Chinese EV sales hit record share of European market
Chinese electric car brands captured 14.2% of western Europe's battery electric vehicle market in early 2026, intensifying pressure for tighter tariffs and quotas.
EconomyPage 2
Economy
Trump demands Iran pay compensation, deepening Strait of Hormuz deadlock
Oil and gold prices jumped after US President Donald Trump said Iran must compensate Washington for war damages, a new condition that further complicates efforts to reopen the Strait of Hormuz. British housebuilder Bellway also warned that profit will land at the bottom of its forecast range.
Economy
US jobs fell in July but economist says data is not alarming
The US economy unexpectedly shed jobs in July and prior months were revised sharply lower. Economist Jed Kolko says the unemployment rate and broader trends tell a more reassuring story.
Economy
Backlash grows against Meta smart glasses over privacy fears
Users of Meta's camera-equipped Ray-Ban glasses report public hostility and online abuse, as European regulators separately scrutinise whether the devices comply with privacy law.
Economy
ECB warns wildfires and nature loss threaten core financial stability
Europe's worst wildfire season in modern times has prompted the European Central Bank to declare climate and nature breakdown a direct threat to price stability, loan quality, and the global economy. The bank is now acting on that assessment, not just studying it.
Economy
Iran missile attack on US forces sends oil surging 6%
Iran's Islamic Revolutionary Guard Corps launched ballistic missiles at American forces on Wednesday, shattering a brief pause in hostilities and driving crude oil prices sharply higher.
Economy
IMF cuts global growth outlook as trade uncertainty bites
The International Monetary Fund projects world economic growth at 3.0 percent in 2025 and 3.1 percent in 2026, a modest recovery from April's gloomier forecast but still well below pre-pandemic norms. Tariffs, fragmentation, and threats to central bank independence remain the Fund's chief concerns.
Economy
ASML nears $700bn as AI chip boom puts trillion-dollar milestone in sight
The Dutch semiconductor equipment maker has doubled in value within a year, fuelled by surging AI-driven demand for its irreplaceable chip-printing machines. Analysts say a $1 trillion valuation is now a realistic, if not certain, prospect.
Economy
Volkswagen plans to cut 100,000 jobs and close four German plants
Germany's Manager Magazin reports CEO Oliver Blume is preparing the most radical restructuring in Volkswagen's 89-year history, targeting up to 15% of the global workforce. The plans, which Volkswagen has neither confirmed nor denied, would double a previous round of cuts agreed only months ago.