Ford lays off workers in Russia
The Ukraine crisis is taking a toll on Russia's automobile market. Many Russians are now hesitant to make major purchases. As a result, some companies are cutting production and laying off employees. US carmaker Ford has announced plans to reduce its workforce in Russia by a third.
Putin welcomes western businessmen
Russian President Vladimir Putin wants to make it clear that his country is a reliable partner. Western companies interested in investing in Russia are receiving a warm welcome. Some top executives are making their way to Moscow to seal new deals. Siemens head Joe Kaeser was there and Royal Dutch Shell Chief Executive Ben van Beurden visited Putin on Friday.
Luxury goods sales on a downturn
At the height of China's economic boom, a growing class of super-rich developed a taste for the good life. But since Beijing announced a crackdown on corruption two years ago, not as many Chinese consumers are buying luxury goods. The fall in Chinese sales is affecting the entire sector. Global sales growth was only 2 percent last year - far short of the double digit rates in previous years.