Australian iron ore baron bets big on global green revolution
Australian iron ore magnate Andrew Forrest wants to turn his company, Fortescue Metals Group Ltd (FMG.AX), into the world’s biggest green energy group, but critics say his targets are a stretch even for a man who built the world’s fourth-largest iron ore producer from scratch in just over a decade.
U.S. consumer spending takes breather; inflation pushes higher
U.S. consumer spending paused in May as shortages weighed on motor vehicle purchases, but the supply constraints and increased demand for services helped to boost inflation, with the Federal Reserve’s main inflation measure posting its biggest annual increase since 1992.
Indian oil refiners cut output, imports as pandemic hits demand
India’s top oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday. Indian Oil Corp (IOC.NS), the country’s biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, […]
Siemens Energy cuts sales outlook on heels of Siemens Gamesa
Siemens Energy (ENR1n.DE), which supplies turbines to the power sector, on Wednesday lowered the upper end of its target range for 2021 sales, hurt by weaker-than-expected demand, project delays and the ongoing coronavirus crisis. Revenues are now expected to grow 3-8% in the year to September, compared with a previous range of 2-12%. According to Refinitiv […]
U.S. House panel discusses low-carbon fuel with airline, biofuel industries
Members of a U.S. House of Representatives subcommittee met on Tuesday with representatives from the biofuels and airline industries to discuss ways to expand production of low-carbon aviation fuel, the subcommittee chair told Reuters. The meeting is part of a broader push by lawmakers to advance climate and energy legislation amid calls by U.S. President […]
Australia job ads rise 4.7% in April as demand for labour stays strong
Australian job advertisements climbed for an 11th straight month in April to reach their highest in 12 years, suggesting strong demand for labour will withstand the removal of some government emergency support programmes. Monday’s figures from Australia and New Zealand Banking Group (ANZ.AX) showed total job ads grew 4.7% in April from March, when they rose 7.8%. […]
Oil maintains upward momentum but virus concerns cap gains
SINGAPORE (Reuters) -Crude oil climbed on Wednesday after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies.
