Latest news with #Europe-wide
Gulf Today
2 days ago
- Automotive
- Gulf Today
Tesla is much more reliant on Musk than Apple was on Jobs
James Moore, The Independent Tesla is starting to look like an EV which has run out of charge in the middle of a motorway. Help! Call the AA! Elon Musk's electric vehicle maker has reported its fifth consecutive monthly decline in sales across Europe, per ACEA, the European Automobile Manufacturers Association. This comes at a time when the trade body's figures show EVs are on the charge (sorry, couldn't resist the pun) across the EU, with new registrations rising by more than a quarter (26.1 per cent) year to date and a still robust 25 per cent in May. Including the UK and other non-EU nations, Europe-wide sales of battery-powered vehicles rose by 27.2 per cent in May and 27.8 per cent year to date. By contrast, Tesla's sales have been zapped. Year to date, new EU registrations fell by 45.2 per cent over five months and by 40.5 per cent in May. Europe-wide, those figures were 37.1 per cent and 27.9 per cent respectively. Slumping sales in a rising market? Not a good look. I once wrote that Elon Musk's baby was the Audi, BMW or Mercedes of the EV world. The status car. The 'Look at me, I have a Tesla' symbol for people with money. How times change. Yes, yes, we've heard about the need to freshen up Tesla's dated models and the cheapie rivals coming out of China, which pose a very real threat. But the high-profile CEO's divisiveness has also poured toxic sludge over the Tesla logo. There have even been incidents of Teslas being vandalised. That is contemptible. Angry about what he's said and done? Far better to hit him in the pocket, which is what more sensible Europeans appear to be doing by abandoning the brand in droves. Even the UK has started to slip, despite the regard that fleet managers have for the company. Year to date, sales fell by 7.8 per cent here, but they tanked in May (36 per cent decline). Can the slide be arrested? Musk's checking out of the Trump administration was a good first step. But if I were Musk's strategic comms advisor, I'd advise him to hide in his office and to stay off X. I know, I know, probably not going to work. Musk can't help himself. So, how about this: Stay out of politics and content yourself with showing off about SpaceX, that other Musk business. Sure, it has had the odd issue with rockets crashing, but it is still doing stuff that makes sci-fi nerds like me drool despite ourselves. Perhaps throw in a bit of apolitical philanthropy to compensate for the USAID cuts and dodgy salutes? Lots of billionaires like to make a fuss about 'giving back'. Just a thought. But what if the slippage continues? Could Musk step down? It seems unthinkable, and I think it highly unlikely. But earlier this year, the Wall Street Journal, a reliable source on business matters, did report that Tesla board members had been sounding out recruiters about potential successors. The report was swiftly and vehemently denied, but the speculation continues, and there is some logic to it. Musk is a disruptor. It is what drives him, and it has been a feature of his business career. Through building up Tesla from his initial investment in 2004, he disrupted the auto industry, helping to catalyse the progress electric vehicles have made while driving competitors to innovate. But Tesla is now part of the establishment, and for its medium to long-term future, it could arguably use a more conventional CEO. Someone a bit more boring. Names in the frame? JB Straubel, a Musk confidant who these days runs battery recycling startup Redwood Materials, is often mentioned, and he holds a place on the Tesla board. Internally, right-hand man Omear Ashfar is seen as one to watch, as is Tom Zhu, who's been running things in China. Chief financial officer Vaibhav Taneja is another possibility, although the transition from CFO to CEO doesn't always work so well. At longer odds, but still worth considering, would be Gwynne Shotwell, the president and chief operating officer at SpaceX. The trouble for any of them would be how deeply intertwined Musk is with Tesla. The shadow he casts over the business is as long as Chile. The group's shareholders have endured a rocky ride of late. At just over $340, the stock is a long way from the $480 peak reached in December, when Trump was preparing to take office and Musk was the presidential BFF. However, if you'd invested this time last year, your $100 would still be worth $184. That's a tasty return. The shares are propped up by a legion of fanboy investors, including fund managers at big institutions with billions under management. They still expect Musk to wave his magic wand and rediscover Tesla's turbocharged growth. Stranger things have happened. You might dislike the man, but only a fool would underestimate him. The closest comparator for Musk stepping down might be Steve Jobs leaving Apple. The untimely death of the tech giant's founder led to the elevation of Tim Cook, who has proved himself a successful successor. But the first time he departed, things didn't go so well, and Jobs ended up riding to the rescue. Needless to say, Tesla is much more dependent on Musk than Apple was on Jobs, even at the height of the latter's power.
Business Recorder
6 days ago
- Business
- Business Recorder
FTSE 100 sees first weekly fall in six weeks
LONDON: Britain's FTSE 100 snapped a five-week winning streak on Friday, closing out a week marred by a wave of global risk aversion amid the conflict between Israel and Iran, while a slew of interest rate verdicts were also assessed. The blue-chip FTSE 100 dipped 0.2% to hit a more than two-week low, while the midcap index ended 0.4% higher, though with marginal weekly losses. Drugmakers GSK and AstraZeneca were among the top drags on the FTSE 100, down 2.3% and 1.5% respectively. Heavyweight energy shares gave back some of their gains from earlier this week as crude oil prices also edged lower. BP lagged with a 2.1% decline. Oil prices came under pressure as the US imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement. A week into the conflict, Iran said it would not discuss the future of its nuclear programme while under attack by Israel. A global risk-off move on tensions in the Middle East bogged down stocks around the world, although the UK's oil-heavy benchmark - down 0.8% for the week - outperformed a 1.5% drop in the Europe-wide STOXX 600. The week also saw a slew of central bank rate decisions, with both the Bank of England and the US Federal Reserve choosing to hold their rates steady. Latest data showed UK retail sales saw their sharpest decline since December 2023 while consumer confidence rose to its highest level of 2025.
Gulf Insider
21-06-2025
- Science
- Gulf Insider
Spain's Historic Blackout Blamed On Poor Voltage Control
Spain's massive blackout was caused by overvoltage on the transmission system and the failure of the country's generators to compensate by absorbing more reactive power, according to the official government investigation. Investigators found no evidence a cyber-attack contributed to the nationwide blackout and did not directly blame the high share of renewable generation for causing a cascading failure across the network. But investigators did note there was not enough synchronised generation connected to the network to maintain voltage within acceptable limits and those generators failed to behave as expected. Efforts to connect an extra thermal generator came too late to prevent worsening instability and repeated overvoltage from causing the system to collapse. Investigators recommended stricter enforcement of existing voltage control obligations for synchronised generators as well as the deployment of synchronised compensators across the network to improve stability. The report also concluded that non-synchronous generators (including wind and solar generators) should be incentivised to contribute to voltage control in future. The instability seems to have originated within Spain itself rather than being imported from the Europe-wide transmission network that stretches from Iberia all the way to Ukraine and Turkey. Nonetheless, investigators noted Spain's relative isolation from the continent-spanning transmission system may have made the instability worse. Spain's interconnections via France account for only 3% of capacity on the country's network, well below the 15% recommended by EU regulations. More interconnections with the rest of the European grid would probably not have averted the blackout but they have been a long-sought objective, one that investigators repeated. Click here to read more…
Business Recorder
20-06-2025
- Business
- Business Recorder
UK's FTSE 100 sees first weekly fall in six; Middle East tensions in focus
Britain's FTSE 100 snapped a five-week winning streak on Friday, closing out a week marred by a wave of global risk aversion amid the conflict between Israel and Iran, while a slew of interest rate verdicts were also assessed. The blue-chip FTSE 100 dipped 0.2% to hit a more than two-week low, while the midcap index ended 0.4% higher, though with marginal weekly losses. Drugmakers GSK and AstraZeneca were among the top drags on the FTSE 100, down 2.3% and 1.5% respectively. Heavyweight energy shares gave back some of their gains from earlier this week as crude oil prices also edged lower. BP lagged with a 2.1% decline. Oil prices came under pressure as the U.S. imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement. A week into the conflict, Iran said it would not discuss the future of its nuclear programme while under attack by Israel. London stocks fall as BoE keeps rates on hold A global risk-off move on tensions in the Middle East bogged down stocks around the world, although the UK's oil-heavy benchmark - down 0.8% for the week - outperformed a 1.5% drop in the Europe-wide STOXX 600. The week also saw a slew of central bank rate decisions, with both the Bank of England and the U.S. Federal Reserve choosing to hold their rates steady. Latest data showed UK retail sales saw their sharpest decline since December 2023 while consumer confidence rose to its highest level of 2025. Among headlining stocks, Berkeley dropped 8.2% after the homebuilder reported results and forecast fiscal 2026 and 2027 profits below market expectations and proposed the appointment of CEO Rob Perrins as executive chair. Metro Bank added 4% after two sources with knowledge of the matter told Reuters that the bank's biggest shareholder is open to selling his majority stake.
Euronews
20-06-2025
- Health
- Euronews
EU ministers propose international limits on sperm 'super donors'
A coalition of EU health ministers wants to set international limits on the number of children a single sperm or egg donor can produce, putting an end to the "super sperm donor" phenomenon. The proposal, in the form of an information note, was introduced in Luxembourg on Friday by Sweden and Belgium during a meeting of EU health ministers, and it is backed by four other countries: France, Hungary, the Netherlands, and Spain. While many European countries, including Sweden – one of the lead proponents – have national laws that cap the number of children per donor, no international regulations currently exist. Some commercial sperm and egg banks have set voluntary limits, such as 75 families per donor. However, others have no such restrictions. As a result, it's not uncommon for donor-conceived individuals to discover they have more than 100 genetic half-siblings, in stories that frequently attract public attention. A Dutch sperm donor suspected of fathering over 550 children worldwide and Telegram CEO Paul Durov, rumoured to be the biological father of more than 100 children through years of sperm donation, are some of the better-known examples. These and other similar cases raise "new concerns about the potential psychosocial impact on donor-conceived children and donors,' Swedish Health Minister Acko Ankarberg Johansson said. More recently, further calls were made to limit the number of donations after another Dutch donor whose sperm carried a rare cancer-related genetic variant was used to conceive at least 52 children, some of whom have been diagnosed with cancer. Call for a cross-border donor register Explaining their proposal, the ministers have argued that international action is needed not only due to ethical concerns but also because of demographic trends, including declining fertility rates and delayed family planning. These trends have compelled many EU countries to increasingly rely on commercial gamete banks that operate internationally, making it harder to enforce donor limits. Belgian Health Minister Frank Vandenbroucke said that international limits would only be practical if supported by a comprehensive cross-border donor register. 'We badly need a Europe-wide quota supported by an EU register to ensure proper implementation,' he said. 'It is unacceptable that children or parents have to discover through genetic testing that they could have 70 or more half-siblings across Europe or even globally. That is unethical and a risk factor,' he continued. While several member states support the initiative, the European Commission is, for now, proceeding cautiously. Proponents have called for an update to the EU regulation on substances of human origin. However, this legislation was revised only recently, in June 2024. Speaking at the meeting, the European Commission's top health official, Director-General for Health and Food Safety Sandra Gallina, called the issue a recurrent concern for member states and patients. She pointed out, however, that regulating donor offspring numbers falls mainly under national jurisdiction, as the EU's mandate in this area is limited to safety and quality standards. 'The EU can help raise awareness among in-vitro fecundation professionals about national donor limits,' Gallina explained. She also announced that the Commission would respond to Sweden and Belgium's request by organising a discussion involving national authorities and the European Society of Human Reproduction and Embryology (ESHRE), the continent's main professional body in the field.
