appetite

Mortgages: Financing for Foreigners

May 30, 2013 by NewsMaker Leave a Comment

During the financial crisis, risk-wary lenders were less likely to extend financing to foreigners. The pool of lenders offering such financing is still limited, but their foreign loan business is up.

HSBC, the multinational bank based in London, reports that its volume of home loans extended to foreign borrowers in the United States has tripled since 2010. “It’s just the ability to get that money at such a low interest rate that is really driving all these applications,” said Joe D’Alessio, an HSBC mortgage consultant who works with high-net-worth clients.

With a presence in 81 countries and territories, HSBC has a big appetite for foreign customers and offers some of the most attractive mortgage terms. Financing is available for up to 70 percent of the purchase price, up to a maximum of $3 million.

Interest rates tend to be slightly higher on loans to foreigners, Mr. D’Alessio said, but the rate on a five-year adjustable mortgage is still in the mid-2 percent range.

HSBC’s terms are stiffer on apartments in buildings that are nonwarrantable (meaning they don’t meet Fannie Mae’s financing guidelines). In these cases, the bank may require 50 percent down.

“But that doesn’t seem to deter buyers,” said Mr. D’Alessio, who has worked with clients from Britain, Hong Kong, Turkey, Japan and Brazil. “They are usually coming and looking for all-cash deals. Then they find out they can borrow, and so they take advantage of it.”

Borrowing also gives foreigners more buying power. Some choose to “buy a larger property that might have a higher rate of return in the next few years,” he said.

Foreign interest in investing in New York is driven in part by the perception that property here is a bargain compared with that in other global cities, said Ace Watanasuparp, the president of DE Capital Mortgage, an affiliate of Wells Fargo.

A recent report by Knight Frank ranked New York the eighth-most-expensive city for residential property. Going by average price per square foot, New York has an edge over Monaco, Hong Kong, London, Geneva, Paris, Singapore and Moscow. The report notes that growth in high-quality housing in New York is also a draw.

Through Wells, DE Capital offers financing for foreign buyers, but the program is “not an aggressive one,” Mr. Watanasuparp said. Loan amounts are capped at $1 million, and borrowers must put at least 40 percent down.

First Choice Loan Services, a subsidiary of First Choice Bank, has seen an “uptick” in inquiries from foreign nationals in the last few months, according to Jason Auerbach, a divisional manager. The company will lend foreigners up to 65 percent of the purchase price. But such loans are carefully scrutinized by the bank before approval.

“We will also generally ask them to keep a small escrow account with us so we feel that we are definitely protected,” Mr. Auerbach said.

Other lenders that work with foreigners include the Bank of Internet and Apple Bank.

Still, currency remains king for many foreign buyers. Alen Moshkovich, a sales agent with Douglas Elliman Real Estate, says the vast majority of the foreigners he works with — most recently buyers from Brazil, Russia, China, Venezuela and Israel — continue to pay in cash.

For the superwealthy, any savings obtainable from financing is insignificant, Mr. Moshkovich said. More important, he said, “cash gives them more purchasing power, in terms of negotiating deals, and a quicker closing.”

Article source: http://www.nytimes.com/2013/06/02/realestate/financing-for-foreigners.html?partner=rss&emc=rss

Filed Under: Economy News Tagged With: appetite, borrowers, rate of return

Veiled Warning to Britain From a Bloc Leader

February 28, 2013 by NewsMaker Leave a Comment

BRUSSELS — The man who represents the 27 leaders of the European Union warned Thursday of widespread opposition to steps that may be necessary to keep Britain as a member of the bloc.

Herman Van Rompuy, the president of the European Council, said he saw “no impending need to open the E.U. treaties” to address the complaints of countries like Britain that are outside the euro zone and that object to “federal Euroland” rules governing the bloc.

“Nor do I feel much appetite for it around the leaders’ table,” Mr. Van Rompuy said in a speech he delivered Thursday evening
in London at the Policy Network, a center-left research organization.

An aide to Mr. Van Rompuy said the comments were meant to underline that there was no immediate need to change treaties to ensure the stability of the euro and that the comments were not referring to any demands for treaty change that Britain may seek in the future.

Still, Mr. Van Rompuy’s remarks appeared to be a pointed warning to Prime Minister David Cameron, who in January promised British voters a referendum within the next five years on whether to stay in the bloc on revised membership terms, or to leave.

Mr. Cameron’s stance is widely regarded as a bet that his country is big and important enough to win concessions from the bloc, including a change in the European Union treaty if necessary. But a number of European leaders, as well as critics in Britain, have also warned that Mr. Cameron could lose that gamble and end up overseeing the country’s voluntary exclusion from the bloc.

Mr. Van Rompuy also faulted the British approach as overly confrontational in a European Union that has a long tradition of consensual decision-making.

“How can you possibly convince a room full of people when you keep your hand on the door handle?” said Mr. Van Rompuy, without naming Mr. Cameron.

“How to encourage a friend to change, if your eyes are searching for your coat?” he added.

In the speech, Mr. Van Rompuy said that “leaving the club altogether, as a few advocate, is legally possible” but that such a move “would be legally and politically a most complicated and unpractical affair.”

Mr. Van Rompuy’s remarks began soon after Mario Monti, the departing Italian prime minister, warned during a speech in Belgium of renewed dangers to the European Union on its southern fringe.

Mr. Monti was roundly defeated during the weekend in elections that left no party with a majority in the new Parliament in Rome. The ballot also showed the emergence of the anti-establishment Five Star Movement, founded three years ago by the comedian Beppe Grillo, and the resurgence of Silvio Berlusconi, who was forced from office in November 2011 after a collapse in confidence in his ability to run the country.

In his speech, Mr. Monti, who described himself as a fervent supporter of budgetary discipline, said that one of the main problems the European Union faced was that reforms associated with such policies took a long time to bear fruit.

“If the gains from virtue are not seen, the insistence on virtue may be short-lived,” he told an audience of antitrust lawyers at a conference in Brussels, where he formerly served as the bloc’s commissioner for competition policy.

Mr. Monti said that “strategy at the E.U. level” was in danger of being undermined by “the most simplistic, some would say populistic” trends, adding the caveat that he was not referring to the elections in Italy.

Article source: http://www.nytimes.com/2013/03/01/business/global/eu-leader-suggests-europe-will-not-change-to-satisfy-critics.html?partner=rss&emc=rss

Filed Under: Global Business Tagged With: appetite, concessions, referendum

French Automakers’ Biggest Problem Is the French Consumer

January 30, 2013 by NewsMaker Leave a Comment

Two of the workers were busy refining their already considerable skills at an auto-racing video game.

Down the avenue at the Renault showroom, business was hardly brisker.

Only at the nearby Mercedes-Benz showroom, displaying German automotive arts, was there much sign of life.

The dormant French dealerships signify the main problem facing the country’s auto industry: Consumers in France do not seem very interested in French cars. Or any cars at all, in many cases.

In France, vehicle sales last year were the lowest in 15 years, falling below 1.9 million from a 2009 peak of 2.3 million, according to Georges Dieng, an analyst at Natixis Securities. And even those who are prospective buyers often prefer non-French makes.

Esther Cintract, 40, a banker who takes the Métro to commute into Paris, owns a 10-year-old Citroën. For her next car, she said, she would consider switching to a German model: a Volkswagen, a BMW or a Mercedes.

But many younger French people have other priorities. “I’ve never had a car,” said Jean-Victor Mareschal, 30, who works at a bookstore in Paris. “I don’t need one. I ride a bike, walk or take the Métro.”

In contrast to the United States, where carmakers had a bumper year, France’s 2012 sales fell by 13.9 percent, outpacing the 8.2 percent decline in the overall European market, according to the European Automobile Manufacturers’ Association. Industry officials expect another gloomy year in 2013.

The flagging appetite of consumers is a significant economic problem for France. Its auto industry, dominated by Citroën’s parent, PSA Peugeot Citroën, and Renault, directly employs about 220,000 people; thousands more jobs depend on it indirectly. The government, which owns a 15 percent stake in Renault, has called the sector a strategic priority, and plays an active role — some might say actively meddles — in the industry’s affairs.

The downturn is not France’s alone. In 2007, before the global financial crisis, the overall European market peaked at just under 16 million newly registered passenger vehicles. Last year, the figure had fallen to just over 12 million, according to the European Automobile Manufacturers’ Association.

Wherever the market bottoms out, French automakers, like many European manufacturers, have more factory capacity and workers than they can profitably use. And that may be the case for years to come — especially in France, where the job-cutting plans announced so far by Renault and PSA Peugeot Citroën have been criticized by many analysts as insufficiently daring, even as they encounter fierce resistance from workers and, in some cases, government officials.

But it is a showdown that appears to be increasingly unrelated to the French market’s demands. Philippe Houchois, head of European auto industry research at UBS in London, noted that most vehicle purchases in the developed world over the last five years had been to replace older cars, with only 2 percent of car sales in the United States and Europe representing net additions to those regions’ consumer fleets. In emerging markets, by contrast, 70 percent of new-car sales represented additions to the total stock, Mr. Houchois said.

But even replacement demand is under threat in Europe. As the population ages, car owners drive less, reducing wear on their vehicles. And today’s cars last much longer than they did a few decades ago.

Generational change also bodes ill for the industry. Carmakers can be confident that many of those who adopt the car-based lifestyle early will stick with it for life. But the younger customers the industry covets are less interested in driving than they used to be — particularly, it seems, in France and especially in trendsetting Paris.

“In my parents’ generation, pretty much everyone drives,” said Mr. Mareschal, the bookstore employee. “With my generation, it’s a lot less important. I’m not anti-car, but it’s something I just don’t care about.”

Being able to go without a car may seem like a luxury available mainly to city dwellers, but even outside the cities, interest in auto ownership seems to have flagged.

Article source: http://www.nytimes.com/2013/01/30/business/global/french-automakers-biggest-problem-french-consumers.html?partner=rss&emc=rss

Filed Under: Global Business Tagged With: appetite, auto industry, automobile manufacturers

Big Deal: In Miami, Using the South American Playbook

December 9, 2012 by NewsMaker Leave a Comment

OUTSIDE the United States, many real estate developers have less of an appetite for risk than their counterparts here.

In South America, for instance, developers typically ask buyers to pony up a big chunk of the total price of an apartment in a new development long before it’s finished.

So South Americans pay huge installments — often 50 percent or more of the cost of the unit by the time the building is completed. It’s a system that most Americans, accustomed to financing at least 80 percent of a property with a bank loan, would consider unworkable.

I remember being shocked to learn from the owner of the apartment I rented in São Paulo, Brazil, where I lived as a foreign correspondent, about the schedule of huge payments — totaling 57 percent — he had had to deliver to the developer as the condo building went up. It was all nonrefundable, he told me.

But what if something went wrong, I asked him, like the developer going bankrupt? Or if the economy suddenly exploded into crisis, which is certainly not unheard of in South America?

He just shrugged. That’s simply how things are done down south, where interest rates are much higher, and where historically high inflation made financing riskier and more expensive than in the United States. The practice is especially common in Brazil and Argentina, but also in smaller countries like Uruguay, where Donald Trump has a licensing agreement for a new residential tower in the beach resort of Punta del Este that will require down payments of 40 percent from buyers before construction begins.

That perspective offers a different lens on the risks that developers are taking in Miami’s recent condo boomlet.

The Miami of today is not the Miami of 2004, when property prices were still rising in large part on a wave of speculation, with buyers putting down, at most, 20 percent and then flipping properties before construction was done.

This is post-bubble Miami, where banks are still skittish about backing new condo projects.

So Miami developers have taken a page from the South American playbook — a handy strategy, given how many willing buyers are flocking to Miami from that continent. Developers of several condos downtown and at the beach are requiring initial deposits of 40 percent or more, and more as they get closer to completion. By the time the building is finished, buyers are forking over as much as 80 percent of the total price of their apartments.

“Essentially, the buyers are helping developers build their buildings,” said Ann Nortmann, senior project director for Palau at Sunset Harbor, a 50-unit development planned for South Beach that requires a total deposit of only 40 percent because the developer, SMG Management, expects more American buyers.

Jorge M. Pérez, chairman of the Related Group of Florida and a chief architect of the new strategy, defends it as necessary to get developments off the ground, and to prevent speculators from flocking back to Miami, hoping to flip apartments as they did in the old days.

“Financing died during the recession,” Mr. Pérez said. “We all were awakened by the things that happened. We said, ‘If we don’t have the buyers that will pay for the majority of the price in the building upfront, then we don’t want to take the chance of building these buildings.’ ”

Related has employed the financing strategy in three buildings now under construction in South Florida (Apogee Beach, MyBrickell and Millecento) and in three others where sales, but not construction, have started (Beachwalk, Icon Bay and One Ocean). A 3,200-square-foot penthouse at One Ocean is listed for $8.5 million.

For all six towers, Related is requiring buyers to pay 40 percent by the time construction begins, and even more during construction. By the time they move in, buyers will have paid 50 percent to 80 percent of the total apartment price.

The strategy isn’t exactly keeping buyers away. MyBrickell and Millecento, both in downtown Miami, have all their units under contract, while Apogee Beach has only two apartments out of 49 still available, according to a Related spokeswoman.

Article source: http://www.nytimes.com/2012/12/09/realestate/in-miami-using-the-south-american-playbook.html?partner=rss&emc=rss

Filed Under: Global Business Tagged With: appetite, bank loan, inflation

Nokia to Cut Costs More After Loss

July 21, 2011 by NewsMaker Leave a Comment

BERLIN — The two largest European makers of telecommunications equipment, Nokia and Ericsson, announced plans Thursday to continue or accelerate cost-cutting efforts in the face of rising competition, internal reorganizations and weak demand in North America.

Nokia, which sells more mobile phones than anyone else, said it planned to cut more than the €1 billion, or $1.43 billion, it had previously planned to trim from its operating expenses by 2013. The company, based in Espoo, Finland, made the announcement while reporting a €368 million second-quarter loss, its first since the third quarter of 2009.

Ericsson, the largest maker of telecommunications networking equipment, reported a 60 percent increase in profit for the quarter but took a restructuring charge of 1.3 billion Swedish kronor, or $202 million, more than some investors had been expecting, to pay for layoffs in Sweden.

The separate announcements set off heavy trading in the shares of both companies in Europe.

Ericsson’s shares closed off 9.7 percent in Stockholm, where it is based. Nokia’s shares ended the day up 2.5 percent as investors welcomed the phone maker’s intention to increase its austerity measures, even though the company did not specify a new target.

Pete Cunningham, an analyst in Reading, England, at Canalys, a research firm, said Nokia’s sales decline stemmed from its difficulty selling smartphones in China that use its Symbian operating system. Nokia said in February that it planned to replace Symbian with Microsoft Windows Phone software starting later this year.

“This is obviously not good news from Nokia,” Mr. Cunningham said. “I think the appetite for Symbian devices has fallen away very quickly since Nokia made the announcement about moving to Microsoft in February. This shows they definitely need those Windows phones as soon as possible.”

Stephen Elop, the Nokia chief executive, hired from Microsoft last year, said Nokia had replaced key sales executives, reduced inventories in China, revamped its phone-pricing strategy and refocused its retail marketing programs to compensate for the downturn.

“The challenges we are facing during our strategic transformation manifested in a greater than expected way” during the quarter, Mr. Elop said in a statement. “However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business.”

Mr. Elop, during a conference call with analysts, reiterated that Nokia planned to sequentially introduce the first Microsoft devices this year in various national markets. He did not specify the number of phones nor the markets.

Nokia’s sales fell in all regions of the world except the Middle East and Africa during the quarter. The greatest percentage decline was in North America, where sales fell 61 percent to €88 million from €223 million a year earlier.

Ericsson shares fell sharply even as the company, which faces competition from the Chinese companies Huawei and ZTE and the French company Alcatel-Lucent, reported an increase in second-quarter profit to 3.2 billion kronor from 2 billion kronor a year earlier.

Sales at Ericsson rose 14 percent to 54.8 billion kronor from 48.0 billion kronor.

Hans Vestberg, Ericsson’s chief executive, said the company’s restructuring charge in the second quarter had been greater than expected but was part of the ongoing adjustment of its global business to meet the economic conditions.

“If you look at our numbers today, this is one of the strongest quarters of growth we’ve ever had,” Mr. Vestberg said. “We had a higher restructuring cost than expected, but we did that to improve the profitability of the company going forward.”

Mr. Vestberg said demand for mobile networking equipment remained strong globally during the quarter, especially in Russia, China, Brazil and India. Sales rose by 70 percent in Russia, 96 percent in China, 17 percent in Brazil and 107 percent in India, as operators built high-speed mobile broadband networks for growing populations.

Sales of networking equipment in North America fell 6 percent in the quarter, which Mr. Vestberg attributed to the appreciation of the Swedish currency against the dollar.

Article source: http://www.nytimes.com/2011/07/22/technology/nokia-and-ericsson-announce-cost-cutting.html?partner=rss&emc=rss

Filed Under: Global Business Tagged With: appetite, microsoft windows, mobile phones

Nokia and Ericsson Announce Cost Cutting

July 21, 2011 by NewsMaker Leave a Comment

BERLIN — The two largest European makers of telecommunications equipment, Nokia and Ericsson, announced plans on Thursday to continue or accelerate cost-cutting efforts in the face of rising competition, internal reorganizations and weak demand in North America.

Nokia, the largest seller by volume of mobile phones, said it planned to cut more than the €1 billion, or $1.43 billion, it had previously planned to trim from its operating expenses by 2013. The company, based in Espoo, Finland, did not specify a new target. It announced the new plan as it reported loss of €368 million in the second quarter.

Ericsson, the largest maker of telecom networking equipment, said it took a restructuring charge of 1.3 billion Swedish kronor, or $202 million, in the quarter, more than some investors had been expecting, to pay for layoffs in Sweden.

The separate announcements sparked heavy trading in shares of both companies in Europe.

Ericsson’s shares fell more than 10 percent, even though the company, based in Stockholm, reported a 60 percent increase in profit and 14 percent rise in sales.

Nokia’s shares rose more than 5 percent as investors welcomed the handset maker’s intention to increase its austerity measures. Nokia said its sales fell 7 percent in the three months through June to €9.275 billion from €10.0 billion a year earlier.

Pete Cunningham, an analyst in Reading, England at Canalys, a research firm, said Nokia’s sales decline stemmed from its difficulty selling smartphones in China that use its Symbian operating system. Nokia in February said it planned to progressively replace Symbian with Microsoft’s Windows Phone software starting later this year.

Stephen Elop, the Nokia chief executive hired from Microsoft last year, said Nokia had replaced key sales executives, reduced inventories in China, revamped its handset-pricing strategy and refocused its retail marketing programs to compensate for the downturn.

“The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011,” Mr. Elop said in a statement. “However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business.”

Mr. Elop, during a conference call with analysts, reiterated that Nokia planned to sequentially introduce the first Microsoft devices later this year in various national markets. He did not say how many devices Nokia would introduce, or in which markets.

Ericsson shares fell sharply even as the company, which faces competition from the Chinese competitors Huawei, ZTE and the French rival Alcatel-Lucent, reported a 59 percent increase in second-quarter profit to 3.2 billion kronor from 2 billion kronor a year earlier.

Sales at Ericsson rose 14 percent to 54.8 billion kronor from 48.0 billion.

During an interview, Hans Vestberg, the Ericsson chief executive, said the company’s restructuring charge in the second quarter had been greater than expected but was part of the ongoing adjustment of its global business to meet the economic conditions.

“If you look at our numbers today, this is one of the strongest quarters of growth we’ve ever had,” Mr. Vestberg said. “We had a higher restructuring cost than expected but we did that to improve the profitability of the company going forward.”

Sales of networking equipment in North America fell 6 percent in the quarter, which Mr. Vestberg attributed to the appreciation of the Swedish currency against the dollar. Mr. Vestberg said Ericsson planned to report about $300 million in restructuring charges this year.

With the announcement on Thursday, the company was two-thirds of the way toward its goal, he said.

Article source: http://feeds.nytimes.com/click.phdo?i=4f7a38abaef36e6db4c71d85f85ee7fe

Filed Under: Business News Tagged With: appetite, target, telecommunications equipment

Carmakers See Slower Growth in Auto Sales in June

July 1, 2011 by NewsMaker Leave a Comment

G.M. estimated that the industry’s seasonally adjusted, annualized selling rate fell to its lowest level of the year, slightly below May’s level of 11.8 million. The selling rate, a closely watched measure of the industry’s health, fell to 11.8 million in May after topping 13 million in February, March and April.

But company officials and analysts said they still expect sales to rebound later in the year.

“We continue to believe the economy will recover from the current short-term slowdown into the second half of the year,” Don Johnson, G.M.’s vice president for United States sales operations, said on a conference call. “Some consumers have decided to sit on their hands and delay purchases, but we view this as temporary.”

Sales rose 10 percent at both G.M. and the Ford Motor Company last month, compared with a year earlier. Excluding 2010 sales by the Volvo brand, which Ford has since sold, Ford’s sales were up 14 percent.

Chrysler, meanwhile, said its sales rose 30 percent.

G.M. and Ford said passenger cars accounted for the bulk of the increase, though they said truck sales were up as well. Executives said buying patterns shifted toward larger vehicles later in the month as gas prices dropped in much of the country.

“Strong demand for Ford’s fuel-efficient cars and crossovers continues, and we now are seeing truck buyers return to the market with significant appetite for our fuel-efficient V-6 engines,” Ken Czubay, Ford’s vice president for United States marketing, sales and service, said in a statement.

For the first half of 2011, G.M. sales were 17 percent higher than in the same period of 2010. Ford’s sales from January through June were up 9 percent.

Volkswagen said its sales rose 35 percent last month. Subaru, which had to cut output due to parts shortages, said sales were down 8 percent. Other automakers were scheduled to report their June sales Friday afternoon.

The slowdown in May and June has raised some concerns about the strength of the economy over all. Rising auto sales were a bright spot in the early part of the year.

“June’s sluggish sales rate will likely fuel the debate whether there is deterioration in underlying demand due to the softening in the macro environment,” Brian A. Johnson, an analyst with Barclays Capital, wrote in a report to clients.

Japanese automakers have been struggling since March to deal with production disruptions caused by the earthquake and tsunami in their home country. Many Toyota dealerships are sold out of the Prius, a hybrid car made in Japan, and other models built in North America have become relatively scarce because they contain Japanese-made parts that were in short supply for several months.

Toyota responded to the inventory shortages by pulling many discounts, but it introduced new deals in June after traffic at dealerships slowed dramatically.

“Things actually were going along pretty well in March and April, and the shortage hit us badly,” said Earl Stewart, owner of Earl Stewart Toyota in North Palm Beach, Fla.

His dealership sold 88 Prius cars in March but only 12 in June before running out. Mr. Stewart said his new-car department was profitable early in the year but lost money in May and June, as sales went from an average of 265 a month to about 140 in May and then 180 last month.

“They put the incentives back on, but you can’t un-ring a bell,” Mr. Stewart said. “The message got out to a lot of people. It had a psychological negative impact on the Toyota buyer.”

To keep shoppers from sitting on the sidelines — or worse, choosing a competitor’s readily available vehicle — Toyota and Honda have begun offering incentives to people who order a car even if it does not arrive at the dealership for several months. Normally, incentives are available on vehicles that are in stock or delivered in the same month.

“Fortunately for them, Honda and Toyota customers are loyal to their brands and they’ve likely deferred their new-car purchases until inventory is available,” Jessica Caldwell, director of industry analysis at Edmunds.com, a Web site that provides car-buying information to consumers.

Toyota increased incentives by 31 percent from May, though the level remained about $500 a vehicle below the industry average of $2,165, Edmunds.com reported.

Tight supplies of Japanese vehicles have helped push up prices across the industry, by giving other carmakers less motivation to offer big discounts. Prices for small cars have risen the most, given the increased demand for fuel efficiency.

The industry’s average transaction price topped $30,000 for the first time ever in June, rising 2.9 percent from a year earlier to $30,009, according to TrueCar.com, which tracks vehicle sales and pricing.

Analysts said they expected sales to remain somewhat sluggish through much of the summer but pick up later in the year. Toyota and Honda have said their production levels will return to normal within the next few months, though it could take a while for dealer stocks to reach ideal levels.

“Incentive levels $500 below the first-quarter average and depleted vehicle inventory have added to the pressure as the month progressed,” said Jeff Schuster, the executive director of global forecasting for the research firm J.D. Power and Associates. “However, the fundamentals remain in place for a marked return to the recovery pace set in the first four months of the year.”

Article source: http://feeds.nytimes.com/click.phdo?i=4018f9dbcf62f3948626dfecec586262

Filed Under: Business News Tagged With: appetite, slowdown, volvo brand