News

  Bloomberg Jaguar Land Rover opened a factory in Brazil as part of efforts to increase local sourcing of components and reduce the impact of currency fluctuations on its profits. The plant is the company’s first wholly owned facility outside its home market of the U.K. and will produce the Discovery Sport and Range Rover Evoque sport utility vehicles for ...

  Bloomberg California has overtaken France as the world’s sixth-largest economy, fueled by strong growth and the U.S. dollar’s gains against foreign currencies, state data show. The most-populous U.S. state, with a gross domestic product of $2.5 trillion, has also eclipsed recession-plagued Brazil. “This is the result of both good growth in California and exchange-rate movements of the U.S. dollar ...

  Bloomberg Car owners and the U.S. government have an extra week to file settlement proposals in Volkswagen AG’s diesel-cheating case after a federal judge delayed the filing deadline, citing the “highly technical nature” of the negotiations. Lawyers for the drivers, the U.S Department of Justice and the Federal Trade Commission now have until noon on June 28 to file ...

  Bloomberg Mark Carney hit back against critics who accused him of supporting the U.K.’s membership in the European Union as a new poll showed the Leave campaign holding its lead ahead of next week’s referendum. The Bank of England has “a duty” to report its “evidence-based judgment” to parliament and the public, the institution’s governor wrote in a letter ...

  Bloomberg The pound dropped toward a two-month low versus the dollar as traders awaited the Bank of England’s final policy meeting before the U.K. votes on its membership to the European Union. Sterling weakened against 12 of its 16 major peers, dropping to a three-year low versus the yen. The June 23 referendum has dominated the currency market with ...

  Bloomberg Economic momentum in Switzerland is expected to pick up next year as the recovery in the neighboring euro area gains steam, the government said, confirming its last quarterly forecast. Gross domestic product will expand 1.4 percent this year and 1.8 percent in 2017, the State Secretariat for Economic Affairs in Bern said on Thursday, leaving projections unchanged from ...

  Bloomberg Recent deluges in France that flooded metro stations in Paris will delay the harvest in the European Union’s biggest wheat producer, according to the country’s biggest grain cooperative. Harvesting will probably start up to 10 days later than usual, said Jean-Francois Loiseau, chairman of Axereal, which collects about 5.5 million metric tons a year from its members. Wheat-growing ...

  Bloomberg The world’s biggest natural gas exporter isn’t too concerned about a global glut that will probably last another five years. Gazprom PJSC is counting on falling European output to boost flows to a record and cement its 30 percent market share, Deputy Chief Executive Officer Alexander Medvedev, 60, said in an interview. After crude’s 35 percent slide last ...

  Paris, France / AFP Sales of cars in the European Union surged by 16 percent in May compared to a year earlier, continuing a 33-month rise and nearing pre-recession levels, manufacturers said Thursday. A total of 1.29 million new cars were sold in the 28-nation bloc, a tally close to that of May 2008, the European Automobile Manufacturers Association (EAMA) ...

  Vilnius, Lithuania / AFP The European Commission is expected to launch legal action against France over its application of the national minimum wage to foreign truck drivers, a top EU official said. Brussels will send a formal letter launching the procedure “in a few hours”, said Elzbieta Bienkowska, the EU’s internal market chief. “From the single market perspective it raises ...