Valeo cuts 2025 sales outlook, sees forex impact of 750 million euros
The designer and producer of car components and integrated systems now expects sales of around 20.5 billion euros ($24.1 billion) this year, down from the 21.5-22.5 billion euros it forecast previously.
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Telegraph
21 minutes ago
- Telegraph
Max Verstappen and Lewis Hamilton frustrated by ‘extreme' Spa rain call
On Thursday evening in the Ardennes hundreds of team members from various series, drivers, journalists and assorted others gathered on the track at Spa-Francorchamps to 'Run for Anthoine'. The annual event is organised by the Alpine driver Pierre Gasly in memory of his close friend Anthoine Hubert, who died in 2019, at the age of just 22, after a multi-car collision in a wet feature Formula 2 race at Spa. Hubert is far from the only driver to lose his life at the notoriously fast circuit, which is frequently subject to torrential rain. Just four years after his death, Dutch teenager Dilano van 't Hoff was also killed in similar wet conditions. In total there have been 53 fatalities, including the deaths of four marshals, since Spa's opening in 1924. All of which goes a long way to explaining why race control erred on the side of caution when weighing up when to pull the trigger on Sunday's Belgian Grand Prix, which was immediately preceded by torrential rain. To call that caution excessive, however, would be an understatement. For the thousands of bedraggled fans watching from the grandstands, most of whom camp close by in the days leading up to the race, the delay was hugely frustrating. Earlier, they had watched a very entertaining F2 race in similarly damp conditions. Everyone was excited by the prospect of witnessing the world's best drivers try to negotiate the treacherous Spa circuit in the wet. Millions more watching on television probably gave up and went and did something else. The Fagnes chicane proved to be a challenge in our Feature Race at Spa! 👀 #F2 #BelgianGP — Formula 2 (@Formula2) July 27, 2025 It was not a bad call. In the end, what we got was a pretty dull affair. By the time the race finally got under way, behind a safety car, 1hr 20min after the official start time, the track was rapidly drying. Race control still left the safety car out for four laps to clear more of the standing water, with the result that there was a dry line already visible. Race-winner Oscar Piastri needed just four race laps to consider switching to dry tyres and within eight laps of actual racing all the drivers were on slicks, and from then on it was processional. What did the drivers think? Both Max Verstappen and Lewis Hamilton, who have 11 F1 world titles between them, were firmly of the opinion that the race could have started on time at 3pm. 'It was not even raining by then,' Verstappen pointed out. 'OK there was quite a bit of [standing] water between Turns 1 and 5, but two laps behind the safety car then it would have been a lot more clear. So it's a bit of a shame. 'We [Red Bull] made a choice with the set-up for wet weather and then they only allowed us to drive in almost slick conditions! We spoke after [the recent wet-weather race at] Silverstone to be a little bit cautious with the decisions but this was at the other extreme for me.' Hamilton agreed the race could have started on time, although he did say the drivers had to take some of the responsibility following those post-Silverstone chats. Race control was listening to the drivers' feedback as they lapped behind the safety car and nearly all of them, especially those at the back, were complaining it was unsafe. 'Lots of drivers in the last race said we shouldn't have restarted, because of a lack of visibility. So as soon as someone said 'visibility is pretty bad'...it wasn't great but it wasn't as bad as the last race… I think they just waited. 'They still did a good job. Of course we did miss some of the extreme wet-weather racing, which would have been nice.' Fans short-changed No one is saying it is an easy call. Spa is a notoriously dangerous circuit, with an extremely dangerous section between T1 (La Source) and T7 (Les Combes). The drivers go through a compression at Eau Rouge and then up a steep incline on the other side, exiting onto a blind crest onto the Kemmel Straight. Although changes were made following Hubert's death, and there is now more run-off on the left-hand side of Eau Rouge and Raidillon in particular, with the barriers moved back quite significantly, it is still possible for cars to go off, hit the barrier and bounce back onto the racing line. George Russell was probably in the majority of drivers who felt race control got it right. The Mercedes driver, who is a director of the Grand Prix Drivers Association, said it would have been 'stupidity' to begin the race any earlier. 'As a racer, you always want to get going, you love driving in the rain, but the fact is, when you're doing over 200 miles an hour out of Eau Rouge, you literally can't see anything,' Russell said. 'You may as well have a blindfold on. It isn't racing, it's just stupidity. 'So I think, considering it was clearly going to be dry from four o'clock onwards, I think they made the right call.' But an element of danger and risk is also part and parcel of Formula One. Fans were denied what could have been an exciting race on Sunday. If the Spa circuit needs further modifications to make it safer, fine, but they surely ought to be able to race in the wet. Ex-driver Karun Chandhok spoke for millions when he posted on social media a few minutes before the restart: 'Have we just given up on having wet races anymore? They're going to be on slicks in a few minutes!' He was absolutely right.
Reuters
21 minutes ago
- Reuters
Out-gunned Europe accepts least-worst US trade deal
LONDON, July 27 (Reuters) - In the end, Europe found it lacked the leverage to pull Donald Trump's America into a trade pact on its terms and so has signed up to a deal it can just about stomach - albeit one that is clearly skewed in the U.S.'s favour. As such, Sunday's agreement on a blanket 15% tariff after a months-long stand-off is a reality check on the aspirations of the 27-country European Union to become an economic power able to stand up to the likes of the United States or China. The cold shower is all the more bracing given that the EU has long portrayed itself as an export superpower and champion of rules-based commerce for the benefit both of its own soft power and the global economy as a whole. For sure, the new tariff that will now be applied is a lot more digestible than the 30% "reciprocal" tariff which Trump threatened to invoke in a few days. While it should ensure Europe avoids recession, it will likely keep its economy in the doldrums: it sits somewhere between two tariff scenarios the European Central Bank last month forecast would mean 0.5-0.9% economic growth this year compared to just over 1% in a trade tension-free environment. But this is nonetheless a landing point that would have been scarcely imaginable only months ago in the pre-Trump 2.0 era, when the EU along with much of the world could count on U.S. tariffs averaging out at around 1.5%. Even when Britain agreed a baseline tariff of 10% with the United States back in May, EU officials were adamant they could do better and - convinced the bloc had the economic heft to square up to Trump - pushed for a "zero-for-zero" tariff pact. It took a few weeks of fruitless talks with their U.S. counterparts for the Europeans to accept that 10% was the best they could get and a few weeks more to take the same 15% baseline which the United States agreed with Japan last week. "The EU does not have more leverage than the U.S., and the Trump administration is not rushing things," said one senior official in a European capital who was being briefed on last week's negotiations as they closed in around the 15% level. That official and others pointed to the pressure from Europe's export-oriented businesses to clinch a deal and so ease the levels of uncertainty starting to hit businesses from Finland's Nokia ( opens new tab to Swedish steelmaker SSAB ( opens new tab. "We were dealt a bad hand. This deal is the best possible play under the circumstances," said one EU diplomat. "Recent months have clearly shown how damaging uncertainty in global trade is for European businesses." That imbalance - or what the trade negotiators have been calling "asymmetry" - is manifest in the final deal. Not only is it expected that the EU will now call off any retaliation and remain open to U.S. goods on existing terms, but it has also pledged $600 billion of investment in the United States. The time-frame for that remains undefined, as do other details of the accord for now. As talks unfolded, it became clear that the EU came to the conclusion it had more to lose from all-out confrontation. The retaliatory measures it threatened totalled some 93 billion euros - less than half its U.S. goods trade surplus of nearly 200 billion euros. True, a growing number of EU capitals were also ready to envisage wide-ranging anti-coercion measures that would have allowed the bloc to target the services trade in which the United States had a surplus of some $75 billion last year. But even then, there was no clear majority for targeting the U.S. digital services which European citizens enjoy and for which there are scant homegrown alternatives - from Netflix (NFLX.O), opens new tab to Uber (UBER.N), opens new tab to Microsoft (MSFT.O), opens new tab cloud services. It remains to be seen whether this will encourage European leaders to accelerate the economic reforms and diversification of trading allies to which they have long paid lip service but which have been held back by national divisions. Describing the deal as a painful compromise that was an "existential threat" for many of its members, Germany's BGA wholesale and export association said it was time for Europe to reduce its reliance on its biggest trading partner. "Let's look on the past months as a wake-up call," said BGA President Dirk Jandura. "Europe must now prepare itself strategically for the future - we need new trade deals with the biggest industrial powers of the world."
BBC News
21 minutes ago
- BBC News
McLaughlin wins at Zandvoort to extend F4 lead
Red Bull Junior driver Fionn McLaughlin boosted his British F4 title hopes after a strong weekend at claimed pole position and won the final race of the weekend in the 17-year-old controlled the final race of the weekend despite a number of stoppages and interruptions for crashes behind and he took the chequered flag for his third victory of the Northern Ireland driver also finished second in the opening race behind title, rival Martin Molnar, and was seventh in the reverse grid now leads Hungarian driver Molnar, who crashed out of the third race, by 28.5 points in the championship and also holds a commanding lead in the rookie next round of the season takes place at Knockhill in Scotland from 16-17 August.
