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February 21 (Xinhua) -- A forest fire broke out in Seosan City, South Chungcheong Province, South Korea, on February 21, according to a report from the South Chungcheong Provincial Fire Department. Firefighters and other departments immediately rushed to the scene to extinguish the blaze. Because the fire originated near the Daeju Resource Reserve Industrial Complex, South Koreas largest national oil reserve facility, strong winds posed a risk of the fire spreading to critical infrastructure, causing high alert among relevant departments. At approximately 4:10 PM local time, the Seosan Fire Station raised its response level to Level 2, mobilizing all available equipment from its jurisdiction and neighboring fire stations to focus on preventing the fire from spreading towards the industrial complex.February 21 – European Central Bank Governing Council member and Bank of Italy Governor Leon Panetta stated that the US economy has borne the brunt of President Trumps tariffs. Speaking in Venice on Saturday, he said, "Foreign exporters appear to have absorbed a portion of the losses, estimated at around 10%. Initially, this loss was absorbed by the profits of US companies, then partially passed on to consumers, who now bear about half of the losses. Overall, the tariffs are estimated to have contributed slightly more than 0.5 percentage points to US inflation."ECB Governing Council member Panetta: Inflation risks may exist in both directions.ECB Governing Council member Panetta: Italys economy grew by 0.7% in 2025.ECB Governing Council member Panetta: Monetary policy must remain flexible.

Coles Australia Reports Rising Quarterly Sales and Costs

Charlie Brooks

Oct 26, 2022 14:16

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On Wednesday, Coles Group reported slightly higher first-quarter sales due to higher product prices and COVID-19 restrictions. However, the Australian retail company predicted hefty input expenses.


Retailers worldwide have raised prices due to rising gas and ingredient costs. To counteract rising inflation, the Australian central bank raised interest rates six times this year.


Floods will increase supply quantities and Coles' December quarter expenses.


The supermarket segment, which accounts for most of the group's earnings, rose 1.6% to A$8.77 billion ($5.60 billion), although UBS expected A$8.93 billion.


Coles revealed a 7.1% first-quarter supermarket inflation rate, up from 4.3% in the previous quarter. Reopening restaurants also increased sales.


The retailer's quarterly volume was lower since lockdowns last year caused hoarding of essential items, which raised volumes.


The Melbourne-based company, which has over 800 outlets in Australia, lowers prices on some grocery products to boost sales.


Coles fell 2.5% to A$16.18 in early trading, while the Australian market rose 0.4%.


Coles reported A$9.89 billion in group sales for the 13 weeks ending September 25, up from A$9.77 billion a year earlier.


Woolworths may report first-quarter sales on November 3.

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