Global refiners face profit slump as new plants come online

LONDON/SINGAPORE/NEW YORK, Sept 22 (Reuters): Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.The weakness is a further...

China dairy farms swim in milk as fewer babies, slow economy cut demand

BEIJING, Sept 22 (Reuters): China is awash in unwanted milk as falling birth rates and cost-conscious consumers have cut demand even as dairy farms expanded in recent years, forcing smaller farmers out of business and squeezing shipments into the world's top importer.China's milk surplus illustrates the unintended consequences of Beijing's...