GOP Push Weakens US EV Market: Bloomberg's Denning
Sales of EVs, including plug-in hybrids, almost quintupled during the first three years of former President Joe Biden's administration, according to figures from New AutoMotive, a UK-based research firm. The House tax bill though is a maximalist assault on EV subsidies. Bloomberg Opinion Columnist Liam Denning believes that deeper challenges lie ahead for the EV industry. He speaks with Vonnie Quinn on "Bloomberg Markets."
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Israel Strikes Iran's Nuclear Program
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UK's biggest advertising group loses £1.3bn Mars contract to French rival
Britain's biggest advertising company has suffered a fresh setback after losing a $1.7bn (£1.3bn) Mars contract to a French rival. Mars, which also owns M&Ms, Snickers and Whiskas cat food, has appointed Paris-based Publicis to lead its global media account after kicking off a review late last year. The move deals a major blow to WPP, which has held the lucrative contract since 2018. It is the latest in a string of major client losses for the London advertising giant, which lost its $700m North America Coca-Cola account to Publicis in March. Publicis, which owns Saatchi & Saatchi and Leo Burnett, last year leapfrogged WPP as the world's largest advertising group by revenues, while the British company is facing added pressure as two other rivals – Omnicom and Interpublic – prepare to merge. It also comes days after WPP announced the departure of Mark Read as chief executive. Mr Read, who has worked at the company for more than three decades and served as chief executive since 2018, will step down at the end of the year. The Mars contract covers the US company's media offering, as well as production, social media, influencer marketing and commerce capabilities across 70 markets worldwide. WPP agency T&P will retain the creative account for Mars food and nutrition. Arthur Sadoun, the chief executive of Publicis, said: 'We are delighted to reinvent the consumer business playbook with Mars, rekindling our longstanding partnership as we embark on this significant growth transformation journey.' The account loss underscores difficulties at WPP, which has suffered a sharp slowdown in growth and seen its share price halve under Mr Read's tenure. While Mr Read has succeeded in slimming down the group's sprawling network of agencies, WPP has struggled to compete as tech giants such as Google and Meta have taken an increasingly large chunk of the advertising market. Advertising agencies are also facing a fresh threat from artificial intelligence (AI), which has made it easier to automate much of the work traditionally carried out by creative agencies. Mr Read has sought to embrace the shift, snapping up AI company Satalia in 2021, and pledging to invest £300m in the technology. However, investors have been unconvinced by the move and WPP has slipped behind its rivals. The search for Mr Read's successor will be led by Philip Jansen, the former BT chief executive who took over as WPP chairman at the beginning of this year. In a statement earlier this week, Mr Jansen said Mr Read had 'played a central role in transforming the company into a world leader in modern marketing services'. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
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39 minutes ago
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Home solar panel systems could cost 43% more for most consumers under Trump's ‘Big Beautiful Bill'
HARRISBURG, Pa. (WHTM) — They first existed in a different form in 1978 — and have existed in essentially their current form since 2008 — and 30% tax credits for new home solar system installations were scheduled to last another eight years. Instead, they could end just 60 days after President Trump's 'Big Beautiful Bill' becomes law, warn solar advocates, unless the plan changes in the U.S. Senate, where it is under consideration now after passing the U.S. House late last month. 'Companies have built infrastructure. They have created pipelines. They have employed people. We've had billions of dollars spent on factories to supply solar panels, solar inverters, solar modules,' Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), an industry lobby, said in an interview. Two months, she said, are 'obviously not enough time to change your business model, find new markets — kind of evolve your structure.' 'And so we are asking the United States Senate to restore some of those cuts,' Ross Hopper said. Might Sen. Dave McCormick (R-Pennsylvania), a member of the chamber's energy and national resources committee, consider supporting such a restoration? 'The full reconciliation text has not been released from Senate committees, particularly the finance committee,' a spokesperson for McCormick said in a statement. 'We expect there will be changes from the House approved language, but we do not know those details yet. We cannot comment on hypotheticals at this time. Senator McCormick is committed to ensuring Pennsylvania families benefit from this bill, and he will review the legislation carefully when the text is released.' President Trump has said he hopes to sign the bill by July 4. The tax credits amount to a 30% refund. A real-world example: A reporter paid $15,366 for a 2-panel solar system to power a home (the systems can be paid for in cash or financed, similar to buying a car), resulting in an extra tax refund of $4,610 — that's 30% of $15,366 — bringing the total cost down to $10,756 for a system that has eliminated electric bills (in a house that does still rely on natural gas for heat). In fact, the system generates more electricity than the home needs. That electricity is automatically sold back to the power company at a small profit. Without the credit, the system cost would have risen from that after-credit price of $10,756 to the original price of $15,366, which is a 43% increase. Steve Bodley, a retired science teacher who has a (solar-powered) home-based business selling solar power systems for a company called Lifestyle Solar, said 93% of his clients since 2021 have gotten the credits. And although this is harder to know for sure, Bodley estimates 75% of his customers wouldn't have bought their systems if not for the credits. Customers are happy to rely on clean energy generated on their own rooftops, but the motivation is not primarily altruistic, Bodley said. 'The majority is economics,' he said, acknowledging the credits are a subsidy — but saying that only serves to help level the playing field against other forms of energy. 'We subsidize every other source of power,' Bodley said. For example, some analysts and critics say tax credits and loan guarantees could save Constellation Energy as much as $200 million if it wins approval to restart one Three Mile Island nuclear reactor as the Crane Clean Energy Center in order to supply power to Microsoft. Download the abc27 News+ app on your Roku, Amazon Fire TV Stick, and Apple TV devices On a larger scale, Ross Hopper cited the Aspen Road Solar farm in Fannett Township, Franklin County — whose owners say it can power 18,000 homes and will contribute $23 million in state and local taxes during its existence — as an example of a project that might not have existed if not for solar tax credits. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
