Afternoon Coffee: Pernis Oil Refinery Fire Pushes Fuel Prices Higher, Sovos Acquires E-Receipt Compliance Solution Paperless

Hoda Bogdan/Adobe Stock

A fire at the largest crude-oil refinery in Europe last weekend has disabled the facility for possibly the rest of the month, the Wall Street Journal reports. Gasoline and other fuel prices have risen globally in response, and the loss of the plant could cost Shell $2 million to $3 million per day.

Sovos Acuires Paperless

Sovos, a global tax compliance and reporting provider, announced Wednesday it had acquired Paperless, a Chile-based e-receipts and e-documents company. The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time business-to-government reporting, the company said in a press release.

CSX Disruptions

The head of CXS has apologized to customers for recent service disruptions, Reuters reports, following what he called resistance to change from employees at the railroad company. Analysts said over 80% of shippers surveyed have experienced recent problems with CSX and nearly 40% have switched to Norfolk Southern in response, according to Reuters.

Manufacturing Data 

And finally, an economic update: The Institute for Supply Management on Tuesday said its index of U.S. manufacturing activity fell to 56.3 in July from 57.8 in June, the Wall Street Journal reports, meaning factory activity expanded for the eleventh consecutive month in July.

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