Business

28 Nov 2018; AFP: Two top officials from the administration of President Donald Trump sought Wednesday to persuade US lawmakers to maintain America's increasingly contentious backing of Saudi Arabia in the war in Yemen, arguing that pulling back would worsen the brutal conflict.

LONDON (AP) — Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, with the economy shrinking 8 percent within months as unemployment and inflation soar, the Bank of England warned Wednesday.

The stark projection came the same day the government’s own economists said the country will be poorer after Brexit than if it had stayed in the EU, no matter what sort of trade deal it secures with the bloc.

MADRID (AP) — Chinese President Xi Jinping issued an impassioned defense Wednesday of free markets’ ability to combat economic uncertainty as he sought allies amid his nation’s worsening trade dispute with the United States.

In a speech to lawmakers in Spain, where Xi is on a state visit before attending the Group of 20 leaders’ summit in Argentina, the Chinese president said the world is facing “instability, uncertainty and hot topics without precedents in our history.”

WASHINGTON (AP) — President Donald Trump tested the limits of his presidential authority and political muscle as he threatened to cut off all federal subsidies to General Motors because of its planned massive cutbacks in the U.S.

ATHENS, Greece (AP) — Train and island ferry services in Greece were suspended Wednesday and most Athens public transport was idle as the country’s biggest labor union held a strike against persisting austerity measures.

The transport shutdown prompted Athenians to drive to work, causing major traffic jams in the capital whose center was shut down by two separate strike-related protest marches.

Police said that about 7,000 people in total took part in the peaceful demonstrations to parliament.

WASHINGTON (AP) — Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009.

The Commerce Department said Wednesday that new homes sold at a seasonally adjusted annual rate of 544,000 last month. New-home sales have declined in four of the past five months. Over the past year, sales of new homes have dropped 12 percent as higher mortgage rates have caused would-be buyers to back away.

WASHINGTON (AP) — The Federal Reserve is signaling potentially vulnerable spots in the financial system, citing U.S. businesses’ debt at the highest levels in more than two decades and risky debt growing.

The Fed’s report issued Wednesday was its first assessing the stability of the U.S. financial system. Ten years after the financial crisis, the new report points to excessive borrowing by households and businesses, banks’ elevated debt levels, and high prices for stocks and other assets exceeding their real value.

Washington, Nov 27 (AFP) President Donald Trump warned Monday that the deal taking Britain out of the European Union may inadvertently hamper trade between London and Washington.

"Sounds like a great deal for the EU," he said at the White House, before adding that "we have to take a look at seriously whether or not the UK is allowed to trade."

"You know, right now, if you look at the deal, they may not be able to trade with us, and that wouldn't be a good thing," he said.

BERLIN, Nov. 27 (Xinhua) -- German auto parts manufacturer Webasto is entering into a long-term cooperation with Chinese Lithium-Ion producer Wanxiang A123 to pool their automotive industry expertise, the German firm announced on Tuesday.

The Munich-based company said that a first joint project would involve the development and production of a battery module for the Chinese market which will be integrated into its own battery system for commercial vehicles.

LONDON, Nov. 27 (Xinhua) -- Scotland's First Minister Nicola Sturgeon said in Edinburgh on Tuesday that the Brexit deal agreed by British Prime Minister Theresa May and the EU leaders will make Scotland poorer.

Sturgeon, leader of the Scottish Nationalist Party (SNP), published an analysis of the impact of May's deal on the people of Scotland, saying compared to staying in the EU, it will cost every resident of Scotland thousands of dollars.