News

Bloomberg China’s will end the production of 553 passenger-car models that don’t meet fuel-consumption limits amid efforts by the nation to curb pollution. The halt in production was expected to begin on January 1, the China Vehicle Technology Service Center said in a statement Thursday. Models include FAW VW’s Audi FV7145LCDBG sedan, Beijing Benz’s Benz BJ7302ETAL2 sedan and Shanghai GM’s ...

Bloomberg India is adding the least amount of coal-fired power in more than a decade as tepid demand from indebted state retailers fails to utilise the nation’s existing generation capacity. Coal-fired capacity, which accounts for more than three quarters of the nation’s electricity, rose by 809 megawatts during the April-November period, according to Bloomberg calculations based on the latest available ...

Bloomberg As automakers seal their first annual US sales decline since 2009, expectations for more interest-rate hikes are bolstering the nearly unanimous view that car demand will shrink again in 2018. Few analysts anticipate sales this year will reach 17 million vehicles, which was just achieved for a third-straight year and only the fifth time in history. The Federal Reserve ...

Bloomberg UK manufacturing growth slowed more than forecast in December, retreating from a four-year high. IHS Markit’s Purchasing Managers Index for the industry slid to 56.3, below the median estimate of economists for a reading of 57.9. Still, that pace of expansion left the quarterly average at the highest since 2014. “Expansion remained comfortably above long-term trend rates,” said Rob ...

Bloomberg Maserati North America Inc. is recalling more than 1,000 of its newest luxury cars to fix leaky fuel pipes that increase the potential for an engine fire. The 2018 Ghibli and Quattroporte sedans—with prices starting at $73,050 and $105,600, respectively—have a faulty fuel delivery pipe in the engine compartment that may leak gasoline, the company said. The cars haven’t ...

Bloomberg The UK will make new coins this year to celebrate the 200th anniversary of Mary Shelley’s “Frankenstein’’ as well as commemorate a century since women started gaining the right to vote. Designs on special two-pound coins will also honour the end of the First World War and the creation of the Royal Air Force in 1918, the UK’s Royal ...

Bloomberg Euro-area manufacturing growth accelerated to a record in December 2017, capping a solid year for factories which is now eating into production capacity. With export demand strengthening, IHS Markit’s monthly report on manufacturing showed both new orders and output were the strongest in 17 years. Germany’s gauge rose to a record and France improved. Global growth also got a ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met over a lunch banquet in Dubai marking the advent of the new year, ...

ABU DHABI / WAM The concerns emanating from the application of the Value-Added Tax (VAT) are overrated, as its impact on the country’s business sector will be in the minimal and will rather generate myriad benefits for the economy, according to a senior official at the Department of Economic Development (DED) — Abu Dhabi. “The application of VAT effective January ...

Astana / WAM The Ministry of Defence of Kazakhstan honoured Dr Mohammed Ahmed bin Sultan Al Jaber, UAE Ambassador to Kazakhstan. Talgat Mukhtarov, Deputy Minister of Defence of Kazakhstan, honoured Ambassador Al Jaber by giving him the Medal of Contribution to Strengthening International Co-operation for his ongoing efforts to develop and strengthen the overall co-operation between their two countries, especially ...