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Chinese EV automaker BYD to build car factory in Hungary
China's top electric automaker BYD will build a car factory in Hungary, the company said Friday, as it pushes forward with plans for expansion into Europe despite growing concerns around fair competition. BYD already has operations in Hungary, including an electric bus factory.
Cummins to pay $1.67 bn to settle engine emission control claims
US engine maker Cummins Inc has agreed to pay $1.67 billion to settle claims it installed devices to defeat emissions controls in hundreds of thousands of pickup truck engines, the Justice Department said Friday. Defeat devices and auxiliary emission control devices were allegedly installed on nearly one million engines produced since 2013 for RAM pickup trucks, which are made by Stellantis.
Key US inflation gauge cools in November as rate cut looms
A measure of inflation favored by the US Federal Reserve weakened in November on lower energy prices, government data showed Friday, providing further reassurance to policymakers keen to rein in price increases. Friday's numbers also showed that consumption ticked up 0.2 percent from a month prior in November, while personal incomes increased too.
US new home sales slow more than expected in November
Sales of new US homes cooled more than anticipated in November, slipping to the lowest level in a year, according to government data released Friday. Analysts noted Friday that home sales data can be volatile and subject to revision.
French caviar farms look forward to EU label of origin
At a French caviar factory this week, a worker used tiny pliers to carefully line up black sturgeon fish eggs against a ruler. When the eggs were not yet big enough or too mature, the fish was sent shooting down a slide back into the water.
Zambia president blames private creditors for debt deal delays
Zambia's President Hakainde Hichilema on Friday blamed private creditors for holding up a long-sought debt restructuring deal for the first African nation to default after the Covid pandemic. The framework has been criticised as many African nations are either already in, or on the edge of, debt distress.
US to target banks that help Russia war in Ukraine
The United States said Friday it will sanction foreign banks that support Russia's war in Ukraine, in a new bid to exert economic pressure on Moscow as it diversifies from the West to China.
UK economy shrinks before election year
Britain's economy unexpectedly shrank in the third quarter and flatlined in the previous three months, official data showed Friday, raising fears of a recession before an election due next year. "The latest (GDP) data... show the economy performed slightly less well in the last two quarters than our initial estimates," Morgan added.
China unveils new gaming curbs, sending tech stocks tumbling
China announced Friday another set of planned curbs on the amount of time and money that people can spend gaming online, triggering a share market sell-off in some of the nation's biggest tech giants worth billions of dollars.
AFP
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