quarterly Jump Since 2009
Yields on 30-year Treasuries are on track for their largest quarterly jump since 2009, stoking anxiety that the bond rout of the past few months could reverberate across financial markets.
-
Chile President Gabriel Boric Plans 3.5% Spending Hike and Vows Economic Revival
Chile plans to raise public spending 3.5% next year, President Gabriel Boric said late on Thursday, as his administration struggles to move past political tensions and deliver on its key policy proposals.
-
Tokyo Inflation Slows, Offering Support for BOJ Price Outlook
Inflation in Tokyo slowed more than expected in September, offering support for the Bank of Japan’s view that prices are set to cool further, and thus ultra-easy policy needs to stay in place.
-
Now It’s Bangkok’s Fine Dining Scene That’s Luring Tourists to Thailand
Culinary tourism has gone beyond cheap eat stops—and could give the country’s economy a post-pandemic boost.
-
Andronico Luksic, of Chile’s Richest Family, Plans to Retire
Andronico Luksic Craig, the chairman of Chilean holding company Quinenco SA and a member of South America’s richest family, is retiring.
-
Tesla Tells Jurors Fatal Crash Had Nothing to Do With Autopilot
Tesla Inc. argued at the start of its first jury trial over a lethal crash involving Autopilot that it was “classic human error” that killed a California driver four years ago, not the company’s driver-assistance technology.
-
HSBC’s Cowper-Coles to Exit After Deploring UK’s Stance on China
HSBC Holdings Plc’s head of public affairs is set to step down shortly after making controversial comments about the British government’s handling of its relationship with China.
-
Courier J&T Global Wins HKEX Nod for $500 Million IPO, Sources Say
Courier company J&T Global Express Ltd. has received approval from the Hong Kong stock exchange for an initial public offering that could raise about $500 million, according to people familiar with the matter.
-
Fed’s Barkin Says Labor Market Key to Assessing Demand, Prices
Federal Reserve Bank of Richmond President Thomas Barkin said policymakers have time to determine if they need to do more work to cool inflation and that the labor market may offer some insight.
-
Musk Visits Texas-Mexico Border, Weighing In on Migration Issue
Elon Musk visited the border between Texas and Mexico late Thursday, briefly live-streaming as he entered another US political debate, this one about migration.
-
Mystery Russian Plane in Pyongyang Stokes Concerns of Arms Deals
An unscheduled Russian military VIP plane touched down in Pyongyang this week, days after North Korean leader Kim Jong Un made a rare trip to his neighbor for talks the US said likely focused on arms transfers.
-
Deloitte Partners Paid Over £1 Million Despite Slowdown
Partners at the UK arm of Deloitte LLP will earn more than £1 million ($1.2 million) again this year despite a recent slowdown in demand.
-
Evergrande Says Chairman Under Measures on Suspicion of Crime
China Evergrande Group said its billionaire chairman Hui Ka Yan is suspected of committing crimes, escalating the legal peril for a real estate tycoon whose indebted conglomerate has saddled investors, homeowners and suppliers with billions in losses.
-
BlackRock, Invesco Bitcoin ETF Applications Again Delayed by SEC
(Bloomberg) -- The US Securities and Exchange Commission further delayed its review of applications from BlackRock Inc., Invesco Ltd. and others seeking to list the first Bitcoin exchange-traded fund in the US.
-
California Gasoline Tops $6 as Newsom Directs Smog Rule Waiver
Summer is over but gasoline prices are heating up in California, prompting Governor Gavin Newsom to lift an anti-smog rule for relief at the pump.