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“The major reasons are a softening market, slowing lower-tier cities, Buick’s engine change-over and a strong Q3 last year,” a Shanghai-based GM spokeswoman said. She added the fall was not linked to trade tensions. The fall marks the maiden drop since the first quarter of 2017, when GM’s China sales fell 5.2 percent. GM switched to reporting only quarterly China sales earlier this year, scrapping monthly sales figures it had previously revealed. China’s automobile sales have been falling more broadly in recent months, with a slowing economy and trade frictions making consumers cautious about spending, an industry body said last month.

GM has been shifting its Buick cars to a new type of more efficient three-cylinder engine to meet emissions targets, which Chinese dealers told Reuters had hit sales because consumers were not yet convinced by the smaller engines, “Many consumers still have concerns because they read negative comments about three-cylinder technology online, which aren’t really fair,” said a sales monogrammed cufflinks manager surnamed Hu at a Buick dealer in Zhejiang province, China, the world’s largest auto market, is critical for the U.S, carmaker, It sold over 4 million vehicles in the country last year, even more than it sold in the North Americas market..

GM’s sales in China inched up 0.7 percent in the second quarter of the year, slowing from an 8 percent rise in the January-March quarter. GM’s joint venture in China, Shanghai GM, will also recall over 3.3 million Buick, Chevrolet and Cadillac vehicles from Oct. 20 due to a defect with the suspension system, a Chinese regulator said earlier this month. China’s main auto industry body, the China Association of Automobile Manufacturers (CAAM), is set to reveal September auto sales later this week.

LONDON (Reuters) - German generic drugmaker Stada STAGn.DE is vying with a group of European buyout funds for control of Bristol-Myers Squibb’s (BMY.N) French over-the-counter drugs business, sources familiar with the matter told Reuters, The business, known as Upsa, was put up for sale over the summer, Bidders were asked to submit their offers ahead of a deadline of Oct, 5, the sources said, Investment banks were hired to launch an auction in the monogrammed cufflinks second half of the year, The deal is potentially worth about 1 billion euros ($1.15 billion) and comes amid a wave of consolidation in the consumer health sector as big drugmakers are increasingly focusing on their strongest areas..

Private equity funds are attracted by high growth in the over-the-counter drug business, where demand is being driven by aging populations and health-conscious consumers. Upsa, which makes Dafalgan and Efferalgan painkillers, has also received indicative bids from BC Partners, CVC Capital Partners and PAI Partners as well as Stada, which is controlled by private equity funds Bain Capital and Cinven. Stada, BC Partners, CVC and PAI declined to comment while officials at Upsa were not immediately available for comment.

France’s pharmaceutical and cosmetics group Pierre Fabre and U.S.-run drugmaker Mylan NV (MYL.O) had initially studied the dossier and joined the monogrammed cufflinks race for the business, one of the sources said, But a spokeswoman for Pierre Fabre said the company had not made a bid, Upsa generated revenue of 425 million euros in 2017 and core earnings of about 100 million euros, One of the sources said the business might fetch less than 1 billion euros, saying that the company had a workforce of about 1,500 people and local unions would oppose any significant restructuring following a change of ownership..

Bristol-Myers advisers Deutsche Bank (DBKGn.DE) and Jefferies (JEF.N) had initially sounded out large consumer groups such as Procter & Gamble (PG.N) and Reckitt Benckiser (RB.L) as well as pharma companies Pfizer (PFE.N) and Johnson & Johnson (JNJ.N), the sources said, but it was unclear whether any of these groups had shown any interest. In April, Procter & Gamble agreed to pay 3.4 billion euros for Merck KGaA’s (MRCG.DE) vitamin brands and earlier this year GlaxoSmithKline (GSK.L) agreed to buy Novartis (NOVN.S) out of their consumer healthcare joint venture for $13 billion.

LONDON (Reuters) - Schroders monogrammed cufflinks (SDR.L) could soon help manage the money of people with significantly less in their bank accounts than the super-rich it has targeted so far, if talks with Lloyds (LLOY.L) about a wealth management tie-up succeed, Schroders, Britain’s second largest listed fund management group by assets under management and Lloyds Banking Group, Britain’s biggest retail lender, confirmed on Sunday they are in talks, but gave no further details, However, sources familiar with the discussions confirmed details of a Sky News report which said Lloyds would roll 13.8 billion pounds ($18 billion) of client money into a joint venture with Schroders, which would contribute its technology, operational platform and investment skills..

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