China poised to lift ban on chips exports to European carmakers after US deal

The vital flow of chips from China to the car industry in Europe looks poised to resume as part of the deal struck last week between Donald Trump and his Chinese counterpart, Xi Jinping.The Netherlands has signalled that its standoff with Beijing is close to a resolution amid signs China’s ban on exports of the key car industry components is easing.The dispute began when the Dutch government took control of the chipmaker Nexperia at the end of September after the US raised security concerns about the company’s Chinese owner, Wingtech. Beijing retaliated by halting all exports from Nexperia’s factories in the country, threatening to disrupt car production in Europe and Japan.The White House had put Wingtech on a list of companies that would have their exports to the US controlled under its “affiliate rule”

ITV shares soar as it holds talks to sell television business to Sky

ITV has said it is in preliminary talks to sell its broadcasting arm to the parent company of Sky in a £1.6bn deal, sending shares soaring.Comcast, the US telecoms company that own Sky and NBCUniversal, hopes to snap up ITV’s media and entertainment operations, which include its free-to-air TV channels in the UK and ITVX streaming platform.The deal would not cover the programme-making arm ITV Studios, one of the world’s biggest production companies. The division, which has made shows including Love Island, I’m a Celebrity and the hit drama Mr Bates vs the Post Office, has been the subject of separate takeover talks

Qantas business lounge passenger set on fire after power bank explodes in his pocket

Qantas says it has reopened its business class lounge at Melbourne airport after it was evacuated due to a passenger being set on fire by an exploding power bank in his pocket.The man was in the lounge in the airport’s international terminal on Thursday morning when the overheated power bank ignited, burning his leg and fingers and creating smoke in the room.Many airlines, including Qantas, have tightened their restrictions on flying with lithium-ion batteries, often found in mobility devices, to try to avoid any possibility of a fire breaking out onboard.Qantas said about 150 people were evacuated from the Melbourne lounge “as a precaution” and the man had been taken to hospital for further assessment after being treated by paramedics on site.“We worked with the Melbourne airport to clean the lounge and it has since reopened,” a spokesperson said on Friday

Driving competition: China’s carmakers in race to dominate Europe’s roads

When Tesla wanted to catch the eye of British buyers, it put its cars and bright signage at a dealership in west London’s prominent Hogarth roundabout. Exposure to half a million drivers every day helped the US carmaker to become the dominant electric vehicle seller in the UK. Yet drivers passing by that site now see something different: twin Chinese brands Omoda and Jaecoo, both owned by the state-controlled manufacturer Chery.Chinese cars are on a roll across Europe – they outsold Korean rivals in western Europe for the first time in September. That success is highly reliant on the UK

Sky owner Comcast in talks to buy ITV’s broadcasting arm for about £2bn

The parent company of Sky is in talks to buy ITV’s broadcasting business for about £2bn, in a move that would upend the British television landscape.The US media company Comcast, which owns assets including Universal Studios and bought Rupert Murdoch’s Sky for £30bn in 2018, is in talks to buy ITV’s broadcasting arm, which includes its TV channels and streaming service ITVX.A deal would not involve its production arm ITV Studios – the maker of shows including Love Island, I’m a Celebrity and the hit drama Mr Bates vs The Post Office – which has been the subject of separate takeover talks.It comes two decades after James Murdoch made an audacious move to become the biggest shareholder in the UK’s largest commercial free-to-air broadcaster. Rupert’s youngest son acquired a 17

US markets tumble amid Wall Street concern over job losses and AI

Fears that the US economy is slowing, with firms shedding jobs and imposing hiring freezes, sent Wall Street tumbling on Thursday.The S&P 500 index of leading firms was down 1.1% as investors also highlighted concerns about the potential for a slump in the value of businesses that have benefited from huge investments in artificial intelligence. The tech-heavy Nasdaq Composite fell 1.9%