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Bridging The Gap
Ford to cut jobs to save $200m in Europe Ford to cut jobs to save $200m in Europe
US car giant Ford has announced plans to cut jobs and save $200m (£138m) a year in Europe. The carmaker said it was launching a voluntary redundancy programme and improving manufacturing efficiencies. It also said it would focus on its most profitable models, such as sports utility vehicles (SUVs). Ford Europe returned to profit for the first time in four years in 2015, as the parent grou...
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Honda misses crossover wave as January sales decline Honda misses crossover wave as January sales decline
Japanese automaker Honda Motor's U.S. sales fell 1.7% in January, compared to a year earlier, as the company failed to capitalize on the trend of consumers fleeing small cars for bigger vehicles. Sales of the company's namesake Honda brand sold 50,812 cars in January, up 10.6%. But its sales of crossovers, sport-utility vehicles and pickup trucks — which shoppers are coveting — fell 10.9% to 39...
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After 40-year ban, U.S. starts exporting crude oil After 40-year ban, U.S. starts exporting crude oil
America is wasting little time getting back into the oil exporting business. Just weeks after Congress lifted a 40-year ban on exporting oil, the first shipments of the black stuff left U.S. ports for Europe. The first freely-traded shipments of U.S. crude are symbolic of the country's newfound role as a leading producer of oil. America's entry into the world market can also be viewed with r...
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U.S. Economy Grows at 0.7% Pace in Fourth Quarter U.S. Economy Grows at 0.7% Pace in Fourth Quarter
U.S. economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said on Friday, also as lower oil prices continued to undermine investment by energy firms and unseasonably mild weather cut in...
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Stocks fall ahead of Fed; Apple shares tumble Stocks fall ahead of Fed; Apple shares tumble
Stocks tumbled at the open on Wall Street Wednesday as shares of Apple tumbled and investors await the Federal Reserve’s latest statement on interest rates and the economic outlook. Jittery investors will be watching the 2 p.m. ET release of the Fed’s statement for signs of the pace of possible future rate hikes. The central bank raised rates last month for the first time since the 2008 global...
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Stock Markets Bounce Back From Sharp Falls Stock Markets Bounce Back From Sharp Falls
The FTSE 100 has recovered from sharp falls to head higher after another volatile session driven by the fluctuating oil price. London's leading share index had tumbled by 100 points in early trading after steep declines in Asian markets overnight, as the cost of a barrel of Brent crude slipped back below $30. But it closed 34 points up with Brent crude topping $31 as it showed fresh signs of...
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Blizzard will cost up to $3 billion Blizzard will cost up to $3 billion
The storm that hit the East Coast over the weekend likely cost businesses and residents about $2.5 billion to $3 billion. That estimate comes from Moody's Analytics, which estimates most of the cost of the storm is from businesses that lost sales and employees that lost wages when they could not get to work. Those losses were partly offset by people who earned extra wages due to the storm, such...
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Global policymakers seek to soothe nerve after market turbulence Global policymakers seek to soothe nerve after market turbulence
DAVOS: At the end of another turbulent week in financial markets, leading global policymakers sought Saturday to ease concerns over the economic outlook for 2016 and insisted that the slowdown in China is a natural turn for an economy in transition. A high-level panel of finance officials held on the last day of the World Economic Forum in the Swiss resort of Davos, Switzerland, attempted to lo...
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UN chief alarmed at prospects of rising global unemployment UN chief alarmed at prospects of rising global unemployment
UNITED NATIONS: Secretary-General Ban Ki-moon’s spokesman said on Wednesday that projections for rising global unemployment over the next two years are “alarming” and the UN chief will keep pushing for job opportunities, especially for youth. The comments from deputy spokesman Farhan Haq were in response to a new report from the UN labour agency projecting that the number of unemployed people w...
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China's economic growth wanes to 25-year low in 2015 China's economic growth wanes to 25-year low in 2015
BEIJING: China's economic growth ebbed to a 25-year low in 2015 as trade and consumer spending weakened, deepening a downturn that has fuelled anxiety abroad over its impact on an uncertain global outlook. The world's second-largest economy grew 6.9 per cent in 2015, the government said Tuesday, down from 7.3pc in the previous year. For the October-December quarter, growth inched down to 6.8...
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