TG: China’s plan to boost flagging growth is the very definition of economic insanity
THE GUARDIAN writes: China’s leaders seem to have invoked the definition of insanity, attributed, perhaps wrongly, ...
THE GUARDIAN reports:
The British electric vans startup Arrival is cutting 800 jobs, about half its remaining workforce, to reduce costs as it seeks extra funding and plans US expansion to take advantage of green energy subsidies.
The troubled electric vehicle maker said “approximately 50%” of the company’s 1,600-strong global workforce would leave the company.
Arrival told investors that the job cuts, and other measures to trim spending, would results in a halving of its operating costs to “approximately $30m (£24m) per quarter” following a review of its operations.
The US-listed company has switched its strategy from focusing on the UK to developing a foothold in the US van market, with plans to start production in Charlotte, North Carolina, next year “subject to raising additional capital”…
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