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Huawei has been cut off from global supply chains since 2019 due to US sanctions. (AFP pic) BEIJING: Chinese technology giant Huawei saw its net profit fall by over 13% in the first three quarters of 2024 year-on-year, a company filing showed today. Huawei has for several years been at the centre of an intense […]
BYD is the most prominent EV manufacturer in China. (AP pic) BEIJING: Chinese electric vehicle giant BYD reported surging sales today, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances. The EV and battery giant is a leading player in recent efforts by Chinese automotive firms […]
Chinese car giant Geely will now face an extra duty of 18.8% in the EU. (AP pic) BRUSSELS: The EU today decided to slap hefty tariffs on Chinese-made electric cars after an anti-subsidy probe concluded Beijing’s support to local manufacturers was unfair. The extra taxes have been controversial, with strong opposition from Germany and Hungary […]
A key pillar of India’s resilience is its currency, which has been stuck between 82.8 and 84.1 per dollar due to the Reserve Bank of India’s interventions. (Reuters pic) NEW DELHI: India is shaping up to be a destination for investors seeking relative shelter from financial volatility linked to the US election. A steady influx […]
The risk of US tariffs rattled China’s industry, responsible for over US$400 billion in exports to the US and components for American goods. (EPA Images pic) GUANGZHOU: If Donald Trump wins next month’s US presidential election, Mike Sagan’s toy-making company will halve its China supply chain within a year. KidKraft, which also makes outdoor play […]
The Financial Conduct Authority stated that between 2017 and mid-2023 Volkswagen Finance Services failed to treat customers in financial difficulty fairly. (File pic) LONDON: A UK regulator today said it had fined a division of German car giant Volkswagen £5.4 million (US$7 million) over its treatment of customers in financial difficulty. Volkswagen Financial Services (UK) […]
Treasury secretary Janet Yellen opposed Republican presidential candidate Donald Trump’s plans for across-the-board tariffs on US imports. (AP pic) WASHINGTON: US treasury secretary Janet Yellen pushed back Thursday on Republican presidential candidate Donald Trump’s proposals of high tariffs on allies and rivals, calling such moves “deeply misguided” weeks before the Nov 5 election. Her remarks delivered […]