The country’s automakers are cutting production amid high energy costs, U.S. tariffs and Chinese competition. Thousands of auto workers across Germany have staged protests demanding protection for jobs and factories after Volkswagen announced plans to cut 100,000 jobs. Employees at Volkswagen, Mercedes-Benz, BMW, Audi, Porsche and more suppliers are taking part in large-scale actions on … Read more
The main transportation fuel tops $6.50 a gallon as conflicts in Iran and Yemen add to global supply disruptions U.S. diesel prices climbed to a new all-time high as disruptions to global fuel supplies and tensions in the Middle East continued to squeeze the market. The national average hit $6.5107 a gallon ($1.72 per U.S. … Read more
The bloc is already grappling with tight supplies, with Ukrainian strikes on Russian refineries adding to the pressure. A US ban on diesel exports could strain the EU energy market, already squeezed by reduced Russian supplies due to sanctions and disruptions to flows from the Middle East, officials in Brussels have warned. The bloc has … Read more
France is battling record diesel prices and fuel shortages as disruptions in the Middle East squeeze supplies. French President Emmanuel Macron has urged the European Commission to temporarily lower EU quality requirements for diesel and kerosene as record prices hit and fuel shortages grow in France, broadcaster BFM TV reported. The lower standards could allow … Read more
Evonik plans site closures and thousands of job cuts amid industry-wide structural crisis German chemicals giant Evonik is overhauling its domestic operations amid what it describes as a “structural and economic crisis” in the industry. The German and wider European chemicals sector has been hit by plant closures, job losses and high energy costs following … Read more