Global automakers could lose $210 billion in revenue this year because of supply chain disruptions, nearly double a forecast earlier this year, consulting firm Alixpartners said Thursday. A shortage of semiconductors is just part of the problem, Alixpartners said in a new forecast. Automakers are on track to lose production of 7.7 million vehicles in 2021, according to the new forecast.
Fitch Ratings said on Sept. 16 that it had cut its 2021 economic growth forecast for China to 8.1% from 8.4%, citing the impact of the slowdown in the country's property sector on domestic demand.
U.S. Federal Reserve Chair Jerome Powell said on Wednesday that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the U.S. corporate sector.
Airbus led a chorus of pledges by aviation leaders to cut emissions under an eco-friendly new slogan on Wednesday, but was forced to defend its jet-selling business under criticism from campaigners urging the industry to tame its growth.
Airbus led a chorus of pledges by aviation leaders to cut emissions under an eco-friendly new slogan on Wednesday, but was forced to defend its jet-selling business under criticism from campaigners urging the industry to tame its growth.
The administration of U.S. President Joe Biden is considering big cuts to the nation's biofuel blending requirements, according to a document seen by Reuters, a move triggered by a broad decline in gasoline demand during the coronavirus pandemic. If adopted, the proposal would be a win for the oil industry, most notably PBF Energy and CVR Energy, which argues biofuel blending is costly.
* FedEx (FDX) falls on profit drop, forecast cut. * Investors split over Fed's taper plans. * Indexes surge: Dow 1.40%, S&P 1.25%, Nasdaq 1.16% By Ambar Warrick. Sept 22 - Wall Street indexes bounced back from recent losses on Wednesday as concerns over a default by China's Evergrande eased, with investors now awaiting policy cues from a Federal Reserve meeting later in the day.
Britain warned its food producers on Wednesday to prepare for a 400% rise in carbon dioxide prices after extending emergency state support to avert a shortage of poultry and meat triggered by soaring costs of wholesale natural gas.
The administration of U.S. President Joe Biden is considering big cuts to the nation's biofuel blending requirements, according to a document seen by Reuters, a move triggered by a broad decline in gasoline demand during the coronavirus pandemic. If adopted, the proposal would be a win for the oil industry, most notably PBF Energy and CVR Energy, which argues biofuel blending is costly.
The White House is backing a plan by House of Representatives Democrats to let renewable energy firms form tax-advantaged partnerships that the oil and gas industry has used for decades to build out the U.S. pipeline and storage infrastructure, according to three people familiar with the matter.
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