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China races to build its own Tesla as economy slows and subsidies dry up

China races to build its own Tesla as economy slows and subsidies dry up

Finance
A view of electric cars owned by a local car-sharing company in Wuhan, China.Feature China | Barcroft Images | Barcroft Media | Getty ImagesBEIJING — When an idea strikes a chord with national ambition in China, the result can be millions of dollars wasted and a handful of start-ups struggling to survive in a cooling economy.In the last few years, venture capitalists rushed to pour billions of dollars into the emerging electric vehicle industry backed by the Chinese government. So far, it's less clear how that bet has paid off. Take a look at the recent headlines:Shares of U.S.-listed Nio, arguably China's closest competitor with Tesla, are down more than 50% this year to about $ 2.70 each.In November, Alibaba-backed XPeng tapped its own Chairman and CEO He Xiaopeng for a $ 400 million inv
UK wage growth slows as unemployment falls

UK wage growth slows as unemployment falls

Business
UK wage growth slowed down in the three months to September, according to the latest figures from the Office for National Statistics (ONS).Unemployment dropped by 23,000 to 1.31 million over the same period, while the number of people in work also fell.Average earnings excluding bonuses increased by 3.6%, compared with 3.8% growth in the previous month.The figures also showed the biggest annual drop in the number of job vacancies in nearly 10 years.The ninth consecutive monthly fall in available jobs saw advertised positions fall by 18,000 to 800,000.There were 32,75 million people in work during the three-month period, a fall of 58,000. It was the biggest drop since May 2015, when the total fell by 65,000. The ONS said this was down to falling numbers of...
‘Worrisome’: China’s economic growth slows to 27-year low

‘Worrisome’: China’s economic growth slows to 27-year low

Business
China's economic growth slowed to 6% year-on-year in the third quarter, amid a trade war with the US and fading demand at home and abroad.This means the world's second-largest economy grew at its weakest pace in at least 27 years and at a rate below the 6.2% growth seen in the second quarter. Mao Shengyong, spokesman for China's National Bureau of Statistics, said: "Generally speaking, the national economy maintained overall stability in the first three quarters."However, we must be aware that given the complicated and severe economic conditions both at home and abroad, the slowing global economic growth, and increasing external instabilities and uncertainties, the economy is under mounting downward pressure."China is expected to record 6.2% growth over the year, according to a Reuters pol...
NIH: Drug reverses liver fat, slows fibrosis in HIV-positive people

NIH: Drug reverses liver fat, slows fibrosis in HIV-positive people

Health
Oct. 15 (UPI) -- The National Institutes of Health said Tuesday that researchers have found a new drug that can reduce liver fat and prevent progression of liver fibrosis in people with HIV. Non-alcoholic fatty liver disease is a growing cause of serious liver problems in HIV-positive people with 25 percent of HIV-positive people impacted, according to a report released earlier this year. The National Institute of Allergy and Infectious Diseases and the National Cancer Institute, both part of the NIH, conducted the new study with researchers from Massachusetts General Hospital in Boston. The injectable hormone tesamorelin reduces liver fat in HIV-positive people, the NIH researchers and MGH colleagues reported, adding the drug also prevents liver fibrosis and scarring. "Many people livi...
Bank credit growth slows to 10.24%, deposits at 9.73%

Bank credit growth slows to 10.24%, deposits at 9.73%

Finance
MUMBAI: Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the year-ago fortnight, advances were at Rs 87.80 lakh crore while deposits stood at Rs 116.46 lakh crore. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. In July, the non-food bank credit rose 11.4 percent on year-on-year basis from 10.6 percent in July 2018. Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago month. Credit to agriculture & allied activities rose 6.8 percent compared with an increase of 6.6 percent in the same month las...