Category: Business

  • China car sales fall for the first time in 20 years

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    Car sales in China, the world’s biggest vehicle market, have seen their first annual fall in twenty years. Sales fell 6% to 22.7 million units in 2018, according to the China Passenger Car Association (CPCA). The deceleration comes amid a slowdown in China’s economy which has hit performance at car manufacturers around the world. The […]

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  • US retail giant Sears may get reprieve from liquidation

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    Sears, the US department store chain that once dominated US shopping malls, may be getting a reprieve. The firm had been expected to ask a bankruptcy judge for permission to liquidate after failing to reach a deal with chairman Edward Lampert over a $4.4bn (£3.5bn) takeover. But after last minute negotiations, the firm said on […]

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  • Jim Yong Kim steps down as President of World Bank

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    World Bank President, Jim Yong Kim has made the surprise announcement that he is stepping down after six years in the post. His resignation will take effect from 1 February. Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017. He will “join a […]

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  • German state of Baden-Wuerttemberg sues VW for damages: FAZ

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    FRANKFURT – The German Federal State of Baden-Wuerttemberg is seeking damages from Volkswagen (VOWG_p.DE) after local authorities purchased VW diesel vehicles which now face bans in cities like Stuttgart, Frankfurter Allgemeine Zeitung said on Saturday. The value of diesel cars plummeted after German environmental groups scored a court victory last year that forced cities to […]

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  • China’s economic slowdown: How worried should we be?

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    The cracks in China’s economy appear to be widening, with signs of weakening growth amid a background of trade tensions. Adding to the worries, China’s stock market was the world’s worst performer last year, ending with a loss of 28%. This week Apple said slowing sales in China meant it would not meet sales expectations, triggering […]

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  • US jobs growth jumps in December

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    The US economy created many more jobs than expected in December, according to the latest government data. Employers added 312,000 jobs, far ahead of predictions of 177,000, the Labor Department said. The unemployment rate nudged higher to 3.9%, but is still near historic lows. Average hourly pay increased at an annual rate of 3.2% – […]

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  • Apple shares sharply lower in US trading

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    Apple shares opened Thursday down more than 9% at $143 after chief executive Tim Cook blamed a slowdown in China sales for falling revenues. On Wednesday, the iPhone maker said it expected revenue of about $84bn for the last three months of 2018, down from a forecast of at least $89bn. The news depressed other […]

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  • Tesla shares drop on disappointing quarterly performance

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    Tesla shares have fallen after the electric carmaker revealed that it missed expectations for deliveries and will be cutting its vehicle prices by $2,000 in the US. The price cut, which will apply to Model S, Model X and Model 3 cars, is in response to a reduction in green tax credits. Tesla said it […]

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  • Brexit: US ambassador to UK Johnson warns on trade deal

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    Donald Trump’s offer of a “quick, massive, bilateral trade deal” will not be possible if Theresa May’s EU withdrawal agreement is approved, the US ambassador to the UK has warned. President Trump had previously said her Brexit proposal sounded like a “great deal for the EU”. Woody Johnson told the BBC the UK was “in need […]

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  • Tesla adds Larry Ellison to its board

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    Tesla has appointed Oracle co-founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson to its board. The move further strengthens the board as pledged by founder Elon Musk to the Securities and Exchanges Commission. The SEC fined Mr Musk over misleading tweets that he had funding to take Tesla private. Investors greeted the news by […]

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