Auto Industry News

Massive clouds of steam rose from Cuba's largest fuel depot in Matanzas as firefighters, helicopters and boats poured water and foam on the smoldering remains of the largest fire in the island's history.

Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed.

Cubans have been left to endure six- to 18-hour blackouts, and search for ever-scarcer gasoline in the wake of a spectacular blaze that destroyed 40% of Cuba’s main fuel depot and shuttered its only supertanker port.

Indian shares edged lower in early trade, as technology and automobile stocks declined amid weakness in other Asian markets, while investors awaited domestic inflation data.

Wall Street headed for another day of gains as investors banked on peaking inflation persuading central banks to dial back on their anticipated interest rate hikes in September.

Oil prices rose by over 1% after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Oil prices rose, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets.

The European Union said it was "deeply concerned" about proposed tax credits for purchases of electric vehicles in the United States because they would be biased against foreign producers and may breach World Trade Organization (WTO) rules.