2025-12-01 18:17
LONDON, Dec 1 (Reuters) - Britain's Treasury Committee said Richard Hughes, who resigned as the head of the fiscal watchdog, would no longer appear to discuss the work of the agency on Tuesday after he quit over the organisation's early release of key parts of the budget. The session will continue as scheduled on Tuesday with the remaining members of the OBR's Budget Responsibility Committee, Tom Josephs and David Miles, the cross-party committee said in a statement. Sign up here. The committee, which examines the expenditure, administration and policy of the finance ministry, the Bank of England, and other finance bodies, thanked Hughes for his service. "I want to thank Richard Hughes for approaching his work with dedication throughout his time as Chair of the Office for Budget Responsibility – often in trying circumstances," said Meg Hillier, chair of the committee. "I commend his decision to take full responsibility for the incident." https://www.reuters.com/world/uk/uk-treasury-committee-drops-obrs-hughes-tuesdays-hearing-2025-12-01/
2025-12-01 17:45
Tesla registrations fall more than 50% in France, Sweden Also down more than 40% in Denmark, Netherlands, Portugal Registrations jumped by 175% in Norway, 58% in Italy Brand is rolling out cheaper version of its Model Y Competition from China is growing Dec 1 (Reuters) - Tesla (TSLA.O) , opens new tab registrations in several key European markets plunged in November from a year earlier as the U.S. EV maker continued to struggle to stem market share losses despite rolling out new versions of its best-selling Model Y. Elon Musk's brand however sold more cars in Norway and Italy than in November last year, partly offsetting losses elsewhere. Sign up here. Monthly registrations, a proxy for sales, slumped by 58% in France to 1,593 vehicles sold, by 59% to 1,466 cars in Sweden, by 49% to 534 cars in Denmark, by 44% in the Netherlands to 1,627, by 47% in Portugal to 425, and by 9% in Spain to 1,523, official data showed. However in Norway, they almost trebled to 6,215 cars, beating the country's annual sales record with one month to spare. Registrations in Italy jumped by 58% to 1,281, but remain down 28% year-to-date. Tesla's overall market share in Europe dipped to 1.6% in January-October from 2.4% a year earlier, highlighting a downward trend for the brand whose signature Model Y SUV was Europe's and the world's best-selling model as recently as 2023. SLOWDOWN FOLLOWS MUSK BRUSH WITH POLITICS The company's slowdown in Europe began late last year after its CEO Musk publicly praised right-wing political figures, setting off protests , opens new tab across the region. In November, a large fire at a Tesla dealership in Southern France prompted investigators to launch a criminal probe, local media reported. Musk has toned down political commentary since stepping down from the U.S. Department of Government Efficiency, but Tesla’s European business has not recovered. TESLA NOVELTY FADES AMID GROWING COMPETITION Analysts pointed to growing competition in a crowded European market, especially from new entrants from China, and Tesla's aging lineup. Consumer sentiment has weakened. Data analytics and advisory firm Escalent said in a study seen by Reuters that 38% of respondents to a survey in Europe's five largest car markets feel the brand's novelty has worn off, and it trails competitors on design, quality and emotional appeal. Many European buyers are also increasingly choosing hybrid cars over fully electric models, French car body PFA said. November sales at Chinese EV maker BYD (002594.SZ) , opens new tab, which unlike Tesla also sells hybrids and plug-in hybrids, spiked to 3,526 vehicles in Italy, jumped 268% to 2,934 in Spain and 65% to 570 in the Netherlands, their best month on record in the country. A NEW, CHEAPER MODEL Y Musk spent much of this year focused on Tesla's robotics pursuits and winning shareholder approval for his $1 trillion pay package, but his brand also tried to win back buyers by launching a refreshed Model Y earlier this year. Only a handful of cheaper Model Ys, priced at 40,000 euros ($46,468) in Germany, had reached European markets at the end of November, however. Sales of the Model Y dropped by 67% in Sweden, 62% in the Netherlands, 55% in Portugal, 44% in Italy and 74% in Denmark. They jumped 19% to 3,648 cars in Norway. ($1 = 0.8608 euros) https://www.reuters.com/business/retail-consumer/tesla-november-car-registrations-drop-58-france-49-denmark-data-shows-2025-12-01/
2025-12-01 16:40
LONDON, Dec 1 (Reuters) - The head of Britain's fiscal watchdog, Richard Hughes, submitted his resignation on Monday after his agency inadvertently released the details of Rachel Reeves' budget early, according to a letter published on its website. Sign up here. https://www.reuters.com/world/uk/head-uks-obr-quits-over-early-release-budget-report-2025-12-01/
2025-12-01 16:05
MOSCOW, Dec 1 (Reuters) - Top Russian banker Andrei Kostin said that Moscow would retaliate if the European Union used frozen Russian sovereign assets for a loan to Ukraine, and said Moscow could unleash half a century of litigation over the money. At a summit in October, EU leaders tried to agree on a plan to use 140 billion euros ($162 billion) in frozen Russian sovereign assets in Europe as a loan for Kyiv, but failed to secure Belgium's backing. Sign up here. Under the EU plan the frozen Russian central bank assets in Europe would be lent to Ukraine for Kyiv to use for defence and regular budget needs. "As for the seizure of our money, in the end, we can manage without it. The only problem is that this money might be used for war, not peace," Kostin said, speaking ahead of U.S. special envoy Steve Witkoff's visit to Moscow. "It's convenient to wage war not only with others' hands but also with others' money - this is the ultimate finesse for Europe. But there can be no justification for this." Kostin said that Russia would retaliate to the seizure by seizing assets owned by European investors in Russia and added that "50 years of litigation" could follow even after the peace in Ukraine is achieved. He said that Russia should be more active in suing the EU, Belgium and Euroclear over the assets in Russian and international courts, and suggested a law suit in the United Nations' court. Kostin, one of Russia's most powerful bankers, was more open to the idea to split up Russia's sovereign assets as part of a broader agreement to achieve peace in Ukraine. An early version of the U.S.-backed peace plan, published in the media, suggested that $100 billion of the frozen funds will be invested in reconstruction of Ukraine with some of the rest of the funds invested in joint US-Russia fund. "If Russia agrees and is ready, by all means. It's a matter of agreements," Kostin said. He said that Witkoff's visit to Moscow was important and Russia was ready to make concessions in the negotiations but reaching an agreement will take time. "Sooner or later, we will reach an agreement. Life shows that compromises need to be sought. Russia is also ready for them, as there is no such thing as one-way movement in negotiations," Kostin said. https://www.reuters.com/business/finance/top-russian-banker-says-eu-faces-50-years-litigation-if-it-takes-russias-frozen-2025-12-01/
2025-12-01 15:58
MEXICO CITY, Dec 1 (Reuters) - Remittances to Mexico declined 1.7% from a year earlier in October, the nation's central bank said on Monday, totaling $5.64 billion. October marked the seventh straight month of year-on-year declines in the remittances the country receives, contrasting with sharp increases reported for Central American countries in 2025. Sign up here. The total number of remittances in the month declined 5.4%, while the average value of each payment sent edged up 4.0% compared to the same month last year, the central bank added in a report. The amount for October resulted from the accumulation of some 14 million transactions averaging $403 each. Accumulated remittances to Mexico through October 2025 totaled $51.34 billion, 5.1% lower than the amount received during the same period last year. (This story has been corrected to change the month from September to October, in paragraph 4) https://www.reuters.com/world/americas/remittances-mexico-register-seventh-consecutive-dip-down-17-october-2025-12-01/
2025-12-01 13:52
Dec 1 (Reuters) - BofA Global Research on Monday said it now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at its December meeting, citing weak labor market conditions and recent comments from policymakers hinting at an early cut. The Wall Street brokerage had previously expected borrowing costs to remain unchanged at the Fed's December meeting. It now sees two additional quarter-point cuts in 2026, in June and July, bringing the terminal rate to 3.00%-3.25%. "Our forecast of additional cuts next year is due to the change in leadership, not our read on the economy," analysts at BofA said in a note. White House economic adviser Kevin Hassett has emerged as the frontrunner to be the next U.S. Federal Reserve chair, according to reports last week. BofA's shift follows dovish signals from key officials, including New York Fed President and FOMC Vice Chair John Williams, which have fueled bets on an earlier cut. "By cutting rates next week, we think the Fed would increase the risk of pushing policy into accommodative territory, just as fiscal stimulus kicks in," BofA added. Traders are pricing in an 87.6% chance of a 25-basis-point interest rate cut in December, according to CME Group's FedWatch Tool. Most major global brokerages expect the Fed to cut rates by 25 basis points next week, with Morgan Stanley and Standard Chartered among the few expecting a hold. The Fed's upcoming policy meeting is scheduled for December 9 and 10. Sign up here. https://www.reuters.com/business/bofa-expects-december-fed-cut-two-more-2026-2025-12-01/
