Asian shares slide as Russia-Ukraine conflict, OPEC+ output plan push oil prices higher
HONG KONG — Asian shares sank on Monday and oil prices jumped as trade tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty.
Hong Kong's Hang Seng plunged more than 2% as Beijing and Washington traded harsh words over trade. U.S. President Donald Trump's announcement that he will double tariffs on steel and aluminum to 50% layered on still more worries for investors.
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Yahoo
17 minutes ago
- Yahoo
One in 10 cars sold in Britain are Chinese
Nearly one in 10 cars sold in Britain are now Chinese-made as drivers turn away from Tesla and embrace newer manufacturers such as BYD. Chinese-owned brands had a 9.4pc share of Britain's new car market last month, according to the Society for Motor Manufacturers and Traders (SMMT), up from 7.7pc in April. The surge saw BYD's sales alone quintuple to 3,025 cars – about 1,000 more than US rival Tesla sold. BYD recently launched its Dolphin Surf car in the UK with a starting price of £16,000, compared to an average of about £49,000 for new EVs. Some analysts have speculated that Chinese brands could still cut prices further, with the Dolphin Surf – known as the Seagull in Asia – selling for just 56,800 yuan (£5,800) in its home market. Other Chinese carmakers saw similarly strong growth. Geely-owned Polestar increased sales by more than 270pc to 1,174 vehicles, while Chery's Omoda and Jaecoo brands sold a combined 3,000 cars, having not been in the market a year ago. SAIC Motor-owned MG remained the biggest-selling Chinese brand, shifting 6,625 cars in May, but its sales were down 8.3pc compared to the same month in 2024. Chinese brands have made major inroads in recent years, particularly in the electric segment where they have launched some of the cheapest models available. Manufacturers have undercut Western rivals including Tesla, which has struggled to stem a steep sales decline in Europe partly driven by a political backlash linked to Elon Musk's support of Donald Trump. Tesla sales in the UK fell by 36pc in May compared to a year earlier. It came as the overall market returned to growth, with sales rising 1.6pc to 150,070 in May, SMMT said. Sales of EVs surged 25.8pc to 32,738 in May, with electric vehicles (EV) taking a 21.8pc market share overall. However, the SMMT warned that the EV market was gripped by 'unsustainable' discounting as manufacturers scramble to hit the Government's ZEV mandate sales targets. Under the mandate, 28pc of cars sold must be electric this year, a target that rises steadily to 80pc by 2030, although the real requirement is lower in reality because of 'flexibilities' afforded to companies under the scheme. Sales of petrol and diesel cars tumbled 12.5pc and 15.5pc respectively last month. Carmakers are calling on the Government to boost demand for EVs through tax breaks or grants for drivers. Mike Hawes, the chief executive of the SMMT, said: 'A return to growth for new car registrations in May is welcome but manufacturer discounting on new products continues to underpin the market, notably for electric vehicles. 'This cannot be sustained indefinitely as it undermines the ability of companies to invest in new product development – investments which are integral to the decarbonisation of all road transport. 'Next week's spending review is the opportunity for Government to double-down on its commitments to net zero by driving demand through fiscal measures that boost the market and shore up our competitiveness.' 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
Fox News
21 minutes ago
- Fox News
Cuomo attacked during debate by fellow Dems for allegedly lying to Congress about COVID nursing home scandal
Former New York Gov. Andrew Cuomo was blasted by fellow Democrats running against him to be the next mayor of New York City for lying to Congress, an allegation pushed by Republicans that the Trump administration is currently investigating. Cuomo repeatedly dismissed questions throughout Wednesday night's debate on whether he lied to Congress about his role in drafting a New York State Department of Health report that officials determined had undercounted the number of nursing home deaths during the COVID-19 pandemic. Instead, Cuomo blasted the current investigation as a symptom of partisan politics and insisted the report in question "did not undercount the deaths." "The people died and he still won't answer your questions," Cuomo's opponent, Michael Blake, a former state assemblyman from the Bronx, said after Cuomo failed to provide a straight answer. Blake's retort resulted in one of the debate moderators asking Cuomo once again to respond to the allegations that he lied to Congress about his role in drafting the report that undercounted the number of COVID-19 nursing home deaths. This time, he engaged. "No, I told Congress the truth," Cuomo relented. "No, we did not undercount any deaths," he added. "When they are all counted, we're number 38 out of 50, which I think, shows that compared to what other states went through, we had it first and worst, and that only 12 states had a lower rate of death – we should really be thanking the women and men who worked on those things." "It's just a yes or no question," the moderator shot back at Cuomo. "Were you involved in the producing of that report?" However, Cuomo still did not address the question directly, leading to laughter from his opponents. "It's not only that Andrew Cuomo lied to Congress – which is perjury – he also lied to the grieving families whose loved ones he sent in to those nursing homes to protect his $5 million book deal," said Brad Lander, New York City's comptroller. "That's corruption." Last month, the Trump administration's Department of Justice opened a criminal investigation to get to the bottom of whether Cuomo lied to Congress about the decisions he made during the COVID-19 pandemic while serving as governor. In March 2020, Cuomo issued a directive that initially barred nursing homes from refusing to accept patients who had tested positive for COVID-19. The directive was meant to free up beds for overwhelmed hospitals, but more than 9,000 recovering coronavirus patients were ultimately released from hospitals into nursing homes under the directive, which was later rescinded amid speculation that it had accelerated outbreaks. Subsequently, a report released in March 2022 by the New York state comptroller found Cuomo's Health Department "was not transparent in its reporting of COVID-19 deaths in nursing homes" and it "understated the number of deaths at nursing homes by as much as 50%" during some points of the pandemic. New York Attorney General Letitia James similarly released a report amid the pandemic showing New York state nursing home deaths had been undercounted.
New York Times
22 minutes ago
- New York Times
On a Search for an Old E.V., Jay Leno's Car Obsession Came Up Clutch
Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. As an energy reporter on the Business desk of The New York Times, I often cover the transition to electrify the world around us, including automobiles and heating and cooling systems. But until I spoke with the historian at the Petersen Automotive Museum in Los Angeles, I did not know that electric cars rattled down city streets as far back as the mid-1890s. A century ago, roughly a third of taxi drivers in New York City shuttled passengers around in electric cars. I set out to write an article about these cars, and a time before lawmakers gave deference to the oil industry by offering numerous tax breaks, paving the way for gasoline-powered vehicles. But finding an original E.V. that I could ride in proved difficult. Most of them sit in museums and personal collections. Enter the comedian — and car collector — Jay Leno. My editor suggested I reach out to Mr. Leno after learning about his 1909 Baker Electric, housed in his famous garage. Mr. Leno's team gave an enthusiastic 'Yes' in reply. When I arrived at his warehouse garage in Burbank, Calif., in April, Mr. Leno had his Baker Electric charged and ready to hit the streets. The 116-year-old car, which had been refurbished, looked like it had just rolled off the showroom floor. Still, the wooden high-top body, 36-inch rubber wheels and Victorian-style upholstery whispered the car's age. It was basically a carriage with batteries, enabling drivers to free horses from their bits and harnesses. Want all of The Times? Subscribe.
