Schneider Electric's Double-Digit Growth Driven by Data Center Deals
The French group on Thursday said it remains well placed to seize opportunities in its end markets, despite an environment of heightened uncertainty.
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Yahoo
3 minutes ago
- Yahoo
Rachel Reeves should exempt defence pledge from budget rules, says Gordon Brown
Gordon Brown has said Chancellor Rachel Reeves should exempt the Government's defence spending pledge from her borrowing rules to help free up economic headroom. The former prime minister said the commitment to spend 5% of GDP on national security by 2035 should be dealt with jointly as a 'Nato initiative', with costs shared across Europe. Leading economists have warned the Chancellor will likely have to raise taxes in the autumn budget to plug a £51 billion black hole in the public finances. Ms Reeves is currently on track to miss one of her borrowing rules by £41.2 billion and needs to rebuild a fiscal buffer of nearly £10 billion that has been wiped out, the National Institute of Economic and Social Research (Niesr). Mr Brown, who served as chancellor for a decade in Sir Tony Blair's Labour administration, said on Thursday that the rise in defence spending should be treated as 'exceptional', as it has been in Germany. 'When you come to the fiscal position, look, there's one thing that's happened over the last few months that has been quite unprecedented – to spend 5% on defence expenditure as we want to spend by the 2030s,' he told BBC Radio 4's Today programme. 'But this is a Nato initiative, this is a European initiative. We should be doing this jointly. 'We should have either jointly issued bonds or a Nato defence fund, and we should be sharing the cost across the continent, and that should be regarded as something extraordinary and exceptional, outside the fiscal rules. 'That would create the kind of headroom that Rachel Reeves needs.' Germany has voted to exempt some defence spending from its self-imposed borrowing constraints as Nato allies seek to boost funding following pressure from US President Donald Trump for them to shoulder more of the burden of European defence. Mr Brown said: 'If you look around Europe at the moment, you see that the Germans are looking at what they can do outside the fiscal rules… the French are looking at ways of doing it, the Polish have already done that. 'What I'm actually asking for is a European-wide initiative. 'Let's do it jointly, either jointly issued bonds or individually issued bonds that are simultaneous and therefore seen by the markets as an extraordinary issue.' When she entered the Treasury, Ms Reeves set out two key fiscal rules: the first to ensure that day-to-day spending is matched by tax revenues, and the second to reduce net financial debt as a share of the economy. Ministers have already announced a cut to overseas aid to fund a boost in defence spending but economists have said the new Nato target of 5% by 2035 could increase expenditure by a further £38.6 billion. The Treasury has been contacted for comment.
Fast Company
5 minutes ago
- Fast Company
Chinese EV company BYD is seeing surging European sales—while Tesla continues to tank
On August 5, new automotive industry data revealed how EV brands are faring in the U.K. and Germany, and the update marks yet another chapter in the saga of Tesla's terrible, horrible, no good, very bad year. According to the reports, Tesla's European sales slumped in July, as sales of its top competitor, the Chinese company BYD, shot up. This isn't exactly a new story: Since the beginning of the year, Tesla's European sales have been trending on a sharp downward decline, while BYD has made major headway in expanding through global markets. As this pattern continues to play out, the data points to the possibility that BYD is on a fast track to overtake Tesla at the top of the EV market. Tesla continues to stumble in the U.K. and Germany According to data from the U.K.'s Society of Motor Manufacturers and Traders (SMMT), Tesla's new car sales in the U.K. dropped by nearly 60% to 987 units in July, down from 2,462 year-over-year. The story was much the same in Germany, where the brand's new car sales fell by around 55%, based on data from the road traffic agency KBA. Tesla's slump can't be attributed to an overall decline in the EV market, either: Total EV sales were up by 9.1% for the month in the U.K., and up 58% in Germany. BYD, on the other hand, saw massive gains in Europe this past month. In the U.K., the brand quadrupled its year-over-year sales for the month to a total of 3,184. In Germany, sales went up almost fivefold to 1,126 cars sold. At this point, Tesla is falling solidly behind BYD in the European market. By late March of this year, Tesla had already sold nearly 43% fewer cars in the region compared to the same period in 2024. In May, its sales in the U.K. and Germany plummeted to multi-year lows, allowing BYD to surpass it on European sales for the first time ever. Now, it seems like BYD's upward trajectory is only getting started. BYD may be on a path to EV market domination Tesla and BYD's battle for market dominance in Europe might be a harbinger of what's to come for the two brands on a global scale. In 2024, BYD topped Tesla in terms of total revenue, but it still lagged behind on overall profitability. In 2025, that narrative may be shifting. Per its most recent second quarter earnings report, published at the end of July, Tesla notched its steepest decline in quarterly revenue in more than a decade, with a 12% fall. The news has caused investors to question whether Tesla CEO Elon Musk's involvement in American politics has permanently damaged the brand. Meanwhile, BYD saw its revenue rise by 37.4% year-over-year in its most recent first quarter report. As pressure continues to mount against Tesla, the brand is beginning to bet more of its resources on breaking into the nascent robotaxi industry. On August 1, though, a Florida court verdict called the safety of Tesla's Autopilot function into question, a development that may stifle Tesla's robotaxi plans before they even get off the ground. Tesla's compounding struggles, combined with BYD's meteoric success, may result in a very different global EV landscape by the end of this year. BYD's second quarter results, which are likely to publish at the end of August, will shed more light onto how the company is currently faring—and how soon it might be poised to dethrone Tesla on profit.
Bloomberg
6 minutes ago
- Bloomberg
Ukraine's Bonds Extend Gains as Kremlin Confirms Summit Plans
Ukraine 's dollar bonds extended gains after the Kremlin confirmed plans for a meeting between the Russian and US leaders, rekindling bets on a potential truce between Moscow and Kyiv. The war-torn nation's debt securities were the best performers Thursday across emerging and frontier markets tracked by Bloomberg, with some of the notes hitting their highest in as many as four months.
