Ontario's Starlink Deal Stays, For Now, Despite Trump's Trade Move
By and Stephanie Hughes
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The Canadian province of Ontario is keeping its contract with Elon Musk's Starlink for the moment, despite President Donald Trump's moves to put new tariffs on US trading partners.
But canceling the deal 'continues to be a tool in our toolbox if we need it,' Ivana Yelich, a campaign spokesperson for Premier Doug Ford, said in an email.
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CNBC
an hour ago
- CNBC
CNBC's UK Exchange newsletter: The U.K.'s pension shake-up is facing pushback
Since the Global Financial Crisis, poor productivity has bedeviled the U.K. economy for various reasons, including regional disparities and over-dependence on London and the southeast of England. Most economists agree, though, that the main factor has been low investment in skills and infrastructure. In response, the last government devised the "Mansion House reforms" in July 2023, so-called because Jeremy Hunt, then chancellor of the Exchequer, announced them at the official residence of the Lord Mayor of London (the Lord Mayor, not to be confused with Sadiq Khan, the mayor of London, is head of the City of London Corporation, the Square Mile's governing body). The proposals sought to unlock £75 billion ($102 billion) from defined contribution and local government pension schemes with the aim of directing a greater proportion of retirement savings toward private markets and assets such as infrastructure. In his announcement — which carried approving quotes from the likes of Jamie Dimon, chairman and CEO of JP Morgan Chase, and C.S. Venkatakrishnan, the Barclays CEO — Hunt noted: "The United Kingdom has the largest pension market in Europe, worth over £2.5 trillion … but how this money is invested is limiting returns for savers." "Comparable Australian schemes invest ten times more in private markets than U.K. schemes, reaping rewards that U.K. savers are missing out on," he went on. The news was accompanied by a "Mansion House compact" in which nine of the U.K.'s largest defined contribution pension providers committed to allocate 5% of assets in their default funds to unlisted assets, such as private equity or start-ups, by 2030. When Rachel Reeves succeeded Hunt, in July 2024, she pledged to build on the proposals and, for a while, there was excitement in the pensions industry. Unfortunately, it feels as if that initial enthusiasm has curdled. An early indication the industry might not be completely in tune with Reeves's ambitions came after she announced, last November, plans to create "megafunds" — modelled on Australia's superannuation funds and Canadian pension schemes such as the Ontario Teachers' Pension Plan — by consolidating assets from 86 separate local government pension scheme authorities into eight pools each worth an average of £50 billion by 2030. In theory, this would unlock huge efficiency gains, as well as allowing more money to be invested, longer term, in private assets and infrastructure. But it has run into criticism — partly because local authorities fear losing influence over how their pension assets are invested and partly because of the likely job losses among local government officials. Alongside this, the government aims to encourage consolidation among the U.K.'s defined contribution pensions, the main means by which Britons now save for retirement. It wants defined contribution multi-employer pension schemes to be worth at least £25 billion by 2030, again with the aim of building scale and efficiency, with schemes also empowered to transfer assets into the planned megafunds. This has won broad industry backing. In May, 17 leading defined contribution scheme providers signed the "Mansion House accord," building on Hunt's 2023 compact, volunteering to invest 10% of their workplace portfolios in assets like infrastructure, property and private equity by 2030. At least 5% would be ring fenced for U.K. assets. So far, so good. Explosively, though, the government is planning a "backstop provision" allowing it to set "binding asset allocation targets" — in other words, forcing megafunds to invest in private markets and U.K. assets if they fail to meet the voluntary targets. The justification is to ensure some schemes do not lose business by making costly up-front investments, while rivals hold back. But it has proved contentious. Some in the industry question why ministers should tell them how to allocate assets and have noted the irony in ministers and civil servants — who enjoy generous defined benefit pensions funded by taxpayers — obliging those same taxpayers to adopt more risk with their own retirement savings. Amanda Blanc, chief executive of Aviva, one of the U.K.'s biggest insurers, spoke for many when she called the measure a "sledgehammer to crack a nut." UK stocks in the spotlight There are questions on how mandation might be enforced and why, if unlisted assets are so attractive, these schemes are not already invested in them. Several senior leaders have also told me privately that there is insufficient industry expertise to manage such assets. Reeves sought to defend the move when, last week, she told The Times CEO Summit that she doubted it would be necessary to use the backstop. However, the following day, the Financial Times reported that Scottish Widows, the U.K.'s second-largest pensions provider, is cutting the U.K. equities allocation in its highest growth portfolio from 12% to just 3%. Significantly, Scottish Widows — which is owned by Lloyds Banking Group — had signed the original Mansion House compact, but not the later accord. Simon French, the influential head of research at the investment bank Panmure Liberum, described it as "an inevitable reaction to the Mansion House accord which … pushes/strong-arms U.K. pension flows into private assets over the next five years." Ironically, all this is happening just as, after years of indifference among investors, U.K. equities are having their moment in the sun, with the FTSE 100 so far outperforming not only the pan-European Stoxx Europe 600 but also the S&P 500 this year. One prominent City figure told me last week that his investment bank's trading desk had just enjoyed its busiest day in more than 20 years — with American investors, in particular, showing renewed interest in U.K. equities. Ministers will argue that, with tax relief to private pension contributions costing £46.8 billion in 2022-23, the latest year for which figures are available, they are entitled to ask for more pension savings to be channelled toward the U.K. economy. Institutions might respond that, if the government is keen to see that happen, it might remove some barriers to investing in the U.K. such as the unpopular 0.5% levy paid on share purchases. It all creates a sense that, while ministers and investors are agreed on the desirability of investing more in the U.K., there is little agreement on how to achieve that. And it certainly feels as if Reeves and her colleagues are more interested in seeing investment in private assets rather than public of London can be a springboard for economic growth in the UK, says the Lord Mayor Alastair King, the Lord Mayor of London, discusses business activity in London ahead of the UK government's 10-year industrial strategy. The future of exchanges: Global capital flows in the age of Trump, tariffs and trade wars CNBC's Martin Soong hosts a roundtable in Singapore with stock exchange leaders from around the world to discuss how U.S. exceptionalism is reshaping global capital flows. Europe has been underinvesting in defense, says Deutsche Bank CEO Christian Sewing, CEO of Deutsche Bank discusses how the business is responding to current geopolitical uncertainty and outlines how the bank plans to finance defense spending through a mix of public and private sector could face changes to search in the UK as regulators crack down. Britain's Competition and Markets Authority said it's consulting on a proposal to give Google "strategic market status." NATO allies pledge to hike defense spending – but will they deliver? Whether allies' defense spending promises materialize is the key question. Conflict or ceasefire, most markets remain unfazed — here's why. Global equities posted muted gains Tuesday, as investors digested U.S. President Donald Trump's announcement of a ceasefire between Iran and Israel, as well as growing signs of fatigue toward Trump's policymaking.U.K. stocks have fallen by 0.8% over the last week, with the FTSE 100 finally closing flat on Tuesday after three consecutive trading days of losses. Meanwhile, the British Pound gained nearly 1% to reach $1.36, its strongest level against the U.S. dollar since January 2022, according to FactSet. In government bond markets, 10-year gilt yields slipped over the last week and now trade around 4.47%. In case you missed it, Amazon said it will invest £40 billion in the U.K. over the next three years to build and upgrade its large warehouses. The British government welcomed the investment as it looks to boost domestic growth and productivity.
Yahoo
an hour ago
- Yahoo
Tesla Makes 2 Big Moves for Its Future
Tesla set its sights on the world's third-largest auto market. Tesla's robotaxi ambitions kicked off with a pilot service in Austin. If successful long-term, robotaxis could multiply Tesla's current valuation. These 10 stocks could mint the next wave of millionaires › It's been a fairly wild ride for Tesla (NASDAQ: TSLA) in 2025. With sales falling in key markets, a brutal price war in China, and consumer backlash against CEO Elon Musk dipping his toes in the political pool, there's been plenty of bad news to digest. Pushing that aside for a second, however, let's take a look at the electric vehicle (EV) maker's recent moves to boost sales and set up its robotaxi future. Tesla's setting up to make a move in the world's third-largest automotive market as the EV maker aims to offset falling sales around the globe by opening showrooms in India next month. Already, Tesla Model Ys are arriving in India, shipped from Tesla's China factory. While this might seem like a sudden move, it's actually the culmination of many years of considering entering the market, and pulling back due to disagreements over tariffs and manufacturing. That seemed to change when Musk met Indian Prime Minister Narendra Modi in the U.S. last February. This won't be an easy task for Tesla, however. Due to tariffs the Model Y is expected to go on sale in India around $56,000 before taxes and insurance. This compares to $44,990 for the same model in the U.S. market, which drops to $37,490 with tax credits applied -- for however long that lasts. Further, India's EV share of its automotive market is just over 5%, and premium cars represent less than 2% market share. It's a good move for Tesla, and a logical one, especially considering China's automotive production overcapacity problem -- although it's less a problem for Tesla -- and sending vehicles from China to India helps. But investors would also be wise to temper growth expectations; the market isn't exactly ripe for the picking when it comes to expensive EVs. After years of promising, the moment has finally arrived for Tesla's robotaxi ambitions. Over the weekend Tesla launched a small pilot robotaxi service in Austin, Texas, which some believe is the beginning of a much more lucrative business thesis for the automaker. "We attended Tesla's robotaxi launch ... and got the opportunity to take multiple rides in a robotaxi," Wedbush Securities said in a research note June 22, according to Automotive News. "Overall, these robotaxis exceeded our expectations and offered a seamless and personalized travel experience that has lit the spark for autonomous driving." For investors, the development of Tesla's robotaxi business could define its future. Already Tesla's market capitalization is over $1.1 trillion, more than many of its automotive competitors combined, and Musk has said the company's pivot to AI, robotics, and robotaxis will multiply that valuation several times. Tesla's robotaxi pilot included short drives in a limited geofenced area for a flat fee of $4.20, and while the vehicles were fully autonomous there was a safety monitor in the cars for safety precautions. Considering some of the missteps and problems of its competition, the company was probably wise to promote safety first. The robotaxi pilot might have been small, and Tesla opening showrooms in India won't move the needle in the near term, but these were both smart moves for Tesla and its investors. Being able to export vehicles from China amid a brutal price war and overcapacity gives the company flexibility, and keeping investors enticed with a potentially lucrative robotaxi future was important. While there's plenty of bad news for Tesla investors to digest, don't overlook the small positive moves its made recently as well. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $373,895!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,253!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $676,023!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of June 23, 2025 Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Tesla Makes 2 Big Moves for Its Future was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Robotaxi rivalry heats up as new cities come online
Robotaxi rivalry heats up as new cities come online originally appeared on TheStreet. Tesla's () robotaxi is here. No matter how you lean on that, the EV giant threw down the gauntlet in the robotaxi war. 💵💰💰💵 It's the payoff from decades of Musk's hype and his long-standing vision for autonomous vehicles. Following this weekend's big reveal, it's safe to say Elon's autonomous vehicle (AV) vision is finally starting to take shape. With Tesla and Musk sucking up all the oxygen, the competition is going somewhat unnoticed. While Tesla's robotaxi continues hogging all the spotlight, its rivals are quietly grinding through red tape, setbacks, and safety drama. Bit by bit, they continue to gain ground in a market that's about to blow up. Hence, what was once a futuristic concept is now arguably the biggest battleground of tech giants and automakers. Tesla has finally entered the robotaxi race, but it's far from being the first to the () Waymo has been at this the longest. It began as a nifty stealth Google project in 2009, launching its first real robotaxi rides in Phoenix by 2018. That head start has helped it build some serious tech muscle since then. Also, Waymo does remarkably well in nailing the AV game so far. While Tesla leans hard on cameras and neural nets, Waymo's robust sensor suite handles things like fog and low light like a pro. With over 10 million paid robotaxi rides completed so far, it's running driverless service in San Francisco, Los Angeles, Phoenix, and has just added Austin. Toss in its much-talked-about Uber () deal, and it's clocking 250,000 rides a week. That's bellwether status, no doubt. After ditching its robotaxi dreams (and settling a $245 million lawsuit with Waymo), Uber shocked everyone in mid-2023 with its partnership with Waymo. Now, Waymo's robotaxis are live on the Uber app in Phoenix and Austin, running over 100 fully driverless cars in no time. For Waymo, this is a smart power play. It taps into Uber's massive user base without sidestepping the need for a city-by-city network from scratch. For Uber, it gets to stay in the game without reinventing the tech. EV stalwart Tesla is officially in the robotaxi game, but it's fashionably late. Its enigmatic CEO once promised a million driverless Teslas by 2020. What we've got, though, in 2025 was a 10-car pilot in Austin. Nonetheless, it's a moment, and though they're not fully autonomous in the purest sense, it's a start. Early buzz says the cars are smooth, safe, and surprisingly patient in to say, the upside for Tesla is massive here. It's got the fleet, the brand, and the tech muscle to scale things fast. Wall Street's taking note too, with the stock popping 9% on launch day. Big questions remain, though, especially around safety. Regulators are circling, and FSD's history of glitches and accidents raises doubts. Those two aren't the only ones looking to cash in on the robotaxi boom. Amazon's Zoox is another innovative robotaxi play, which looks more like something from Star Wars than Uber. After years of quiet testing, it's set to hit the streets in Las Vegas, with bigger targets like San Francisco and Miami up next. China's robotaxi squad is scaling hard and fast, too. Chinese tech giant Baidu's robotaxi service in Apollo Go, for instance, hit 10 million rides and counting. Also, and WeRide are expanding beyond Asia, and fast. Still, for all the hype, the robotaxi world hasn't exactly been failure-free. More On Robotaxis: Tesla's robotaxi rollout runs into trouble Musk's AI chatbot weighs in on Tesla stock and Robotaxi Tesla's robotaxi rollout runs into trouble Deep-pocketed players like GM's Cruise have stumbled, with the automotive giant pulling the plug on Cruise's robotaxi funding after years of losses. Uber and Waymo are leveling up their partnership, and their latest stop is Atlanta. Waymo's all-electric Jaguars will now roam on a 65-square-mile zone, from Downtown to Buckhead, at no extra charge via the Uber app. This rollout adds to their partnership from September last year, bringing Waymo One to Austin (live since March) and now Atlanta. Riders tapping UberX, Comfort, or Comfort Electric might get whisked away by a driverless Jaguar I-PACE. On the flipside, we saw Tesla's much-awaited robotaxi debut in South Austin, with a handful of Model Ys offering paid robotaxi rides at $4.20 a trip. Early fans call it 'magic,' but safety questions linger after viral clips show Teslas drifting into the wrong lanes. Social media videos of Tesla's FSD beta drifting off course have stoked safety issues, even as company staff ride shotgun as 'safety monitors.' Meanwhile, Uber's tie-up with Waymo nudges it ahead of Tesla's seemingly slower, bumpy rivalry heats up as new cities come online first appeared on TheStreet on Jun 25, 2025 This story was originally reported by TheStreet on Jun 25, 2025, where it first appeared.
