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News

British Business - August 4

Aug 4 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Lloyd's of London has stepped up plans to open itself up to outside capital with a new platform that offers easier access to pension funds and other institutional investors.
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Carmakers start to see weaker demand amid inflation squeeze

By Victoria Waldersee BERLIN, Aug 3 (Reuters) - Carmakers are reporting lower demand in Europe and North America amid what analysts say is growing evidence that consumers are balking at higher prices and keeping their cash for necessities. Although some upmarket brands like Ferrari RACE.MI and Mercedes MBGn.DE have raised sales forecasts due to continued high demand for top end models, the outlook for the bulk of the industry is bleaker.
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German firms weigh options to save gas, warn may need to cut output

* Germany's export industries brace for further gas cuts * Chemical industry can save 2%-3% of gas by fuel switch * Engineering firms could cope with 20%-40% less gas in short term * Further savings will mean lower production, companies warn * Gas-auctioning government platform to go online in October By Victoria Waldersee and Riham Alkousaa BERLIN, July 26 (Reuters) - German firms are attempting to reduce gas use in response to a government plea to spare reserves, but savings may be limited wit
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American startup EnergyX out of Bolivian lithium race

By Marcelo Rochabrun June 8 (Reuters) - American startup EnergyX and Argentine energy firm Tecpetrol have been disqualified from a race to mine Bolivian lithium, the government said, as the country aims to tap its vast resources in partnership with one or more foreign companies. Bolivia has the world's largest lithium resources but it has struggled for decades to mine them commercially, amping up its efforts last year amid a surge in demand for batteries for electric vehicles.
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EU lawmakers back ban on new fossil-fuel cars from 2035

(Updates throughout) By Kate Abnett BRUSSELS, June 8 (Reuters) - European Parliament lawmakers on Wednesday voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035, rejecting attempts to weaken the proposal to speed Europe's shift to electric vehicles. The vote upholds a key pillar of the European Union's plans to cut net planet-warming emissions 55% by 2030, from 1990 levels - a target that requires faster emissions reductions from industry, energy and transport
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EU lawmakers support effective ban for new fossil-fuel cars from 2035

BRUSSELS, June 8 (Reuters) - European Parliament lawmakers on Wednesday voted in favour of an effective EU ban on the sale of new petrol and diesel cars from 2035, as part of a broad package of measures to combat climate change. Lawmakers backed a proposal, made by the European Commission last year, to impose a 100% reduction in CO2 emissions from new cars by 2035, which would end sales of fossil fuel-powered vehicles.
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Financial Times - May 4

May 4 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines - Aston Martin to replace chief executive with ex-Ferrari boss Link - China's independent refiners start buying Russian oil at steep discounts Link - BMW and Audi suspend shipments by train to China Link Overview - Aston Martin AML.L will announce the immediate departure of chief executive Tobias Moers on Wednesday who will be replace
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Gas-guzzling German carmakers face uphill struggle to go green

By Victoria Waldersee BERLIN, April 29 (Reuters) - As Germany speeds up investment in renewables, the energy consumption of its carmakers reveals just how reliant the country's most important industry is on fossil fuels, a Reuters analysis of environmental data shows. Their dependence lays bare the hurdles automakers face in transforming their own energy consumption while moving the transport sector, responsible for around 30% of German energy consumption, towards electromobility.
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Iron man Elon Musk places his Tesla battery bets

By Hyunjoo Jin and Paul Lienert April 27 (Reuters) - As Tesla's profits and prices grabbed headlines last week, a potentially pivotal development for the global car industry flew largely under the radar. The U.S. electric pioneer disclosed that nearly half of the vehicles it produced in the first quarter were equipped with lithium iron phosphate (LFP) batteries - a cheaper rival to the nickel-and-cobalt based cells that dominate in the West.
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Financial Times - April 18

April 18 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines - UK proposes speeding up aviation industry recruitment Link -BMW pledges not to cut jobs in transition to electric vehicles Link - Ineos warns high energy costs threaten British manufacturing Link - Rwanda plan may not deter migrants from coming to Britain, says top official Link Overview - Britain is proposing measures to help sp
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Mercedes-Benz bets on India's nouveau riche to drive luxury car sales

* Start-up frenzy, stock market boom create new millionaires * Average age of Mercedes car buyer less than 40 years * Sale of its top-end luxury models grew 80% in 2021 By Aditi Shah PUNE, India, April 12 (Reuters) - Germany's Mercedes-Benz MBGn.DE is betting that an expanding pool of young new millionaires will drive demand for luxury cars in India, creating faster sales growth than for mass market cars, a top company official said.
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Mercedes-Benz bets on India's nouveau riche to drive luxury car sales

* Start-up frenzy, stock market boom create new millionaires * Average age of Mercedes car buyer less than 40 years * Sale of its top-end luxury models grew 80% in 2021 By Aditi Shah PUNE, India, April 12 (Reuters) - Germany's Mercedes-Benz is betting that a growing crop of young new millionaires will drive demand for luxury cars in India, growing sales at a pace faster than that of mass market cars, a top company official said.
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Carmakers dream of clean, green, mean electric machines

By Nick Carey and Barbara Lewis WASHINGTON, England, April 4 (Reuters) - An electric car is a clean car, right? If only it were so simple. From motor magnets with toxic histories to batteries made using copious fossil-fuel power, many challenges face carmakers seeking to purge dirtier materials from their supply chains to satisfy regulators and investors.
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Parts shortages, high gas prices weigh on U.S. auto market

By Joseph White DETROIT, April 1 (Reuters) - Major automakers are expected to report on Friday that first-quarter U.S. car and light truck sales fell sharply compared to a year ago, with more uncertainty ahead because of parts shortages, high fuel prices and rising interest rates. J.D. Power and LMC Automotive forecast that January-March U.S. car and light truck sales will decline 18% from a year ago, and predict the annualized sales pace for March will slump to 12.7 million vehicles, down from
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Shanghai denies lockdown rumours as daily COVID infections near 1,000

By David Stanway and Roxanne Liu SHANGHAI, March 23 (Reuters) - Authorities in the Chinese city of Shanghai have denied rumours of a city-wide lockdown after a sixth straight increase in daily asymptomatic coronavirus cases pushed its count to record levels despite a campaign of mass testing aimed at stifling the spread. The latest outbreak in China's wealthy commercial hub remains tiny by global standards.
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Your connected car knows you. The tussle for that data's hitting high gear

By Nick Carey LONDON, March 14 (Reuters) - Where you go. What you pass. Where you stop. What you listen to. What you watch. Your good habits. Your bad habits. Companies in Europe and beyond are vying for control of the crown jewels of the connected car era: your vehicle's data. The contest is entering a pivotal phase as EU regulators look to hammer out the world's first laws for the ballooning industry around web-enabled vehicles, pitting carmakers against a coalition of insurers, leasing compan
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Carmakers face soaring metal costs with Russian supplies at risk

By Nick Carey and Christina Amann LONDON, March 8 (Reuters) - Saving up for a new ride? Better start putting more cash aside. Russia's invasion of Ukraine is ramping up the price of metals used in cars, from aluminium in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to foot the bill.
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Carmakers face soaring metal costs with Russian supplies at risk

(Removes extraneous word from the second paragraph) By Nick Carey and Christina Amann LONDON, March 8 (Reuters) - Saving up for a new ride? Better start putting more cash aside. Russia's invasion of Ukraine is ramping up the price of metals used in cars, from aluminium in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to foot the bill.
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H&M, Oracle and videogame maker EA add to corporate condemnation of Russia

(Recasts with more company action, new sanctions, Ukraine official's plan for corporate outreach) * Oracle shuts operations after tweet from Ukrainian official * U.S., EU roll out new sanctions, with a focus on Belarus * Automakers struggle to get enough parts from Ukraine By Tim Hepher and Nick Carey March 2 (Reuters) - Netflix, fashion outlet H&M, tech company Oracle and many others cut or paused business in Russia on Wednesday because of the attack on Ukraine, while the United States laid out
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Apple, Ford other big American brands join corporate wave shunning Russia

* Apple stops Russia sales, makes some app changes * ESG investors support company action * Rouble hits new low By Dawn Chmielewski and Ross Kerber March 2 (Reuters) - Some of America's best-known companies including Apple, Google, Ford and Harley-Davidson rebuked and rejected Russia for its invasion of Ukraine, under steady pressure from investors and consumers decrying the violence.
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