• Russian spies only need $3 a month to dupe someone online: report

    A computer on a Russian flag.
    A computer on a Russian flag.

    • Russia has ramped up its information warfare, a new report reveals.
    • The Insider and German newspaper Der Spiegel found documents detailing an operation called Project Kylo.
    • The document estimated that it would cost Russian operatives $3 to manipulate one Western audience member.

    Russia's foreign intelligence agency SVR hatched plans that involved staging fake, anti-state protests, filming them, and then disseminating them — a sprawling operation aimed at discrediting Ukraine.

    This is according to a new report by The Insider and the German newspaper Der Spiegel. The organizations' joint investigation revealed the contents of a document obtained in a leak of SVR communications — detailing the ins and outs of Project Kylo, a 2022 strategic plan to spread misinformation about Ukraine in the West.

    According to the report, one of the operations in Project Kylo would have cost the Russian spies around $3 a month to manipulate one Western internet user.

    A main pillar of this campaign involved faking protests, with no more than 100 people being paid around $108 each. The false protests were filmed for "subsequent media dissemination," per the report.

    The other part of the SVR's intelligence operations involved generating fake German news sites that branded themselves as independent investigations agencies. The sites churned out articles harping on economic issues in Germany, like homelessness, while disseminating content under incendiary headlines like "How Ukrainians are robbing Germany of economic prosperity."

    "Waging network wars in EU cyberspace based on the increasing demands of Ukrainian migrants and the new waves of irritation of the local population provoked by this, according to preliminary estimates, will have a very high efficiency both now and in the foreseeable future," the SVR strategy document read, per translations from The Insider and Der Spiegel.

    The leaked document further outlined how the "cognitive campaign" the Russians intended to run was centered on instilling in Western users "the strongest emotion in the human psyche — fear."

    "It is precisely the fear for the future, uncertainty about tomorrow, the inability to make long-term plans, the unclear fate of children and future generations," the document read. "The cultivation of these triggers floods an individual's subconscious with panic and terror."

    This leak of SVR documents is not the first time Russian operations in the West have been uncovered.

    There have been multiple reports of Russian spies infiltrating the West, such as "Victor Muller," a Russian military operative masquerading as a Brazilian student who sought an internship at the International Criminal Court in The Hague to steal intelligence.

    And the number of Russian spies in the West is now estimated to be at the highest it has been in decades.

    Russian spy activities "are as high or even higher than during the Cold War," a Western intelligence officer told The Financial Times in March.

    German newspaper Welt am Sonntag reported in April 2023 that Russian spies have used Tinder to target German politicians and soldiers in a bid to obtain intelligence related to the Ukraine war.

    Read the original article on Business Insider
  • Guess which 2 ASX All Ordinaries shares were the best and worst performers of FY24?

    best and worse asx shares represented by green best button and red worst button

    The S&P/ASX All Ordinaries Index (ASX: XAO) is slightly in the red on Friday, down 0.11%.

    There are 500 companies within the ASX All Ords index.

    We thought it might be interesting to see which ASX All Ords share delivered the best capital growth in FY24 and which one languished at the bottom of the pile.

    The results are in.

    Best ASX All Ords share of FY24 for growth

    Clarity Pharmaceuticals Ltd (ASX: CU6)

    ASX All Ords healthcare share Clarity Pharmaceuticals shot the lights out in FY24. The Clarity Pharmaceuticals share price soared by 674.29% over the 12 months.

    Clarity is a clinical-stage radiopharmaceutical company. It’s developing next-generation therapy and imaging products used for the diagnosis and treatment of cancer and other serious diseases.

    The majority of the stock’s impressive price ascension in FY24 began in April.

    That’s when the company announced that the first patient ever to be dosed with two cycles of 67Cu-SAR-bisPSMA at 8GBq had a complete response to treatment based on RECIST criteria.

    That meant the patient had maintained undetectable levels of prostate cancer for almost six months.

    In March, Clarity successfully completed an institutional capital raising of $110 million. It then ran a fully underwritten retail entitlement offer at $2.55 per share, which raised a further $10.8 million.

    The funds will be used to continue radiopharmaceutical product development.

    Last month, Clarity announced it had received a near-$10 million research and development tax incentive refund as part of the Australian Federal Government’s R&D Tax Incentive program.

    The Clarity Pharmaceuticals share price closed FY24 at $5.42.

    Worst ASX All Ords share of FY24

    Core Lithium Ltd (ASX: CXO)

    The share price of ASX All Ords lithium share Core Lithium tanked by 90% in FY24.

    Just a year ago on 30 June 2023, Core Lithium shares were worth 90 cents a piece. That was already a devastating 52% fall from their all-time record high of $1.875 on 13 November 2022.

    On the final trading day of FY24, the Core Lithium share price closed at 9.35 cents. So, it’s not surprising that the stock was at the bottom of the ASX All Ords index for FY24.

    The biggest news out of the company in FY24 was the suspension of mining at its flagship Finniss Project in the Northern Territory in January.

    The company did this to conserve capital while lithium prices continued to fall. Since then, Core Lithium has continued analysing exploration results and processing stockpiled ore.

    In the latest quarterly update, Core Lithium told investors its cash balance had reduced from $124.8 million at the end of December to $80.4 million at the end of March.

    However, the company said it intended to sell an inventory of lithium concentrate and fines in 4Q FY24. At the time of the announcement, it valued the inventory at $25 million.

    The post Guess which 2 ASX All Ordinaries shares were the best and worst performers of FY24? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Clarity Pharmaceuticals right now?

    Before you buy Clarity Pharmaceuticals shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Clarity Pharmaceuticals wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor Bronwyn Allen has positions in Core Lithium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • What will it take for DroneShield shares to enter the ASX 200?

    DroneShield Ltd (ASX: DRO) shares have enjoyed one of the most euphoric share price runs of any stock in the All Ordinaries Index (ASX: XAO) over the past 12 months.

    A year ago, Droneshield shares were going for just 24 cents apiece. But fast forward to today, and those same shares are worth an extraordinary $1.94. That translates into a 12-month share price gain of 710%.

    The gains are even larger for longer-term investors of this ASX defence share.

    If one had owned Droneshield stock since April of 2020, when this company was priced at just 10 cents a share, they would be looking at a four-and-a-bit-year gain of 1,840%.

    This stunning run leaves Droneshield with a respectable market capitalisation of $1.53 billion today.

    With this kind of market cap under Droneshield’s belt, many investors might be wondering why Droneshield shares aren’t in the exclusive S&P/ASX 200 Index (ASX: XJO) club. After all, the ASX 200 is supposed to represent the largest 200 companies listed on the Australian share market.

    And with a market cap of $1.53 billion, Droneshield is now well within that range.

    On the surface, it does look like Droneshield’s ASX 200 inclusion is well overdue.

    This company is now double the size of some of the ASX 200’s smallest constituents. Take Strike Energy Ltd (ASX: STX). Strike shares only joined the ASX 200 in February of this year, replacing the now-taken-over Costa Group Holdings Ltd.  But today, Strike has a market capitalisation of just $643.7 million – less than half of Droneshield.

    Another stock currently in the bottom realms of the ASX is Nanosonics Ltd (ASX: NAN). Nanosonics currently commands a market cap of $884.75 million. Yet it too finds itself in the ASX 200, whereas Droneshield shares do not.

    So what’s going on here?

    Why aren’t Droneshield shares in the ASX 200?

    Well, the ASX 200 Index is a little more complicated than what investors might naturally assume. It is not simply a collection of the largest 200 shares on the Australian market. S&P Global, the company that manages most of the ASX’s indexes, lists several criteria for ASX 200 inclusion, of which market capitalisation is just one.

    And even though a company’s market cap is an important factor, S&P Global doesn’t just automatically include a share when it reaches a certain market cap milestone in its next quarterly rebalancing.

    Here’s what S&P Global says on that:

    …the market capitalization criterion for stock inclusion is based upon the daily average market capitalization of a security over the last six months.

    The ASX stock price history (last six months, adjusted for price- adjusting corporate actions), latest available shares on issue, and the Investable Weight Factor (IWF) are the relevant variables for the calculation.

    Today, Droneshield’s market cap is 440% higher than it was six months ago, which is one possible reason it hasn’t yet found itself in the ASX 200 Index.

    S&P Global also uses liquidity as a test for ASX 200 inclusion. And Droneshield is now a very liquid stock by ASX standards, with more than 10 million shares traded so far this Friday. So it’s likely that Droneshield’s liquidity isn’t a factor here.

    But S&P Global also uses another selection criterion for ASX 200 inclusion which might explain Droneshield’s absence in the index:

    In order to limit the level of index turnover, eligible non-constituent securities will generally only
    be considered for index inclusion once a current constituent stock is excluded due to a sufficiently low rank and/or liquidity, based on the float-adjusted market capitalization.

    Remember we discussed Strike Energy’s ASX 200 inclusion? Well, that only happened thanks to Costa Group leaving the index. It looks as though it’s not Droneshield’s attributes that are resulting in its index exclusion today, but the attributes of the other shares on the index.

    Next time a share is taken off the ASX boards or fails to meet the index’s market capitalisation and liquidity requirements, it might be Droneshield shares’ best shot at becoming an ASX 200 share. But until that happens, we might not see this company within the index. Watch this space.

    The post What will it take for DroneShield shares to enter the ASX 200? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Droneshield Limited right now?

    Before you buy Droneshield Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Droneshield Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield, Nanosonics, and S&P Global. The Motley Fool Australia has positions in and has recommended Nanosonics. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Brokers name 3 ASX shares to buy now

    It has been another busy week for many of Australia’s top brokers. This has led to the release of a number of broker notes.

    Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone right now:

    CSL Ltd (ASX: CSL)

    According to a note out of Macquarie, its analysts have retained their outperform rating and $330.00 price target on this biotherapeutics company’s shares. The broker has been looking at the US dollar and the impact it could have on CSL. And while it suspects that the greenback could act as an earnings headwind in the near term, it believes it will become a tailwind from FY 2026. Nevertheless, Macquarie doesn’t expect this to stop CSL from delivering double digits earnings growth over the next five years thanks to its plasma business. In light of this, the broker feels that the company’s shares are attractively price at current levels. The CSL share price is trading at $299.81 on Friday afternoon.

    Premier Investments Limited (ASX: PMV)

    A note out of Bell Potter reveals that its analysts have retained their buy rating and $35.00 price target on this retail conglomerate’s shares. The broker has been looking at the company’s proposed demerger of the Peter Alexander and Smiggle brands and the potential merger with Myer Holdings Ltd (ASX: MYR). It is very positive on both proposals. In respect to the former, the broker sees a lot of value emerging from the potential demerger of Premier Investments’ two key brands. Particularly given that it thinks they are global roll-out worthy. In light of this, Bell Potter notes that the company remains a key preference within the consumer discretionary sector. The Premier Investments share price is fetching $29.59 at the time of writing.

    Suncorp Group Ltd (ASX: SUN)

    Analysts at Morgan Stanley have retained their overweight rating on this insurance giant’s shares with an improved price target of $20.20. According to the note, the broker believes that Suncorp’s shares are being undervalued by the market. It highlights that they are trading at a material and unjustified discount to rival Insurance Australia Group Ltd (ASX: IAG). Especially given its higher quality earnings and strong car insurance businesses. As a result, the broker suspects that Suncorp’s shares could soon re-rate to higher multiples and close this gap. The Suncorp share price is trading at $16.86 this afternoon.

    The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.

    Should you invest $1,000 in CSL right now?

    Before you buy CSL shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CSL wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended CSL and Premier Investments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • The best ASX 200 share of each market sector in FY24

    Deterra share price royalties top asx shares represented by investor kissing piggy bank

    S&P/ASX 200 Index (ASX: XJO) shares rose by 7.83% in FY24 (total returns of 12.1% including dividends).

    The ASX 200 rose from a closing value of 7,203.3 points on the last trading day of FY23 to a closing value of 7,767.5 points on the last trading day of FY24.

    The index fell from July to October last year before an early Santa Rally in November began amid speculation that interest rates would be cut in 2024 due to falling inflation.

    There are 11 market sectors comprising the benchmark index.

    Let’s take a look at which ASX 200 share was the top performer in each sector in FY24.

    The best ASX 200 market sector shares in FY24

    Based on 12-month stock price growth (not including dividends), these were the best ASX shares of each market sector in the last financial year.

    Healthcare

    Pro Medicus Limited (ASX: PME) shares were not only the healthcare sector’s best performers for price growth but also the top stock of the entire ASX 200 in FY24. 

    The company delivered a 118.3% share price gain over the 12 months.

    The Pro Medicus share price is $130.13 on Friday, up 0.56%.

    Materials

    In the materials sector, ASX 200 gold mining stock Red 5 Limited (ASX: RED) delivered 89.5% capital growth in FY24. The company was boosted by a rising gold price.

    The ASX 200 gold miner is trading at 37 cents today, up 0.54%.

    Energy

    In the ASX 200 energy sector, uranium stock Deep Yellow Limited (ASX: DYL) soared by 77.5%.

    The ASX 200 energy stock is trading at $1.41 today, down 0.35%.

    Industrials

    Diversified industrial and investment company Seven Group Holdings Ltd (ASX: SVW) was the No. 1 stock in the ASX 200 industrials sector with 52.9% capital growth in FY24.

    The ASX 200 industrials share is trading at $36.05 today, down 4.07%.

    Communications

    Beep, beep! Car Group Limited (ASX: CAR) zoomed past its peers in the communications sector in FY24, racking up a 48% share price gain.

    The ASX 200 communications stock is trading at $33.67 today, down 0.75%.

    Technology

    Social networking app developer Life360 Inc (ASX: 360) was the No 1. stock in the technology sector in FY24 with an outstanding 115.4% gain.

    (Fun fact: The tech sector was the leader of the pack among the 11 sectors in FY24.)

    The ASX 200 tech stock is trading at $15.87 today, up 0.063%.

    Consumer discretionary

    Budget jewellery retailer Lovisa Holdings Ltd (ASX: LOV) led the consumer discretionary stocks in FY24 with a 70.3% share price gain.

    The ASX 200 retail stock is trading at $31.38 on Friday, up 1.26%.

    Real estate & REITs

    Goodman Group (ASX: GMG) soared in FY24 on the back of the artificial intelligence theme. With 73.1% share price growth, Goodman outperformed its real estate sector peers in FY24.

    The ASX 200 property share is $35.35 on Friday, down 0.099%.

    Consumer Staples

    Bega Cheese Ltd (ASX: BGA) was the No. 1 consumer staples stock of the year in FY24. The Bega share price lifted 49.1% over the 12 months.

    The ASX 200 consumer staples share is trading at $4.24 today, down 0.7%.

    Financials

    Diversified financial services company Hub24 Ltd (ASX: HUB) was the best ASX 200 financials stock of FY24, following an 82.9% surge in its share price.

    Hub24 shares are trading at $46.67 today, down 0.66%.

    Utilities

    In the utilities sector, Origin Energy Ltd (ASX: ORG) was the No. 1 stock in FY24, with share price growth of 29.1%.

    The ASX 200 utilities share is trading at $10.74 on Friday, up 0.47%.

    The post The best ASX 200 share of each market sector in FY24 appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Life360 right now?

    Before you buy Life360 shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Life360 wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor ass=”yoast-text-mark”>ass=”yoast-text-mark”>ef=”https://www.fool.com.au/author/TMFBronwyn/”>Bronwyn Allen has positions in Goodman Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group, Hub24, Life360, Lovisa, and Pro Medicus. The Motley Fool Australia has recommended Car Group, Goodman Group, Hub24, Lovisa, and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • China-made military drones similar to the MQ-9 Reaper were disguised as wind turbines in shipments to Libya: Italian officials

    Italian officials uncover military drone parts disguised as wind turbine components.
    Italian officials uncover military drone parts disguised as wind turbine components.

    • Two military drones were seized by Italian authorities on their way from China to Libya.
    • They were found in containers and disguised to look like wind turbine parts, Italian officials said.
    • The Times reported that these were Wing Loong UAVs, which are made in China and often compared to the Reaper.

    Italy has seized parts for two combat drones disguised as wind turbines in containers en route from China to Libya, customs and maritime authorities said on Tuesday.

    Officials at the port of Gioia Tauro intercepted six containers marked as parts for wind-powered generators, which were actually filled with the fuselages and wings for military drones, the Financial Police said in a statement. The agency patrols Italy's waters and is tasked with countering smuggling.

    Investigators said the drone parts were hidden among materials made to look like wind turbine fan blades "with the aim of concealing the checks carried out."

    According to the Financial Police, the drones have a tonnage of more than 3 tons, with a length of over 32 feet and a wingspan of over 65 feet.

    https://platform.twitter.com/widgets.js

    The Times of London reported on Sunday that Italian authorities had acted on intelligence from the US.

    It wrote that three containers were impounded on June 18 from the ship MSC Arina and that officials were expecting another three to arrive over the weekend on the MSC Apolline.

    Per the outlet, the drones were Wing Loong UAVs bound for Benghazi so they could be delivered to Libyan General Khalifa Haftar. The shipments included two control stations for the drones, per The Times.

    The drone specifications listed by the Financial Guard, which did not name the drones in its statement, match those of the Wing Loong-2 listed by Chinese state media reports.

    Italian officials stand next to drone parts disguised as wind turbines.
    Italian officials stand next to drone parts disguised as wind turbines.

    As a long-endurance and remotely controlled weapons platform, the Wing Loong-2 is often compared to the US-made MQ-9 Reaper, though its maximum speed and altitude are inferior to the latter.

    When it was introduced in 2017, China's state media lauded it as a sign that Beijing was the first to match the US in a "new generation of large-scale reconnaissance and strike integrated UAVs."

    Neither The Times nor the Financial Guard mentioned whether the Chinese government was involved.

    China's Foreign Ministry did not immediately respond to a request for comment sent by Business Insider.

    Italian authorities also did not say if the shipment contained munitions for the drones. They added that the seized shipment likely violates a long-standing United Nations embargo on weapons to and from Libya.

    Haftar's faction, the Libyan National Army, is based in eastern Libya and attempted to overthrow the country's internationally recognized government in 2020.

    A former officer in Muammar Gaddafi's administration, he's forged close ties with Russia, and Moscow has promised to support his military as he extends control over much of Libya.

    The use of the Wing Loong-2 was reported in Libya before this seizure. The United Nations found that in 2019, the drone was likely used by Haftar's forces in an attack on the suburbs of Tripoli.

    The UN report and a BBC investigation found that Wing Loong-2 drones were likely supplied by the United Arab Emirates, which has long been accused of backing Haftar.

    In April, two Libyan men were charged in Canada with conspiring to sell Chinese-made drones to Libya in exchange for oil between 2018 and 2021.

    Read the original article on Business Insider
  • ‘Bridgerton’ fans are sending in steamy audition tapes in hopes of landing a role on the hit Netflix series

    Luke Newton as Colin Bridgerton and Nicola Coughlan as Penelope Featherington on season three, episode two of "Bridgerton."
    "Bridgerton" fans are auditioning for a role on the hit Netflix show with their own steamy tapes.

    • Fans are sending steamy audition tapes to land roles on "Bridgerton."
    • "I get the most unbelievable videos, unsolicited," says casting director Kelly Valentine Hendry.
    • All three seasons of "Bridgerton" are among Netflix's top 10 most popular titles.

    "Bridgerton" has had its fair share of sexy romance scenes, and it looks like fans want in on the action.

    Fans of the hit Netflix series have been sending in steamy audition tapes, Kelly Valentine Hendry, the show's casting director, shared on Sunday's episode of the "Should I Delete That?" podcast.

    "I get the most unbelievable videos, unsolicited," Hendry said. "It's sex, basically. Not actual sex, but it's quite punchy the stuff that comes through to me," Hendry told podcast hosts Alex Light and Em Clarkson.

    "Not nude pictures, but not far off," Hendry added.

    Hendry also shared that she often has to delete emails from her inbox because it's always at "90% capacity" every day.

    It's not surprising that fans would try to send in their own racy clips, considering the show is known for its steamy shots — including the carriage scene, the mirror scene, and the over 5½ -minute-long chaise lounge scene.

    In May, "Bridgerton" star Nicola Coughlan told Stylist magazine she asked to be "very naked on camera" in one of her explicit scenes in season three in response to getting body-shamed by viewers.

    "It just felt like the biggest 'fuck you' to all the conversation surrounding my body; it was amazingly empowering," Coughlan said.

    All three seasons of "Bridgerton" are also among Netflix's top 10 most popular titles of all time, as of June 30. Season three — the latest season — is at number 10 with a cumulative 91.9 million views. This total was calculated 45 days after the first four episodes premiered on May 16, which means that the series has the potential to rack up even more views.

    The "Bridgerton" series also has a large impact on the wider cultural landscape, sparking a renewed interest in the Regency era.

    However, the hotly-anticipated season four of the show will likely only arrive in 2026, showrunner Jess Brownell told The Hollywood Reporter in June.

    Read the original article on Business Insider
  • The Labour Party is back in power in the UK after a 14-year drought

    UK Prime Minister and Conservative Party leader Rishi Sunak (right) conceded defeat and congratulated Labour Party leader Keir Starmer (right) on his party's victory on Thursday.
    UK Prime Minister and Conservative Party leader Rishi Sunak (right) conceded defeat and congratulated Labour Party leader Keir Starmer (right) on his party's victory on Thursday.

    • The Labour Party has triumphed in the UK general elections.
    • UK Prime Minister Rishi Sunak conceded defeat to Labour Party chief Keir Starmer early on Friday morning.
    • The party has been out of power since 2010 but won a landslide victory on Thursday.

    The Tories are out, and the Labour Party is back in power.

    UK Prime Minister and Conservative Party leader Rishi Sunak conceded defeat in the country's recent general elections on July 4.

    "The Labour Party has won this general election, and I have called Keir Starmer to congratulate him on his victory," Sunak told reporters on Thursday.

    "The British people have delivered a sobering verdict tonight. There is much to learn and reflect on, and I take responsibility for the loss," Sunak added.

    Starmer's party obtained a landslide victory against Sunak's, winning at least 370 seats as of press time, per Bloomberg. A party only needs to obtain at least 326 out of the 650 seats to form a simple majority.

    The watershed election marks the Labour Party's stunning return to power, as it has been out of government since 2010.

    "A mandate like this comes with a great responsibility," Starmer said in his victory speech. "The fight for trust is the battle that defines our age."

    Starmer also said in his victory speech that his party now plans to govern as a "changed Labour Party."

    "I don't promise you it will be easy. Changing a country's not like flicking a switch. It's hard work. Patient work. Determined work. And we will have to get moving immediately," he said.

    Read the original article on Business Insider
  • Tesla just opened up a big new customer base in China after slashing prices in April to meet a key threshold

    Tesla Model Y
    Tesla's Model Y cars just made it on the list of approved vehicles of one local government in China.

    • A local Chinese government just approved Tesla's Model Y approved for use.
    • This is the first time Tesla's cars are eligible for government purchases in China.
    • Government approval could help Tesla amid global demand slump and rising competition.

    Tesla's Model Y cars just made it on the list of approved vehicles of one local government in China, unlocking a new customer base for the electric vehicle giant.

    The EV can now be used as a service car by party, government, and public body officials in Jiangsu according to official Chinese media outlet The Paper. The province, north of Shanghai, is an education and manufacturing hot spot with one of the highest GDPs in the country.

    This was the first time Tesla's cars have been made eligible for government purchases in China, the outlet reported. The Model Y is part of a longer list of approved electric or hybrid cars, including several domestic manufacturers and a model from Volvo, which has a Chinese parent company.

    The local procurement center told the media that Tesla signed up for the list.

    The center evaluated Tesla's cars based on several factors, including passenger capacity, range, charging time, and price of no more than 250,000 yuan, or about $34,400.

    Tesla's best-selling Model Y just met the cutoff point, with a starting price of 249,900 yuan in China. The carmaker slashed prices by 14,000 yuan, or $1,930, in April, in what was seen as a response to slowing demand and a price war with Chinese rivals.

    Tesla met one other condition at the procurement center: Cars cannot be imported.

    The American EV maker fulfilled this requirement because the Teslas are domestically produced, and its Shanghai factory uses over 95% local parts, The Paper reported.

    While being on the list is not a sure indicator of future sales, given the large number of approved cars, the approval is a win for Tesla and CEO Elon Musk.

    The local government's approval may pave the way for a wider rollout in other provinces, allowing Tesla to tap into a new customer base. Tesla EVs are already being used and tested by government bodies in Venice, Florida.

    The approval also comes as Tesla faces a slump in global EV demand and rising competition from Chinese EV heavyweights like BYD. While recent deliveries beat analyst expectations, Tesla reported on Tuesday that sales fell for the second straight quarter, down nearly 5% compared with the same period a year ago.

    Both China and Musk have been eager to play nice. In April, Musk visited the country and its second-highest-ranking politician, Premier Li Qiang, to discuss self-driving technology.

    Read the original article on Business Insider
  • Elon Musk is giving India the cold shoulder and ghosting officials on Tesla investments

    Musk last met India's Prime Minister Narendra Modi in New York in June 2023.
    Tesla CEO Elon Musk cancelled a planned visit to India in April, citing "heavy Tesla obligations." Musk last met India's Prime Minister Narendra Modi in New York in June 2023 (pictured).

    • Tesla hasn't engaged with India's government since Elon Musk canceled his trip in April, per Bloomberg.
    • Tesla was initially planning to build a new factory in India but seems to have shifted its focus.
    • Musk has told investors to value Tesla as an AI or robotics company instead of an automaker.

    India may no longer be a priority for Tesla and its CEO Elon Musk.

    The mercurial billionaire's team hasn't engaged with the country's officials since he canceled his trip to India in April, Bloomberg reported on Thursday, citing people familiar with the matter.

    "Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk said in an X post on April 20.

    Bloomberg's sources also said India's government doesn't expect Tesla to make any investments anytime soon as the company is experiencing capital issues.

    Tesla and India's heavy industry, finance, and commerce ministries did not respond to the outlet's requests for comment.

    The report comes as a surprise, considering Tesla has long been eyeing India as a potential area for expansion.

    In April, Reuters reported that the EV giant was planning to build a new factory in India as part of a $2 to $3 billion investment into the country. Musk was expected to announce the expansion plans during his planned visit to India.

    But Musk did still end up traveling to another Asian country in April. The Tesla CEO made a surprise trip to China just a week after scrapping his trip to India, where he met the country's second-highest-ranking politician, Li Qiang.

    The trip was fruitful for Musk, who has advertised his ambitions of turning Tesla into a leading AI and robotics company. According to a Bloomberg report in April, Chinese officials gave their in-principle approval for Tesla to roll out its Full Self-Driving technology in the country.

    That said, India probably hasn't entirely fallen off of Musk's radar.

    Musk congratulated India's Prime Minister Narendra Modi on his government's electoral victory at the country's general elections. The pair had last met in New York in June 2023.

    "Congratulations Narendra Modi on your victory in the world's largest democratic elections! Looking forward to my companies doing exciting work in India," Musk wrote in an X post on June 7.

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    Representatives for Tesla and India's commerce ministry didn't immediately respond to requests for comment from BI sent outside regular business hours.

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