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VW to invest up to $5bn in Tesla rival Rivian

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Volkswagen (VW), the German automotive giant, has announced an investment of up to $5 billion (£3.94 billion) in Rivian, a competitor to Tesla. This partnership forms a joint venture allowing both VW and the US-based electric vehicle (EV) manufacturer to share technology. Following the announcement, Rivian’s stock surged nearly 50%.

The collaboration comes amid increasing competition among EV manufacturers and the imposition of tariffs on Chinese imports by Western nations. VW will start with an initial $1 billion investment in Rivian, with an additional $4 billion planned by 2026.

Founded in 2009, Rivian has yet to achieve a quarterly profit, reporting a net loss of over $1.4 billion in the first quarter of 2024. VW, facing pressure from competitors like Tesla and China’s BYD, is working to transition from fossil fuel-powered vehicles to EVs.

The partnership provides VW with immediate access to Rivian’s software, which it can integrate into its vehicles. The deal also comes as Chinese EV manufacturers expand globally, increasing competition. The European Union (EU) recently announced plans to raise tariffs on Chinese EV imports by up to 38%, following an investigation that found Chinese EV companies had been unfairly subsidized. China criticized these tariffs as violating international trade rules and labeled the investigation as protectionist.

The tariff increase by the EU follows the United States’ decision to raise import duties on Chinese EVs from 25% to 100%. Canada is also considering similar measures to align with its allies.

Separately, Tesla announced a recall of over 11,000 Cybertrucks sold in the US due to issues with windscreen wipers and exterior trim. The Cybertrucks were first released at the end of November last year.

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Eurozone cuts interest rate for first time in 5 years

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The European Union has become the second major economy this week to reduce its lending rate, indicating progress in addressing inflation. The European Central Bank (ECB) cut its main interest rate from a record high of 4% to 3.75%, following Canada’s decision to lower its official rate on Wednesday. This decision coincides with EU-wide elections, reflecting public discontent over living costs.

ECB President Christine Lagarde stated that the inflation outlook has significantly improved, allowing for the rate cut. However, she cautioned that inflation would likely remain above the 2% target “well into next year,” averaging 2.5% in 2024 and 2.2% in 2025. Lagarde emphasized that the ECB would maintain a restrictive interest rate policy as needed to achieve the 2% target, without committing to a specific rate trajectory.

Lindsay James, investment strategist at Quilter Investors, noted that the rate cut was anticipated but still a relief for European consumers and businesses. She mentioned that the ECB’s move precedes potential cuts by the Bank of England and the US Federal Reserve, providing needed economic stimulus.

Despite a slight increase in inflation in May to 2.6% from 2.4% in April, the ECB decided to reduce rates. This follows Canada’s reduction from 5% to 4.75% after their inflation fell to 2.7%. Sweden and Switzerland have also made similar rate cuts.

Lagarde provided a positive economic outlook for the eurozone but warned of challenges such as geopolitical tensions and climate-related risks that could impact growth. Katherine Neiss, chief European economist at PGIM, expressed confidence in further ECB rate cuts over the summer or autumn, potentially lowering eurozone rates to 3.5% or less by year-end. She cited sluggish economic recovery, slowing inflation, and easing wage growth as justification for additional cuts.

In the UK, speculation exists that the Bank of England might reduce rates as early as this month, with inflation down to 2.3% from its peak over 11% in late 2022. The International Monetary Fund recommended cutting UK rates from 5.25% to 3.5% by year-end. However, George Godber from Polar Capital suggested that the upcoming UK election could complicate the Bank’s rate decision on June 20, as political considerations might influence the outcome.

The US Federal Reserve is also expected to reduce rates soon, with the current US inflation rate at 3.4%. Godber predicted that the Fed would act before the November election.

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Kamila Valieva: Russian figure skater given four-year ban for doping

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Russian figure skater Kamila Valieva has received a four-year ban for doping, following an appeal by the World Anti-Doping Agency (WADA) that was upheld by the Court of Arbitration for Sport (CAS). Valieva had initially been cleared by a Russian Anti-Doping Agency (RUSADA) investigation, which found no fault on her part for a failed test before the 2022 Winter Olympics, where she won team gold at the age of 15.

The ban, backdated to December 25, 2021, the date of the failed test, includes the disqualification of all competitive results achieved from that date. CAS clarified that the decision on whether to strip Russia of the gold medal would be examined by the relevant sports organizations, not within the scope of the arbitration procedure.

Valieva did not contest the presence of the banned substance, and CAS ruled that she failed to establish, on the balance of probabilities, that the Anti-Doping Rule Violation (ADRV) was not intentional. The Kremlin criticized the CAS ruling as a “politicized” decision, while the Russian Olympic Committee stated that “in effect war has been declared on Russia.”

WADA emphasized the severity of doping involving minors and called for legal consequences for doctors, coaches, or support personnel providing performance-enhancing substances to minors. The United States is expected to be awarded gold in the team figure skating event in Beijing, with Japan and Canada receiving silver and bronze, respectively.

The controversy surrounding Valieva’s doping case is seen as another chapter in Russia’s doping scandal, with the country’s athletes competing at the Beijing Games under the neutral name of the Russian Olympic Committee. The CAS decision has sparked concerns about the credibility of the Russian anti-doping system, with calls for increased vigilance.

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Europe heatwave: Hot weather sweeps across southern Europe

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A scorching heatwave continues to affect several European countries, with temperatures expected to break records in the coming days. Parts of Spain, France, Greece, Croatia, Turkey, and Italy may experience temperatures exceeding 40°C (104°F), with Italy potentially reaching up to 48°C (118.4°F), which could be the highest ever recorded in Europe, according to the European Space Agency. A red alert warning has been issued for 10 cities, including Florence and Rome. Last month was reported as the hottest June on record by the EU’s climate monitoring service Copernicus.

The World Meteorological Organization (WMO) has warned that extreme weather events resulting from climate change are becoming the new norm. While periods of intense heat are part of natural weather patterns, they are increasingly becoming more frequent, intense, and prolonged globally due to global warming.

The heatwave has impacted tourists in Europe, with visitors experiencing symptoms such as nausea and dizziness in Athens. Efforts have been made to provide information on air-conditioned places for people to seek relief from the heat. Tragically, a man in Italy died from heat-related causes, and several visitors, including a British man in Rome, have suffered from heatstroke.

Authorities are advising people to stay hydrated by drinking at least two liters of water per day and to avoid dehydrating beverages like coffee and alcohol. Tourists in Rome expressed surprise at the extreme heat and stated they were trying to avoid going out during the hottest hours of the day. Some individuals emphasized the need for collective action to address climate change, urging governments and individuals to take responsibility and make changes such as reducing plastic usage, limiting air conditioning, and using electric cars.

The current heatwave, named Cerberus after the mythical three-headed dog from Dante’s Inferno, is expected to continue intensifying in the coming days. Spain has already experienced temperatures reaching 45°C (113°F), and the European Space Agency has predicted potential temperatures of 48°C (118.4°F) in Sicily and Sardinia, which could be the hottest ever recorded in Europe.

Additionally, other regions outside Europe, including parts of Canada, the United States, India, and China, have also witnessed record-breaking temperatures this summer. Sea temperatures in the Atlantic have reached record highs, while Antarctic sea ice is at its lowest extent on record. Furthermore, the development of El Niño, a weather pattern in the tropical Pacific, is expected to contribute to rising temperatures by an average of 0.2°C, exacerbating the effects of climate change, which has already increased average temperatures worldwide by approximately 1.1°C.

To put the current heatwave in historical context, scientists can analyze air bubbles trapped in ancient Antarctic ice, which suggests that the first week of July was the hottest week in around 125,000 years. During the Eemian period, which occurred over a million years ago, temperatures were estimated to be significantly higher, resulting in hippos inhabiting the Thames and sea levels being approximately 5 meters (16.4 feet) higher.

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Canadian PM expresses solidary with people of France

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Justin Trudeau, the Prime Minister of the North American country of Canada, has expressed solidarity with the people of France, which suffered a terrible terror attack in the recent past.

The Canadian Prime Minister has spoken to his French counterpart, President Emanuel Macron, in connection with the matter. He has expressed his country’s support.

French recently faced severe criticism from the Arab world as it pledged its support to the right to caricature.

The recent terror attack has a connection to the right to caricature. It was to suppress the right to caricature that the attack was carried out.

Certain countries in the Arab world such as Turkey even directed its citizens to boycott goods produced in France.

The support France has been offered by the North American superpower of Canada is thus very crucial.

What the latest development indicates that like the Arab world has united against the right to caricature the liberal west has united for the right.

It seems that the development may create a huge rift between the liberal world and the conservative world.

The attitude of the superpowers towards this issue is crucial. It is the one which can determine the course of the present development.

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Canada bans assault-style weapons

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Canada Prime Minister Justin Trudeau has brought in a strict ban on assault-style weapons. The move has come shortly after the state witnessed a gun massacre in April.

As per the new law, it is not legal to sell, transport, import or use assault weapons. The ban may affect as many as 1,500 varieties of assault weapons currently in sale in the North American country of Canada.

The ban is expected to come to effect its full form in the near future itself. Meanwhile, the law offers a two-year amnesty period for law-abiding gun owners to comply.

The country is also expected to launch a program to buy back the guns from the people who own them.

Unlike the US, gun ownership is not enshrined in Canada’s constitution, but gun ownership is still popular, especially in rural parts of the country.


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IOC to decide fate of Olympics soon

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Soon, the International Olympic Committee is set to decide the fate of the 2020 Olympics and Paralympic Games – which is scheduled to commence on 24th July, 2020.

Several countries have expressed their concern about the Olympics on the wake of the virus outbreak. Some countries have requested the IOC to postpone the Olympics.

Notably, Canada has withdrawn from the Olympics.

There is a chance that other countries – particularly those who have been affected severely by the virus outbreak – follow the path paved by Canada.

The IOC is expected to decide the fate of the 2020 Olympics – which is scheduled to take place in the Asian country of Japan – within the timeframe of four weeks.

As per a latest report, the IOC is not happy with the request seeking the postponement of the Olympics. Anyway, the IOC has not made an official comment about the issue yet.

It is clear that the IOC is under severe pressure to postpone the Olympics.

It was expected that the 2020 Olympics would be the most colourful Olympics. Tokyo started way early to make the event memorable.

It is unfortunate that the efforts made by Japan struggle to meet its fructification for a reason which is not in control of the country – as strange as the outbreak of a disastrous disease.


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