Elon Musk Is Losing $5 Billion A Month This Year

Good morning! It’s Friday, July 5, 2024, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know. Walter Isaacson On Elon Musk(s) 1st Gear: Elon Musk Loses $5 Billion Every Month At the start of … Read more

G7 taps Moscow’s frozen assets in support of Ukraine

A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations. “Russia has to pay,” European Council President Charles Michel told CNBC’s Steve Sedgwick, after the leaders of the Group of Seven (G7) major democracies agreed in … Read more

EU set to elect its most right-wing parliament

The 2024 European Parliament elections threaten to shake the bloc’s traditionally mainstream political landscape. Sean Gallup | Getty Images Europeans head to the polls this week in closely watched elections that threaten to shake the bloc’s traditionally mainstream political landscape. From June 6 to 9, around 400 million people across the EU’s 27 member states … Read more

China is engaged in ‘deliberate’ efforts to undermine the U.S. and Europe, says EU envoy Gitenstein

Mark Gitenstein, the U.S. ambassador to the EU, said China is deliberately distorting markets with a glut of cheap goods. Speaking to CNBC’s Silvia Amaro on Tuesday, Gitenstein said China was “engaged in a deliberate effort to undermine economic sectors in both Europe and the United States.” The Chinese Embassy in London did not immediately … Read more

European Union will soon get a new leadership team. Here are the names

European Commission President Ursula von der Leyen has pushed for a policy of derisking from China. Frederick Florin | Afp | Getty Images BRUSSELS, Belgium — European diplomats have already started key negotiations on who will take the main jobs at the European Union following elections next month. Voters across the 27-member EU are heading … Read more

Russian oligarch’s yacht costs U.S. taxpayers $900,000 a month

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings. The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire … Read more

EU considering sanctions on Chinese firms supporting Russia’s war machine

This pool photograph distributed by Russian state owned agency Sputnik shows Russia’s President Vladimir Putin (R) and China’s President Xi Jinping heading to a group photo session during the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing on October 18, 2023. Grigory Sysoyev | AFP | … Read more

The EU’s green reputation takes a hit

A farmer pulls waste to block the RN 19 near in Vesoul, eastern France, on January 25, 2024.  Sebastien Bozon | Afp | Getty Images The European Union prides itself on being a champion for the environment. But that reputation is now being firmly tested, after it toned down its climate policies following angry farmer … Read more

EU’s von der Leyen says Russia now ‘dependent’ on China

European Commission President Ursula von der Leyen looks on during a press conference. John Thys | Afp | Getty Images An increasingly isolated Russia is now dependent on China for both its military and economic ends, the European Commission’s president said Tuesday. Ursula von der Leyen said Russia was leaning more heavily on its eastern ally … Read more