Author: LoveWorld UK

TESLA BEGINS PRODUCTION OF AFFORDABLE MODEL – The company sees its biggest quarterly revenue drop in 10 years Tesla started making the “first builds” of its affordable model in June, the electric vehicle maker said, adding that it expects volume production in the second half of this year. The affordable model is expected to help rekindle falling sales of its ageing lineup as Tesla battles rising competition from cheaper EVs, especially in China, and a persistent backlash against CEO Elon Musk’s far-right political views. Tesla did not provide an update on its full-year deliveries forecast after pulling its guidance in…

EU CALLS FOR REBALANCING OF CHINA TRADE TIES – President Xi urged the EU to make correct strategic choices European Commission President Ursula von der Leyen called for an “essential” rebalancing of trade ties with China during a tense summit with President Xi Jinping, saying ties stood at an “inflexion point.”. The duration of the summit marking 50 years of diplomatic ties was abruptly halved to a single day at Beijing’s request. Von der Leyen and European Council President Antonio Costa met Xi at the start of an event. She referred to the EU’s trade deficit with China, which ballooned…

MIGRATION PROTESTS HIT LONDON’S CANARY WHARF – Some protesters, displaced by development, are angry that migrants get housing there. Protesters opposed to a local hotel housing migrants and anti-racism campaigners faced off today on the fringes of London’s plush financial district of Canary Wharf as the rival groups traded slogans and abuse. What was unique about this protest was not its subject – anti-migrant demonstrations occasionally happen outside hotels where they are housed. It was the location, right next to the trading floors, hotels and high-end restaurants of Canary Wharf. The protests took place after similar action on the northeastern…

EPPING BRACES FOR ANOTHER HOTEL PROTEST – Feelings are mixed over the arrival of non-local anti-protestors. This Essex commuter town has seen a series of protests around the Bell Hotel, where asylum seekers have been housed for the past few years. The catalyst last week was an Ethiopian man, who had only recently arrived on a small boat, appearing in court charged with three counts of sexual assault on a local girl. The local community feel the government’s heavy response, and the fact that they feel ignored, has stoked tensions. Yesterday, Essex Police Chief Constable Ben-Julian Harrington denied claims that…

EUROPEAN SHARES RISE ON US-JAPAN TRADE DEAL – EU Talks in Focus European shares climbed more than 1%, led by automobile stocks, after U.S. President Donald Trump revived hopes for a trade deal with the European Union following an agreement with Japan. The pan-European STOXX 600 index gained 1.1% to 550.14, as of 0809 GMT, after three straight sessions of declines. Other regional indexes also traded higher, with France’s CAC 40 leading the pack, jumping 1.3%. European automobile stocks led the broad-based rally, rising 3.6%, tracking strength in Asian rivals. Trump struck a trade deal with Japan, lowering tariffs on…

HOPES OF GREEN HYDROGEN INDUSTRY DASHED – As sector struggles with high costs Green hydrogen developers are scaling back or cancelling projects globally, citing high costs and unrealistic expectations. Once hailed as a key low-carbon fuel for hard-to-electrify industries like steelmaking and long-haul transport, green hydrogen is proving economically unviable for many. Peter Schniering, CEO of German think tank Future Cleantech Architects, said the fuel was “over-promised,” noting that while hydrogen is valuable as a chemical, it’s inefficient and costly as a fuel. Producing it requires large amounts of clean electricity, which remains in short supply as other sectors also…

MODI DEPARTS INDIA FOR STATE VISITS TO UK – Maldives is also on the visit schedule. Indian Prime Minister Narendra Modi departed today for a four-day trip to the UK and the Maldives. India and Britain will sign a free trade agreement on Thursday (July 24) during Modi’s UK visit, officials said, with New Delhi to ease tariffs on British whisky, cars and some food items, and the UK offering duty-free access to Indian textiles and electric vehicles. The pact, concluded in May after three years of stop-start talks, should boost bilateral trade by removing numerous barriers and granting each…

EU MEMBERS ALARMED BY UKRAINE REFORMS CURBS – Ukraine’s anti-corruption bodies being restricted in their functions President Volodymyr Zelenskyy has signed a controversial bill that hands sweeping authority to Ukraine’s prosecutor general over the country’s independent anticorruption agencies. This triggered the largest antigovernment protests on Tuesday since Russia’s full-scale invasion began in 2022. More protests are expected Wednesday. The new legislation, now law, gives the prosecutor general power to control and reassign investigations led by the National Anticorruption Bureau (NABU) and the Specialised Anti-Corruption Prosecutor’s Office (SAPO). NABU and SAPO are two key institutions that have long symbolised Ukraine’s post-Euromaidan…

ISRAEL  & KIEV IN TALKS ON IRAN AND DEFENCE – Kyiv first accused Iran of supplying Shahed kamikaze drones to Russia in autumn 2022 Israeli Foreign Minister Gideon Saar met his Ukrainian counterpart Andrii Sybiha in Kyiv to discuss defence cooperation and Iran. The ministers viewed a captured Iranian-designed Shahed drone, used by Russia as ‘Geran-2’ to attack Ukraine. Kyiv first accused Iran of supplying Shahed so-called kamikaze drones to Russia in autumn 2022, with Moscow’s troops subsequently using them extensively for regular long-range attacks. The Geran-2 is a Russian-made version based on the Shahed design. Saar said at a…

UK BORROWING HITS £20.7BN IN JUNE – Surge in debt interest and public spending outpaces tax income The UK government’s borrowing has soared to its second-highest level on record for the month of June, driven largely by a sharp rise in debt interest payments. According to the Office for National Statistics, the government borrowed £20.684 billion last month—exceeding economists’ expectations by nearly £4 billion. It’s the steepest June borrowing figure since the COVID-19 crisis in 2020, when emergency spending and furlough schemes pushed borrowing to historic highs.  Despite increases in income tax and national insurance contributions, rising costs for public…