UK's Wise shareholders approve move to a US stock exchange
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Reuters
24 minutes ago
- Reuters
U.S. tariff of 15% on EU goods is all-inclusive
BRUSSELS, Aug 5 (Reuters) - The 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the U.S., an EU official said on Tuesday. The 15% rate applies to all goods, except for steel, aluminium, the official said. Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the U.S. 232 investigations, the tariff will be no higher than 15% as well. This 15% ceiling also applies to cars and car parts. There are no quotas or limits on cars and car parts.
The Guardian
24 minutes ago
- The Guardian
Tesla's UK sales fall almost 60% in July; Trump attacks ‘woke' JLR as it announces new boss
Update: Date: 2025-08-05T08:27:22.000Z Title: Just in: Sales of Teslas in the UK more than halved, year-on-year, in the UK last month as the electric carmaker's struggles continue. Content: Rolling coverage of the latest economic and financial news Graeme Wearden Tue 5 Aug 2025 10.27 CEST First published on Tue 5 Aug 2025 08.42 CEST 10.25am CEST 10:25 Industry body data just released shows that just 987 new Teslas were registered in the UK in July, almost 60% less than the 2,462 registered in July 2024. This means Tesla's UK market share shrank to 0.7% in July, from 1.67% a year ago. For 2025 to date, Tesla sales in the UK are 7% lower, during a year in which CEO Elon Musk has faced heavy criticism for his – now-soured – relationship with Donald Trump. The wider UK electric car sector grew in July, though. Sales of battery-powered vehicles (BEVs) rose by 9.1% to 29,825, giving BEVs a 21.3% share of the market. China's BYD more than quadrupled its sales last month, to 3,184 in July from 768 a year ago. The company recently launched a relatively cheap electric car, the Dolphin Surf, in the UK. BYD's sales are up 514% during 2025 to 22,574, up from 3,672 in January-July 2024. That's only slightly fewer than Tesla which has shifted 23,708 cars so far this year. Last month Tesla reported a large drop in quarterly deliveries, as demand faltered due to the backlash over CEO Elon Musk's political stance. Tesla's sales have also been hurt by its aging model line-up – the company has been rolling out an updated Model Y this year, dubbed the 'Juniper' refresh. Yesterday, Tesla announced it was handing Musk stock options worth almost $30bn, in an attempt to keep him committed to the company for the next few years. Overall, the UK's new car market shrank by 5% in July with 140,154 units registered, which is the weakest July since 2022. Mike Hawes, SMMT chief executive, says: July's dip shows yet again the new car market's sensitivity to external factors, and the pressing need for consumer certainty. Confirming which models qualify for the new EV grant, alongside compelling manufacturer discounts on a huge choice of exciting new vehicles, should send a strong signal to buyers that now is the time to switch. That would mean increased demand for the rest of this year and into next, which is good news for the industry, car buyers and our environmental ambitions. 9.35am CEST 09:35 The UK's Domino's Pizza Group has cut its profit forecast this morning, warning that costs are climbing as sales fall. The group, which has the exclusive rights to the Domino's brand in the UK and Ireland, reported that total orders were flat in the first half of this year, and that like-for-like sales fell 0.7% in April-June. Pre-tax profits have fallen by almost a third, on a statutory basis, from £59.4m to £40.5m. Domino's now expect underlying profits to come in between £130m to £140m, down from a previous forecast of £140.8m-£149.7m. Several factors were blamed, including weak consumer confidence and rising employment costs. CEO Andrew Rennie blamed higher employment costs – following last year's budget – and uncertainty over what chancellor Rachel Reeves might announce this autumn, saying: 'There's no getting away from the fact that the market has become tougher both for us and our franchisees, and that's meant that the positive performance across the first four months didn't continue into May and June. Given weaker consumer confidence, increased employment costs and uncertainty ahead of the Autumn Statement, franchisees are taking a more cautious approach to store openings for the time being. Shares in Domino's Pizza Group have fallen by 19% in early trading. Updated at 9.36am CEST 9.12am CEST 09:12 Overnight, UK luxury-car maker Jaguar Land Rover has named a new CEO – winning a blast from Donald Trump. JLR named P B Balaji, the finance boss of parent company Tata Motors, as its new chief executive, increasing the Indian owner's influence over the company. Balaji will replace Adrian Mardell, who had run JLR for the last few years. Mardell's tenure will be remembered for last year's rebranding, and the launch of a new concept electric car which looked nothing like a traditional Jag, which captured attention and wound-up the rightwing commentariat. Anti-woke cheerleader Donald Trump was quick to give Mardell a hoofing on his way out the door. Posting on his Truth Social site, Trump declared that Jaguar's 'stupid, and seriously WOKE advertisement' had been 'A TOTAL DISASTER!', adding: The CEO just resigned in disgrace, and the company is in absolute turmoil. Who wants to buy a Jaguar after looking at that disgraceful ad. Shouldn't they have learned a lesson from Bud Lite, which went Woke and essentially destroyed, in a short campaign, the Company. Trump also hailed actor Sydney Sweeney's new advert for American Eagle as a triumph, saying the 'HOTTEST' ad meant jeans were now 'flying off the shelves.' Sweeney is probably in Trump's good books after it emerged she was a registered Republican voter in Florida. 8.46am CEST 08:46 BP is also planning to pump more cash to its shareholders. The company is raising its quarterly dividend by 4 per cent to 8.32 cents a share, subject to board approval. It has also announced a new $750m share buyback programme. 8.42am CEST 08:42 Oil giant BP is launching a new cost-cutting scheme, despite reporting better than expected profits, as its incoming chairman gets to grips with the company in the face of pressure from activist investors. BP has beaten City expectations this morning by reporting a smaller drop in underlying profits than expected in the last quarter. On an underlying replacement cost basis, profits rose to $2.35bn in April-June. That's 15% lower than the same quarter a year ago when the company benefitted from higher oil and gas prices, but also a jump on the $1.38bn profits posted in January-March. Analysts had forecast a smaller rise in underlying profits, to $1.8bn. But despite this beat, CEO Murray Auchincloss says 'there's much more to do'. Auchincloss tells shareholders this morning: In advance of chair elect, Albert Manifold joining the board on 1 September, he and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward - allocating capital effectively. We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry. Earlier this year, BP announced plans to cut more than $5bn from its previous green investment plan. But activist investor Elliott Management has been pushing BP to cut its operating expenses more aggressively and demanding more cost reductions. Manifold is due to become chairman on 1 October, a month after joining the board as a non-executive director. 8.42am CEST 08:42 Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy. UK car sales dipped last month, after a bumper June. British new car registrations fell about 5% year-on-year in July, according to preliminary data released this morning by the Society of Motor Manufacturers and Traders (SMMT). Battery electric vehicles are now projected to account for 23.8% of new registrations in 2025, slightly up from SMMT's previous forecast of 23.5%. The SMMT should release its final figures for July at 9am. The data comes as the UK government announces that France's Citroën will be the first company to benefit from its new discount scheme, which cuts the cost of a new EV for consumers. Transport Secretary Heidi Alexander has confirmed buyers will get discounts of £1,500 off 4 Citroën models – the Citroën ë-C3, ë–C4, ë-C5 and the ë-Berlingo - from today. The scheme aims to bring down the price of electric cars to more closely match their petrol and diesel counterparts. 9am BST: UK new car sales for July 9am BST: eurozone service sector PMI for July 9.30am BST: UK service sector PMI for July 1.30pm BST: US trade data for June 2.45pm BST: US service sector PMI for July Updated at 9.23am CEST
North Wales Chronicle
24 minutes ago
- North Wales Chronicle
Diageo eyes £625m in cost savings after profits tumble
It came as the group, which also makes Johnnie Walker whisky and Gordon's gin, saw net sales edge marginally lower amid weaker consumer demand for some spirits as younger people continue to moderate drinking habits. The London-listed spirits giant said it is seeking to secure £625 million in cost savings, increasing from a previous target of £500 million savings. Nik Jhangiani, interim boss of the firm, said the savings plan is 'not about job cuts' but added that 'there will be some' as a result. He stressed that the group could still increase its overall workforce. Diageo said it expects to secure these savings over the next three years from advertising and promotion efficiencies, reduced overheads and supply chain improvements. The increased savings plans come amid a period of upheaval at the group after the departure of its previous boss last month. Debra Crew stepped down as chief executive with 'immediate effect' and by 'mutual agreement', following a recent decline in Diageo's share value. Tariffs, cautious consumer demand and increased cost pressures have weighed down businesses across the drinks industry. On Tuesday, Diageo reported that net sales dipped 0.1% to 20.2 billion US dollars for the year, although organic sales grew by 1.7%. It said the drop in net sales was driven by unfavourable currency rates and changes to its brand portfolio. In Europe, Diageo reported that net sales were up 0.4%, with a 6.7% rise in Great Britain, despite a decline in the volume of sales. It said stronger sales in Britain were driven by the continued strong demand for Guinness, although this was held back by 'supply constraints' which saw some pubs run short of the Irish stout earlier this year. The firm revealed that operating profits fell 27.8% to 4.33 billion dollars (£3.3 billion) in the year to June 30. Mr Jhangiani said: 'While macroeconomic uncertainty and the resulting pressure on consumers continues to weigh on the spirits sector, we believe in the attractive long-term fundamentals of our industry and in our ability to continue to outperform as the TBA (total beverage alcohol) landscape evolves. 'We are focused on what we can manage and control and executing at pace. 'The board and management are committed to delivering improved financial performance and stronger shareholder returns on a sustained basis.'
