U.S. utility-scale battery capacity more than tripled last year on greater uses for the technology in stabilizing power grids:
TotalEnergies announced the commencement of commercial operation of a new, 1 billion pound per year ethane cracker in Port Arthur, Texas, that will provide feedstock to its Baystar joint venture with Borealis.
A German court barred further strikes by the nation’s port workers until at least Aug. 26.
U.S. ports on the East and Gulf coasts are gaining container volumes as shippers divert from West Coast ports dealing with dockworker contract negotiations. Congestion is rising at the Port of Savannah, where roughly 40 container ships were waiting for a berth on Wednesday.
Inbound ocean containers waited an average of 13.3 days for rail transport at the ports of Los Angeles and Long Beach in June, a record-high.
Losses at Boeing were better than feared, although the plane maker cut estimates for 737 MAX deliveries this year and said two years of production issues for 787 Dreamliners has left it with over $25 billion of the aircraft in inventory.
Airbus’ operating profit fell 31%, and it cut forecasts for deliveries and output due to parts shortages.
U.S. aerospace firm General Dynamics saw profit rise 3.9% on strong demand for business jets.
In the latest news from the auto industry:
Ford posted a 50% gain in second-quarter revenue as inventories finally began catching up with demand. The automaker warned rising costs will prompt curbs on spending and hiring.
Mercedes-Benz posted better-than-expected Q2 earnings despite a fall in unit sales. The automaker plans to bolster supply chains by dealing directly with chipmakers and will reduce German gas use by 50%.
Rivian is cutting 6% of its 14,000-member workforce to reduce costs and avoid another round of fundraising.
U.S. auto sales could fall 5.7% this month due to continued low inventories, J.D. Power said.
The average price of used trucks sold through Ritchie Bros. auctions rose 31% in the second quarter.
As expected, the Federal Reserve raised its benchmark interest rate by another 75 basis points Wednesday to between 2.25% and 2.5%. Stocks rose on the announcement, which came alongside assurances that the U.S. is not in a recession.
The U.S. trade deficit in goods shrank 5.6% to a seven-month low in June on a surge of food and industrial exports.
U.S. durable goods orders rose 1.9% in June, with the increase spread across most categories, including cars and military aircraft.
U.S. pending home sales dropped 20% in June from a year ago, prompting the National Association of Realtors to lower its 2022 sales forecast by 13%.
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