Renault reports first half loss of 11.2 billion euros
Revenues at the French car maker came in at 27.6 billion euros, up 2.5% compared with a year earlier, helped by several new product launches.
($1 = 0.8754 euros)
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The Independent
36 minutes ago
- The Independent
Why gold is shining on the markets as Trump slaps Switzerland with unexpected tariffs
Donald Trump – yes him again – has sparked a surge in gold prices with the commodity hitting record highs after the White House unexpectedly announced new tariffs on 100-kilo and 100-ounce bars this week. The precious metal – a traditional safe haven during troubled times – is trading for north of $3,500 an ounce. How long before it breaches the $4,000 barrier? Those intending to buy jewellery, take note. America's decision to hit imports of gold bars from Switzerland, a major refining centre, with tariffs, was not what the industry expected and has poured rocket fuel onto an already frothy price. The FT reports that Switzerland sent $61.5bn (£45.8bn) of gold to the US over the 12 months ending in June. That would be subject to a $24bn charge under the new 39 per cent tariff applying to imports from the country. The gold price was already running hot. It is a traditional port in a storm during periods of economic and political turmoil, both on the markets and across the world as a whole. Globally the stakes are high, with geopolitical brush fires smouldering dangerously close to full-blown crises. It is also used as a hedge against inflation. With a limited supply, the price should rise if inflation starts to eat into the value of the currencies in which it is priced, especially the dollar. With US tariffs now at their highest level since the great depression, inflation is about to dig its fangs into the US economy and feast on the living standards of the US consumer. As well as imposing tariffs, Trump has been pressing the US Federal Reserve to reduce the interest rates that control inflation. While its embattled chair Jerome Powell has (so far) refused to budge, saying he needs time to evaluate the impact of the tariffs, the early departure of Adriana Kuglar from its board of governors has given the President an opening. Trump has announced that he will appoint Stephen Miran to temporarily fill the vacant seat, seen by some as a candidate for Powell's position when his term ends next year. Miran, a Harvard economist and advisor to the US Treasury, is one of the architects of its tariff policy and has pooh-poohed critics like me who have warned that the levies will inevitably stoke inflation. The appointment will give him a vote on the rate-setting Federal Open Market Committee (FOMC) where he is widely expected to toe the Trump line. If this leads to lower US rates, and even higher inflation, it will make gold even more attractive. The tariff on Switzerland's gold bars has injected an extra cost into the market because Switzerland is part of a three pronged golden triangle, the others being New York and London, where the metal is traded. Its role is to recast the bars, from the brick-side 400 troy ounce bar favoured in London to the smaller, smartphone sized kilo size favoured in New York. Yes, I know. The UK is part-metric, whereas the US is all imperial in terms of measurements. But whoever said any of this was supposed to make sense? As recently as 2004, with the rest of the City using screens, the gold price was still being 'fixed' in the offices of NM Rothschild, an old school merchant bank, on St Swithin's Lane, London. As part of the process, each of the market makers involved had a desk with a phone and a miniature union flag. These were raised when they wanted to pause the process to take soundings, and lowered when they were ready to fix. The proceedings were conducted in conditions of high secrecy – no outsider (so far as I know) was ever allowed to watch. However, I was once lucky enough to be allowed a rare visit to the rather underwhelming but still quaint room in which the fix took place. The process was modernised, becoming phone based (in line with other precious metal fixes) when NM Rothschild pulled out. But participants still call 'flag' when they wish to pause. Cute. These days, the London Bullion Market Association prefers to call the fix a 'benchmark', not least because it became clear that the process was being fixed in the negative sense of the word, along with several other of the City's benchmark prices, in the string of scandals that followed the 2008 global financial crisis. Barclays ultimately ended up getting hit with a £26m penalty 'for failing to adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in relation to the gold fixing'. But the twice-daily event persists because, even though the spot price of gold moves up and down through the day, market participants find it useful. What is Trump's rationale for gold tariffs? The conspiratorial part of me briefly wondered whether this was part of a cunning plan to muck up the international market and push people towards Bitcoin, which the president is a notable enthusiast for. Bitcoin can play a similar role to gold in hedging against inflation because there is also a limited supply and it is priced in dollars. But no, it really isn't that deep. For a start, the Bitcoin market scarcely needs any help. The cryptocurrency has more than quadrupled in value over the three years in which gold has almost doubled. Inflation will keep both commodities hot. Just as likely, given the way these tariffs have been concocted, is that someone in the US government choked on some fondue or a piece of gruyère cheese, and acted in a fit of pique. Together, this archaic corner of the City and Trump's capriciousness have served up something bleakly comic, unless that is, you're planning to buy gold jewellery for an engagement or a wedding or perhaps, because you just like wearing it. Then it's not funny at all. Will Trump pay a price at the polls? He seems determined to give his opponents a golden opportunity they really don't deserve.
Telegraph
36 minutes ago
- Telegraph
Sports cars in the EV era: Can the traditional formula for driving pleasure survive?
There's an adage that racing improves the breed, but sports cars do, too. Twin-camshaft cylinder heads, improved gearboxes, disc brakes and fuel injection developed to win silverware on the track also debuted in road-going sports cars. But where are we in the new world order of EVs? A world where everyday drivers eke out the available range to get to the next charge point, where batteries add up to half a tonne to dull the car's responses to the major controls – but also where maximum torque at zero revs means that even the most humble EV hatchback can take off like a scalded cat. Is that how cars are going to be from now on? Colin Chapman's giantkilling Lotus 11 of 1956 weighed only 450kg, the 1958 Austin Healey 'Frogeye' Sprite was 667kg, the first Mazda MX-5 in 1989 weighed 940kg. For comparison, the 2023 MG Cyberster, one of the few EV drophead sports cars currently on sale, weighs 1,885kg. Of course, there's much more safety in the construction of a modern car, larger wheels and tyres as well as a plethora of advanced driver aids that all add weight, but a battery adds a lot of weight and inertia. Besides, the super-rich are turning their backs on a range of super EVs being offered as Mate Rimac, CEO of Rimac, maker of the Nevera EV supercar, admitted at a Financial Times conference last year. 'We started to develop the Nevera in 2016/2017, when electric was cool, [now] we notice that as electrification is becoming mainstream, people at the top end of the sector want to differentiate themselves.' It's a bit like expensive mechanical watches versus the more accurate and convenient digital timepieces with vastly more functions; the rich prefer hand-built analogue movements over digital ubiquity. Premium makers scale back EV plans As a result (in the premium markets at least) car makers are scaling back EV model plans. While Ferrari is revealing an all-electric model in early October, we understand plans for a second model are on hold. After poor sales and residual value issues with the Taycan, Porsche is putting back EV model plans, as are Lamborghini, Bentley, Maserati and Aston Martin. There doesn't seem to be a difference between Italy, Britain or America, EV is not acceptable to a certain strata of buyers. Speaking to The Telegraph earlier this year, Adrian Hallmark, the chief executive of Aston Martin, tacitly acknowledged the failing market for expensive EV sports cars saying: 'There's nothing a wealthy person likes less than being told what to do.' Yes, there are some amazing sporting EVs, from the track-only 100kWh battery McMurtry Automotive Spéirling Pure fan car, or the cute Callum Skye, a 42kWh off-roader, but no one has successfully addressed the issues of weight or desirability. Varying approaches There are two distinct approaches. The first, of throwing technology and artificiality at the car, is typified by the latest Mercedes-AMG concept GT XX. This 1,341bhp, 114kWh tri-motor orange monster launched in June has slippery bodywork claimed to have a record-setting coefficient of drag of 0.19Cd. There's no word yet about its weight, but despite the aluminium and carbon-fibre body it's unlikely to be much less than two tons. And so technology has been applied to compensate. The electric motors are axial-flow units like those in Formula 1 cars, the lithium-ion battery is oil-cooled for efficiency and the two-seat cockpit evokes endurance racers, with the driver assailed with artificial recreations of the sound and vibration of a high-performance V8 engine, along with simulated gearchange sounds such as those in the Ioniq 5N. Speaking to Autocar magazine at the AMG's launch, Markus Schäfer, Mercedes technical director, admitted that 'bringing hardcore V8 fans to an electric vehicle is something that is a challenge'. He said that the artificial sounds and vibration system has 'to touch the emotional side of you [and] if it doesn't, it doesn't do the job'. At the other end of the scale is a valiant battle to reduce weight (a bit). The Caterham V, a 2023 concept EV coupé mooted for production this year, had a target weight 1,195kg; with a total immersion 55kWh battery pack, this 268bhp electric motor, rear-wheel drive 2+2 had a target range of 249 miles. Yet it seems to have disappeared without trace. In the here-and-now is the Abarth 600e Scorpionissma. A master in the art of tuning small cars, Abarth is owned by Fiat, but is a surprisingly directed and singular marque. Its marketing boss Francesco Morosini admitted that the £39,000 Scorpionissma is unashamedly developed for track use. Its 280bhp front motor drives through a Torsen limited-slip differential and provides terrific performance and handling. Unfortunately the 54kWh lithium-ion battery can only muster an official WLTP range of 207 miles, which I reduced to 132 miles when I tested it. Morosini said his team had fulfilled its brief of providing 'the most simple and affordable way of going fast'. Don't you just love the Italians… Power versus range He said that if the 600e had a larger battery, it wouldn't have been as enjoyable to drive and while that's true, if you drive this car hard you'll have to take your enjoyment in small doses due to the impact of performance on range. As you can see there's a tradeoff. Tyrone Johnson, managing director of Hyundai Motor Europe Technical Centre, is the head of the team that developed the Ioniq 5N, one of the best sporting EVs. He also sees my point before I've made it… 'So, what you are describing are the two extremes,' he says. 'On the one hand you have a car with bugger-all range [Abarth] and on the other something so unique and special that only about three customers can pay for it [Mercedes-AMG].' He's clear that Hyundai has its feet firmly on the ground building sporting cars based on production models. But what are the technologies that will help reduce the drawbacks? He picks up on tyres. Most tyre development in EVs has been about lowering rolling resistance to achieve a better range, but further development in rolling resistance 'is not the right way to go. There are other areas that we should focus on a little more in terms of energy consumption'. In-wheel electric motors could provide a significant reduction in sprung weight but, as Johnson points out, they increase unsprung weight, which adversely affects a car's ride and handling. In any case, they aren't yet ready for production cars. Adding a nimble feel It's the perception of lightness which Johnson is keen on and enacted in the Ioniq 5N, stiffening an existing bodyshell and in particular the suspension mountings, so that when you turn the steering wheel you get close to the instant reaction of a lightweight sports car. 'There are two problems with EVs,' he says. 'One is the mass of the car; the other is the amount of energy you can carry in the batteries. And they are kind-of linked, because more energy needs more mass [and] it gets to a point of diminishing returns. 'Weight is very important [but] it's also very challenging, because modern cars have such a huge variety of requirements that have to be fulfilled; safety as an example. Cars don't get heavier because the manufacturers want them to, they become heavier because the outside demands are such that you have to do things to meet these demands and regulations. 'The answers to those challenges are typically to add something, so it becomes a challenge to try to find where can you take something out and where do you have to keep things in.' Effectively this requires more thinking, clever solutions (preferably not bolt on), but it also means that legislators need to allow car makers leeway in reaching goals, whether that's a low-carbon car that isn't an EV, or using individual in-wheel motors which can substitute for conventional brakes. But does any of this matter? Aren't sporting cars just a forgotten development byway and best waved goodbye? Sports cars: A British speciality Even if you think so, Britain has specialised in such cars over the years and the small manufacturers that produce them are important contributors to employment and the balance of payments. The Society of Motor Manufacturers and Traders (SMMT) reckons that last year the UK's Small Vehicle Manufacturers (SVMs, producing fewer than 2,500 units a year) built only 31,000 cars, with 90 per cent of that £5.4 billion's worth of sales exported. According to the SMMT report The UK's Small Volume Automotive Manufacturers: An Enduring British Success Story, SVMs employ more than 15,000 directly and 60,000 in the wider supplier base, paying wages averaging £43,000 a year, with thriving apprenticeship schemes and an important role in developing lightweight technology, aerodynamics and safety systems, which are often adopted by the wider automotive industry. That will be the manufacturer of sports cars, then. So perhaps we have more to thank them for than you might think.
Scottish Sun
2 hours ago
- Scottish Sun
Beloved car garage with 100k YouTube subscribers forced to CLOSE after nearly 6 years as owner blames ‘rising costs'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A BELOVED car garage with hundreds of thousands of fans has been forced to close its doors. The garage is shutting down after nearly six years, after its famous owner battled with 'rising costs'. Sign up for Scottish Sun newsletter Sign up 3 An iconic garage is sadly closing its doors after six years Credit: facebook/BerrowMotors 3 Joe Betty runs the popular Shifting Motors YouTube channel Credit: instagram/shifting_metal Joe Betty first set up his famous garage Berrow Motors in 2020, in the sleepy town of Burnham-on-Sea. During that time, he slowly built up his customer base and started posting videos about motors online - quickly racking up millions of views. His YouTube channel Shifting Metal takes viewers behind the scenes of his high-flying lifestyle, as he buys and trades luxury vehicles including Porsches, BMWs and Jaguars. However, after becoming one of the most famous motor influencers in Britain, Joe has been forced to close the garage which helped launch his career. The petrolhead and influencer says that rising costs are to blame for the sudden closure of Berrow Motors. He said: 'We've had nearly six fantastic years here. 'We've won awards, gained over 100,000 YouTube subscribers and raised over £30,000 for local causes — but have decided now is the time to move on.' 'The cost of running a business is constantly rising and has certainly played a part in my decision, but I also wish to focus more time on fundraising and other business ventures.' He added: 'I want to thank all of our wonderful customers for their business over the last few years and of course the team members who made Berrow Motors what it was. 'I really hope another motor trader takes over the site and makes a success of it – you couldn't ask for better landlords than the Welland family.' Rolls-Royce garage find Fans flooded the comments section on Shifting Metal's social media, as Joe broke the news. One wrote: 'sorry to hear that the business is closing down. I wish you and your family all the very best for the future' Others said they would miss Joe's hilarious challenges that he would set himself on YouTube. In one video, he flipped a coin to set the price of a luxury land rover and, in another, he bought and sold a Mercedes C63 for an eyewatering £35,000. After letting go of the garage, Joe says that he is going to be focusing on producing even more 'car-centric' content online. The news comes as even major car brands struggle to stay afloat. Nissan has been forced to accelerate the closure of two of its factories in Mexico, as it slashes its number of global factories from 17 to 10. The crisis-hit brand has been battling rising debt, which it is hoping to remedy through its Re:Nissan plan. The UK government even threw the manufacturer a lifeline, by allowing UK Export Finance to underwrite a £1 billion loan for Nissan. It is hoped that the move will keep the Sunderland factory - Nissan's only site in the UK - open.
