logo
UK Backs Morocco's Western Sahara Plan, Snubs Algeria  Firstpost Africa

UK Backs Morocco's Western Sahara Plan, Snubs Algeria Firstpost Africa

First Post2 days ago

UK Backs Morocco's Western Sahara Plan, Snubs Algeria | Firstpost Africa | N18G
UK Backs Morocco's Western Sahara Plan, Snubs Algeria | Firstpost Africa | N18G
The United Kingdom has officially backed Morocco's autonomy plan for Western Sahara, marking a significant diplomatic win for Rabat and a setback for Algeria, which supports the pro-independence Polisario Front. During a visit to Rabat, UK Foreign Secretary David Lammy called Morocco's proposal the 'most credible' path to resolving one of Africa's longest-running territorial disputes. The move aligns the UK with countries like the U.S., France, and Spain, all of whom support Morocco's plan. The decision is expected to deepen UK-Morocco ties while adding further pressure on Algeria, whose influence over the Western Sahara question continues to wane.
See More

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tesla's China skid: Blame market forces, not politics
Tesla's China skid: Blame market forces, not politics

Mint

timean hour ago

  • Mint

Tesla's China skid: Blame market forces, not politics

The biggest story swirling around Tesla Inc. right now concerns CEO Elon Musk's sudden, if unsurprising, break with a leader who is as calm and unassuming as he is, US President Donald Trump. But the important story concerns what is happening far from these shores: China. Shipments from Tesla's Shanghai factory fell by 15% in May compared with a year before, according to preliminary data from China's Passenger Car Association. That marks eight straight months of declining output from Tesla's single biggest electric vehicle factory, accounting for around 40% of its global capacity. These figures don't reveal which of those EVs get sold in China or get exported from there, but this trend is not Tesla's friend. Through April, Tesla's share of China's battery EV market had fallen by more than half over the past four years, according to data compiled by New AutoMotive, a UK-based research firm. Also Read: Electric debacle: Tesla's troubles started before Musk wore the MAGA cap The numbers also suggest deteriorating economics. On a simple, calendar-day basis, they imply Shanghai factory utilization of 76% in May. That isn't terrible, but it's down significantly from last May. So far this year, excluding the month of February when Tesla was retooling for the refreshed Model Y, implied utilization is running 10 points lower than the same period in 2024. Speaking of that updated Model Y, it isn't a good sign that Tesla has already offered incentives like zero-percent financing in China. Taken together, lower capacity utilization, implying higher fixed costs per vehicle and higher discounts, meaning less net revenue, point to a continuing problem with what was all too apparent in Tesla's first quarter results: Crushed profit margins in its main business. Unlike Tesla's weaker EV sales in other important markets such as California and Europe, the slide in China has nothing to do with Musk's politics. Tesla's reputation within China remains high, viewed as an essential catalyst in revolutionizing the quality and scale of the country's auto sector. Except that 'catalyst' isn't quite the right word, because the beauty of catalysts is that they spark transformations but don't get used up in the process. In this case, it would be more accurate to call Tesla a reactant, because the domestic Chinese EV industry spurred on by its example is now eating it alive. Also Read: Mint Quick Edit | BYD versus Tesla: Let merit decide pole position While Tesla's share of China's battery EV sales is down to about 10% so far this year, that drops to 5.8% when you include other so-called 'new energy vehicles' (NEVs) such as plug-in hybrids, according to figures compiled by Goldman Sachs. Competitors including BYD, which holds about 27% of China's NEV market, are now delivering the sort of excitement that Tesla used to in terms of looks, range and driver assistance features—and at lower prices. Xiaomi, the smartphone maker, is in the process of launching the YU7, a high-tech, fast-charging electric SUV that resembles a Porsche or Ferrari but is perhaps best pictured as a Model Y-seeking missile. In an alternate dimension, China would serve as a hothouse laboratory for Tesla to hone world beating, profitable EVs that might even be exported to its home market. In the dimension we've got, Musk has seemingly lost his ambition to develop brand new, affordable EVs that can compete across the world. Tesla's last genuinely new model, the Cybertruck, is certainly big but only about as 'beautiful" as the Trump tax bill that Musk now openly derides as an 'abomination." While Tesla sits apart from the legacy automakers in the US, Germany and Japan in many respects— certainly in terms of valuation—it has, like them, seen its position in China weaken rapidly. And regardless of Musk's latest posts on X, he worked hard to secure the election of a president and Congressional majority intent on crushing EV sales in the US. With the end of the second quarter approaching, and the sales figures emanating from China and Europe portending another set of weak earnings, it is perhaps little wonder that this narrative is crowded out by all manner of other things. Musk, who ditched Tesla's public relations team and routinely denounces the media as 'propaganda" has nonetheless plunged into a media blitz of late, and has now whipped up a new political intrigue. Also Read: Tesla's slump: When social intelligence clashes with artificial intelligence Is the break with Trump real? My litmus test: watch out if @elonmusk posts a picture of a taco. [His other jabs at Trump on X seem convincing enough]. Plus, of course, we have the imminent launch of Tesla's self-driving cars in Austin, Texas. Whatever they actually turn out to be, with the always dubious narrative of Musk's White House job boosting Tesla's fortunes now played out, those robotaxis constitute the main pillar supporting Tesla's triple-digit earnings multiple. Certainly, that number has nothing to do with what's happening in the biggest EV market on the planet. ©Bloomberg The author is a Bloomberg Opinion writer.

Musk Blasts Trump's "Big Beautiful Bill" Again, Calls Americans to Kill It Firstpost America
Musk Blasts Trump's "Big Beautiful Bill" Again, Calls Americans to Kill It Firstpost America

First Post

time2 hours ago

  • First Post

Musk Blasts Trump's "Big Beautiful Bill" Again, Calls Americans to Kill It Firstpost America

Musk Blasts Trump's "Big Beautiful Bill" Again, Calls Americans to Kill It |Firstpost America | N18G Musk Blasts Trump's "Big Beautiful Bill" Again, Calls Americans to Kill It | Firstpost America | N18G Billionaire Elon Musk is urging Americans to 'kill the bill' after calling President Donald Trump's new tax and spending package a 'disgusting abomination.' The legislation, which extends Trump's 2017 tax cuts and increases defence spending, could reportedly add $2.4 trillion to the US debt. Musk, a top Republican donor, criticised the plan and called for drafting new legislation that does not grow the deficit. Hard-line US Republicans have also reportedly sharpened their criticism, while several Democrats have voiced concerns. Meanwhile, US House Speaker Mike Johnson has defended the bill and said Musk is 'wrong". But the bill's fate remains uncertain as it heads to the Senate. Watch to know more. See More

Trump Signs Sweeping Travel Ban Targeting 12 Countries for Security Risks  Firstpost America
Trump Signs Sweeping Travel Ban Targeting 12 Countries for Security Risks  Firstpost America

First Post

time3 hours ago

  • First Post

Trump Signs Sweeping Travel Ban Targeting 12 Countries for Security Risks Firstpost America

Trump Signs Sweeping Travel Ban Targeting 12 Countries for Security Risks | Firstpost America | N18G Trump Signs Sweeping Travel Ban Targeting 12 Countries for Security Risks | Firstpost America | N18G US President Donald Trump has signed a sweeping travel ban targeting 12 countries, mostly in Africa and the Middle East, citing national security threats and inadequate vetting procedures. The ban, effective June 9, blocks entry for citizens of nations including Afghanistan, Iran, Libya, and Somalia. Partial restrictions apply to seven additional countries like Venezuela and Cuba. Trump referenced a recent Colorado attack involving an Egyptian national as justification. The move revives his earlier controversial travel policies and has sparked backlash, with countries like Venezuela calling the US "dangerous" and Somalia pledging cooperation. Critics argue the policy is discriminatory and undermines American values of inclusion and refuge. See More

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store