With prices anticipated to decline further through summer, when steel consumption traditionally wanes, analysts expect steelmakers to curb supply until domestic demand rebounds from inflationary pressures. Steel Dynamics on Wednesday reported a drop of 47% in second-quarter profit, amid declining domestic steel prices. Oversupply in the market, stemming from both domestic production and imports, has… Continue reading Steel Dynamics quarterly profit nearly halves on weak steel pricing
Author: Economic Times of India Online News
Mercedes-Benz unit partners with Starbucks for fast-charging stations in US
The Mercedes unit opened its first charging site in 2023, as part of an initial USD 1 billion investment. A Mercedes-Benz unit said on Wednesday it had partnered with Starbucks to deploy its fast-charging stations at more than 100 locations across the United States. The first phase of the program will have 400 kW EV… Continue reading Mercedes-Benz unit partners with Starbucks for fast-charging stations in US
Rupee to see mild relief after dollar plumbs to near 4-month low
The rupee, however, is “facing a lot of stress right now on account of dollar payments for various purposes” and the dollar/rupee pair is a buy on dips, he said. The Indian rupee is expected to see slight relief on Thursday after the dollar index dropped to a near four-month low largely on the back… Continue reading Rupee to see mild relief after dollar plumbs to near 4-month low
Audio Interview: China Manufacturing Risks: They Just Keep Growing
Ron Hesse speaks with Dan Harris. Dan is Founder and Partner, Harris Sliwoski In the 13-minute Audio Interview, Mr. Harris discusses these questions: What are you seeing out there with China manufacturing? It seems like every month or so you write something about how the risks of getting your product from China are increasing. Is… Continue reading Audio Interview: China Manufacturing Risks: They Just Keep Growing
Only 57% B.E. & B.Tech. graduates employable in automotive industry: Report
India needs to increase its annual addition of EV-ready workers from 15,000 to 30,000 to achieve full localization of EV components by 2030, as per the study. Only 57.44% of B.E. and B.Tech. graduates in India are employable in the automotive industry, according to a study by the Society of Indian Automobile Manufacturers (SIAM), which… Continue reading Only 57% B.E. & B.Tech. graduates employable in automotive industry: Report
Progressive’s quarterly profit surges on strong demand for auto insurance policies
Progressive’s combined ratio was 91.9%, compared with 100.4% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims. Insurer Progressive Corp posted a more than fourfold jump in its second-quarter profit on Tuesday, driven by strong demand for its personal auto insurance policies, sending its… Continue reading Progressive’s quarterly profit surges on strong demand for auto insurance policies
European autos, clean energy feel the pinch of Trump 2.0 bets
Barclays has forecast a 20% U.S. tariff on European carmakers could hurt the euro. Volvo Car, Mercedes and part suppliers Forvia and Valeo fell between 1.6 and 3.3%. A sell-off in the shares of some European carmakers and renewable energy firms entered a second day on Tuesday on growing concerns over potential U.S. policy risks… Continue reading European autos, clean energy feel the pinch of Trump 2.0 bets
EU’s green hydrogen goals not realistic, say auditors
Another target set out by Brussels, to install at least 40 gigawatts of renewable hydrogen electrolysers by 2030, was an idea suggested in documents by a hydrogen lobby group, the auditors found. The European Union’s goals to produce and import green hydrogen fuel are unrealistic and unlikely to be met despite billions of euros in… Continue reading EU’s green hydrogen goals not realistic, say auditors
EU countries divided on Chinese EV tariffs in vote
The Commission is expected to take this into account when deciding whether to follow up with definitive duties in what is the EU’s highest profile trade case yet. European Union governments exposed divided views on the merits of EU tariffs on imports of China-built electric vehicles in a non-binding but still influential vote, sources with… Continue reading EU countries divided on Chinese EV tariffs in vote
Rupee pressed by weak Asia, supported by intervention hopes
At this level of the rupee, the impact of the moves in Asia will be “all the more” lower, a currency trader said. The Indian rupee is expected to open largely unchanged on Tuesday despite a decline in Asian peers on expectations that the central bank will not allow the currency to drop to an… Continue reading Rupee pressed by weak Asia, supported by intervention hopes