EU Seeks to Cut Energy Ties With Moscow Through Ban on Gas Deals
The European Commission, the bloc's executive branch, unveiled a roadmap to finally switch off the remaining flows of Russian gas, nuclear fuel and oil, more than three years after President Vladimir Putin's full-scale invasion of Ukraine. As Bloomberg reported on Monday, the plan would see European companies terminate all their contracts with Russian gas suppliers by the end of 2027.
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Yahoo
7 minutes ago
- Yahoo
A More Affordable EV Won't Save Tesla
Key Points Tesla fell 5% after hours on its second-quarter earnings report. Some investors saw production of a new, more affordable vehicle as a positive sign. The company launched its robotaxi network in June. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) issued another disappointing earnings report on Tuesday. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service The leading electric vehicle (EV) maker finished the after-hours session down 5%, but the sell-off could have been worse. The company reported a decline in both sales and profit. Revenue was down 12% to $22.5 billion, and adjusted net income was down 23% to $1.39 billion, or $0.40 per share. Those numbers actually topped a muted revenue estimate at $22.13 billion, while the bottom-line consensus matched the results at $0.40. Tesla's problems have been well-documented at this point. CEO Elon Musk's turn in the political spotlight seemed to backfire after his relationship with President Donald Trump went sour. Due in part to Musk's involvement with politics, the brand has become unappealing in the eyes of some potential buyers, leading to a 16% decline in automotive revenue. Sales have plunged in Europe, and the company is losing ground to more affordable Chinese EVs. One seemingly bright spot Musk has a long history of overcoming weak results by telling investors what they want to hear on the earnings call, including making big promises about its robotaxi network and other initiatives in autonomy like its Optimus robot. He seemed to do that again on the latest earnings call, with some comments about the more affordable model he has long promised, which some have dubbed the Tesla Model 2. Musk said that the company started production of the vehicle in June and is ramping up production now. He added: "The goal with those products was not to negatively impact revenue or gross margin, but just to make a car that everyone loves and wants at a more affordable price." Musk has long argued that price competition was one of the biggest headwinds facing the company, but the brand crisis seems to have overshadowed that. By introducing its own lower-priced model, Tesla may end up cannibalizing its more expensive vehicles. Customers may be choosing between a more expensive Tesla and that lower-priced model, rather than another brand. The new vehicle is just a cheaper Model Y, rather than a brand-new vehicle model. The robotaxi initiative The biggest reason Tesla has maintained its premium valuation even as sales and profits have tumbled is that investors believe that Tesla's robotaxi network could go mainstream, fulfilling Musk's long-term vision. However, the robotaxi has gotten off to only a modest start after launching in June, and it seemed to get less attention on Tuesday's earnings call, though Musk reminded the audience: "As you can tell, autonomy is the story." Management said that robotaxis in Austin, Texas have topped 7,000 miles with no significant safety interventions. The company is aiming to launch the robotaxi in the San Francisco Bay Area next. Tesla needs growth in its core business Investors have bid up Tesla stock on hopes for its initiatives in robotaxis and more affordable vehicles, but the company needs to return to growth in selling EVs for the stock to be successful over the long term. The decline in EV sales is a reflection of a backlash against Tesla's brand. The company is also expected to struggle over the next few quarters due to the elimination of the EV tax credit and a change in other federal policies that supported EV adoption. The company also faces a $300 million effect from tariffs. Tesla could get back on track, especially if the robotaxi network takes off. But the current valuation in the stock leaves little room for upside if it does, especially given the persistent challenges in EV sales. While a more affordable vehicle might be a step in the right direction, it seems more likely to undercut demand for Tesla's more expensive vehicles, rather than competing with alternatives. Should you buy stock in Tesla right now? The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Jeremy Bowman 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. A More Affordable EV Won't Save Tesla was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
8 minutes ago
- Los Angeles Times
Powerful sister of North Korean leader Kim Jong Un rejects outreach by South
SEOUL — The influential sister of North Korean leader Kim Jong Un rebuffed overtures by South Korea's new liberal government, saying Monday that Pyongyang has no interest in talks with Seoul no matter what proposal its rival offers. Kim Yo Jong's comments suggest again that North Korea, now preoccupied with its expanding cooperation with Russia, has no intentions of returning to diplomacy with South Korea and the U.S. anytime soon. But experts said North Korea could change course if it thinks it cannot maintain the same close and fruitful ties with Moscow when the Russia-Ukraine war nears an end. 'We clarify once again the official stand that no matter what policy is adopted and whatever proposal is made in Seoul, we have no interest in it and there is neither a reason to meet nor an issue to be discussed' between the Koreas, Kim Yo Jong said in a statement carried by state media. It is North Korea's first official statement on the government of South Korean President Lee Jae-myung, which took office in early June. In an effort to improve badly frayed ties with North Korea, Lee's government has halted anti-Pyongyang frontline loudspeaker broadcasts, taken steps to ban activists from flying balloons with propaganda leaflets across the border and repatriated North Koreans who drifted south in wooden boats months earlier. Kim Yo Jong called such steps 'sincere efforts' by Lee's government to develop ties. But she said the new government in Seoul won't be much different from its predecessors, citing what it calls a 'blind trust' in the military alliance with the U.S. and attempts to 'stand in confrontation' with North Korea. She mentioned the upcoming summertime South Korea-U.S. military drills, which North Korea views as an invasion rehearsal. North Korea has been shunning talks with South Korea and the U.S. since leader Kim Jong Un's high-stakes nuclear diplomacy with President Trump fell apart in 2019 due to wrangling over international sanctions. North Korea has since focused on building more powerful nuclear weapons. The North now prioritizes cooperation with Russia by sending troops and conventional weapons to support its war against Ukraine, probably in return for economic and military assistance. The South, the U.S. and others say Russia may even give Pyongyang sensitive technologies that can enhance its nuclear and missile programs. Since beginning his second term in January, Trump has repeatedly boasted of his personal ties with Kim Jong Un and expressed intent to resume diplomacy with him. But North Korea hasn't publicly responded to Trump's overture. In early 2024, Kim Jong Un ordered the rewriting of the constitution to remove the long-running state goal of a peaceful Korean unification and to cement South Korea as an 'invariable principal enemy.' That caught many foreign experts by surprise because it was seen as eliminating the idea of shared statehood between the war-divided Koreas and breaking with his predecessors' long-cherished dreams of peacefully achieving a unified Korea on the North's terms. Many experts say Kim Jong Un probably aims to guard against South Korean cultural influence and bolster his family's dynastic rule. Others say he wants legal room to potentially use his nuclear weapons against South Korea by casting it as a foreign enemy state, not a partner for potential unification that shares a sense of national homogeneity. Kim writes for the Associated Press.
The Hill
38 minutes ago
- The Hill
Powerful sister of North Korean leader Kim rejects outreach by South's new president
SEOUL, South Korea (AP) — The influential sister of North Korean leader Kim Jong Un rebuffed overtures by South Korea's new liberal government, saying Monday that North Korea has no interests in talks with South Korea no matter what proposal its rival offers. Kim Yo Jong's comments suggest again that North Korea, now preoccupied with its expanding cooperation with Russia, has no intentions of returning to diplomacy with South Korea and the U.S. anytime soon. But experts said North Korea could change its course if it thinks it cannot maintain the same booming ties with Russia when the Russia-Ukraine war nears an end. 'We clarify once again the official stand that no matter what policy is adopted and whatever proposal is made in Seoul, we have no interest in it and there is neither a reason to meet nor an issue to be discussed with' South Korea, Kim Yo Jong said in a statement carried by state media. It's North Korea's first official statement on the government of South Korean President Lee Jae Myung, which took office in early June. In an effort to improve badly frayed ties with North Korea, Lee's government has halted anti-Pyongyang frontline loudspeaker broadcasts, taken steps to ban activists from flying balloons with propaganda leaflets across the border and repatriated North Koreans who were drifted south in wooden boats months earlier. Kim Yo Jong called such steps 'sincere efforts' by Lee's government to develop ties. But she said the Lee government won't be much different from its predecessors, citing what it calls 'their blind trust' to the military alliance with the U.S. and attempt to 'stand in confrontation' with North Korea. She mentioned the upcoming summertime South Korea-U.S. military drills, which North Korea views as an invasion rehearsal. North Korea has been shunning talks with South Korea and the U.S. since leader Kim Jong Un's high-stakes nuclear diplomacy with President Donald Trump fell apart in 2019 due to wrangling over international sanctions. North Korea has since focused on building more powerful nuclear weapons targeting its rivals. North Korea now prioritizes cooperation with Russia by sending troops and conventional weapons to support its war against Ukraine, likely in return for economic and military assistance. South Korea, the U.S. and others say Russia may even give North Korea sensitive technologies that can enhance its nuclear and missile programs. Since beginning his second term in January, Trump has repeatedly boasted of his personal ties with Kim Jong Un and expressed intent to resume diplomacy with him. But North Korea hasn't publicly responded to Trump's overture. In early 2024, Kim Jong Un ordered the rewriting of the constitution to remove the long-running state goal of a peaceful Korean unification and cement South Korea as an 'invariable principal enemy.' That caught many foreign experts by surprise because it was seen as eliminating the idea of shared statehood between the war-divided Koreas and breaking away with his predecessors' long-cherished dreams of peacefully achieving a unified Korea on the North's terms. Many experts say Kim likely aims to guard against South Korean cultural influence and bolster his family's dynastic rule. Others say Kim wants legal room to use his nuclear weapons against South Korea by making it as a foreign enemy state, not a partner for potential unification which shares a sense of national homogeneity.
