CHINESE BUY VOLVO STAKE

Chinese firm Geely has snapped up an 8% slice of Swedish truck maker Volvo for a rumoured £2.5billion.

Geely already owns Volvo’s car making arm, which split away from the lorry business in 1999.

The move marks the latest Western acquisition from Geely, which already owns the London Taxi Company and bought half of Malaysian car firm Proton and 51% of Lotus earlier this year.