China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

TECHNOLOGY TOP STORIES

Tesla to begin production in China in 2019

Tesla-to -begin -GBO

The company is on pace to start production at its factory in second half of 2019, stated the Shanghai government

Land leveling is mostly complete and the factory is about to begin construction, with the aim expected for it to be operational in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment. In mid-October, Tesla officially acquired a 864,885 sqm plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the USA.

Elon Musk’s famed company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce its costs significantly. The company has stated that it is operating at a 55%-60% cost disadvantage with a domestic peer due to ocean transport costs and tariffs.

Ying Yong, the mayor of the city, visited the project site in the Lingang area and encouraged Tesla to accelerate construction, according to a statement on Shanghai’s official WeChat account. The plant, which is dubbed Gigafactory 3, will be the biggest ever foreign-invested manufacturing project in Shanghai. A Tesla representative was not available for immediate comment.

The Palo Alto, California-based company has secured more than 200 acres of land for the China factory, which is expected to cost several billion dollars to build. Tesla’s first overseas plant will help the electric-car maker avoid some of the risks involved with importing vehicles, such as higher tariffs caused by the trade tensions between China and the US.

The tariffs have impacted Tesla’s sales in China, stated the company when it reported its third-quarter earnings in October.

Chief Executive Officer Elon Musk stated at the time that Tesla was striving to start production of its Model 3 vehicle in China next year. The company has also started to advertise for employees for the new facility.

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