Chinese car maker BYD, backed by billionaire Warren Buffet, said Wednesday it has ended a joint venture to provide financing for car purchases in China with a unit of France's Societe Generale.
The company signed a 500 million yuan ($77 million) joint venture with Compagnie Generale de Location d'Equipements (CGL) in June last year to tap growing mainland demand for cars in the world's biggest auto market.Full Story
A young woman in a tight silver dress posed on the front of a black Audi A6 sedan at a Hanoi auto show, hoping to entice buyers.
Luxury cars are increasingly irresistible for many Vietnamese, say industry players who report rising sales even as daily life becomes harder for the majority struggling to cope with one of the world's highest rates of inflation.Full Story
Spain, Europe's second-most visited country after France, aims to welcome one million Chinese tourists in 2020, the government said Tuesday.
The country received 89,523 Chinese tourists in 2009, the last year for which figures are available, and Tourism Minister Miguel Sebastian said this figure should rise to 300,000 in 2012.Full Story
The world needs $1.9 trillion in green technology investments a year, with over half of that sum necessary for developing countries," the U.N. said Tuesday.
"Over the next 40 years, $1.9 trillion (1.31 trillion Euros) per year will be needed for incremental investments in green technologies," the U.N. Economic and Social Affairs body said in its annual survey.Full Story
The United Arab Emirates has pledged $3 billion in financial assistance to Egypt during a visit to the oil-rich Gulf state by Prime Minister Essam Sharaf, state media said.
UAE President Sheikh Khalifa bin Zayed al-Nahayan "has issued directives to allocate an aid package of $3 billion for Egypt," the official WAM news agency reported late on Monday.Full Story
Oil rose in Asian trade Monday after Eurozone finance ministers cleared the way for debt-hit Greece to receive 12 billion Euros by mid-July, analysts said.
In afternoon trade, New York's main contract, West Texas Intermediate for August delivery, rose 12 cents to $95.07 a barrel and Brent North Sea crude for August added 18 cents to $111.95.Full Story
The eurozone is set to release a vital installment of aid money for Greece Saturday, but will leave the final decision on a second bailout for the debt-ridden country until later this summer.
The finance ministers of the 17 countries that share the euro will sign off on an €8.7 billion ($12.6 billion) tranche of Greece's existing bailout in a conference call Saturday evening. An extra €3.3 billion will come from the International Monetary Fund, whose board is expected to approve the loan next week.Full Story
Nissan's plant is busily rolling out the Leaf electric car and other models on a Saturday, having shifted production schedules for an aggressive nationwide effort to fight the power crunch created by a tsunami-crippled nuclear plant.
"Setsuden," or "save electricity," is now Japan's biggest buzzword. The March 11 disaster sent several reactors at the Fukushima Dai-ichi nuclear power plant into meltdowns, prompting the government to demand that major companies, shopping malls and universities reduce electricity consumption by 15 percent.Full Story
A top International Monetary Fund official said Thursday that the crisis lender is still ready to support Egypt after Cairo withdrew its $3 billion loan request last week.
Ratna Sahay, the Fund's deputy Middle East director, rejected accusations that the planned facility had politically tough secret conditions to force privatizations and end subsidies.Full Story
World oil prices slid on Thursday on profit-taking after soaring the previous day on easing concerns over Greece and signs of strengthening energy demand in the United States.
Brent North Sea crude for delivery in August sank $1.01 to $111.39 in early London trade, having rocketed by $3.62 the previous day.Full Story