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Manufacturers of luxury brands fear that demand for Western goods from Chinese buyers will decline, Bloomberg writes. Purchases made by Chinese buyers coming to Europe accounted for about one third of all purchases of luxury goods. Shares of global manufacturers of luxury goods since the beginning of 2018 have lost 11%, or 150 billion of their value. Fears of manufacturers cause tighter control by the Chinese Customs over the observance of the rules for the importation of goods into the PRC. Customs imposed restrictions of just over $700 per person. Previously, prices for luxury goods in China were 60-80% higher than European prices. This year, China reduced tariffs for the import of such goods by 2 times, which, according to experts, will allow the Chinese to purchase them in their own country.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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