Tue, Aug 13, 2019 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

Chinese deliveries shrink

China’s vehicle deliveries last month continued to shrink, extending the market’s historic decline. Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles fell 3.9 percent from a year earlier to 1.53 million units, the China Association of Automobile Manufacturers (CAAM) said Monday. That is the 13th consecutive monthly decline. Retail sales of cars in China fell last month for the 13th time in the past 14 months, falling 5.3 percent, the China Passenger Car Association (CPCA) said last week. Unlike CPCA figures, CAAM’s numbers detail deliveries made to dealerships, not end consumers.

TRAVEL

Thomas Cook seeks liquidity

Thomas Cook Group PLC is seeking an additional £150 million (US$180.93 million) to help tide the debt-laden travel giant through the coming winter, when fewer Europeans go on vacation. The additional capital “will provide further liquidity headroom through the coming 2019-2020 winter cash low period and ensure the business can continue to invest in its strategy,” London-based Cook said in a statement yesterday. The 178-year-old holiday firm saw its market value last month fall as low as £69 million, compared with £2.2 billion at its most recent peak in May last year.

INDUSTRIAL SERVICES

ABB selects next head

ABB Ltd said that Bjorn Rosengren would take over as chief executive officer of the Swiss engineering giant early next year after he leaves the top job at Swedish mining equipment company Sandvik AB. Rosengren, 60, is a seasoned Swedish industrial executive who has been at Sandvik’s helm since November 2015. He is to join ABB in February and take on the CEO role a month later. He was identified last month as the preferred candidate to take over from Peter Voser, the chairman who has been ABB’s interim CEO since Ulrich Spiesshofer abruptly stepped down in April. Voser would revert to his position as chairman, the company said in a statement.

INTERNET

Meesho gains investors

Meesho, an Indian e-commerce site, said that it raised US$125 million from investors, including Naspers Ltd, Facebook Inc and the former chief executive officer of Vodafone Group PLC. The Bangalore-based company allows people to build connections online and then sell through social networks such as Facebook and WhatsApp. Other investors in the company include Sequoia, Shunwei Capital and Venture Highway. The social commerce start-up said that it has a network of more than 2 million “social sellers” in 700 towns across India, focusing on categories such as apparel, wellness and electronics.

AUTOMAKERS

Tesla car crashes in Moscow

A Tesla Model 3 electric car on Saturday caught fire after crashing into a parked tow truck on a Moscow motorway, with the Tesla driver saying that he failed to see the truck. Asked in a video published on the REN TV Web site if he was using an Autopilot self-driving system, driver Alexei Tretyakov said that he was in a mode with drive assistance in which he was still holding the steering wheel. Tesla Inc has stood by safety claims for its Model 3 in the face of regulatory scrutiny, while the US National Highway Traffic Safety Administration has issued at least five subpoenas since last year seeking information about crashes involving the company’s vehicles.

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