Chinese robot maker AGIBot completes new round of financing
The company said this marked LG Electronics' first investment in the embodied intelligence sector. It declined to disclose the size of the fundraising round or any financial details.
AGIBot, whose robots were inspected by Chinese President Xi Jinping during his visit to Shanghai this year, is one of several Chinese humanoid robot startups that have emerged in recent years.
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Telegraph
6 hours ago
- Telegraph
Britain must copy China in net zero race, says Miliband's energy tsar
Britain must copy China and become a net zero 'electrostate', Ed Miliband's top civil servant has said. Chris Stark, the Energy Secretary's 'Head of Mission Control for Clean Power by 2030', said the UK needed to match the speed of electrification seen in China in order to become a new global super-power as the world moves towards net zero. Writing in The Telegraph, he said: 'China, still the world's largest consumer of coal, is now moving towards a cleaner future: laying vast networks of transmission lines, rolling out the world's biggest fleet of electric vehicles, and deploying solar and wind at a scale that now dwarfs the rest of the world. We ignore these changes at our peril.' Mr Stark argued that the world was moving from an era where petrostates, such as Saudi Arabia and Russia, exerted significant global power thanks to their control of fuel sources, to one where clean energy economies will be dominant. He wrote: 'This isn't just about cutting emissions. It's about cold, hard economics. India, Sweden and China and many other countries recognise the future is electric – the blueprint for a more efficient economy and the basis for economic dominance in the decades to come. Britain should be among these new electrostates.' Mr Stark is one of the UK's most influential experts on energy and climate, and was formerly chief executive of the Climate Change Committee, the Government's advisory body. He is now one of Mr Miliband's closest allies, leading the 'control centre' set up by the Energy Secretary immediately after Labour came to power intended to 'turbocharge the Government's mission to provide Britain with cheaper and clean power by 2030'. His suggestion that Britain must copy China is likely to prove controversial. China is already the world's largest emitter of greenhouse gases and is still building coal-fired power stations. International Energy Agency data shows that its annual coal consumption rose from 1.3m tonnes in 2000 to 5bn tonnes now. Claire Coutinho, the Conservative former energy secretary, now shadow energy spokeswoman, said: 'China, unlike Labour, isn't planning for a system that relies on wind and sun – they are still 60pc powered by coal and building more of it as well as every other type of energy. Living standards depend on having lots of cheap energy. That's why we should back the North Sea and build a lot more nuclear.' China has also been widely criticised for using 'forced labour' to accelerate its renewable energy programme, with its Uyghurs minority forced into labour camps to make solar panels. Mr Miliband had ignored the issue till a backbench rebellion earlier this year forced him to legislate to ensure UK supply chains remained free of slavery. Additionally, UK electricity costs four times more than gas, so such a shift could adversely impact bills. Ms Coutinho said: 'If you want people to use electric cars and home heating, then it's simple. You need to make electricity cheap.' Mr Stark claimed that becoming an 'electrostate' would eventually cut UK energy bills – currently among the world's highest. He said: 'Our once-in-a-generation investment in our electricity grid across the country will allow renewables and nuclear to fulfil their promise of lowering bills for households and businesses, ensuring Britain is no longer hostage to volatile global gas markets.' Britain must become an 'electrostate' like China By Chris Stark Two hundred years ago, Britain lit the fuse on the Industrial Revolution. Coal, steam and steel transformed our economy, powered factories and propelled Britain's global dominance. The countries who mastered these technologies have been the global leaders. Today, the world is on the brink of another transformation – one that will be every bit as profound – this time powered by clean abundant electricity. The global race is on to be among the first 'electrostates': nations whose economies run on abundant, affordable, low-carbon power, rapidly reducing their dependency on volatile, insecure oil and gas. And the stakes are clear: last year, $2 trillion poured into clean energy, double the investment in fossil fuels, according to the International Energy Agency. Look at Norway, where almost every home is heated with electricity and nine in 10 new cars are electric. Sweden is producing fossil-free steel, aiming to dominate the industries of the 21st century. But it is Asia where we see the biggest changes, as growing energy demand drives a rapid shift towards clean energy. China, still the world's largest consumer of coal, is now moving towards a cleaner future: laying vast networks of transmission lines, rolling out the world's biggest fleet of electric vehicles, and deploying solar and wind at a scale that now dwarfs the rest of the world. We ignore these changes at our peril. This isn't just about cutting emissions. It's about cold, hard economics. India, Sweden and China and many other countries recognise the future is electric – it's the blueprint for a more efficient economy and the basis for economic dominance in the decades to come. Britain should be among these new electrostates. It makes economic sense but it is also an opportunity for better lives for people in Britain, whether that be warmer homes, cleaner air, new jobs and control over our energy. That's why over the past year I've been tasked with laying the foundations to lead this global race through our clean power by 2030 mission. We have approved clean energy projects that could power over two million homes, attracted over £50bn in private sector investment for clean energy industries, and backed nuclear power at scale – signing off a multi-billion-pound deal for Sizewell C that will deliver clean power for the equivalent of six million homes and support 10,000 jobs at peak construction. This complements work to launch first-of-a-kind carbon capture projects in the UK and introduced plans to upgrade millions of homes with clean technologies to cut bills for homeowners and renters. These are big and bold energy policy decisions that are required for Britain's reindustrialisation. We're going to be powered by electricity in the decades to come, so we need to start acting like it. This past week our annual renewables auction opened for applications. The Contracts for Difference scheme has been a notable British success in securing clean energy, creating jobs, strengthening local economies and attracting investment. Britain's greatest asset is our abundant offshore wind. Take Hornsea Two. Supported through the scheme, it now powers over 1.4 million British homes and supports 600 jobs in places like Grimsby and Hull. The Sofia offshore wind farm in the North Sea is projected to contribute £760m to the UK economy – up to £181m of that in Yorkshire and the Humber alone. These mega projects are drivers of growth. That's why investment in clean energy is so important. Our mission is the start of a new era of clean energy abundance, where plentiful British wind and solar drives down energy costs, creates jobs, and gives our industries a global competitive edge. Britain has a head start on the shift to clean power, but if we can't match – and in some areas beat – the pace of other countries' deployment, we risk the industries of tomorrow taking root elsewhere. We have every advantage – world-class engineering, a strong track record in renewables and some of the best natural resources for abundant power anywhere in the world. With the clarity of our clean power mission, we aim to secure the commitment of our clean industries and build their confidence to invest in Britain. This is the next chapter of Britain's industrial story. The scale of investment will bring new economic opportunities to communities in Wales, Teesside, Norfolk and the Humber. It will support new energy jobs in Scotland as our oil and gas resources begin to dwindle. Our once-in-a-generation investment in our electricity grid across the country will allow renewables and nuclear to fulfil their promise of lowering bills for households and businesses, ensuring Britain is no longer hostage to volatile global gas markets. Two centuries ago, Britain's embrace of coal and steam shaped the modern world. An industrial boom, based on domestically sourced energy and astonishing technological innovations. Fast forward to 2025, it is now clean power that provides the economic opportunity of the century. The more renewable and nuclear power we can connect to our grid, the quicker we will displace imported gas and decouple consumer prices from expensive imports. The faster we adopt electrical technologies, for our heating and cooling, for our transport and our industry, the easier it will be to maximise the use our domestic energy resources. The electrostates have already committed to a future powered by the wind, the sun and nuclear. That is Britain's path too. We must not watch from the sidelines as others claim the rewards.
Reuters
10 hours ago
- Reuters
China's July factory-gate prices miss forecast, deflation concerns persist
BEIJING, Aug 9 (Reuters) - China's producer prices fell more than expected in July, while consumer prices were unchanged, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday's data suggest early-stage efforts to tackle price competition have yet to yield significant results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. The producer price index (PPI) fell 3.6% year on year in July, National Bureau of Statistics (NBS) data showed on Saturday, missing economists' forecast of a 3.3% slide and matching the near 2-year low recorded in June. Extreme weather and global trade uncertainties contributed to price declines in some industries, Dong Lijuan, NBS chief statistician, said in a statement. However, on a month-on-month basis, PPI shrank 0.2%, improving from June's 0.4% drop. Despite the headline figures, some analysts see signs of easing deflationary pressure. Xing Zhaopeng, senior China strategist at ANZ, pointed to improvements in month-on-month PPI and year-on-year core CPI. He expects the current "anti-involution" policy measures - aimed at curbing disorderly competition in sectors like autos -to begin lifting year-on-year PPI from August. Still, other analysts remain cautious, noting that without demand-side stimulus or reforms to improve people's welfare, the measures may have limited impact on final demand. A prolonged housing downturn and fragile trade relations with the U.S. also continue to weigh on consumer spending and factory activity. China's consumer price index (CPI) was flat year-on-year in July, compared with a 0.1% rise in June, NBS data showed, beating a Reuters poll forecast of a 0.1% slide. Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, the highest in 17 months. Food prices fell 1.6%, following a 0.3% decline in June. Extreme weather added to the economic strain, with sweltering heat gripping much of China's eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south. On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise. "Nonetheless it is still unclear if this is the end of deflation in China," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The property sector has not stabilized. The economy is still supported more by external demand than domestic consumption. The labour market remains weak," he said.
Reuters
12 hours ago
- Reuters
China's July consumer prices flat, factory-gate prices miss forecast
BEIJING, Aug 9 (Reuters) - China's consumer prices were unchanged in July, while producer prices fell more than expected, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday's data suggest early-stage efforts to tackle price competition have yet to yield results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. The consumer price index (CPI) was flat year-on-year in July, compared with a 0.1% rise in June, National Bureau of Statistics data showed on Saturday, beating a Reuters poll forecast of a 0.1% slide. Food prices fell 1.6%, following a 0.3% decline in June. Extreme weather added to the economic strain, with sweltering heat gripping much of China's eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south. On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise. Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, quickening from June's 0.7%. A prolonged housing downturn and a fragile trade truce with the U.S. are weighing on consumer spending and factory activity. Policymakers are prioritising efforts to curb what they view as disorderly competition in the auto and other key industries, rather than rolling out immediate stimulus measures, but analysts see limited potential for the campaign to significantly boost final demand. The producer price index (PPI) fell 3.6% year on year in July, missing economists' forecast of a 3.3% slide. It fell 3.6% in June too, which was the lowest since July 2023.
