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Electric Vehicle Sales Plummet in Europe
The European Automobile Manufacturers’ Association reported a significant drop in electric vehicle sales across Europe, with a particularly sharp decline in Germany. Overall, sales of battery-powered cars decreased by 11.3%, while in Germany, sales plummeted by 28.9%.
Royal Mail Faces Foreign Ownership Threat
Czech billionaire Daniel Kretinsky is making a bid to take full control of the parent company of Royal Mail, potentially putting the postal service under foreign ownership.
Hunt Promises to Tackle Rising Benefits Bill
Chancellor Hunt vows to tackle the rising benefits bill and worklessness crisis, emphasizing the need for sustainable welfare costs in the country.
Inflation Predicted to Drop
Bank of England Governor Bailey predicts a “strong drop” in inflation for the upcoming month, which could influence the central bank’s decisions on interest rates.
Lord Mandelson Nets £10m in Deal
Former minister Lord Mandelson sells a 20% stake in a lobbying firm, netting £10 million in a deal with a former Obama aide. Despite the lucrative deal, Mandelson rules out a return to politics.
Overnight Market Update
Asian shares rose despite the decline in technology stocks on Wall Street. Oil prices climbed slightly after a 3% drop the previous day, with global benchmark Brent trading above $87 a barrel. Major Asian indices, including the Nikkei 225 and Hang Seng, posted gains, while US markets saw mixed results. The yield on 10-year US Treasury bonds also decreased slightly.
Tesla manufacturing is building the machine that builds the machine pic.twitter.com/EwiKHWKdlF
— Tesla (@Tesla) February 26, 2024