Germany and Britain to sign defence ‘threat’ treaty
Berlin — Germany and Britain will on July 17 sign a defence treaty that includes a mutual assistance clause in the event of a threat to either country, the Politico news outlet reported on Wednesday.
The report came almost a year after British Prime Minister Keir Starmer and then-German chancellor Olaf Scholz issued a joint declaration promising closer co-operation on issues from trade to security.
That broad agreement is now being finalised, according to Politico, and a key area is defence.
It will include a section stating that any strategic threat to one country would represent a threat to the other. Reuters
Musk backlash sees sharp drop in Tesla sales
Bengaluru — Tesla reported a sharper-than-expected fall in second-quarter deliveries on Wednesday, as intense competition and backlash against CEO Elon Musk’s political stance hit global demand for its ageing electric-vehicle line-up.
Tesla said it delivered 384,122 vehicles in the second quarter, down 13.5% from 443,956 units a year ago.
Analysts expected Tesla to report deliveries of about 394,378 vehicles for the April-June period, according to an average of 23 estimates from Visible Alpha. Reuters
Rivian electric vehicle sales hit by drop in demand
Bengaluru — Rivian Automotive reported a sharp fall in second-quarter deliveries on Wednesday, as demand for its electric vehicles takes a hit from stiff competition and tariff-driven economic uncertainty.
Trade tariffs imposed by US President Donald Trump have led to a surge in manufacturing costs for the sector, with carmakers scrambling to reorganise supply chains to mitigate the hit to their businesses.
High interest rates are also holding back some buyers, while many are taking to cheaper hybrid- and gasoline-powered cars to avoid pure-electric vehicles due to their higher sticker prices and upkeep costs.
Rivian delivered 10,661 vehicles in the quarter ended June 30, a fall of 22.7% from the same quarter last year, but in line with Visible Alpha estimates. Reuters
US tech giant Alphabet proposes Google changes
Brussels — Alphabet’s Google has proposed fresh changes to its search results in an attempt to fend off growing criticism from rivals, a week before a key meeting that could lead to yet another EU antitrust fine, according to a document seen by Reuters.
The US tech giant has been under pressure after being hit with EU antitrust charges of favouring its own services such as Google Shopping, Google Hotels and Google Flights over competitors in March.
It will meet its rivals and the European Commission to discuss its proposals during a July 7-8 workshop in Brussels, the document said. Reuters
China seeking fresh approach to EU communication
Beijing — China is willing to enhance communications with the EU and make sound preparations for the next China-EU leaders’ meeting, a Chinese foreign ministry statement quoted foreign minister Wang Yi as saying on Wednesday.
Wang, in meeting with European Council president Antonio Costa, called on both sides to respect each other’s core interests and increase mutual understanding, adding that “unilateralism and acts of bullying have seriously undermined the international order and rules,” according to the statement.
The two men also discussed the Ukrainian crisis, with Wang reiterating Beijing’s stance of promoting peace talks and a political settlement to the conflict, the statement said. Reuters
US private payrolls drop, miss June forecasts
Washington — US private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the ADP national employment report showed on Wednesday.
Private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May.
Economists polled by Reuters had forecast private employment increasing 95,000 following a previously reported gain of 37,000 in May.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for June due to be released on Thursday by the labour department’s bureau of labour statistics. Reuters
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