Each time An Fu Ford, a dealership in the western Chinese city of Chongqing, sells a car, workers fire a confetti cannon, showering the parking lot with colorful scraps of paper. There’s a lot of paper to sweep up these days.
The won headed for a second weekly gain as tensions with North Korea eased after the U.S. agreed to coordinate with South Korea, China and Japan to draw the country into nuclear talks. Government bonds rose.
European car sales are sliding to a 20-year low after German concerns over the debt crisis sent demand plunging last month in the region’s biggest economy and removed the main buffer protecting automakers.
Mando Corp., South Korea’s third- largest maker of car parts, bought new shares of an affiliate, defying investor opposition and government calls for limiting cross shareholdings in family-controlled groups.
Automakers are undermining the progress they’re making in expanding the market for electric cars and other zero-emission vehicles by petitioning against California’s mandates, a state regulator said today.
South Korea unveiled a 17.3 trillion won ($15.4 billion) supplementary budget to support exporters pressured by a weaker Japanese currency and revive an economy that grew last year at the slowest pace since 2009.