Stocks mostly lower…Ford to make e-power units in England
UNDATED (AP) – World shares are mostly lower after China reported its economy grew at a meager 4.9% annual pace in July-September. In early trading, Germany’s DAX declined 0.5% and the CAC 40 in Paris gave up 0.8%. Britain’s FTSE 100 lost 0.2%. In Asian trading, the Shanghai Composite index closed 0.1% lower, while the Hang Seng in Hong Kong recovered from earlier losses, gaining 0.3%. Wall Street is expected to open lower today, with Dow futures 0.2% lower S&P 500 futures down 0.3%.
LONDON (AP) – Ford Motor Co. plans to spend up to 230 million pounds to turn a transmission factory in northwest England into a plant that will make electric power units for cars and trucks sold throughout Europe. The carmaker says the Halewood plant would begin producing the power units, which replace the engine and transmission used in internal combustion engines, by mid-2024. Capacity is planned to be around 250,000 units a year. Ford says the investment includes support from the British government.
TAIPEI, Taiwan (AP) – The Taiwanese company that manufactures smartphones for Apple Inc. and other global brands says it plans to make electric cars for auto brands under a similar contract model. Foxconn Technology Group says it will produce cars and buses for brands in China, North America, Europe and other markets. It says clients can modify their appearance and features. It says the flagship Model E sedan, developed with Italian design house Pininfarina, is due to be launched in 2023. It will have a range of 750 kilometers (470 miles) on one charge.
LUXEMBOURG (AP) – European Union foreign ministers are considering ways to stop illegal flows of migrants into the 27-nation bloc from neighboring Belarus, including stopping companies from leasing jets to Belarusian airline Belavia. Several EU leaders have accused the government of Belarusian President Alexander Lukashenko of facilitating migration into the EU in retaliation for EU sanctions. Thousands of migrants have been lured to Belarus on tourist visas and encouraged to cross into Poland, Lithuania and to a lesser extent Latvia, all three EU nations that border Belarus.
BRUSSELS (AP) – The European Union says it now has exported more than 1 billion doses of COVID-19 vaccines to the rest of the world. EU Commission President Ursula von der Leyen says the exports have been sent to more than 150 nations, making the 27-member bloc the largest exporter of the vaccines in the world. The EU considers ramping up COVID-19 vaccinations around the world its No. 1 priority right now, and already last month made a commitment to send 200 million more vaccine doses to Africa and other low-income nations.