Germany withdrew gas from storage this week for the first time in three months after Russia halted deliveries via the Nord Steam 1 pipeline due to maintenance. The shutdown cut gas shipments to Austria by 70% this week.
Shell’s chief executive warned Europe may need to start rationing energy if prices continue to escalate heading into winter.
The chief of the Texas power grid affirmed the system’s ability to avoid blackouts this summer despite sweltering heat that’s already led to emergency calls for households and industry to reduce power use.
South Korean container line HMM will invest $11.45 billion over the next five years to grow its eco-friendly container fleet, build more terminals at key ports and expand its bulk fleet by 90% to 55 ships.
Wartsila, a Finnish marine company, is rolling out its first methanol-powered engine next year with the hopes of broad adoption by the shipping industry.
U.S. solar energy prices jumped 8.1% in the second quarter as projects were stalled by soaring costs and a Commerce Department investigation into tariffs on products from Southeast Asia.
Amazon says it sold over 300 million items this week in a record-breaking Prime Day, equating to 100,000 products a minute. Although the firm did not release revenues, new data shows that online spending in the U.S. rose 8.5% from the same time last year to $11.9 billion during the two-day event.
Deloitte predicts U.S. back-to-school spending will rise 5.8% this year to a record $34.4 billion due to the surging cost of clothing and supplies.
Spice maker McCormick says the pandemic’s broad-scale supply chain disruptions are largely behind it.
In the latest news from the auto industry:
European car sales fell 17% in June to the lowest level since 1996 due to supply issues and rampant inflation. Volkswagen was the hardest-hit major carmaker, with registrations dropping 24% from a year ago.
Fast-spreading subvariants of Omicron are driving a wave of new infections across the African continent, especially in North Africa, where cases rose by 17% last week, according to the World Health Organization.
China’s GDP expanded just 0.4% year over year in the three months to June, the slowest pace of the pandemic and the second-weakest ever recorded. Economists are downgrading forecasts for the remainder of this year, making Beijing’s annual growth target of 5.5% unlikely.