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US movie studio Paramount said Friday it was partnering with two Chinese film-industry companies in a deal that would reportedly see $1 billion in cash injected into the Hollywood giant. The deal is the latest move into Hollywood by deep-pocketed Chinese enterprises, following forays by China property-to-entertainment conglomerate Wanda and e-commerce leader Alibaba. Paramount signed a three-year agreement with Shanghai Film Group (SFG) and Beijing-based Huahua Media to co-finance and co-produce all of the US studio's films, Paramount said in a statement on China's twitter-like Weibo platform.
By Andy Bruce and William Schomberg LONDON (Reuters) - British retail sales suffered their biggest slump in more than four years in December, denting what had been a promising fourth quarter and rattling sterling as more signs emerged of a pick-up in inflation since June's Brexit vote. Consumer spending has been the main driver of Britain's economy since June's referendum decision to leave the European Union, with other sources of growth like investment and trade lagging. Friday's data showed retail sales volumes dropped 1.9 percent month-on-month in December, far below economists' forecasts in a Reuters poll for a 0.1 percent decline and the biggest fall since April 2012.