Automakers in the U.S. and Europe will close plants this year as they deal with stiffer emissions targets, probable tariffs on imported parts and exported vehicles, and overcapacity in their production infrastructures in the face of price competition from lower-cost countries, primarily China, research and business consulting firm Gartner said in a new report.
Category: 21 January 2025
TOP TREND 2023, SELF-SUFFICIENT ECONOMIES: APPLE IPHONE NO LONGER CHINA’S BEST-SELLING SMARTPHONE
Apple’s iconic iPhone is no longer China’s top-selling smartphone. It has fallen to third place as phones made by Vivo and particularly Huawei have overtaken it.
PENSION FUNDS TAKE A FLYER ON CRYPTO
Pension funds in Australia and the U.K. are dabbling in cryptocurrency stocks and derivatives, and employee pension systems in the U.S. also are going long on the digital currencies.
RICHEMONT’S LUXURY SALES CLIMBED IN DECEMBER
Richemont, the luxury conglomerate that owns 20 brands including Cartier and Piaget, saw fourth-quarter sales jump 10 percent, year on year, reaching €6.2 billion and signaling that two hard years for haute couture may be at an end.
BP DUMPS 4,700 WORKERS TO CUT COSTS, RESCUE SHARE PRICE
British energy giant BP is shrinking its payroll by about 5 percent, lopping off 4,700 workers as it reins in costs and tries to boost its sagging share price, which has persistently lagged behind those of Chevron, ExxonMobil, and Shell.
U.K. INFLATION TICKS DOWN, BOOSTING CHANCES OF INTEREST RATE CUT
In December, inflation in the U.K. eased back to 2.5 percent from 2.6 percent in November, the Office for National Statistics reported.
CHINA’S ECONOMY GREW 5 PERCENT LAST YEAR, BEIJING SAYS. REALLY?
After a mid-summer economic slump, Chinese officials rushed an array of stimulus measures that shouldered the GDP to the 5-percent growth target Beijing had set for 2024, the Bureau of National Statistics (NBS) reported.
GERMANY’S ECONOMY SUFFERED DURING SCHOLZ’S TENURE AS CHANCELLOR
Germany’s elections next month will replace Olaf Scholz as chancellor.
TOP TREND 2025: THE TRUMP CARD
Canada’s government has formulated a list of tariffs valued at $105 billion in U.S. dollars that it will impose on U.S. goods if incoming president Donald Trump lays new import duties on Canadian goods coming into the U.S., an unnamed government official told Bloomberg.
GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that will profoundly affect the business community this year.