China’s EV sales surge in 2024; foreign automakers struggle in shifting market
A new industry report released Monday shows China made big strides last year toward an EV-driven future, as domestic sales of all types of electric vehicles rose by 40% in 2024. Sales of gasoline powered cars tumbled, including foreign imports….
Biden administration unveils new rules for AI chip, model exports
— The Biden administration announced Monday new restrictions on the export of the most advanced artificial intelligence chips and proprietary parameters used to govern the interactions of users with AI systems. The rule, which will undergo a 120-day period for…
Ethiopia relaunches securities exchange to lure investors
Ethiopia relaunched its stock exchange, the Ethiopian Securities Exchange, on Friday after a 50-year absence. The operations of the Ethiopia Securities Exchange were stopped in 1974 following the takeover by a communist military government. Prime Minister Abiy Ahmed described the…
US added 256,000 jobs in December; unemployment rate dips to 4.1%
WASHINGTON — U.S. hiring picked up unexpectedly in December as employers added a strong 256,000 jobs, another sign of the economy’s resilience in the face of high interest rates. Job growth rose 212,000 last month from November, the Labor Department…
UK Treasury chief heading to China to revive suspended economic, financial talks
London — Britain’s Treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the U.K.’s Labour government seeks to reset strained ties with Beijing. The Treasury said Friday that Rachel Reeves will…
Beijing says EU imposed unfair trade barriers on Chinese firms
Beijing — China said Thursday that an investigation had found the European Union imposed unfair “trade and investment barriers” on Beijing, marking the latest salvo in long-running commercial tensions between the two economic powers. Officials announced the probe in July…
Blinken visits Japan as Nippon Steel decision weighs on relations
WASHINGTON/TOKYO — U.S. President Joe Biden’s decision to block Nippon Steel’s $14.9 billion bid for U.S. Steel cast a shadow over Secretary of State Antony Blinken’s visit to Japan on Tuesday for farewell meetings with Washington’s most important ally in…
Nippon, US Steel file suit after Biden administration blocks $15 billion deal
Washington — Japan’s Nippon Steel and U.S. Steel are filing a federal lawsuit challenging the Biden administration’s decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel. The suit, filed Monday in the U.S….
US new car sales hit 5-year high in 2024, helped by hybrids
DETROIT — U.S. new car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories, higher incentives and surging demand for hybrid vehicles, automakers reported on Friday. Sales of new vehicles finished at 15.9 million last…
FAA chief: Boeing needs culture shift to put safety above profits
A year after a panel blew out of a Boeing 737 Max during flight, the nation’s top aviation regulator says the company needs “a fundamental cultural shift” to put safety and quality above profits. Mike Whitaker, chief of the Federal…