BEIJING—Earnings for China’s power utilities during the first three quarters of 2021 have plunged as the companies were squeezed by surging coal costs that they could not pass on to consumers. Huadian Power International, a subsidiary of China Huadian Corp., on Tuesday reported profits for the January-September period dropped 58 percent from a year earlier…
Germany Cuts 2021 Growth Outlook as Supply Problems, Energy Prices Bite
BERLIN—The German government on Wednesday cut its growth forecast for this year to 2.6 percent but raised its estimate for next year to 4.1 percent as supply bottlenecks for semiconductors and rising energy costs delay the recovery in Europe’s largest economy. Confirming an earlier Reuters report, Economy Minister Peter Altmaier said the economy remained robust…
McDonald’s Sales Soar on Higher Prices, Newer Menu Items
October 27, 2021
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McDonald’s Corp. reported quarterly U.S. sales on Wednesday that beat Wall Street expectations, helped by higher prices, larger order sizes, and newer menu items such as the crispy chicken burger. The company’s shares rose 3 percent to $243.30 in premarket trading, as the fast food giant’s global same-store sales jumped 12.7 percent in the third…
US Gasoline Prices Vault to New 7-Year High
U.S. gasoline prices have notched yet another rise, with the national average hitting a fresh seven-year high. As of Oct. 27, the national average for a gallon of regular gasoline rose to $3.394 from the prior day’s $3.389 and up from the month ago average of $3.189, according to AAA. “With the U.S. economy slowly recovering…
Dow Expects Strong Sales as Higher Prices Power Beat
October 21, 2021
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Business & EconomyCompaniesDowEconomieseconomyLocal NewsMarketsNew YorkNY NewspricesRegional-Local NewssaleUSUS News
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Dow Inc. on Thursday forecast better-than-expected revenue for the fourth quarter after beating estimates on higher prices across its business following a rebound in economic activity and tight supplies after Hurricane Ida. Demand for the company’s chemicals, used in everything from plastic and food packaging to textiles, electronics, and paints, has bounced back as industrial…
Japan’s Core Prices to See First Rise in 18 Months, Export Growth to Slow: Reuters Poll
TOKYO—Japan’s exports likely grew at the slowest pace in seven months in September while core consumer prices turned positive for the first time since early last year, a Reuters poll showed, in a sign of the evolving economic impact of the COVID-19 health crisis. The mixed batch of data will likely highlight pressures Japan’s export-reliant…
More Pain for British Consumers as Grocery Prices Rise
LONDON—British grocery prices increased 1.7 percent in the four weeks to Oct. 3 year-on-year, market researcher Kantar said on Tuesday, adding to pressure on households already facing soaring energy bills. With inflationary pressures mounting in the British economy, one Bank of England policymaker on Saturday told households to get ready for early interest rate rises….
World Food Prices Hit 10-Year Peak: FAO
PARIS—World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the United Nations food agency said on Thursday. The Rome-based Food and Agriculture Organization (FAO) also projected record global cereal production in 2021, but said this would be outpaced by forecast…
Soaring Energy Prices Climb Up EU’s Political Agenda
BRUSSELS—The European Union said on Wednesday it would examine the way its power market is run and consider proposals to revamp regulations within the bloc. European electricity and gas prices have rocketed this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. Energy prices topped the EU’s…
US Natgas Volatility Jumps to a Record as Prices Soar Worldwide
October 6, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesEconomieseconomyEuropeInternationalNatgaspricessoarUSUS NewsvolatilityWorldWorldwide
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Volatility in U.S. natural gas futures jumped to a record on Tuesday on the back of an energy crunch in major world markets that has sent prices soaring globally. Natural gas prices are at record levels in Europe and Asia, as major markets like China struggle to find enough fuel to meet demand that has…
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