A 5-percent gain in North American sales was not enough to offset a sharp 26-percent drop in purchases in China, resulting in Porsche posting a 6-percent decline in sales worldwide this year through September.
Tag: Global Economy
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TRUMP ESCALATES TRADE WAR WITH 100-PERCENT TARIFF ON CHINA
After Beijing tightened restrictions on exports of minerals and refining technologies crucial to U.S. high-tech industries, Donald Trump announced the U.S. will impose a 100-percent tariff on Chinese imports beginning 1 November and will place more stringent export controls on "any and all critical software".
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that have profoundly affected the business community this year.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The U.S. government shutdown has resulted in 4,000 federal workers losing their jobs. Many of the layoffs took place at the Treasury Department and the Department of Health and Human Services, where approximately 1,600 were laid off. The Department of Education laid off 460 employees including most of the staff at the Office of Special Education and Rehabilitative Services.
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PRESSURED BY PARENT COMPANY, COTY SLIMS DOWN
Coty, the 121-year-old beauty products brand, is investigating the pros and cons of “partnerships, divestitures, and spin-offs” as it looks to unload its consumer beauty product line, the company has announced.
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TESLA’S SALES REBOUND IN THIRD QUARTER
In this year’s third quarter, Tesla’s electric vehicle (EV) sales rose 7.4 percent above the same period last year after two quarters of sharp declines.
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MIDDLE EAST SOVEREIGN WEALTH FUNDS LEAD PEERS AGAIN THIS YEAR
For a fourth consecutive year, sovereign wealth funds among the Gulf oil states are making more investments than similar funds of other nations, the Financial Times reported.
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EUROZONE’S JOBLESS RATE RISES AS LABOR MARKET DIVIDES IN TWO
In August, the unemployment rate among the 20 countries sharing the euro currency ticked up to 6.3 percent from 6.2 percent in July. About 11,000 more people were without work.
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EU WANTS PEOPLE TO STOP SAVING, START INVESTING
Europeans traditionally have saved a larger share of their incomes than Americans do.
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‘A LONG, SLOW GOODBYE’ TO RUSSIA’S OIL RESERVES
Russia has depended on its oil reserves to keep its war on Ukraine, and its economy, functioning for almost four years. Now Western sanctions and heavier production from those reserves to fuel the war machine are beginning to drain that natural resource.