PBF Energy reported a larger-than-expected loss in the third quarter, attributing it to weak fuel demand and shrinking refining margins. This trend is being seen globally, with refiners facing challenges due to soft consumer and industrial demand, particularly in China. Despite the difficult market conditions, larger competitors like Phillips 66 and Valero Energy also experienced … Read more
Volkswagen is emphasizing the urgent necessity to implement significant plant closures and job reductions after reporting a 64 percent decrease in quarterly net profit due to poor sales in China and restructuring costs. The company disclosed plans to shut down three plants and lay off tens of thousands of employees, marking its most drastic restructuring … Read more
South Korea’s export growth is expected to have slowed for a third consecutive month in October, according to a Reuters poll. The slowdown is attributed to cooling global demand for computer chips. Outbound shipments from the country are forecasted to have risen by 6.9% in October compared to the previous year. This marks the 13th … Read more