Ata mārie and welcome to your Friday recap of international business and political news.
First up, Chinese President Xi Jinping reassured Korth Korean leader Kim Jong Un about the strength of the relationship between the two nations during talks in Beijing, the AFP and ABC reported.
Kim and Xi held talks on Thursday evening local time at Beijing's Great Hall of the People, where Xi said his country put "great importance to the traditional friendship" with North Korea.
Beijing is “willing to maintain, consolidate and develop” bilateral ties, Xi said. “No matter how the international situation changes, this position will not change.”
In the United States, Washington DC officials are suing the Trump administration, accusing President Donald Trump of violating the Constitution by sending thousands of National Guard troops into the city without consent, CNN reported.
The lawsuit was filed by DC Attorney General Brian Schwalb. The lawsuit said the deployment undermined the city’s autonomy, eroded trust between residents and law enforcement, and hurt the economy.
“It’s DC today but could be any other city tomorrow. We’ve filed this action to put an end to this illegal federal overreach,” Schwalb said.
US President Donald Trump.
In business news, automotive giant General Motors is cutting production at one of its main electric vehicle factories, the latest car maker to scale back on EVs, Reuters reported.
GM plans to halt production of two electric Cadillac SUVs at its assembly plant in Tennessee in December, according to sources, as well as scale back production early next year.
GM could also indefinitely delay the start of a second shift at an assembly plant near Kansas City, Reuters said.
“General Motors is making strategic production adjustments in alignment with expected slower EV industry growth and customer demand by leveraging our flexible ICE (internal combustion engine) and EV manufacturing footprint,” GM said in a statement.
Elsewhere, production company Paramount told all employees they were expected to work in the office five days a week from next year, according to a memo obtained by CNBC.
“To achieve what we’ve set out to do – and to truly unlock Paramount’s full potential – we must make meaningful changes that position us for long-term success,” CEO and chair David Ellison wrote to staff.
“These changes are about building a stronger, more connected, and agile organisation that can deliver on our goals and compete at the highest level.”
The move could help cut staff as Paramount looks to save US$2 billion in costs amid advertising losses and changing viewer habits, CNBC reported.
UK Chancellor Rachel Reeves.
In the UK, Chancellor Rachel Reeves acknowledged that the economy was “not working” well enough for people, as she announced the date of her second budget on November 26, the Guardian reported.
She said the economy wasn’t broken but admitted there was “more to do”. “Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change,” Reeves said.
Meanwhile, UK government long-term borrowing costs eased after reaching the highest level since 1998 earlier in the week, the BBC reported.
The interest rate on 30-year government bonds, known as the yield, slipped to 5.57%, dropping from a high of 5.75% on Wednesday local. Analysts said a fall in US borrowing costs had a knock-on effect to UK bonds.
Elsewhere, Nepal’s government said it planned to ban access to major social media platforms, including Facebook and X, after they failed to comply with registration requirements, the AFP and Al Jazeera reported.
The move aimed to curb online hate, rumours, and cybercrime. Companies were given a deadline to register with the Ministry of Communications and Information Technology and provide a local contact, so-called grievance handler, and person responsible for self-regulation – or face shutdown.
Finally, Italian fashion designer Giorgio Armani has died at 91.
The Milan-based designer, best known for his Haute Couture line, was described as one of the most successful Italian-born designers, especially for his red carpet designs.
"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the fashion house said.
He had been unwell for some time. The company did not give a cause of death.
