China’s econ­omy cools as govt curbs hit fac­to­ries Volvo owner buys Chi­nese fly­ing car­maker Ter­rafu­gia

Business Standard - - FRONT PAGE -

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<

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