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Tesla's UK new car sales plummeted over 45% in May, selling 1,758 units compared to 3,244 in the same month last year, while overall new car registrations rose by 4.3%. Despite this decline, Tesla remains the best-selling battery electric vehicle brand in Britain for the year to date. In contrast, BYD's sales doubled to 1,388 units, marking a significant shift in the European EV market, where Tesla has fallen to 11th place in rankings. The broader UK battery electric vehicle market grew by 28%, driven by increased supply and consumer confidence.
UK trade minister Jonathan Reynolds will meet US trade representative Jamieson Greer in Paris on June 3, 2025, to discuss the impact of rising US steel tariffs, which are set to increase from 25% to 50%. This change poses significant challenges for British steel producers, who export around £700 million worth of steel and aluminum to the US annually. The meeting will also address trade arrangements with the EU, highlighting the vulnerabilities created by delays in implementing political agreements.
Robinhood has acquired Bitstamp for $200 million, marking its entry into institutional crypto services and expanding its international presence with over 50 crypto licenses across Europe, the UK, and Asia. This strategic move addresses Robinhood's historical lack of an institutional client base and reflects the maturation of the crypto exchange market, where consolidation is becoming prevalent as major players absorb smaller competitors to enhance their capabilities.
US Commerce Secretary Howard Lutnick expressed optimism about a potential US-India trade agreement, suggesting it may be reached soon. He emphasized that India could secure better terms by acting quickly, as previous deals have been more favorable. Despite the positive outlook, no specific timeline or details have been disclosed. The renewed interest in trade stems from India's growing economic significance, with the US becoming its largest goods trading partner. The current $45.6 billion trade deficit is a key negotiation point, and the urgency for a deal is heightened by global competition, as many countries are pursuing trade agreements with the US.
Dubai Aerospace Enterprise (DAE) has secured a $300 million three-year unsecured term loan from Bank of China branches to enhance liquidity for corporate needs and support airline customers. The company recently finalized agreements to sell approximately 75 aircraft, optimizing its fleet with a focus on newer, fuel-efficient models. DAE's pro forma fleet will now consist of 45% Boeing, 42% Airbus, and 13% ATR aircraft, reflecting its commitment to modernizing its portfolio.
UK digital bank Monzo has achieved a significant milestone, reaching $1.35 billion in revenue for the first time. Since its launch in 2015, the bank has expanded its customer base to over 12 million, marking a notable growth in the competitive fintech landscape.
Monzo, the UK digital bank, has achieved a significant milestone by surpassing £1 billion (US$1.35 billion) in revenue for the first time, alongside a pretax profit of £60.5 million for the fiscal year ending March 31, 2025. This growth is attributed to an increase in personal and business accounts, reflecting a shift in customer preference towards digital-first banking. As Monzo prepares for an IPO, its valuation is expected to rise to £6-7 billion, showcasing strong investor confidence and marking its evolution into a mature financial institution.
Aldar has unveiled a $10.9 billion master plan for Fahid Island in Abu Dhabi, featuring over 6,000 residential units and a 4.6-kilometer beachfront. The development, situated between Yas and Jubail Islands, aims to enhance the emirate's global profile with mixed-use spaces and a vibrant community atmosphere. Notable architectural firms are involved in the design, reflecting the growing interest in Abu Dhabi's luxury real estate market.
Naoris Protocol has successfully raised $3 million in a funding round led by Mason Labs, with participation from Frekaz Group, Level One Robotics, and Tradecraft Capital. This investment highlights the growing urgency to address quantum computing threats in the blockchain ecosystem.The protocol features a quantum-resistant blockchain and a cybersecurity mesh architecture, designed to protect systems without requiring hard forks. Led by a team of experts from cybersecurity and defense sectors, Naoris Protocol aims to enhance security in the Web3 landscape through its innovative infrastructure.
Emirates airline will resume flights to Damascus starting July 16, aiming to enhance connectivity and support Syria's economic recovery. This move will benefit the Syrian diaspora across the Americas, Europe, and the GCC, allowing them to reconnect with their roots and contribute to development efforts.
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Tesla's UK car sales plunge over 45 percent amid growing electric vehicle market
09:20 04.06.2025
UK and US officials to address rising steel tariffs in Paris meeting
10:05 03.06.2025
Robinhood acquires Bitstamp for 200 million to expand crypto services
09:20 03.06.2025
us commerce chief optimistic about imminent us india trade agreement
06:10 03.06.2025
dubai aerospace enterprise secures 300 million dollar loan for fleet modernization
05:12 03.06.2025
Monzo achieves record revenue of 1.35 billion dollars with 12 million customers
11:25 02.06.2025
Monzo achieves first billion dollar revenue milestone and plans IPO
11:24 02.06.2025
abu dhabi unveils 10.9 billion dollar development plan for fahid island
11:09 02.06.2025
naoris protocol secures 3 million funding to enhance quantum-resistant blockchain technology
10:21 02.06.2025
emirates airline to resume flights to damascus starting july 16
09:40 02.06.2025
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