Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
LONDON - Bonds, shares and commodities fell sharply around the world on Thursday and the dollar rose after the U.S. Federal Reserve explicitly signaled an end to easy money and data showed China's economy slowing down.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Groupon's China unit to merge with Tencent deal site
SHANGHAI (Reuters) - Groupon Inc's (GRPN.O) Gaopeng China joint venture with Tencent Holdings (0700.HK) will merge with another Chinese daily-deal website to form a new company, Gaopeng said.
Gaopeng has faced stiff competition in China where the daily-deals sector has thousands of competitors and it laid off workers last year to cut underperformers.
The company said in a statement late on Tuesday it will merge with lifestyle daily-deals website, FTuan, which is also backed by Tencent. Groupon will be a minority shareholder in the new company, as it is in Gaopeng. Financial terms of the deal were not disclosed.
The new company will be managed by senior executives from FTuan and Gaopeng and will maintain separate brands.
At the end of last year, Gaopeng only had a small portion of the market as gauged by unique visitors compared to market leaders Lashou and Meituan, according to data from research firm Analysys International.
China's group buying industry was worth 1.73 billion yuan ($271.89 million) in the first quarter this year, according to Beijing research firm iResearch.
($1 = 6.3629 Chinese yuan)
(Reporting by Melanie Lee; Editing by Matt Driskill)
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