Chinese online retailer Temu faces EU probe into rogue traders, illegal goods
LONDON — The European Union is investigating Chinese online retailer Temu over suspicions it’s failing to prevent the sale of illegal products, the 27-nation bloc’s executive arm said on Thursday. The European Commission opened its investigation five months after adding…
China tells carmakers to pause investment in EU countries backing EV tariffs, sources say
China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe. The new European Union tariffs of…
Low consumer spending in China hinders economy there and abroad
U.S. Treasury Secretary Janet Yellen has joined several independent economists to express her frustration about low consumer spending and the property crisis in China. Some experts have expressed disappointment over Beijing’s limited measures to stimulate consumer spending, which is one…
US economy grew at a solid 2.8% pace last quarter on strength of consumer spending
Washington — The U.S. economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still-high interest rates. Wednesday’s report from the Commerce Department said the gross domestic product —…
Beijing files WTO complaint over EU’s new taxes on Chinese EVs
Beijing — Beijing said Wednesday it had lodged a complaint with the World Trade Organization over the European Union’s decision to impose hefty tariffs on Chinese-made electric cars. The extra taxes of up to 35% were announced Tuesday after an…
China stimulus should go hand in hand with reforms, ex central bank adviser says
BEIJING — China’s stimulus efforts could come with a cost and they must be carried out alongside reforms to ensure sustainable economic growth, Liu Shijin, a former central bank adviser, said in remarks published Wednesday. “Stimulus could come with a…
Companies find solutions to power EVs in energy-challenged Africa
NAIROBI, KENYA — Some companies are coming up with creative ways of making electric vehicles a more realistic option in power-challenged areas of Africa. Countries in Africa have been slow adopters of battery-powered vehicles because finding reliable sources of electricity…
Saudi energy minister commits to crude capacity levels and climate targets
RIYADH — Saudi Arabia is “committed” to maintaining crude capacity at 12.3 million barrels per day, Energy Minister Prince Abulaziz bin Salman said on Tuesday. Speaking at the Future Investment Initiative (FII) conference in Riyadh, he said the world’s largest…
Saudi ‘Davos in the desert’ opens with region on war footing
Riyadh — Global business leaders gathered in Saudi Arabia on Tuesday for a glitzy investor forum as conflict shakes the region and skepticism mounts over the Gulf kingdom’s most ambitious development projects. The Future Investment Initiative (FII) debuted in 2017…
Bioeconomy offers path to mitigating climate change, enhancing food production
Nairobi — Bioeconomy is the production, use, and conservation of biological resources to produce goods that sustain communities. A new report says the promotion of bioeconomy as a way to deal with climate change holds promise for rural areas in…