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Americans spent briskly at retailers in recent months, supporting hopes for a strong holiday shopping season and giving the economy momentum. Retail sales- measuring spending at restaurants, clothiers, online stores and other shops- rose 0.8% in October from the prior month, the Commerce Department said Tuesday. Sales grew 1% in September, revised figures showed, up from a previously reported 0.6% increase. Those gains marked the best two-month stretch of sales in at least two years. September and October are shaping up to be the best two-month stretch for retail sales since early 2...
Samsung, the South Korean electronics giant — which already makes popular but recently problem-plagued smartphones — said on Monday that it had agreed to buy Harman International Industries, an American automotive technology company, in an ambitious push into a whole different kind of mobile. Harman is best known for making car audio systems under brand names popular with audiophiles such as Harman/Kardon and JBL. But Harman’s appeal to Samsung comes from what it calls its connected car business — an operation that supplies a car’s navigation services, its onboard...
It seems that the new president Donald Trump didn't manage to win the love of China yet, truly saying the idea of launching an all-trade war against China isn't something the country must really like. We remember the way China lashed out repeatedly the Asian country during the acrimonious race for the White House. The communist party leader voted for punishing Beijing with defensive 45% tariffs on Chinese imports and to officially declare it a currency manipulator. US auto and iPhone sales in China will suffer a setback, and US soybean and maize imports will be halted. China...
Volkswagen Group claims that Audi cars with automatic transmissions have technology capable of distorting emissions when they are tested, as its premium brand is battling allegations over a reported discovery of a new cheat software device. A German newspaper “Bild am Sonntag” said a week ago that the California Air Resources Board (CARB) had this summer discovered cheating software in an automatic transmission Audi, which is unrelated to the device that triggered last year's diesel emissions test-cheating scandal at parent VW Group. The software in CARB's discov...
Even though GM introduced its new Chevrolet Cruze to the market, the inventories have swelled as more buyers choose SUVs. General Motors said last week that it's planning to cut third shifts at two U.S. car factories. The car models in question, the Cadillac ATS and CTS, and Chevrolet Cruze and Chevrolet Camaro, haven't been selling as quickly as GM would like, and inventories have risen sharply. That wasn't really a surprise. GM is far from the only automaker to see car sales slump as more and more buyers gravitate toward SUVs. But inventories of some of those mode...
