In the Chinese port city of Tianjin, gray market traders of American-made cars, badly stung by a scything trade war and punitive tit-for-tat tariffs, are scrambling to take advantage of an opportunity they fear may prove only temporary.
Ford on Thursday said it will cut thousands of jobs, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at achieving a 6 percent operating margin in Europe.
China and the United States made progress on “structural issues” such as forced technology transfers and intellectual property rights in talks this week and more consultations are being arranged, China’s commerce ministry said on Thursday.
French insurer AXA will move staff over to Ireland from France and the United Kingdom, in light of Britain’s plans to leave the European Union.
Britain’s biggest carmaker Jaguar Land Rover (JLR) is set to announce “substantial” job cuts in the thousands, a source told Reuters, as the company faces double-digit drops in demand in China and a slump in sales for diesel cars in Europe.
China and the United States made progress during their recent trade talks over structural issues such as forced technology transfers and intellectual property rights, China’s commerce ministry said on Thursday.
Asian shares edged up on Thursday on a weaker dollar and hopes of more economic stimulus in China, but many stocks seesawed as markets awaited some details on this week’s U.S.-China trade talks amid hopes an all-out trade war can be averted.
Britain’s biggest carmaker Jaguar Land Rover (JLR) is set to announce “substantial” job cuts in the thousands, a source told Reuters, as the company faces double-digit drops in demand in China and a slump in sales for diesel in Europe.
Asian shares edged up on Thursday as stimulus expectations and a rise in the yuan helped Chinese equities erase early losses, while markets awaited more news on U.S.-China trade talks amid hopes that an all-out trade war can be averted.
Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.
Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry’s transition from fossil fuels and shifting power to Asian battery and electric vehicle technology suppliers.
Japanese prosecutors plan to indict former Nissan Motor Co Ltd Chairman Carlos Ghosn on two more charges of financial misconduct on Friday, a person with knowledge of the issue said, bringing the total number to three.
(This January 4 story has been corrected to remove incorrect reference to the Woolsey fire)
Sears Holdings Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the U.S. department store operator will escape liquidation.
Asian shares took a breather on Thursday after an extended rally, as markets awaited more news on U.S.-China trade talks that have raised hopes of a deal to avert an all-out trade war between the economic giants.
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