China warns EV makers to stop price-cutting to protect the economy

China is urging its electric vehicle industry to stop cutting prices and rein in production amid fears that persistent deflation is imperilling economic growth.In recent months Chinese officials have talked repeatedly of the need to combat “involution” in sectors suffering from overcapacity, such as EVs, referring to the phenomenon of investing more effort and money for diminishing returns.Xi Jinping has spoken of the problem directly. In an unusually blunt speech this month, China’s president criticised provincial governments for blindly overinvesting in artificial intelligence, in computing power and in new energy vehicles, industries that Beijing has identified as strategic priorities but which are also at risk of overheating.On 23 July, Xi gave another speech in which he stressed the importance of breaking the cycle of “involution” that has gripped parts of the Chinese economy, the world’s second-biggest after the US

McDonald’s UK arm cut Children in Need giving despite jump in profits

McDonald’s UK arm has cut its donations to some charities despite profits soaring more than 80% last year as it shed almost 2,000 jobs, according to its latest accounts.Documents newly filed at Companies House for the fast food chain’s British business in 2024 show it gave £529,000 to Children in Need – reduced from £952,000 the previous year – and handed £744,000 to Ronald McDonald House charities, down from £779,000.It reduced the headcount at its directly operated business to 24,375 from 26,384 – with all reductions from restaurants and operations rather than head office.McDonald’s has more than 1,400 sites in the UK and Ireland, with a large proportion operated by franchisees who employ their own staff – more than 140,000 people. Just over half of sales reported by the UK arm came via franchisees

Tesla board awards $29bn of shares to Elon Musk

Tesla’s board has approved the award of $29bn (£22bn) worth of shares to its chief executive, Elon Musk, after a US court ruled against a previous pay deal for the world’s richest person.Musk will pay $2bn to buy 96m shares in the electric carmaker at the same price per share as a 10-year pay package agreed in 2018, which is stuck in legal limbo awaiting a court date for an appeal. The award was based on a recommendation from a “special committee” of the board.The announcement in a financial filing was accompanied by a shareholder letter from two members of the committee, Robyn Denholm, Tesla’s chair, and Kathleen Wilson-Thompson.It described the award as a “good faith” payment to Musk after the previous pay deal, worth $56bn, was rescinded in 2024 by a judge in Delaware, where the company was incorporated until June that year

Social media battles and barbs on both sides of Atlantic over UK Online Safety Act

The UK’s Online Safety Act has been greatly anticipated. Amid mounting concerns about the ease of accessing harmful content online, rules were drawn up to force social platforms to protect children from posts and videos that incite hatred or encourage suicide, self-harm or eating disorders.But within days of coming into force, the new approach to keeping children safe online had become a rallying point for the right in both Britain and the US.Last week Nigel Farage, leader of the populist Reform UK party, was embroiled in a furious row with a Labour government minister after pledging to repeal the legislation.Meanwhile Republicans held meetings with UK politicians and the communications regulator, Ofcom

Kelia Mehani Gallina: the 12-year-old girl staring down monster waves at Teahupo’o

The young Tahiti surfer will become the WSL’s youngest competitor when she takes on the fearsome break she can see from her family homeWhen the final leg of the World Surf League (WSL) regular season begins in Tahiti this week, Kelia Mehani Gallina will make history. Just 12 years old, the Tahitian local won the event trials last month to book a spot in the main draw, making her the youngest competitor in WSL history. She will face the current world No 1, Molly Picklum of Australia, and American star Lakey Peterson in the opening round, before celebrating her 13th birthday midway through the event.The contest site, Teahupo’o, is renowned as being among the heaviest waves in the world. But Gallina is a regular – she speaks to the Guardian by phone with her father, Ryan, from their home in Teahupo’o village

‘A massive call’: AFL premiership coach Simon Goodwin sacked by Melbourne Demons

Simon Goodwin, Melbourne’s only premiership coach in the past 60 years, has been sacked by the Demons. The former Adelaide champion, who led the club to the drought-breaking 2021 flag, was let go following just seven wins this season, with Troy Chaplin confirmed as the interim replacement.Taking over from Paul Roos in a succession plan for the 2017 season, Goodwin led Melbourne to their first premiership in 57 years. But off-field turmoil and dwindling performances on the field placed the 48-year-old’s job in jeopardy.President Brad Green said the board made the decision on Monday night but it had been considering Goodwin’s position over a number of weeks