Volkswagen raises China electric vehicle bet by 2 billion euros, buys stakes in two separate firms
Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world’s biggest auto market as international rivals seek to muscle in.
Asian stocks slip as markets await Trump’s Hong Kong response
Asia’s stock markets pulled back and major currencies were held in check on Friday, as investors await the U.S. response to China tightening control over the city of Hong Kong.
Travel disruptions, cost cutting key issues for U.S. business in China: report
Global travel disruptions are the top concern for American businesses in China, of which many are cutting compensation and bonuses amid the fallout of the COVID-19 epidemic, according to a report from a business group.
Volkswagen agrees to buy 50% of EV partner JAC’s parent company
Anhui Jianghuai Automobile Group (JAC Motors) said on Friday that German automaker Volkswagen AG agreed to buy 50% of its parent company Anhui Jianghuai Automobile Group Holding.
Los Angeles union, joined by ‘Pandemic Pig,’ demands meatpacking plant closure
The union representing workers at a meatpacking plant near Los Angeles where at least 153 employees have come down with COVID-19 called on Thursday for the plant’s immediate closure, saying measures to control the outbreak were not working.
Oil prices fall as U.S. fuel demand remains weak
Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets.
Tyson Foods will shut U.S. pork plant as more workers catch COVID-19
Tyson Foods Inc said on Thursday it will temporarily close an Iowa pork plant due to the coronavirus pandemic, a month after U.S. President Donald Trump ordered slaughterhouses to stay open to protect the country’s food supply.
U.S. judge orders 15 banks to face big investors’ currency rigging lawsuit
A U.S. judge on Thursday said institutional investors, including BlackRock Inc and Allianz SE’s Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange m…
California regulator approves PG&E’s Chapter 11 reorganization plan
PG&E Corp said on Thursday its Chapter 11 reorganization plan has been confirmed by a California power regulator, bringing the power provider one step closer to emerge from bankruptcy and participate in a state-backed wildfire fund.
U.S.-China tension to push Asian shares lower in choppy trade
Asian shares were set to dip in choppy trade on Friday as worries about worsening U.S.-China ties offset the fillip from hopes massive government stimulus can jump-start the world economy.
