Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Bryn Mawr Trust CIO Jeffrey Mills lists where to put money to work as Wall Street copes with trade war and recession jitters.Futures Nowread more
The announcement for Target also comes on the heels of a strong quarterly earnings report, where it showed it drove more people to stores and got them to spend more money...Retailread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
General Motors had been trying to make it in Europe for 90 years before it gave up.
In 2017, GM finally shut the door on the continent after roughly 20 years of losses. and sold its struggling Opel and Vauxhall brands. The move was part of a larger strategy to focus GM's attention on its profitable business selling trucks and sport utilities in the United States.
GM struggled with high production costs it was never able to control, and had was making cars customers didn't really want to buy.
To be fair to GM, there were not the only company that struggled in Europe. Its American rival Ford has also dialed back its European presence, and focusing on markets where it is most profitable.
"American cars just have never really sold very well there." said CFRA analyst Garrett Nelson. The European market is a fragmented one made up of several countries, and it is dominated by European brands, such as the three major German manufacturers BMW, Mercedes-Benz, and Volkswagen.
There were other factors that hampered the automaker in the region, such as the financial crisis, and an ever tightening regulatory regime around emissions and fuel economy.
So the automaker sold the business to PSA Group, the French automaker that owns the Peugeot and Citroen brands.
The move was risky. Europe, taken as a whole, is a large market nearly the size of the United States in terms of new car sales. By pulling out, GM was losing an opportunity to sell a lot more cars around the world, and was increasing its exposure to risks in North America.
It was also costly. GM spent more than $6 billion ridding itself of the business, causing the company to take a $3.9 billion loss in 2017.
But jettisoning its Opel and Vauxhall brands gave GM's bottom line a boost. In the two years following the sale, GM's earnings from its global auto business were more than 8 percent, compared with just above 2 percent in the decade before.
"At the time is was the right move and a win-win for PSA, Opel, and GM. At this point is appears to be working out that way," GM told CNBC.
• Why Buick does so much better in China than it does in the U.S.
• Toyota, Nissan, and Honda dominate in the US, but American brands struggle to sell in Japan
• Walmart flopped in this country in South America - here's why