Share to Twitter Share to Linkedin Global car sales were supposed to rally this year as manufacturers dragged themselves out of the coronavirus mire, but a combination of Russia’s invasion of Ukraine, China’s renewed medical emergency shutdown and key component shortages mean a more than 5% contraction is likely, according to a report from Germany’s Center for Automotive Research (CAR AR ). The report said it’s not all bad news for manufacturers. Underlying demand is still strong, and component shortages mean a lack of new vehicles are reaching buyers and prices are strong, generating what amounts to windfall profits. Second-hand vehicles are also in demand. You can forget radar cruise control or plug-in hybrids; availability is the most important feature. CAR said global sales in 2022 will fall to 67.6 million from last year’s 71.3 million. Sales were thought to have bottomed out in 2020 at 68.6 million after diving from 79.9 million in 2019 because … [Read more...] about Global Car Sales To Fall, Spooked By Russian Invasion, China’s Shutdown
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A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Picture taken with a drone. (REUTERS) BRUSSELS — The European Union could combine import tariffs on Russian oil with the phased oil embargo it is trying to put in place to shrink Russia’s energy revenues, US Treasury Secretary Janet Yellen said on Tuesday. The tariff concept will be presented at a G7 finance leaders’ meeting this week as an economically less costly way to siphon away oil revenues from Moscow while producing faster results, US Treasury officials told reporters. The tariff plan would aim to keep more Russian oil in the global market, limiting price spikes spurred by a full embargo, while limiting the amount of money Russia can earn from exports, the officials said. The European Commission, the EU’s executive body, has proposed an embargo on imports of Russian crude that would start to phase in next year in response to Moscow’s war in Ukraine, but some eastern … [Read more...] about EU could combine tariffs on Russian oil with embargo – Yellen
Share to Twitter Share to Linkedin Much of last week was spent in Rome, which is overwhelming in its sights, though the highlight for me was the peace of the Appian Way. Rome is also rich in lessons on civilisation, politics and strategy – many of which appear to be lost on leaders today. In that respect it is a good place to consider the rise and fall of nations, a phenomenon that is gathering pace. More broadly if we consider the biggest, most powerful cities in the history of the world, Rome stands out. Many of these great cities— Babylon, Nimrud (south of Mosul), and Alexandria—were the focal points of great civilizations but, sadly, have been in the news for the wrong reasons. It is surprising how many Chinese cities have been “the biggest” through time, with cities like Nanjing, Xi’an, Hangzhou, and Beijing dominating the period from AD 600 to AD 1800. London briefly took over during the nineteenth century, and the biggest-city baton was then passed to … [Read more...] about Is China In Decline?