Category: Business

Great Wall says to buy GM’s Thailand car plant

China’s Great Wall Motor (601633.SS) said on Monday it had signed a binding agreement to purchase a car plant from General Motors (GM.N) in Thailand. Great Wall said in a statement it expects to complete transaction of Rayong car plant, which is currently operated by GM, by the end of 2020. GM said on Monday […]

Amazon, Flipkart seek rollback of new Indian tax on online sellers

Amazon and Walmart’s Flipkart are among online retailers demanding that India scale back a proposed tax on third-party sellers on their platforms, saying the burden of compliance will hurt the fledgling industry, according to documents seen by Reuters. The online retail industry is braced for a possible 1% tax on each sale made by sellers […]

Rebuffed by UK, U.S. pitches ‘big tent’ for Huawei rivals in Europe

The United States is seeking to rally European support for competitors to Huawei Technologies following disappointment in Washington over Britain’s decision to use 5G equipment made by the Chinese company. U.S. officials at a global security conference in Germany this week urged governments and business leaders to build an ecosystem of “industry champions” that can […]

From wind power to cow manure: oil traders seek new profit recipe

The world’s largest oil traders are pouring hundreds of millions of dollars into climate-friendly projects – including wind farms, cow manure plants and blue hydrogen – as they seek to match the profits they make from trading oil. The energy industry as a whole faces an existential threat from the shift to a lower carbon […]

Laura Ashley appeals for funding as sales fall 10%

Laura Ashley shares have slumped 41% after it said it was in talks with its lender about accessing sufficient money to allow it to continue trading. The fashion and home retailer said if it could not get the “requisite level of funding” then it would need to “consider all appropriate options”. Trading continued to be […]

HSBC sees annual profit slump by 33%

HSBC has said its profits for 2019 fell by 33%, mainly due to its investment and commercial banking operations in Europe. The bank, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn (£10.3bn). The results come as an announcement on strategy is being made by interim chief executive […]

Tesla: German court halts work on new ‘Gigafactory’

Tesla has been ordered to temporarily halt preparations for a car factory in Germany after environmentalists won a court injunction on Sunday. The electric carmaker had been clearing forest land near the capital, Berlin, ahead of building its first European car and battery plant. The court emphasised the injunction was temporary and subject to further […]