China’s economy cools as govt curbs hit factories Volvo owner buys Chinese flying carmaker Terrafugia
China's economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution. Beijing is already in the second year of a campaign to reduce high levels of debt as authorities worry that riskier lending practices, especially in the real estate sector, could imperil the economy. Industrial output rose 6.2 per cent year-on-year in October, the National Bureau of Statistics (NBS) said, missing analysts' estimates of a 6.3 per cent gain and lagging a 6.6 per cent increase in September.
BLOOMBERG< Volvo Cars owner Zhejiang Geely Holding Group is looking to the skies. The Chinese automaker has acquired a US company trying to bring a flying car to market in 2019. Terrafugia, founded by five Massachusetts Institute of Technology graduates, also plans to deliver the first vertical take-off and landing car by 2023. Following the deal, which Geely says has been approved by all relevant regulators, Terrafugia will stay headquartered in the US. The acquisition pits Geely Founder Li Shufu against billionaires including Google Co-Founder Larry Page in the race to get flying-car start-ups off the ground. BLOOMBERG<