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|General Motors Co (GM.N) reported on Monday its biggest drop in China sales in five months for August as global automakers struggle with a deepening economic slowdown and slumping equities in the world's largest auto market.
Vehicle sales for GM and its joint venture partners fell 4.8 percent year-on-year in August Tavon Wilson Lions Jersey , while Ford Motor Co (F.N) and Nissan Motor Co Ltd (7201.T) also reported contracting sales for the month, highlighting the divide between winners and losers in the Chinese market.
The figures contrast sharply with last week's major sales gains for Toyota Motor Corp (7203.T), Honda Motor Co Ltd (7267.T) and Mercedes maker Daimler AG DIAGn.DE in China, demonstrating the importance of having fresh, in-demand products to entice buyers.
China's economy is forecast to grow at its slowest pace in a quarter of a century this year. Mainland stock markets have tumbled roughly 40 percent since mid-June after a sharp run-up that began late last year.
Mercedes offers a fresher lineup than key luxury competitors in China, having revamped many of its models more recently than Audi AG (NSUG.DE) and BMW AG (BMWG.DE) and helping to lift its deliveries last month by 53.1 percent.
And in the past year, Honda and Toyota have released hot-selling sports utility vehicles (SUVs), a segment that IHS Automotive predicts will grow by more than 20 percent this year in defiance of the auto market's slowdown.
Automakers like GM are now trying to play catch-up.The U.S. automaker launched a new SUV in July under its Baojun budget brand, but the marquee's nearly three-fold sales growth year-to-date hasn't been enough to lift the company's relatively flat 2015 sales.
The sales numbers of GM, Ford and Nissan bode poorly for overall market sales in August. Industry sales for the January to July period were up only 0.4 percent on a year-on-year basis, according to the China Association of Automobile Manufacturers (CAAM). CAAM is set to release August data on Thursday.
In July, CAAM slashed its sales growth forecast for 2015 by more than half to 3 percent, saying the stock market crash depressed consumer sentiment.
Volkswagen AG (VOWG_p.DE) is the top-selling passenger car maker in China with roughly 18 percent market share in 2014, followed by GM and Hyundai Motor Co (005380.KS).
Russia is ready to act as a mediator between North Korea and the US if both parties are willing for it to play such a role, the Kremlin said on Tuesday.
Moscow has long called for the two sides to hold negotiations aimed at reducing tensions over the nuclear and missile program North Korea is pursuing in defiance of years of UN Security Council resolutions.
"Russia's readiness to clear the way for de-escalation is obvious," Kremlin spokesperson Dmitry Peskov said in a phone call with reporters.
Foreign Minister Sergei Lavrov called on Monday for Washington and Pyongyang to start negotiations, saying Russia was ready to facilitate such talks.
Though US diplomats have said they are pursuing a diplomatic solution, President Donald Trump has said Pyongyang must commit to giving up its nuclear weapons before any talks can begin.
The UN Security Council unanimously voted to impose new sanctions on North Korea on Friday in response to its recent intercontinental ballistic missile test, a move North Korea called an act of war, tantamount to a complete economic blockade.
South Korea predicted on Tuesday that North Korea would look to open negotiations with the US next year in an optimistic outlook for 2018, even as Seoul set up a specialized military team to confront nuclear threats from the North.
"North Korea will seek negotiation with the US, while continuing to pursue its effort to be recognized as a de facto nuclear-possessing country," South Korea's Unification Ministry said in a report, without offering any reasons for its conclusion.
The Ministry of Defence said it would assign four units to operate under a new official overseeing North Korea policy, aimed to "deter and respond to North Korea's nuclear and missile threat."
Tensions have risen over North Korea's nuclear and missile programs.
In its 2018 forecast, South Korea's Unification Ministry said it believed the North would eventually find ways to blunt the effects of the sanctions.
"Countermeasures will be orchestrated to deal with the effects, including cuts in trade volume and foreign currency inflow, lack of supplies, and reduced production in each part of the economy," the report said.
The latest round of sanctions was prompted by the November 29 test of what North Korea said was an intercontinental ballistic missile that put the US mainland within range of its nuclear weapons.
U.S. President Donald Trump gestures as he leaves the White House en route to Mar-a-lago Estate in Florida after signing the tax cut bill into law in Washington D.C., the United States, on Dec. 22, 2017. U.S. President Donald Trump on Friday signed a 1.5-trillion-dollar tax cut bill into law, as well as a spending bill to keep the federal government running through January 19, 2018. (XinhuaYin Bogu)
WASHINGTON, Dec. 22 (Xinhua) -- U.S. President Donald Trump on Friday signed a 1.5-trillion-dollar tax cut bill into law, as well as a spending bill to keep the federal government running through January 19, 2018.
The U.S. Congress this week passed the tax bill along party line, with no Democrats voting for it.
At the signing ceremony, Trump called it "a bill for the middle class and a bill for jobs," adding that "corporations are literally going wild."
The tax bill, the sweeping rewrite of U.S. tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and lower individual income rates.
The tax bill is expected to add 1.46 trillion U.S. dollars to fe.