VW Unveils Budget EV to Win Over Europe's Squeezed Consumers
Volkswagen AG became a global car giant thanks to the Beetle, an affordable model for the masses. Now, the German automaker is finally unveiling a budget car for the electric-vehicle age as it tries to catch up with Chinese brands and other rivals with cheaper options.
VW on Wednesday presented the compact ID. EVERY1 concept car that will cost around €20,000 ($21,000) – its lowest-priced EV yet. The first VW-brand model to use electric architecture jointly developed with Rivian Automotive Inc., it's due to start production in two years at an undecided location in Europe.
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Yahoo
an hour ago
- Yahoo
FTSE 100 LIVE: Markets slide as China accuses US of violating trade deal
The FTSE 100 (^FTSE) and European stocks slipped on Monday as China said the US "severely violated" the terms of their recent trade truce. Chinese officials said they would take strong measures to defend the country's interests. The two countries recently agreed to a 90-day moratorium after talks in Geneva, pledging to lower the tariffs on each other's goods. The US lowered its levy on imports from 145% to 30%, while China dropped its import tariff from 125% to 10%. China said the US had "seriously undermined" the agreement. The comments come after US president Donald Trump said on Friday that China had "totally violated its agreement with us". Beijing said violations included the US blocking sales of computer chip design software to Chinese companies and warning against the use of Chinese computer chips made by companies such as Huawei. They also said the US had cancelled visas for Chinese students. London's premier index fell 0.3%, having opened higher. Defence contractor Babcock International (BAB.L) rose the most, as the UK announced plans to build up a fleet of 12 attack submarines. Germany's DAX (^GDAXI) fell slightly, while the CAC 40 (^FCHI) was 0.2% lower. The pan-European STOXX 600 (^STOXX) was down 0.1%. Last week, Europe agreed its own stay of execution in trade negotiations with the US, pushing back the implementation of a 50% import tariff to July while talks continue on a possible deal. Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2bn. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it. Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2bn. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it. 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
Newsweek
an hour ago
- Newsweek
China Accuses Trump of Violation, Threatens 'Forceful Measures'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. China accused the U.S. of violating an agreement made at their tariff-cutting discussions in Geneva in May, and said it will take further action as the trade dispute between the world's two largest economies blows open again. President Donald Trump's administration has in recent days issued AI chip export control guidelines, stopped the sale of chip design software to China, and is planning to revoke a significant number of Chinese student visas. Trump had also accused the Chinese side of having "TOTALLY VIOLATED" the Geneva agreement, which saw the U.S. and China both reduce their import tariffs by 115 percentage points, soothing global markets. "These practices seriously violate the consensus" reached in Geneva, the Chinese Commerce Ministry said in a statement on Monday. The Commerce Ministry said China held up its end of the deal, canceling or suspending tariffs and non-tariff measures taken against the U.S. "reciprocal tariffs" following the agreement. "The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations," while China has stood by its commitments, the statement said. It also threatened unspecified retaliation, saying China will "continue to take resolute and forceful measures to safeguard its legitimate rights and interests." And in response to recent comments by Trump, it said of the U.S.: "Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts." This is a developing article. Updates to follow. This article includes reporting by The Associated Press.
Yahoo
an hour ago
- Yahoo
Football transfer rumours: Manchester United to replace Fernandes with Gonçalves?
The Rumour Mill is back in action, filtering absolutely nothing from the gossipmongers and pumping it straight into your eyes. To heighten the excitement, there is not one but two transfer windows this summer. You lucky lot. Matheus Cunha's £62.5m move from Wolves has ignited what is to be a busy off-season for Ruben Amorim as he attempts to turn the Manchester United behemoth around. It could become somewhat more complicated if Bruno Fernandes decides he wants to test himself in jump ship to the Saudi Premier League with Al-Hilal. If that does become the case, one bit of tittle-tattle doing the rounds is that Amorim will return to his former employers to sign Pedro Gonçalves, who once had a gloriously forgettable spell at Wolves. Advertisement Related: Manchester United confirm agreement to sign Matheus Cunha from Wolves In a summer where plenty are leaving Bayer Leverkusen, they look set to make one signing. Brentford and the Bundesliga club have agreed a deal for the goalkeeper Mark Flekken. There has been plenty of discussion to find a fee that is acceptable for both sides but every is finally happy with the outcome. It means Brentford need a new No 1 and they have Caoimhin Kelleher with an £18m already in place for the Republic of Ireland international. Inside the Liverpool and Bayer Leverkusen Venn diagram is a deal for Florian Wirtz. The Premier League champions have made a couple of offers for the German midfielder without success. Erik ten Hag would like any deal to include Harvey Elliott and Jarell Quansah in order to progress things. Another Liverpool person of interest is Milos Kerkez but they are yet to make contact with Bournemouth over the left-back. Chelsea are closing in on Liam Delap but do not want to stop there when it comes to signing the best of young English talent. The Everton centre-back Jarrad Branthwaite is of increasing interest to Enzo Maresca and the Blues recruitment machine after impressing at Goodison Park. Advertisement David Moyes will not be keen on losing Branthwaite as he is targeting a period of squad strengthening. One potential target is Brighton's Matt O'Riley who enjoyed and indifferent first season on the south coast under Fabian Hürzeler, who could be open to letting him go. It should be a fun couple of months in the free transfer market and La Liga sides are always pretty savvy when it comes to not spending cash. Barcelona are supposedly having a natter with Thomas Partey and his representatives about a move to Catalonia. Sunderland might be back in the Premier League but a few of their stars are being linked with moves away. Jobe Bellingham is being tracked by Eintracht Frankfurt and Dan Neil is being linked with a £15m move to Roma. Down in the Championship, centre-backs are in demand. The Bournemouth defender Chris Mepham, who spent the season on loan at Sunderland, is wanted by Sheffield United, while Derby are keen on Wolves' Craig Dawson. Wrexham are plotting a triple threat of deals. Tottenham's Ben Davies, Leicester's Danny Ward and Brentford's Myles Peart-Harris are all on the list of targets.
