4 d. ago New fastest EV on earth named after BYD car records staggering 294mph speed

The incredibly quick Yangwang U9 Track Edition represents a staggering leap forward for electric performance cars, setting a new standard for production electric vehicles

Politics

4 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

4 d. ago Tesla sales in Europe slump 40% as BYD new car registrations more than triple

Electric car business run by Elon Musk continues to lose ground to Chinese rival despite recent revamp of Model YBusiness live – latest updatesTesla sales slumped 40% across Europe in July compared with a year earlier, as the electric car company run by Elon Musk faces increasingly tough competition from its Chinese rival BYD.There were 8,837 sales of Tesla cars last month across the EU, the European Free Trade Association and the UK, according to figures from the European Automobile Manufacturers’ Association (ACEA). That compared with 14,769 at the same point last year. Continue reading...

Politics

4 d. ago Blow for Elon Musk as Tesla sales fall 40% in Europe despite rise in customers buying EVs

The company continues to lose market share, now selling fewer than 1 per cent of EVs in the region

Economics

4 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

4 d. ago Tesla sales fell 40% across Europe in July; Drax shares tumble 10% after FCA launches investigation – business live

Rolling coverage of the latest economic and financial newsShares in power generator Drax have tumbled by 10% after it revealed this morning it is being investigated by the City watchdog.Traders drove Drax’s share price down to 630p in early London trading, down from 703.5p last night, following the news that the FCA is probing whether its recent annual reports comply with UK Listing Rules.Meanwhile, possible electricity rate adjustments and higher rice tariffs could raise inflationary pressures over the policy horizon. The Monetary Board observed that domestic demand has held firm. However, the impact of US policies on global trade and investment continue to weigh on global economic activity. This could temper the outlook for the Philippine economy. Continue reading...

Economics

5 d. ago Ontario premier Doug Ford’s party spent nearly $300,000 on novelty ‘Canada is not for sale’ hats

The Progressive Conservative party of Ontario reportedly paid C$278,910.71 on the viral hats during the province’s election campaignDealing with the unprecedented threats from Donald Trump’s threats to Canada’s economy and sovereignty have required unconventional strategies from federal and provincial leaders, including barring liquor sales and cancelling contracts with Tesla.But among the more unorthodox strategies to hit back against the US is spending hundreds of thousands of dollars on novelty hats. Continue reading...

Economics

3 w. ago HSBC flags 73% of Hong Kong commercial property loans as risky

Prolonged slump in retail spending and sluggish office demand put Europe’s largest lender on notice

Events

3 w. ago Elon Musk's Tesla gears up to sell energy to UK homes as new household supplier

Elon Musk's Tesla is preparing to move beyond vehicle sales by launching a household electricity supplier.

Society

3 w. ago Business news live: Novo Nordisk hit by slowing Ozempic sales, Tesla shareholders sue Musk over Robotaxi

Stock market news and latest business and finance updates from Wednesday

Economics

3 w. ago Tesla’s UK sales fall almost 60% in July as BYD surges; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

3 w. ago Tesla sales in Britain dive 60% amid Musk backlash and waning EV growth

Figures published by industry body Society of Motor Manufacturers and Traders on Tuesday showed UK Tesla registrations fell 60% to just 987 cars in July.

Politics

3 w. ago Tesla’s UK sales fall almost 60% in July; Neil Woodford fined and banned over fund collapse – business live

Rolling coverage of the latest economic and financial newsBritain’s service sector companies were hit by a drop in orders last month, as demand at home and abroad remained sluggish.Service sector growth slowed last month amid a decline in new work, according to the latest survey of purchasing managers from data firm S&P Global.“UK service providers recorded a third consecutive monthly rise in business activity, but they were unable to maintain the growth rate achieved in June.Moreover, new business intakes swung back into contraction during July, with the downturn in order books the fastest for just over two-and-a-half years. Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop. Continue reading...

Economics

3 w. ago Tesla’s UK sales fall almost 60% in July; Trump attacks ‘woke’ JLR as it announces new boss – business live

Rolling coverage of the latest economic and financial newsNewsflash: The UK’s financial regulator has decided to fine former star fund manager Neil Woodford and his investment management company nearly £46m, over the collapse of his popular equity fund.The Financial Conduct Authority says it has decided to fine Woodford £5,888,800 and ban him from holding senior manager roles and managing funds for retail investors.‘Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn’t accept he had any role in managing the liquidity of the fund.The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.’ Continue reading...

Economics