President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.

Four years later, Great Lakes Works — once among the state’s largest steel plants — has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.

Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25 percent tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.

But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and other steel consumers. And the Trump administration has never followed through on an infrastructure plan.

Higher steel prices resulting from Trump’s tariffs have dented demand from the Michigan-based U.S. auto industry and other steel consumers.

Michigan’s heavy reliance on the steel and auto industries puts Trump’s trade policy in sharp focus ahead of the Nov. 3 presidential election in this battleground state. Democrats say they aim to recapture the votes of blue-collar workers they lost to Trump four years ago — one key factor in his victory over Hillary Clinton. Trump won Michigan by less than one percent of the statewide vote total. The competition for the votes of often-unionized manufacturing workers —who historically have voted Democratic — will be just as fierce in the battleground states of Wisconsin and Pennsylvania, political analysts say.

Biden leads Trump in Michigan by 8 percentage points, according to a Reuters/Ipsos state opinion poll of likely voters conducted from Sept. 29 – Oct.

OPEC expects the number of cars on the roads in India to jump by more than five times by 2045 and, along with a similar increase in China, be one of the major drivers of rising oil demand


XAVIER GALIANA

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The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC cartel sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.

In its latest forecasts, released Thursday, OPEC sees surprisingly little long-term impact despite the coronavirus pandemic plunging the global economy and oil demand into a tailspin.

While the pace of economic recovery will dictate how fast oil consumption rebounds, even OPEC’s scenario of a slow healing sees an eventual return to increased demand.

“At the global level, oil demand is expected to increase by almost 10 mbd (million barrels per day) over the long-term, rising from 99.7 mbd in 2019 to… 109.1 mbd in 2045,” the cartel said in its latest World Oil Outlook.

This baseline scenario represents 9.4 percent growth from pre-coronavirus consumption levels.

Under its slow growth scenario, OPEC expects 5.0 percent growth in oil demand.

And even with fast adoption of green technologies and tougher climate change policies, the cartel still sees a 3.1 percent increase in consumption.

OPEC’s forecast contrasts with that of some industry players, including major oil firms such as BP, which in its latest long-term estimates predicted that oil demand had already peaked or would soon do so thanks to increased use of renewable energy and the impact of the coronavirus.

Yet even the cartel’s forecasts reveal the impact of the changes already underway in certain regions.

It sees oil demand as having

The world’s appetite for crude oil won’t reach its apex for another two decades, the Organization of the Petroleum Exporting Countries said Thursday, offering a much more optimistic view of the world’s post-coronavirus demand for oil than many other forecasts.

In its annual report on oil’s long-term future, OPEC forecast that global oil demand will keep rising until around 2040, when it will plateau at 109.3 million barrels a day—some 10% above its 2019 level.

The annual report from the Vienna-based cartel offers a far brighter future for the supply and demand of oil and gas than the one offered last month by oil giant

BP


BP 0.59%

PLC. The British company is planning to invest heavily in renewable energy over the coming years. Oil demand may already have peaked, it said in September.

Still, OPEC said demand for crude among the relatively wealthy nations of the Organization for Economic Cooperation and Development won’t grow any further and is forecast to drop 27% from 2019 levels in the period to 2045. Speaking at a virtual press conference, OPEC Secretary-General Mohammed Barkindo described “an evolutionary shift in demand from developed to developing countries.”

The cartel’s global 2040 demand figure was more than one million barrels a day below last year’s forecast of 110.6 million barrels a day. The coronavirus outbreak “resulted in the sharpest downturn in energy and oil demand in living memory” and led to “the most severe economic downturn since the Great Depression,” the report said.

Lockdowns and travel restrictions linked to the pandemic’s restrictions resulted in oil market convulsions this year. Forecasters such as OPEC have found it increasingly difficult to predict the short-term future for the amount of energy the world will need this year and next. It will be 2022 before oil demand returns to its

Recasts throughout with shares, estimates

Oct 8 (Reuters)Domino’s Pizza Inc DPZ.N reported a smaller-than-expected profit on Thursday, as high COVID-19-related costs and staff bonuses offset a jump in demand for pizzas during the coronavirus crisis.

Shares of the Ann Arbor, Michigan-based company, which have risen about 47% this year, were down about 5% before the bell.

The world’s largest pizza chain has thrived during the health crisis as diners staying at home craved more comfort food, but that came at a cost for the company, which spent millions on hiring more staff, bonuses, sick-pay policies and sanitary supplies.

Still, sales at Domino’s U.S. stores open for more than a year rose 17.5% in the third quarter ended Sept. 6, exceeding Wall Street estimates of 13.14%, according to IBES data from Refinitiv.

The resumption of sports leagues such as the National Basketball Association and the National Hockey League has also boosted demand for pies and chicken wings.

Domino’s has been focusing on tech innovations and has also broadened its menu with additions such as chicken tacos and cheeseburger pizzas in order to keep its customers from switching to rivals McDonald’s MCD.N, Papa John’s PZZA.O and Pizza Hut YUM.N, among others.

The company reported net income of $99.1 million, or $2.49 per share, compared with $86.4 million, or $2.05 per share, a year earlier.

Wall Street analysts had forecast earnings of $2.79 per share.

General and administrative costs rose 9.5% to $91.7 million. The pizza chain spent $108.1 million, a 20.8% rise, on advertising in the United States in the quarter.

Total revenue rose 17.9% to $967.7 million, beating expectations of about $953 million.

(Reporting by Nivedita Balu in Bengaluru; Editing by Aditya Soni and Krishna Chandra Eluri)

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BOSTON, LONDON and PARIS, Oct. 8, 2020 /PRNewswire/ — NelsonHall, the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation, is delighted to appoint two new analysts in response to growing demand for business process services insight in the insurance, healthcare & life sciences, and pharmaceuticals sectors. These industries are becoming increasingly important in the current climate, and are undergoing major operational change, which is driving the need for deeper and more focused guidance on how organizations can transform their operations to thrive now and into the future.

Alisa Samoylova, based in London, has a background in scientific research and biotechnology, and also in procurement. After her initial assignment looking at procurement transformation, Alisa will focus on the pharma sector, starting with a major study of vendor capability from an operational perspective.

Ashley Singleton, based in Houston, is an experienced health insurance product development manager and business planning analyst, and will focus on healthcare payer and provider, as well as the wider insurance sector. Her initial assignment will be a major study of healthcare payer transformation.

These key appointments are the latest additions to NelsonHall’s global team, which is expanding in response to market demand for its unique brand of rigorous and insightful research and advice. John Willmott, NelsonHall’s CEO, said “I’m delighted to welcome Alisa and Ashley to our global analyst team, which is continuing to grow as organizations look for primary fact-based analysis that cuts through the market confusion. Now more than ever, organizations need to be able to see beyond the hype and soundbites to understand what’s really happening within their industry and how best to navigate these challenging times.”

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NelsonHall is the leading global analyst firm dedicated