Economic news

Fiat Chrysler and Peugeot owner PSA have agreed on a binding merger in a deal worth $50 billion to pave the way for the world’s fourth largest car maker. The two companies announced the merger that will reshape the global industry six weeks ago, as car manufacturers worldwide struggle with a decrease in demand. Car […]

The EU will have to limit discussions about its future relationship with Britain to avoid heading into another cliff-edge, a senior EU official said. This statement came after Britain affirmed its exit from the European Union before 2020 ends. After UK Prime Minister Boris Johnson’s big election win, he planned to work on declaring the […]

BUENOS AIRES-Argentina’s government is set to impose higher taxes on agricultural goods and on abroad-based foreign assets, the economy minister disclosed on Tuesday. The government is set to implement higher export taxes on corn and wheat from 12% to 15%, Economy Minister Martin Guzman said. The “social Solidarity and Production Reactivation” plan will also hike […]

Hong Kong’s Cathay Pacific said it would trim capacity next year after posting dismal markers in the second half of the year due to unending mass protests. On Tuesday, Cathay Pacific revealed that its inbound traffic to Hong Kong plummeted by 46% in November compared to the same month last year. The airline also carried […]

WeWork arranges $1.75 billion credit line with Goldman Sachs The shared workplace company WeWork said on Tuesday that it has arranged a $1.75 billion letter of credit with Goldman Sachs that is in the process of being syndicated and whose funds will be available in January next year. The move comes in part of SoftBank […]

Japan’s exports slips amid declining U.S., China demand Japan’s export shrank for its 12th month as shipments to the United States and China declined, severely impacting the country’s trade-reliant economy and raising the risk of a fourth-quarter contraction. Wednesday’s official data showed Japanese exports falling 7.9% year-on-year in November, which was a small decline compared […]

SYDNEY-Asian shares clocked in gains reaching its peak in eight months on Tuesday brought by trade deal enthusiasm and Wall Street’s consecutive well-ended performance. In line, Brexit anxiety dragged the pound. Upbeat signals launched MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up with 0.4% gains, its highest recorded performance since April. Japan’s Nikkei […]

Swiss drugmaker Roche has been approved by US antitrust to buy gene therapy specialist Spark Therapeutics in a $4.3 billion deal. This move allows Roche to advance its push in treating rare diseases like Hemophilia A. The Federal Trade Commission stated that it has approved the deal, without requiring Roche asset sales that will assure […]

After winning a majority vote in the election on Thursday, Britain’s Prime Minister Boris Johnson will use his control of parliament to overpower extension schemes of the Brexit transition period beyond 2020. “Our manifesto made clear that we will not extend the implementation period and the new Withdrawal Agreement Bill will legally prohibit government agreeing […]

Portugal unveils draft budget projecting its first surplus in decades Portugal’s government unveiled its draft 2020 budget on Tuesday, projecting the country’s first fiscal surplus in 45 years of democracy as solid growth and a promising gentle tax reduction for small firms and a strong one on bullfighting events. “It is the first budget delivered […]