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/

2025-12-01 12:49

UK ends $1.15 billion support due to increased risks Dutch minister says Total cancelled request for $1.1 billion insurance UK, Dutch had commissioned human rights probes into project LONDON, Dec 1 (Reuters) - Britain and the Netherlands are withdrawing a combined $2.2 billion in support for the TotalEnergies-led Mozambique LNG project, they said separately on Monday, after both hired firms to probe human rights concerns surrounding the development. Britain's government said it was rescinding its $1.15 billion backing for project after promising in 2020 a $300 million loan and insurance worth about $700 million for the $20 billion project via UK Export Finance. Sign up here. The Dutch government also said on Monday Total had withdrawn a $1.1 billion export insurance request for the project. Atradius Dutch State Business authorised $1.3 billion in export insurance via two policies, the larger of which has been rescinded at the company's request, the Dutch finance ministry said on Monday. TotalEnergies declined to comment. Mozambique's government did not respond to a request for comment. CONSTRUCTION HALTED IN 2021, BUT DUE TO RESTART Mozambique LNG's construction was halted in 2021 due to an Islamist insurgency. Total lifted force majeure on its development in November, but made restarting conditional on the Mozambican government's approval of a new budget, which the president said he may dispute. "In preparation to restart the project, UKEF was presented with a proposal to amend the financing terms it had agreed originally," British business minister Peter Kyle said in a statement. "My officials have evaluated the risks around the project, and it is the view of His Majesty’s Government that these risks have increased since 2020." The interests of UK taxpayers "are best served by ending our participation in the project at this time," he added. Jihadist attacks have been back on the rise in Mozambique, with Total bringing in workers and equipment this year by air and sea for security reasons. PROJECT CAN PROCEED WITHOUT UK, DUTCH FINANCING, TOTAL HAS SAID In April TotalEnergies CEO Patrick Pouyanne told investors that project partners could move forward without UK and Dutch financing, using equity. More than 70% of the project's financing is secured, and about 90% of the future gas production is commercialized via contracts with buyers. Kyle said UKEF would pay back the project for any premium paid. A UKEF spokesperson declined to name the amount. The Dutch finance minister on Monday said TotalEnergies had asked to cancel part of its insurance via a letter dated November 24, just as an independent human rights review ordered by the ministry was being finalised. "This means that the Netherlands will no longer be involved in financing the project," the statement reads. A $213 million policy insuring Dutch contractor Van Oord remains in place, a ministry spokesperson said. TotalEnergies holds a 26.5% operating stake in Mozambique LNG. Japan's Mitsui (8031.T) , opens new tab owns 20% in the project and Mozambique state firm ENH 15%, alongside smaller stakeholders including India's ONGS and Oil India. In March, the U.S. Export-Import Bank approved a nearly $5 billion loan for the project. CRITICISM FROM ENVIRONMENTAL, HUMAN RIGHTS GROUPS Human rights nonprofit ECCHR last month filed a criminal complaint against TotalEnergies, alleging it was complicit in torture and enforced disappearances allegedly carried out by government soldiers in Mozambique. In April, UKEF hired law firm Beyond Human Rights Compliance LLP to investigate risks around Mozambique LNG following initial media reports of the alleged torture, three people interviewed by the firm told Reuters. TotalEnergies has said those claims lack evidence. The Dutch government said on Monday the two firms it hired to investigate — Clingendael and Pangea Risk — found the torture allegations credible, though they could not ascertain Total's knowledge or role, if any. A London court in 2023 dismissed a court challenge by environmental group Friends of the Earth against the British government's funding for the project. https://www.reuters.com/business/energy/britain-withdraws-115-billion-backing-totalenergies-led-mozambique-lng-2025-12-01/