MILAN—Europe Inc. earnings are expected to have risen 47.6 percent to 96.1 billion euros ($112 billion) in the third quarter, data from Refinitiv I/B/E/S showed on Tuesday, as the region’s economic recovery continues following the severe pandemic downturn. The estimate, based on firms listed on the STOXX 600 benchmark, is a slight improvement from last…
HGV Driver Shortages ‘Not Getting Better’ and Could Last a Year, MPs Told
The UK’s lorry driver shortage is “not visibly getting better” and could take around a year to recover, industry bosses have told MPs. Bosses from the haulage, recruitment, and food sectors warned ministers at the government’s Business, Energy, and Industrial Strategy committee over the current scale and impact of drive shortages. The Road Haulage Association…
Before Debt Woes, China Evergrande’s Ambitious Car Making Goals Stunned Industry
October 19, 2021
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Business & EconomyChinaChina Business & Economychina evergrandeCompaniesEconomiesHong Kongnew energy vehicle (NEV)
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SHANGHAI/HONG KONG—At the Shanghai Auto Show in April, the booth for China Evergrande Group’s new energy vehicle (NEV) was hard to miss. One of the largest exhibits at the event, in a prime spot opposite BMW, the property developer-backed unit showed off nine concept vehicle models under its brand “Hengchi,” which translates to “eternally speeding.”…
Cost of Products to Rise in US Amid High Inflation: Danone CFO
Danone’s stock fell Tuesday after the company’s chief financial officer said inflation pressure may worsen next year and the company expects to hike prices. “We expect 2022 at least at the same level as 2021, and maybe even higher,” Juergen Esser, the CFO, told reporters on a call. “We need to get prepared for more…
US Housing Starts Fall; Permits Hit One-Year Low as Shortages Bite
WASHINGTON—U.S. homebuilding unexpectedly fell in September and permits dropped to a one-year low amid acute shortages of raw materials and labor, strengthening expectations that economic growth slowed sharply in the third quarter. The report from the Commerce Department on Tuesday also showed housing completions hitting a 13-month low. It followed on the heels of news…
Consumer Goods Giant to Raise Prices on More Staples, Blames Increase in Cost on Raw Materials
Procter & Gamble Co. said it will raise prices on a number of household staple goods as the cost for raw materials and freight has increased faster than it had anticipated. The company, which makes a range of products including Tide and Charmin, said it would begin to charge more for oral care, beauty, and…
China Coal Hits Record High Amid Tight Supplies
BEIJING—China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply. Thermal coal for January delivery, the most actively traded contract on the Zhengzhou Commodity Exchange, hit a record high of 1,982 yuan per ton. Prices are up more than 260 percent…
Bank of France Head Does Not Expect Evergrande Contagion
October 19, 2021
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bankBusiness & EconomyChinaChina Business & EconomyCompaniescontagionEconomiesEuropeevergrandeFranceFrancois Villeroy de GalhauWorld
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LONDON—Francois Villeroy de Galhau, head of the Bank of France and a member of the European Central Bank (ECB), on Tuesday played down concerns that problems for China Evergrande Group could lead to broader contagion. Asked if Evergrande could spark effects similar to the 2008 collapse of Lehman Brothers, Villeroy told France Info radio that…
China’s Economic Wobbles Cast Long Shadow for Asia
October 19, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyEconomiesinflationInternationalsupplyWorld
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SINGAPORE/SEOUL—China’s economic setbacks have darkened the outlook for countries in its orbit, from South Korea to Thailand, as a sharp factory slowdown and trade bottlenecks in the world’s second-largest economy hit Asia on the supply as well as demand sides. China’s gross domestic product faltered in the third quarter, data showed this week, with growth…
Risk of Higher Euro Zone Inflation on the Rise: ECB’s Vasle
LJUBLJANA—Euro zone inflation is at risk of overshooting projections so the European Central Bank needs to carefully monitor price growth and should end its emergency stimulus programme next March, ECB policymaker Bostjan Vasle told Reuters. Inflation has surged above the ECB’s target due to a long list of one-off factors, leading to fears that what…
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