Global Business: auto boom in Japan, suppression of airlines, “disruption” of Brexit

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“Tesla says their recipe will be the norm in the future, but what Toyota has is real food and a real chef… we make real food.”

It was Akio Toyoda, the current chairman of Toyota Motor Corporation, making an unusually blunt comment (using a strange culinary analogy) about a competitor, during an online briefing on Friday in which he announced profit forecasts. more than positive for this year.

US multi-billionaire Elon Musk’s Tesla overtook the Japanese automaker as the world’s most valuable automaker in July this year, but Toyota remains in the top two in the world in sales volume – surpassing even rivals. during the pandemic – and set a goal of increasing the production of battery-powered cars.

It was a day of good news for another Japanese automaker, Honda, which also doubled its profit forecast and announced a third quarter profit increase. Both automakers said the results were aided by the recovery and increasing demand in China, which is rebounding rapidly economically after the COVID-19 pandemic.

And in other auto news, General Motors is also looking to expand its presence in the world’s largest auto market, for the first time announcing its intention to sell imported SUV models in China. He enthusiastically presents the models at this year’s China International Import Expo (CIIE).

To learn more about the CIIE, which has been taking place in Shanghai since Wednesday and will take place next week, scroll down to read our interview with business expert Aman Wang.

And while you’re at it, take a look at today’s graph, which shows the latest COVID-19 lockdown restrictions in Europe, as the continent battles a second wave of the pandemic.

Good reading,

Arij Limam

Digital correspondent

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The UK National Audit Office (NAO), which examines government spending, said all UK borders would face “significant disruption” when Britain finally leaves the orbit of the European Union, whether or not it concludes a deal. trading with the block. He also said North Ireland in particular, will not be ready on January 1 to implement the systems necessary to maintain trade with the rest of the UK, as required by Brexit withdrawal agreement.

European Commissioner for the Internal Market Thierry Breton said that there was a ’50/50′ chance UK and EU reach agreement on the terms of their separation. Disputes between the two powers have focused on fixing new fishing rights, ensuring fair play rules for companies and agreeing on ways to resolve any future trade disputes.

American car manufacturer General Motors plans to sell full-size sport utility vehicle (SUV) models in China for the first time and will export a range of vehicles to the largest automotive market, according to Reuters. The company presents the models at China International Import Fair (CIIE), an annual import trade fair in Shanghai, which started on Wednesday and will run until next week.

from Japan two largest car manufacturers, Toyota and Honda, more than doubled its operating profit forecast on Friday, helped by the recovery in demand in China as it rebounds from the coronavirus pandemic and accelerates its economic recovery. While Toyota announced a slight drop in quarterly profits from July to September, Honda fared better, with a increased profits 23 percent for the same quarter.

French new car orders have fallen 70 to 90 percent since the new national containment set up a week ago by the government to deal with a second wave of COVID-19, according to a French Ministry of Finance The source. Aid measures put in place to help people buy new cars, especially more environmentally friendly cars, will be extended for another six months, until July 1, the source added.

british airline easyJet says the recently announced closures in England, Germany and France have forced him to reduce its already reduced flight schedule, and it will now fly no more than 20 percent of its capacity for the rest of the year. Its plan is behind bigger competitor Ryanair, which is targeting 40 percent of capacity following new COVID-19 restrictions.

Germany agreed to give more help at its airports in a bid to save jobs and preserve infrastructure as the pandemic continues to hit the aviation industry and travel restrictions are driving down the number of passengers.

Rich countries increased funding to help developing countries reduce carbon emissions and deal with the impact of climate change, albeit at a slower growth rate than in 2016 to 2017. But watch groups have warned they are still not meeting their annual target of $ 100 billion (approved at the UN in 2009) this year.

Pharmaceutical companies could get more than 10 billion dollars annual revenue value of a future market for Vaccines against covid-19, according to calculations by analysts at Morgan Stanley and Credit Suisse.

Chinese telecommunications group Huawei appealed against Sweden’s decision to ban it from 5G network for security reasons, a legal deposit has made it appear. The ban, announced by the Swedish Post and Telecommunications Authority (PTS) on October 20, “lacks a legal basis, violates fundamental human rights, violates fundamental EU legal principles … and is substantially incorrect,” Huawei wrote in its appeal to PTS and the Stockholm Administrative Court .

CLICK ON: THE ABILITY OF SWEDEN TO AVOID LOCKOUT IS THE DESIRE OF EUROPEAN GOVERNMENTS BUT IT WORKS?

WATCH: The UK hospitality industry has been one of the hardest hit by nationwide lockdown restrictions imposed by the COVID-19 pandemic.

Food and beverage manufacturers nationwide are using this year’s China International Import Expo (CIIE) as a platform to explore and attract new business opportunities. They have taken this step to compensate for the financial losses they have suffered in recent months.

02:50

The third China International Import Expo (CIIE), a trade fair that describes itself as the “gateway to the Chinese market” and the world’s first dedicated import exhibition, kicked off on Wednesday and is expected to run through next week.

Business expert Aman Wang, a board member of 48 Group Club, a business network that seeks to promote UK-China ties, spoke to CGTN Europe about the importance of CIIE this year as well as the state of trade relations. between the two nations.

Why is the CIIE more vital than ever?

China has accounted for a third of global growth in recent years, and this year China is global growth. Holding the exhibition this year could not be more timely.

First, because it is helping other countries recover from the pandemic crisis. For example, Italian exports to China increased by 33% in September compared to the same period last year.

Second, we must remember that success in a crisis is about collaboration and cooperation, not the other way around. De-globalization, as advocated by some countries, has really taken its toll in the lives of some people.

How do you see the development of economic relations between the United Kingdom and China after the pandemic?

I think there is a lot of potential. UK exports to China hit a record high last year, growing nearly 50% and this is the fourth consecutive year-over-year growth.

Of course, the recent pandemic and the Huawei issue put a damper on that. But I think we’ll get back on track because the market fundamentals are still there.

There are many things on the plate between the two countries on which we can collaborate and which can foster a good relationship, if not a golden age, a return to the golden age as we had before. But it takes two to dance.


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