Rolling coverage of the latest economic and financial news
Overall, new car registrations in the EU increased by 1.4% year-on-year in November, the fifth monthly rise in a row.
ACEA reports:
Despite the recent positive momentum, overall volumes remain well below pre-pandemic levels. The battery-electric car market share reached 16.9% YTD, in line with projections for the year, yet a level that still leaves room for growth to stay on track with the transition.
Hybrid-electric vehicles lead as the most popular power type choice among buyers, with plug-in hybrids continuing to gain momentum.
Lebanese singer-songwriter Yasmine Hamdan returns with mournful minimalism, Mohinder Kaur Bhamra’s 1982 album of Punjabi disco makes a comeback and Guatemalan duo Titanic serve up ecstatic tracks • The 50 best albums of 2025 • More on the best culture of 2025
A 40-minute suite of continuous, repetitive drumming might not sound like the most accessible music but south Asian percussionist and producer Sarathy Korwar’s latest album, There Is Beauty, There Already, turns this concept of insistent rhythm into strangely alluring work. Leading an ensemble of three drummers, Korwar develops a dense percussive language throughout the record’s 10 movements, channelling Steve Reich’s phasing motifs as well as Indian classical phrasing and anchoring each in the repetition of a continual, thrumming refrain. As the album continues, the refrain begins to emulate the hypnotic repetition of ceremonial rhythm, drawing us further into Korwar’s percussive world the longer we listen.
Executed with trademark technical flair and empathy, this part-horror, part-fairytale set in a haunted orphanage from 2001 is one of the director’s best
He’s a household name now after The Shape of Water and his new Frankenstein, but 25 years ago Guillermo del Toro was a virtual unknown, still bruised from the Harvey Weinstein-produced Hollywood flop Mimic. But, as this overlooked follow-up attests, he was always a class act. In fact, this is one of his best: a rich, rousing ghost story shrouded in trademark gothic gloom but executed with technical flair and a good deal of empathy.
As with his later breakthrough Pan’s Labyrinth, it’s part-horror, part-fairytale, with children at its centre. The setting is a middle-of-nowhere boys’ orphanage in 1930s Spain, a leftist sanctuary from Franco’s fascists during the civil war. Newcomer Carlos (Fernando Tielve) must find his feet in this semi-surreal realm, with an unexploded bomb in the middle of the courtyard, some kindly adults (one-legged Marisa Paredes and kindly doctor Federico Luppi), some not-so-kindly adults (aggressive caretaker Eduardo Noriega), and junior bullies to win over. There’s also a ghost in the mix: a pale-faced boy named Santi, whose death no one seems to want to discuss, and to whose empty bed Carlos is ominously assigned.
Generous Guardian readers have so far raised more than £500,000 for the Hope appeal supporting inspirational grassroots charities that bring together divided communities, promote tolerance, and tackle racism and hatred.
The 2025 Guardian appeal is raising funds for five charities: Citizens UK, the Linking Network, Locality, Hope Unlimited Charitable Trust, and Who Is Your Neighbour?
Exclusive: Campaigners say slashing overseas aid would leave UK unable to meet existing commitments
Plans by Reform UK to slash the aid budget by 90% would not cover existing contributions to global bodies such as the UN and World Bank, shredding Britain’s international influence and risking its standing within those organisations, charities and other parties have warned.
Under cuts announced by Nigel Farage in November, overseas aid would be capped at £1bn a year, or about 0.03% of GDP. Keir Starmer’s government is already set to reduce aid from 0.5% of GDP to 0.3% by 2027, but even that lower proportion would still amount to £9bn a year.
Beijing’s push to dominate technology through state-backed industrial policy is reshaping global trade and could devastate European industry
Emmanuel Macron came back from China in early December empty-handed. The French president’s appeal to his Chinese counterpart, Xi Jinping, to help stop the war in Ukraine was never going to gain traction given Beijing’s unqualified support for Russia.
Urging Xi to address China’s surging trade surplus, the result of the country’s economic and industrial policies, predictably also fell on closed ears.
The Harvard professor provides a ceaseless flow of startling details in this exhaustively researched, 1000-year account
In the early 17th century, the Peruvian city of Potosí billed itself as the “treasure of the world” and “envy of kings”. Sprouting at the foot of the Cerro Rico, South America’s most populous settlement produced 60% of the world’s silver, which not only enabled Spain to wage its wars and service its debts, but also accelerated the economic development of India and China. The city’s wealthy elites could enjoy crystal from Venice and diamonds from Ceylon while one in four of its mostly indigenous miners perished. Cerro Rico became known as “the mountain that eats men”.
The story of Potosí, in what is now southern Bolivia, contains the core elements of Sven Beckert’s mammoth history of capitalism: extravagant wealth, immense suffering, complex international networks, a world transformed. The Eurocentric version of capitalism’s history holds that it grew out of democracy, free markets, Enlightenment values and the Protestant work ethic. Beckert, a Harvard history professor and author of 2015’s prize-winning Empire of Cotton, assembles a much more expansive narrative, spanning the entire globe and close to a millennium. Like its subject, the book has a “tendency to grow, flow, and permeate all areas of activity”. Fredric Jameson famously said that it was easier to imagine the end of the world than the end of capitalism. At times during these 1,100 pages, I found it easier to imagine the end of the world than the end of Capitalism.
This hidden gem has country inns, canalside walks, a stunning viaduct, the historic town of Market Harborough – and not a tour bus in sight
It was a chilly Sunday in November 2000 when the gods chose to smile on Ken Wallace. The retired teacher was sweeping his metal detector across a hillside in Leicestershire’s Welland valley when a series of beeps brought him up short. Digging down, he found a cache of buried coins almost two millennia old. He had chanced upon one of the UK’s most important iron age hoards, totalling about 5,000 silver and gold coins.
More than 25 years on, I’m staring at Ken’s find at the civic museum in the nearby town of Market Harborough. The now gleaming coins are decorated with wreaths and horses. They’re about the size of 5p pieces, but speak of a wild-eyed age of tribal lands and windswept hill forts.
The Cameroonian professor made the Time most influential list in 2025 and saw the project he co-founded receive $100m for its virus detection work. Now he is on a mission to transform Africa’s genomics capability
Winning the world’s health lottery is a lonely business in the current climate. “It’s like being an orphan in a space where there used to be many kids playing – suddenly everybody’s gone and you’re just there with a ball,” says Dr Christian Happi.
The Cameroonian distinguished professor of molecular biology and genomics has just won $100m for his work – at a time when global health funding is being viciously slashed as part of wider aid cuts.
The US economy is pumped up on tech-bro vanity. The inevitable correction must prompt a global conversation about intelligent machines, regulation and risk
If AI did not change your life in 2025, next year it will. That is one of few forecasts that can be made with confidence in unpredictable times. This is not an invitation to believe the hype about what the technology can do today, or may one day achieve. The hype doesn’t need your credence. It is puffed up enough on Silicon Valley finance to distort the global economy and fuel geopolitical rivalries, shaping your world regardless of whether the most fanciful claims about AI capability are ever realised.
ChatGPT was launched just over three years ago and became the fastest-growing consumer app in history. Now it has about 800m weekly users. Its parent company, OpenAI, is valued at about $500bn. Sam Altman, OpenAI CEO, has negotiated an intricate and, to some eyes, suspiciously opaque network of deals with other players in the sector to build the infrastructure required for the US’s AI-powered future. The value of these commitments is about $1.5tn. This is not real cash, but bear in mind that a person spending $1 every second would need 31,700 years to get through a trillion-dollar stash.
Met Office says temperatures are tracking ahead of 2022 after year of heatwaves and drought, though late cold spell could yet intervene
Forecasters say 2025 is “more likely than not” to break the record for the hottest year in the UK since records began, after a summer of heatwaves and drought followed by a mild autumn.
According to the Met Office, the official forecaster, the mean temperature for 2025 is tracking well ahead of the previous highest year, set in 2022. However, a colder spell expected from Christmas until the new year makes it too close to call definitively.
CPS says new law marked ‘significant shift in recognising serious nature’ of offence, often linked to domestic abuse and sexual assault
The number of suspects charged for strangulation and suffocation in England and Wales has increased almost sixfold in the three years since the offence was first introduced, Crown Prosecution Service data has revealed.
Brought in under the Domestic Abuse Act, which came into force in 2022, the legislation closed a gap in the existing law, giving courts much greater sentencing powers.
Labour urged to accelerate reset with Brussels as many exporters struggling to trade in the EU after Brexit deal
Keir Starmer’s government has been told a closer EU trade deal is a “strategic necessity” for companies in Britain as growing numbers of exporters find it tougher to do business under the UK’s post-Brexit agreement.
Calling on Labour to accelerate its reset with Brussels, the British Chambers of Commerce (BCC) said the UK’s existing trade and cooperation agreement (TCA) was failing to help them grow their sales in the EU.
Liberal democracies view Putin’s Russia as a bully – and Trump’s US as an angry drunk with a bazooka. The response is pure venom
There are people who argue that Vladimir Putin’s war on Ukraine is not motivated by fears or imperial ambitions, but by other countries’ disrespect. Russia once commanded authority as one of the world’s two superpowers, but it has since forfeited that status. It knows it has lost the respect of other countries (Barack Obama famously dismissed Russia as just a “regional power”), and the Ukraine war is its way of winning it back.
What is perhaps surprising is that Donald Trump’s turn against Europe has similar motivations. Putin knows his aggressive revanchism won’t win Russia any love among countries whose respect he craves. But if he can’t be loved, he hopes at least to be feared. If you are in a social order that regards you as inferior, you have every incentive to turn spoiler.
Henry Farrell is the Stavros Niarchos Foundation professor of international affairs at Johns Hopkins University. Sergey Radchenko is Wilson E Schmidt distinguished professor at the Henry A Kissinger Center, Johns Hopkins School of Advanced International Studies
They went mega-viral as the couple who were caught canoodling on a live screen. Cue plot twists and months of public intrigue
On 16 July 2025, Andy Byron and Kristin Cabot went to a Coldplay concert in Boston. You know this, I know this, my pop-culture-averse neighbour Norma knows this. Millions of people around the world are intimately acquainted with what happened that fateful day: the co-workers were caught cuddling and then jumping apart in horror on Coldplay’s kiss cam. Attention spans are short and fresh memes are minted daily. Unfortunately for Byron and Cabot, this wasn’t just another meme; the video of their shocked reaction contained all the ingredients of a viral moment with unusual staying power.
First, there was the format: the clip – uploaded on social media by a fellow concert-goer – was only a few seconds long and easy to recreate. Then there were the protagonists: Byron was the married CEO of software company Astronomer and Cabot was the head of HR. Inequality is at record levels and eat-the-rich narratives are everywhere; everyone loves the chance to hate on wealthy tech types.
Our 20 favourite pieces of in-depth reporting, essays and profiles from the year
Victor Pelevin made his name in 90s Russia with scathing satires of authoritarianism. But while his literary peers have faced censorship and fled the country, he still sells millions. Has he become a Kremlin apologist?
Ireland’s 2015 Gender Recognition Act was born in an era of optimism and consensus, but as gender-critical activism grows so does debate whether it can hold
Soon after Ireland passed its Gender Recognition Act in 2015, Kevin Humphreys, a Labour politician, visited a residential home for senior citizens – where an older woman thanked him for the new law.
It was Humphreys who, as the minister of state for social protection 10 years ago, guided through the legislation that has meant transgender people in Ireland can apply to have their lived gender legally recognised by the state through a simple self-certification process.
Her decibel level was almost operatic. But the sound of my first granddaughter wailing like an ambulance was the most beautiful I had ever heard
Just days before Christmas in 2018, I took a flight from New York City to visit my family in southern Italy. My wife, Elvira, and daughter Caroline had moved to a small town in the countryside a few years earlier, and I planned in due course to join the festivities permanently.
I’d made the trip before, once or twice a year since they moved, mainly to get the lay of the land. But this time was different. Caroline had recently had her first child and our first grandchild. And now, after making do with photos and videos, I was finally going to meet Lucia Antonia, all of 11 weeks old. Rarely in my life had I felt more giddy about an encounter in the offing.
Decision comes amid growing public support for Guan Heng – who secretly filmed detention facilities in China – after he illegally entered US by boat
The Department of Homeland Security has dropped its plan to deport a Chinese national who entered the country illegally, two rights activists have said, after his plight raised public concerns that if deported the man would be punished by Beijing for helping expose human rights abuses in China’s Xinjiang region.
Rayhan Asat, a human rights lawyer who assisted in the case, said Guan Heng’s lawyer received a letter from the department stating its decision to withdraw its request to send Guan to Uganda. Asat said she now expected Guan’s asylum case to “proceed smoothly and favourably”.
Trump again called for Venezuela’s president to leave power and said the US would keep or sell the oil it had seized
China and Russia have expressed support for Venezuela as it confronts a US blockade of sanctioned oil tankers, while Donald Trump continues to ramp up his pressure campaign on the South American country’s president, Nicolás Maduro.
Amid reports of slowing activity at Venezuelan ports, the US president again called for Maduro to leave power, and reiterated that the US would keep or sell the oil it had seized off the coast of Venezuela in recent weeks.
In his first comments since the release, the president expressed sympathy for high-profile figures, including Bill Clinton, who have come under scrutiny
Donald Trump has broken his silence on the release of the Jeffrey Epstein files, complaining that people who “innocently met” the convicted paedophile could have their reputations destroyed.
In his first comments since the justice department began releasing the materials on Friday, the US president on Monday expressed sympathy for prominent Democrats who have come under renewed scrutiny over their associations with Epstein.
Emergency crews at work after port facilities and ship damaged, governor says, while Donald Trump says peace talks going ‘OK’. What we know on day 1,399
Russian forces struck Ukraine’s Black Sea port of Odesa late on Monday and damaged port facilities and a ship, the regional governor said, in the second attack on the region in less than 24 hours. Oleh Kiper said on Telegram that emergency crews were tackling the aftermath of the latest attack and that no casualties had been reported but provided no further details. An earlier overnight attack hit port and energy infrastructure in the Odesa region, causing a fire at a major port and disrupting electricity supplies to tens of thousands of people. “Russia is attempting to disrupt maritime logistics by launching systematic attacks on port and energy infrastructure,” deputy prime minister Oleksiy Kuleba said on Telegram.
Ukraine’s energy ministry said on Tuesday that Russia was again attacking the country’s energy sector, prompting emergency power outages in a number of regions, including the capital, Kyiv, and its surrounding region.
A Russian general was killed after an explosive device detonated beneath his car in what Moscow described as a likely assassination carried out by Ukrainian intelligence services, reports Pjotr Sauer. Lt Gen Fanil Sarvarov, head of the operational training directorate of the Russian armed forces’ general staff, died of his injuries, a spokesperson for Russia’s investigative committee said. “Investigators are pursuing numerous lines of inquiry regarding the murder.” Russian Telegram channels with links to the security services reported that Sarvarov’s car exploded while driving along a Moscow street about 7am on Monday. Ukraine has not claimed responsibility for the attack.
Donald Trump has said talks to end the Ukraine war are going “OK”, a day after his envoy Steve Witkoff characterised US discussions with Ukrainian and European representatives in Florida as “productive and constructive”. “The talks are going along,” Trump said at his Mar-a-Lago resort in Florida on Monday. “We are talking. It’s going OK.” Asked if he planned to speak to Volodymyr Zelenskyy or Vladimir Putin, Trump didn’t say, offering only of the fighting: “I’d like to see it stopped.”
Zelenskyy said initial drafts of US proposals for a peace deal met many of Kyiv’s demands but suggested neither side in the war was likely to get everything it wanted in talks on a settlement. “Overall, it looks quite solid at this stage,” the Ukrainian president said on Monday of the latest talks with US officials. “There are some things we are probably not ready for, and I’m sure there are things the Russians are not ready for either.” Trump has been pushing for a peace deal for months but has run into sharply conflicting demands from Moscow and Kyiv.
Moscow said parallel talks between Russia and the US in Miami at the weekend should not be seen as a breakthrough. “This is a working process,” Kremlin spokesperson Dmitry Peskov said when asked whether the talks could be seen as a turning point. The Izvestia news outlet cited him as saying in remarks published on Tuesday that discussions were expected to continue in a “meticulous” format and that Russia’s priority was to obtain from the US details of Washington’s work with Europeans and Ukrainians on a possible settlement. He said Moscow would then judge how far those ideas matched what he called the “spirit of Anchorage”, after the Trump-Putin meeting in Alaska in August.
Zelenskyy has said residents of a border village taken into Russia by Moscow’s troops had interacted with their neighbours for years without incident. The Ukrainian president on Monday confirmed media reports that residents of Hrabovske village – on the Sumy region’s border and home to 52 people – were taken away by Russian troops. “I think they simply didn’t expect Russian troops to simply walk in and take them away as prisoners,” Zelenskyy said. “But that’s what happened.” The Kremlin has not commented on the situation. The Ukrainian army has said it is battling an attempted Russian breakthrough in the north-eastern Ukrainian region, where Russian forces have recently seized several villages near the border.
President says the ships will be bigger, faster and a hundred times more powerful than any previous US-built warship
Just when you thought it was safe to go back in the water. Donald Trump has announced plans for the US navy to build a new generation of warships – known as “Trump-class”.
The ships will be bigger, faster and a hundred times more powerful than any previous US-built warship, the president said on Monday. The project will begin with construction of two such battleships and eventually be expanded to 20 to 25 new vessels.
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