Economy

Ikea posts fall in annual sales after lowering prices
Ikea posts fall in annual sales after lowering prices

Ikea reported Thursday that its annual sales fell in value after the world's biggest furniture retailer lowered prices to revive traffic at its online and brick-and-mortar stores. Ikea said physical store visits increased by 4.5 percent following the price drops while online traffic jumped by 21 percent.

7-Eleven owner restructures to fight takeover
7-Eleven owner restructures to fight takeover

The owner of 7-Eleven announced a major restructuring on Thursday as it seeks to boost its share price and fend off what would be the biggest foreign takeover of a Japanese firm. An improved share price would also make a takeover attempt by ACT more expensive for the Canadian firm, while also easing pressure from shareholders pressing management to restructure.

Chinese electric car companies cope with European tariffs
Chinese electric car companies cope with European tariffs

MG Motor, BYD and other Chinese electric car manufacturers say they will maintain their low sticker prices in Europe even after being hit with hefty tariffs this month. MG, the best-selling Chinese electric car brand in Europe, says it will guarantee its prices until the end of 2024, having stockpiled cars before the duties took effect.

Uniqlo owner reports record annual earnings
Uniqlo owner reports record annual earnings

Uniqlo's parent company Fast Retailing on Thursday announced "a record high performance in fiscal 2024" with domestic profits in Japan boosted by hot summer weather and a tourism boom. Domestic Uniqlo stores maintained a "strategic inventory of core summer ranges through the end of the summer season" and enhanced its marketing initiatives, Fast Retailing said.

China's solar goes from supremacy to oversupply
China's solar goes from supremacy to oversupply

Strong state support and huge private investment have made China's solar industry a global powerhouse, but it faces new headwinds, from punitive tariffs abroad to a brutal price war at home. The sector's supersonic expansion has overleveraged the domestic industry, overloaded China's grid and sparked a brutal price war, experts say.

Asian markets track Wall St record as Hong Kong, Shanghai stabilise
Asian markets track Wall St record as Hong Kong, Shanghai stabilise

Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong supported by a Chinese central bank move to boost liquidity for major stock-buyers. The gains led a rally across Asia, which came after the Dow and S&P 500 chalked up fresh records on Wall Street thanks to a burst in tech giants including Amazon and Apple.