Facebook’s Libra seeks Swiss payment system licence

ZURICH: Facebook’s Libra cryptocurrency project is seeking a Swiss payment system licence, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce […]

China to exempt 16 categories of US products from tariffs

Beijing: China announced on Wednesday it would exempt 16 categories of products from US tariffs, ahead of a fresh round of trade talks next month. The exemptions will become effective on September 17, according to the Customs Tariff Commission of the State Council, which released two lists that include seafood products and anti-cancer drugs.

GM recalls 3.5 million vehicles over brake issue

New York: General Motors is recalling nearly 3.5 million vehicles because of a brake problem that increases the risk of a crash, according to documents published by a US safety agency. The issue is with the vacuum pump, which can diminish vacuum over time, affecting braking and “extending the distance required to stop the vehicle, […]

China’s auto sales face more bumps ahead

BEIJING/SHANGHAI: China’s auto sales could experience negative to low growth over the next three years, an official with the country’s top industry association said, after sales fell for a 14th consecutive month in August. The number of new energy vehicles (NEVs) sold contracted for the second month in a row, data from the China Association […]