1. Warren Buffett’s-backed BYD accelerates past Elon Musk’s Tesla
Shenzhen-based BYD sold 641,000 vehicles between January and June – a 300% increase compared with the same period last year – while Texas-based EV maker Tesla managed sales of 564,000 cars.
2. Rolls-Royce needs mini nuclear reactor approval
Rolls-Royce Holdings PLC (LSE:RR.) asked Boris Johnson to approve the engineering giant's mini nuclear reactor project within the next six months or risk delaying a project essential to Downing Street's green energy initiative.
3. Lloyds Banking upside underappreciated – Credit Suisse
The British bank’s equity offers attractive relative and absolute value, according to Credit Suisse analyst Omar Keenan, who in a note says the market is still ‘looking for comfort’ over the 2023/24 outlook.
4. UK banks slump as BoE insists they hold more capital
In the latest Financial Policy Committee bi-annual review, the Bank of England noted signs of a toughening stance on mortgages and lending to businesses due to the inflation squeeze.
5. FTSE 100 drops nearly 3%
The UK blue-chip index closed down 207.18 points, or 2.9% at 7,025.47, just above the session low of 7,016.78 and well below the opening peak of 7,260.30.