Herald section
The latest business reporting from The Belfast Herald.
Italian energy company Eni and Algeria's Sonatrach have signed an agreement to explore up to 3 billion cubic meters of gas and launch a green hydrogen pilot project in the Algerian desert. The move supports Italy's efforts to reduce dependence on Russian gas following the conflict in Ukraine.
Marks & Spencer confirms permanent closure of all 48 Russian stores, citing values-led decision and business disruption linked to the war in Ukraine, with 1,200 employees affected.
The National Union of Rail, Maritime and Transport Workers has voted for national strike action across the UK for the first time since 1994, citing demands for a decent pay rise, job security, and opposition to compulsory redundancies.
Transport for London plans to expand the Ultra Low Emission Zone to nearly all of Greater London starting 23 August 2023, aiming to reduce air pollution and its health impacts.
The U.S. House of Representatives votes to pass a series of legislation aimed at combating the baby formula shortage in the United States. The Access to Baby Formula Act passes with a 414–9 vote, and the Infant Formula Supplemental Appropriations Act passes with a 231–192.
McDonald's has initiated the sale of its Russian restaurant portfolio, citing the humanitarian crisis from the war in Ukraine. The company plans to exit the market after 32 years of operations.
All domestic airlines in Nigeria will halt operations from Monday due to a sharp rise in jet fuel prices, which has been linked to the war in Ukraine. The Airline Operators of Nigeria cited unsustainable costs and government inaction.
The European Union has proposed a ban on all Russian oil imports by year-end and to remove Sberbank from SWIFT. The move aims to increase pressure on Russia while managing economic impact.