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US tariffs a 'significant shift' for Malvern car company

US tariffs a 'significant shift' for Malvern car company

BBC News27-03-2025
A car company boss says a new import tax of 25% on cars and car parts coming into the US would be a "significant shift" for the business.Morgan Motor Company in Malvern exports around 200 sports cars to the US every year, which makes up around a third of its overall revenue. US President Donald Trump announced on Wednesday that the new tariff would come into effect on 2 April.Managing director Matthew Hole said the move would have an impact on the company. "It's a big chunk of our business; we make a £55m turnover a year so, although it's too early to estimate, we can say it will cost a lot of money," he said.
"At the moment, we have two [Morgan] models that we sell to the USA, the Plus Four and the Super 3, and that is about a third of vehicle turnover specifically, which is £48m annually."Despite the blow, Mr Hole said the 115-year-old company, which employs around 200 people to make the cars that sell for around £80k each, had been preparing for the "tariff war"."Because it's such a significant shift of our business, we have been working on plans for this over the last month or so, since this tariff war news has been escalating."We've been making sure that we have some kind of a contingency plan in place, which limits the affect on our customers and limits the damage to ourselves," he said.A company spokesperson added: "A rough cost for a Plus Four in the US is $100k. Customers will see an increase on this, but we are working to ensure that it isn't a direct 25% increase."President Trump said the tariff would lead to "tremendous growth" for the US car industry and promised it would spur jobs and investment.A number of countries have expressed anger at the move. Canada called it a "direct attack", while China accused the government of violating international trade rules.
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Trump tells Goldman Sachs boss to stick to DJing
Trump tells Goldman Sachs boss to stick to DJing

Telegraph

time23 minutes ago

  • Telegraph

Trump tells Goldman Sachs boss to stick to DJing

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US miners facing tariff probes; IREN usurps MARA's throne
US miners facing tariff probes; IREN usurps MARA's throne

Coin Geek

time42 minutes ago

  • Coin Geek

US miners facing tariff probes; IREN usurps MARA's throne

Getting your Trinity Audio player ready... Economic tariffs have block reward miners feeling uneasy, while July's production numbers led to the dethroning of the longtime champion. The BTC network mining difficulty rate keeps setting new all-time highs despite a temporary retreat in early July. On August 9, the rating increased by 1.4% to 129.44 trillion (on average, the number of hashes required to successfully mine a new block). It's the 11th increase this year, which began with a rate below 110 trillion. The increased cost of finding new blocks is partially mitigated by the surge in BTC's fiat price over that same span. From a ~$94,500 price on January 1, BTC finished July at over $115,000 after hitting a new record high of nearly $123,000 mid-month. On August 1, JPMorgan (NASDAQ: JPM) analysts issued a note saying miners' July profits were better than any month since the April 2024 halving of the block rewards. 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Ethan Vera, COO of mining solutions firm Luxor Technology, told The Block he expects ASIC manufacturers to ship more rigs 'to overseas markets with more favorable import tariffs.' It will take a while for the U.S.-based operations of Chinese manufacturers to reach critical mass, and Vera suggested U.S. miners might expand operations abroad to take advantage of cheaper rig prices until the U.S. plants catch up. Eric Trump awaits American Bitcoin Corp nine-figure payday Trump will likely offer miners some wiggle room, after all, his family's invested in one now. American Bitcoin Corp (ABTC) was formed this spring via a partnership with Hut 8 (NASDAQ: HUT), with the latter firm supplying 'substantially all' of its mining rigs in exchange for 80% of ABTC. Trump's sons Don Jr. and Eric—the latter serving as ABTC's 'chief strategy officer'—and a few others controlling the rest. 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On August 7, Hut 8 CEO Asher Genoot revealed that this private placement included participation from Cameron and Tyler Winklevoss, the brothers behind the Gemini digital asset exchange. Genoot said the brothers 'invested Bitcoin rather than cash' but didn't quantify the size of the Winklevii investment. The brothers have been significant donors to Trump-related causes, most recently contributing a total of $4 million to MAGA Inc, the Trump-affiliated political action committee. Back to the top ↑ Q2 earnings: MARA, Riot, Cipher, CleanSpark, Hut 8, Terawulf There's a flurry of second-quarter earnings reports to cover, so let's dive right in. MARA (NASDAQ: MARA) reported revenue of $238.5 million in the three months ending June 30, up 64% year-on-year (+11.5% from Q1) and a new quarterly record. MARA noted that the surge was 'primarily' due to BTC's spiking fiat price, which also drove profits to $808.2 million from a net loss of $200 million a year ago and a $533 million loss in Q1 (during which BTC's price tanked). On the earnings call, MARA CEO Fred Thiel expressed skepticism that the flood of digital asset 'treasury' companies would enjoy the same inflated share prices that MARA and other early movers have to date. Comparing the treasury boom to 2017's initial coin offering (ICO) craze, Thiel said 'any advantage in any market starts disappearing when you have lots of companies going after it … they can't all be successful.' Last month, MARA launched another fundraising effort, looking to raise $850 million, then upsizing that to $950 million in new debt (on top of the $2.25 billion in debt MARA carried as of June 30). MARA said it would use the proceeds to buy more BTC—famed short-seller Jim Chanos has some thoughts on this—and for other general purposes, including strategic acquisitions. Speaking of, Bloomberg reported Monday that MARA was in 'advanced talks' with French utility Électricité de France (EDF) to acquire a 64% stake in Exaion, a high-performance computing (HPC) data center provider. The $168 million deal is reportedly part of MARA's strategy to build out its AI infrastructure offering. Should the deal proceed, EDF will remain a minority owner of Exaion. Riot Platforms (NASDAQ: RIOT) reported its Q2 revenue more than doubling year-on-year to $153 million, thanks to spiking BTC prices but also to an improved operating hashrate. Those price gains pushed profits over $219 million versus a $84.5 million loss in the same period last year and a nearly $300 million Q1 loss. Riot CEO Jason Les appeared to acknowledge the fickle hand of fate in his company's fortunes. Les said the company would continue 'progressively shifting capacity toward high-value data centers,' which promises more consistent returns. Cipher Mining (NASDAQ: CIFR) reported revenue of $44 million in Q2, a $7 million improvement year-on-year, but a $5 million haircut from Q1. The changes in fair value of its derivative assets led to a net loss of nearly $46 million versus Q1's $39 million loss. CleanSpark's latest quarter saw its revenue rise nearly 91% year-on-year to $198.6 million, while posting a profit of $257.4 million versus a $236.2 million loss a year ago. Despite these cheery numbers, the company announced only four days later that co-founder/CEO Zach Bradford was resigning, his role to be assumed by co-founder/chairman Matt Schultz. Bradford expressed pride in CleanSpark's accomplishments but said it was time for him to 'transition the role to the next leader and focus on my family.' Schultz said he was stepping into the CEO role 'to ensure stability, continuity, and forward momentum … the board believes that now is the right time for a change in leadership as we look to fully capture opportunities available to CleanSpark.' Hut 8's mining operations have largely been transferred to ABTC, but for the time being are still being reported via Hut 8. Revenue improved from $35.2 million in Q224 to $41.3 million, most of which ($34.3 million) came from its 'Compute' segment, which encompasses mining, GPU-as-a-Service and Data Center Cloud operations. Hut 8 posted a profit of $137.5 million versus a $72.2 million loss in Q2-24. However, this profit was goosed by a $217.6 million gain in the value of the 10,667 BTC it held at the end of June, meaning the picture would have remained broadly negative absent that value surge. Finally, TeraWulf (NASDAQ: WULF) reported Q2 revenue of $47.6 million, up one-third year-on-year, but surging costs meant operating losses more than doubled to $15.6 million and net losses widened to $18.4 million from $11.6 million in the same period last year. Back to the top ↑ July production tallies crown new king As always, miners' July 2025 production reports are listed below in descending order of magnitude, and while Bitdeer (NASDAQ: BTDR) has yet to file its July figures, we have a new monthly champion to announce. IREN produced 728 BTC in July, a whopping 108 tokens better than June, dethroning longtime champion MARA and producing record monthly revenue of $83.6 million. Average operating hashrate was up more than 10% month-on-month to 45.4 EH/s, while IREN's AI Cloud Services revenue improved by a modest $100,000 to $2.3 million. MARA produced 703 BTC in July, ten fewer than June's tally, despite a 3% rise in EH/s. MARA's BTC treasury hit 50,639 tokens as of July 31, 699 tokens more than at the end of June. CleanSpark mined 671 BTC in July, 14 fewer than in June, in part due to 'periodic load reductions' at its southeast U.S. operations during a heatwave. CleanSpark sold 576 tokens last month, part of its ongoing strategy to 'self-fund' operations rather than raise cash or dilute existing shareholders, leaving its treasury at 12,703 tokens. Also surging forward in July was Cango (NYSE: CANG), which produced 650.5 BTC, a hefty 200 more than June's total, as average operating hashrate surged by more than one-third to nearly 41 EH/s. Hashrate will grow further following this week's $19.5 million purchase of a fully operations 50MW facility in the state of Georgia. Cango says the Georgia addition is 'laying the strategic groundwork for a gradual pivot towards supplying energy for (HPC) applications' in a bid to diversify its operations. Cango's BTC treasury now stands at just under 4,530 tokens. Riot Platforms mined 484 BTC in July, an 8% rise from June, despite suffering from the same 'voluntary curtailments' of their power access endured by other miners with operations in heat-impacted states. Riot sold 475 BTC last month, leaving its treasury at 19,287 tokens as of July 31. BitFuFu (NASDAQ: FUFU) was also in positive territory in July, mining a total of 467 BTC, 22 better than June. Self-mined BTC rose from 58 to 83, while cloud-mining customers dipped by three tokens to 384. Hashrate rose 6.6% to 38.6 EH/s, while BitFuFu's BTC treasury dipped by eight tokens to 1,784 following 'payments made to vendors.' Cipher Mining collected 214 BTC in July, up sharply from June's 160, thanks to a 'meaningful' contribution from its Black Pearl Phase I site in Texas. The contribution helped boost month-end operating hashrate by nearly four points to 20.8 EH/s. Cipher sold 52 BTC in July, leaving it with 1,219 in its vaults. Hive Digital (TSXV: HIVE) mined 203 BTC in July, a one-quarter improvement over June's 164, as average hashrate rose nearly two points to 12.8 EH/s. Hive says it remains on target to hit 25 EH/s by November, fueled by its BTC 'pledge strategy' that pledged $200 million worth of its held BTC to its equipment supplier (Hive has the option to buy back its BTC at the original pledged price). Finally, Canaan produced 89 BTC in July, nearly unchanged from June's 88, leaving its treasury at 1,511 tokens. Canaan's month-end operating hashrate (6.2 EH/s) fell for the second straight month, after completing its planned Kazakhstan exit and proactively terminating a hosting deal with 'an underperforming site' in Texas. Back to the top ↑ Watch | Mining Disrupt 2025 Highlights: Profitable trends every miner should know title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">

S&P 500, Nasdaq at record highs as inflation rises moderately in July
S&P 500, Nasdaq at record highs as inflation rises moderately in July

Reuters

timean hour ago

  • Reuters

S&P 500, Nasdaq at record highs as inflation rises moderately in July

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