Author: Arabian Media staff
Stay informed with free updatesSimply sign up to the Automobiles myFT Digest — delivered directly to your inbox.Renault is preparing more than 20 new models that will each be developed in less than two years in one of the most ambitious projects as western carmakers turn to fewer components and artificial intelligence to match the engineering speed of Chinese rivals.The French group and other legacy carmakers from Volkswagen, Nissan to Stellantis are tearing down vehicles made by BYD and other Chinese carmakers, hiring Chinese engineers and learning from their joint venture partners in China to compete against an influx of…
On a recent weeknight in Shanghai, customers packed one of the city’s six Sam’s Clubs, scouting for deals among the wide aisles stacked to the ceiling with groceries and merchandise.“At least half our family’s stuff is bought here,” said Peter Xu, a 34-year-old shopper at the front of a long queue for free samples of Chaoshan beef noodles.Sam’s Club, Walmart’s warehouse chain, is one of China’s fastest-growing foreign retailers, with 56 stores in the country and plans for 60 by the end of the year, said a person familiar with its expansion. This compares with seven China stores from Costco,…
Malian government helicopters landed unannounced at a Barrick Mining complex on Thursday and carted away gold, escalating a dispute between the parties and highlighting challenges facing miners as African countries assert more control over their natural resources.The trend spans west and central Africa’s “coup belt” that includes Mali, Niger and Guinea, where military regimes have seized power in recent years, as well as elected governments such as in the Democratic Republic of Congo. Governments have also been emboldened to act by the global race for critical minerals essential to high-tech and defence industries, as well as the transition to cleaner…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The rich in Britain are turning to life insurance to reduce the pain of unexpected inheritance tax bills following a contentious overhaul of the system in the autumn Budget.“Every market has its day in the sun. Life insurance is having a moment,” said Holly Hill, associate director at insurance broker John Lamb Hill Oldridge, adding that she had seen “a deluge” of new policies taken out by estate owners following the Budget in October last year.John Lamb Hill Oldridge said it had…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A former Sequoia Capital Partner who left the Silicon Valley firm after a bitter boardroom battle at Klarna is set to launch a $400mn UK-based venture capital fund. Matt Miller has been raising money from institutional investors in recent months, according to people familiar with the moves, seeking to become one of the best-funded solo investors focused on backing European tech start-ups.He has already secured at least $355mn from institutional investors, according to one of the people familiar with the matter, while…
Linda Yaccarino insisted three weeks ago that little had changed when billionaire entrepreneur Elon Musk merged X, the social platform that she headed, with xAI, his artificial intelligence group.“I’m the CEO of X and my boss remains the same,” she told the Financial Times in an interview at the Cannes advertising conference. Less than three weeks later, neither of those things was true. Yaccarino on Wednesday announced she was stepping down from her role as chief executive after two years, noting X was “entering a new chapter” with the tie-up with xAI.Industry insiders say Yaccarino was, in many ways, set…
Britain has taken significant steps to crack down on the harassment, bullying and cover-ups that can make office life hazardous for many people. Supporters say the reforms, which would expand rules for misconduct in financial services and prevent companies using “gagging clauses” to silence victims of harassment, should make the workplace safer and more harmonious.However, the changes have been criticised in some quarters. Opposition politicians have complained of “mission creep” by regulators that threaten economic growth.Lawyers warn that managers could find themselves held accountable for bad behaviour done by people they oversee, even if they did not know about it. Some…
Stay informed with free updatesSimply sign up to the Travel & leisure industry myFT Digest — delivered directly to your inbox.The 157-year-old body that organises the Wimbledon tennis championships has warned the government that proposals to cap the price of resale tickets to live events could endanger the sale of debenture seats that are a critical source of funding.The All England Lawn Tennis Club fears that a price cap would be “extremely damaging”, putting funds that are used to reinvest in facilities at risk, according to a person with direct knowledge of the matter. The debentures, which were introduced by…
Global manufacturing executives are begging for clarity on Donald Trump’s tariff policy before a 50 per cent levy is imposed on copper imports, as their stockpiles diminish and the clock ticks on existing contracts.The US president has vowed to impose the higher tariff on the metal from August 1, matching levels already in place on all imports of steel and aluminium. But it remains unclear whether the levy will be applied to all copper products, stoking anxiety across industries.Companies’ deepening concerns over copper come as they are already grappling with the higher costs of Trump’s escalating trade war, with US…
Thousands of businesses and households are waiting to connect to the Dutch grid, forcing network operators to ration power in an early indicator of what other European countries are likely to suffer as the speed of electrification increases.More than 11,900 businesses are waiting for electricity network connections, according to Netbeheer Nederland, the association of Dutch grid operators. On top of that are public buildings such as hospitals and fire stations as well as thousands of new houses.Dutch officials and companies said lengthy waits for connections were holding up economic growth and could force businesses to rethink their investment plans. Despite…