Articles by Bloomberg News

Russian Coal Exports Effectively Halted by EU Ban, With Re/Insurance as Key Factor

Russian coal exports were effectively halted by a European Union ban on entities within the 27-nation bloc servicing shipments of the fuel to anywhere in the world. Suek JSC, Russia’s largest thermal coal miner, was unable to ship the fuel …

Worst Drought in Decades Threatens China’s Economic Recovery

Wan Jinjun, a 62-year-old retiree who has swum the Yangtze River almost every day for the past decade in Wuhan, said he’s never seen a drought like this before. An extreme summer has taken a toll on Asia’s longest river, …

China Extends Industrial Power Cuts as Drought, Heatwave Threaten Wider Disruptions

Sichuan’s worst drought in more than a half century spurred the Chinese province to extend industrial power cuts and activate its highest emergency response, adding to manufacturers’ woes as they shut down factories in the region. Temperatures above 40 degrees …

AIA Weighs Purchase of Billion-Dollar Shanghai Tower as Its Expands Business in China

Insurance giant AIA Group Ltd. is in talks to purchase an office at a prime location in Shanghai as it expands business in China, according to people familiar with the matter. The Hong Kong-based insurer is considering buying SIIC Center, …

Ukraine Nuclear-Plant Disaster Is ‘Real Risk,’ IAEA Warns

Ukrainian officials said Russian forces shelled the area around Europe’s largest nuclear plant for a second day, hours after the head of the UN’s atomic safety agency warned of “potentially catastrophic consequences.” Russian shells landed near spent nuclear fuel stored …

China’s Ping An Profit Drops 24% as Pandemic Deals Blow to Business

Ping An Insurance (Group) Co., China’s largest insurer by market value, said profit fell 24% and warned that outbreaks of COVID in the world’s second-biggest economy pose a threat to near-term growth. Net income dropped to 20.7 billion yuan ($3.1 …

Russia May Be Forced to Cannibalize Half Its Planes for Spare Parts: Kommersant

Russia may be forced to ground between half and two-thirds of its commercial aircraft by 2025 in order to cannibalize them for spare parts, Kommersant newspaper reported, citing an unidentified person at the Transport Ministry. In the ministry’s base case, …

U.S. Companies Warn China’s Data Rules Risk Creating ‘Digital Island’

China’s “uniquely restrictive” data laws risk boosting U.S. firms’ cost of doing business in the No. 2 economy and could lead to digital decoupling, a new report from an American business group warns. The government’s curbs on data movement across …

Update: One of Two Flight Recorders Located From China Eastern Plane Crash

The cockpit voice recorder from the China Eastern Airlines Corp. aircraft that crashed on Monday has been found and sent for analysis. Officials said all three pilots had current licenses, valid health certificates and solid experience. The two so-called black …

Chinese Authorities Tell Banks, State-Owned Firms to Report Exposure to Ma’s Ant Group

Chinese authorities told the nation’s biggest state-owned firms and banks to start a fresh round of checks on their financial exposure and other links to Ant Group Co., renewing scrutiny of billionaire Jack Ma’s financial empire, according to people familiar …