Registrations of fully electric cars across 17 European markets increased by 70.3 per cent in September, according to industry figures published on Monday, 19 October, as France and Germany seek to ease the European Union’s emissions requirements for new vehicles.

The data show that 300,202 battery-electric cars were registered during the month, accounting for 32.6 per cent of new passenger-car registrations in the markets surveyed.

The figures emerge three days after Paris and Berlin announced a joint position on the future of Europe’s automotive industry, proposing greater flexibility in the EU’s 2035 emissions regime while introducing measures intended to favour vehicles manufactured in Europe.

Electric vehicles gain market share

The latest figures, compiled by E-Mobility Europe, New Automotive and Fier Automotive, indicate that electric vehicle demand accelerated sharply during September.

According to the industry data published on 19 October, approximately 1.98 million battery-electric cars have been registered across the 17 markets during the first nine months of 2026, an increase of 38.1 per cent compared with the equivalent period last year.

Higher oil prices, government incentives and the introduction of more affordable electric models have all contributed to demand.

The figures represent a substantial change in the composition of European new-car sales, although they cover selected markets rather than constituting a complete statistical account of the EU’s 27 Member States.

France recorded 65,243 battery-electric registrations in September, representing 41.7 per cent of its new-car market. Germany registered 88,724 electric vehicles, giving the technology a market share of 34.6 per cent.

Both countries have substantial automotive manufacturing industries and are directly involved in negotiations over Europe’s future emissions legislation.

Significant differences between European markets

Despite the overall increase, electric vehicle adoption remains uneven across the continent.

Norway retained its position as Europe’s most electrified new-car market, with battery-electric vehicles accounting for 98.8 per cent of registrations in September.

Denmark followed with 88.8 per cent, while Finland recorded 62.7 per cent and Sweden 49 per cent.

Electric models also accounted for approximately half of new-car registrations in Belgium, the Netherlands, Ireland and Portugal.

At the other end of the market, battery-electric vehicles represented only 11.2 per cent of registrations in the Czech Republic, 7.6 per cent in Italy and 6.2 per cent in Poland.

These differences illustrate the difficulty of establishing a uniform European transition timetable.

Household incomes, purchase incentives, vehicle prices and charging infrastructure differ substantially between countries. The availability of affordable electric cars is particularly important in markets where buyers are more sensitive to the initial purchase price.

The varying national figures also complicate the EU’s industrial calculations, since manufacturers must operate across markets progressing at different rates.

France and Germany reach automotive compromise

On 16 October, French President Emmanuel Macron and German Chancellor Friedrich Merz agreed on a joint approach to changes in European automotive regulations.

Under the proposed compromise, car manufacturers would be required to reduce carbon dioxide emissions from new vehicles by 90 per cent by 2035 compared with the 2021 reference level.

The agreement would also remove a proposed requirement to compensate for the remaining emissions through measures such as the use of low-carbon steel.

The change would create additional opportunities for manufacturers to continue selling vehicles powered by combustion engines beyond 2035, subject to the final legislative framework.

In their joint declaration on the automotive industry’s future, the French and German governments argued that emissions reduction must be combined with industrial competitiveness, investment and European manufacturing capacity.

The agreement also envisages preferential treatment for vehicles produced in Europe under certain public procurement and subsidy arrangements.

Britain could potentially benefit from provisions allowing selected European partners to qualify under the proposed industrial framework.

The Franco-German understanding is not, however, a final EU legislative decision. Changes to the regulatory regime require agreement through the relevant European legislative procedures.

Automotive competitiveness enters the debate

The principal argument advanced by supporters of greater regulatory flexibility is that European manufacturers need additional time to adapt production, protect employment and compete with international rivals.

German manufacturers retain extensive investment in combustion-engine and hybrid technology, while French producers have placed considerable emphasis on electric vehicles and maintaining European supply chains.

The negotiations therefore concern more than emissions limits. They also involve battery production, access to raw materials, manufacturing costs and the ability of European companies to compete with producers in China and other markets.

Supporters of the existing transition timetable argue that weakening long-term requirements could discourage investment in electric manufacturing capacity just as consumer demand is increasing.

Manufacturers seeking greater flexibility maintain that regulatory targets must account for uneven market conditions and the cost of developing new technologies.

September’s sales figures provide evidence that electric vehicle adoption is accelerating, but they do not establish whether the same rate of growth will continue without existing incentives.

The debate now centres on whether regulatory relaxation will preserve Europe’s automotive industry during the transition or slow investment in the technology that is already capturing an increasing share of the market.

The European Parliament is preparing to vote on amendments to the as Brussels seeks to reduce its dependence on foreign suppliers of minerals essential for defence equipment, electric vehicles, advanced electronics and industrial production.

The proposals, scheduled for debate in Strasbourg on Monday, 19 October, and a vote on Tuesday, would strengthen coordination over strategic supplies and revise the responsibilities of European companies that depend on vulnerable international supply chains.

At the centre of the discussions is a proposal to establish a European Critical Raw Materials Centre, which would coordinate purchasing arrangements, assess supply risks and support the development of strategic reserves.

The initiative comes amid increasing concern over China’s dominant position in the processing and supply of several materials regarded as indispensable to European industry.

Parliament considers stronger European coordination

According to the European Parliament’s October plenary briefing, the proposed Critical Raw Materials Centre would operate as an EU body responsible for several functions currently distributed between European institutions and national authorities.

These would include identifying vulnerabilities in supply chains, conducting risk assessments, coordinating contingency stocks and supporting joint purchasing arrangements.

The objective is to give European governments and manufacturers greater capacity to respond to interruptions in supplies of minerals and processed materials that cannot easily be replaced.

The legislative report has been prepared by the Parliament’s Committee on Industry, Research and Energy, with Dutch Social Democrat MEP Mohammed Chahim serving as rapporteur.

The committee examined amendments to the existing legislation during 2026, with its revised report submitted for plenary consideration on 9th October.

Tuesday’s vote is intended to establish Parliament’s position for negotiations with the Council. It would not, by itself, constitute final adoption of the amended regulation.

China’s position creates supply risks

The European Union depends heavily on imported critical raw materials, particularly those required for batteries, permanent magnets, semiconductors and specialist industrial equipment.

China occupies a particularly important position in the refining and processing of rare earth elements, graphite and several other materials used in high-technology manufacturing.

The concentration of production creates vulnerabilities because disruption at a single stage of processing can affect manufacturers operating across multiple European countries.

According to the Council of the European Union’s assessment of strategic mineral supplies, China is the principal supplier to the EU for numerous materials, including gallium, germanium, magnesium and rare earth elements.

These substances are used in applications extending well beyond electric vehicles.

Permanent magnets are required for certain electric motors, wind turbines and defence systems, while other critical materials are used in radar, satellites, aircraft components and advanced electronic equipment.

Restrictions affecting their availability can therefore have consequences for European industrial output, defence procurement and the development of new technology.

The question for EU policymakers is not simply whether minerals can be obtained, but whether Europe has sufficient alternative sources and processing capacity to withstand restrictions imposed by a dominant supplier.

Existing targets remain difficult to achieve

The Critical Raw Materials Act entered into force in May 2024 and established benchmarks intended to strengthen European production and diversify imports by 2030.

Under the existing framework, the EU aims to develop extraction capacity equivalent to at least 10 per cent of its annual consumption of strategic raw materials, where geological reserves allow.

The corresponding benchmarks are 40 per cent for processing and 25 per cent for recycling.

The legislation also seeks to prevent any single non-EU country from supplying more than 65 per cent of the Union’s annual consumption of a particular strategic raw material at any relevant processing stage.

These are policy benchmarks rather than binding production quotas imposed on individual companies.

Their achievement depends on the development of mines, processing facilities and recycling operations, as well as the ability to attract investment.

New extraction projects frequently require lengthy environmental assessments, infrastructure development and extensive capital investment. Processing operations face additional challenges involving energy costs, technical expertise and commercial competitiveness.

Consequently, reducing import dependence involves more than identifying mineral deposits within European territory.

Greater obligations for manufacturers

The proposed amendments also address the responsibilities of major European companies using strategic raw materials.

Under provisions examined by the parliamentary committee, the European Commission would take a greater role in identifying large manufacturers whose operations depend on strategically important supplies.

These companies could face requirements to assess vulnerabilities in their supply chains, including the geographical location of extraction and processing operations and the ownership of relevant facilities.

The arrangements would be particularly significant for businesses producing batteries, aircraft, drones, satellites, advanced chips and other products considered strategically important.

Where significant risks are identified, companies could be expected to consider measures including diversification, improved material efficiency or maintaining stocks.

The proposals also seek to strengthen recycling and the recovery of valuable materials from existing products, reducing the quantity of newly extracted resources required by European industry.

Recycling alone cannot remove the need for imports, particularly where demand for new technologies is increasing, but it can provide an additional source of supply.

Supply security becomes an industrial priority

The legislation forms part of a wider effort to link European industrial policy with economic security.

Brussels has been seeking additional raw materials partnerships with third countries, while manufacturers remain concerned about the commercial cost of building alternative supply chains.

Recent EU discussions concerning cooperation with Vietnam illustrate the emphasis being placed on securing alternative access to minerals such as tungsten and rare earth elements.

However, diversifying supplies does not necessarily mean transferring extraction and processing to Europe. Partnerships with reliable external producers may remain essential, particularly for materials unavailable in sufficient quantities within the Union.

The proposed European centre would therefore have to balance internal production, international purchasing, strategic stocks and commercial demand.

The immediate legislative issue is whether the revised framework gives European institutions sufficient powers to coordinate these activities without placing disproportionate administrative obligations on businesses.

Tuesday’s parliamentary vote will determine the negotiating position MEPs take into discussions with EU governments over how those responsibilities should be distributed.

With little more than two weeks to go until the midterm elections, it seems increasingly possible that the Democrats, already a big favorite to win control of the House of Representatives, will also take charge of the planet's most elite nursing home, the United States Senate, where the median age is 64 years old. RealClearPolitics' poll aggregator has moved control of "the world's greatest deliberative body" (as its members are grandiosely wont to call it) to "toss up," status and prediction markets are now breaking big toward a blue wave. As of this writing, Kalshi has its Senate odds at 63 percent for the Dems vs. 37 percent for the GOP; Polymarket is at 62 percent vs. 39 percent.

As gratifying as it might be to see unprincipled Trump enablers reduced to minority status after signing off on economy-wrecking tariffs, inhumane immigration detentions, and wars of choice, there's at least one good reason to dread a Democratic majority too: Sen. Elizabeth Warren, the Massachusetts progressive who is spending the run-up to the midterms freaking out over possible consolidation in the condiments business and accusing private equity firms of gutting such shopping-mall favorites as Claire's and Toys R Us. There's every reason to believe that a Senate run by Warren and other economic interventionists will waste time, money, and resources trying to prevent a world in which, per the X wag Iowahawkblog, "a panopticon conglomerate owns two brands of hot sauce."

On October 13, Warren posted this dire warning to X:

Hellmann's mayo
McCormick spices
Cholula hot sauce
Frank's RedHot

What do these products have in common? One company could soon control them all.

I have concerns that McCormick and Unilever's $45 billion merger could increase YOUR grocery prices.

— Elizabeth Warren (@SenWarren) October 13, 2026

It's hard to think of a more competitive and varied market than the one for hot sauces, which is expected to more than double over the next decade. The barriers to entry are generally low, as are the key ingredients, and new entrants can easily market and sell online, avoiding the costs of buying shelf space in conventional supermarkets. Yet Warren is urging regulators at the Department of Justice and the Federal Trade Commission to halt mergers of both product makers like McCormick and Unilever and grocery stores like Kroger and Giant Eagle.

The latter complaint is particularly picayune. Kroger is one of the country's largest supermarket chains, operating around 2,800 stores under its own name as well as Harris Teeter, Ralph's, and others. Giant Eagle operates about 170 stores. This merger is no more the stuff of nightmares than a single company producing both Cholula and Frank's RedHot. If Warren gains more clout from being in the majority, expect her to butt in more and more on such mergers.

Making it harder for businesses to adapt is not a recipe for making goods and services more affordable. But Warren is keen to blame economic creative destruction not on "new forms of industrial organization that capitalist enterprise creates" (as Joseph Schumpeter would have it), but on pure greed. In a TikTok released earlier this month, she shows a poster board with corporate logos from once-thriving companies that she says have been "gutted" by "private equity" firms.

"Here's your local mall," she piously intones. "Now, private equity wants you to believe that Red Lobster went bankrupt because of their endless shrimp….They want you to believe that Claire's went bankrupt because teens stopped shopping at the mall." In Warren's telling, private equity firms magically take over thriving businesses and then strip them bare. The typical pattern is that private equity enters the picture after a business is failing.

Virtually all accounts of the decline of, for example, Red Lobster, note that the chain had been spiraling for several reasons before the private equity firm Golden Gate Capital got involved in 2014. As this CNN article notes, the chain, which started in 1968, had seen drops in sales as customer desires changed. Management compounded the difficulties with a series of bad decisions, including continuing various all-you-can-eat menu specials, before coming out of Chapter 11 bankruptcy last year.

Similarly, it's true that some teens still go to malls and get their ears pierced at Claire's. But anyone who has spent time in retail America over the past few decades knows that malls are no longer the destination that they once were. As CapitalOne Shopping Research documents, "in 1986, there were 25,000 malls, large and small, nationwide." By 2023, that number had shrunk to just 1,200. While some malls are coming back, most are not, and for reasons that have nothing to do with private equity. Online retails plays a role (though a smaller one than usually imagined, with e-commerce accounting for less than 20 percent of all retail sales). But mostly, it's that people today tend to want a different sort of retail environment. Anchor stores—think Macy's and J.C. Penney—are shadows of themselves, and younger people have less unstructured time in which to prowl food courts and arcades.

For politicians like Elizabeth Warren, though, there can be no financial gains or losses that aren't the result of shadowy, conspiratorial forces. If her party takes control of the Senate, her words will carry more weight. But it will be American consumers that ultimately shoulder the burden of an even-more-regulated economy. The market for hot sauces will almost certainly stay spicy, but many other parts will surely suffer.

The post Be Prepared for Elizabeth Warren's Reign of Economic Error appeared first on Reason Magazine.

Indonesia has spent a decade trying to turn its mineral wealth into something more valuable than raw commodity exports. The strategy is ambitious: restrict raw nickel exports, attract investment, build processing capacity and move downstream into electric-vehicle (EV) batteries that will power the next generation of transport and energy storage. China is central to the […]

The post Owner or owned? Indonesia’s Chinese battery chain dilemma appeared first on Asia Times.

While authorities keep eye on fake videos, experts warn electorate more vulnerable to chatbots like ChatGPT and Gemini, which can sway opinions, suppress turnout and be used to bolster claims against legitimacy of vote

Premium paid over French counterparts has risen to almost £30 a megawatt hour, analysis by lobby group finds

British steelmakers have been pushed further behind European rivals on electricity costs after the US-Israeli war on Iran caused a surge in global gas prices.

The premium paid by the British industry over its French counterpart has risen to almost £30 a megawatt hour (MWh), its highest level in three years, according to analysis by the lobby group UK Steel.

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© Photograph: Ian Forsyth/Getty Images

© Photograph: Ian Forsyth/Getty Images

© Photograph: Ian Forsyth/Getty Images

Ukrainian company Nodrics has developed MAT1LDA, an eight-wheeled amphibious ground robot that can carry supplies across water, swamps, and rough terrain, robot-maker Tencore said, Ukrainian military outlet Militarnyi reported on 17 October. The machine joins Tencore’s new family of ground robots, which the company has also shown in the US.

Ukraine’s ground robots now haul supplies and evacuate wounded soldiers through zones where drones make every move deadly, and the Defense Ministry has launched its first competitive tender for them.

500 kg on land, 400 kg afloat

A petrol engine drives MAT1LDA’s eight wheels, and side pontoons keep it afloat, so it can cross water, marshland, and rough ground without preparation, Militarnyi said. Its makers claim it carries up to 500 kg on land and 400 kg on water, with a range of up to 160 km on land and 50 km on water.

Its open frame lets crews swap equipment quickly to suit the task, fitting cargo containers or evacuation stretchers.

Four robots, one system

MAT1LDA is part of the Tencore Ecosystem, which brings together four classes of ground robots for military and civilian work, Militarnyi reported earlier. Besides the amphibious eight-wheeler, it includes the tracked TerMIT, the wheeled TOR 4×4, and the TRAX Utility firefighting and rescue robot. The company says it has delivered more than 4,000 robots to Ukraine’s armed forces since the full-scale invasion, used across more than 50 brigades.

Tencore calls it Ukraine’s first integrated ecosystem of its kind. Putting the platforms into one system is meant to make them easier to use, maintain, and fit with extra equipment. One of the first shared add-ons is AI KIT, a hardware and software module that lets a robot keep to its route or drive back on its own after losing contact with its operator.

On show in Washington

Tencore displayed MAT1LDA carrying a TerMIT robot at the Association of the US Army’s annual trade show in Washington this month, Breaking Defense reported.

Other Ukrainian makers have built swimming ground robots too: one switches from land to water in seconds, and another can tow 10 tons, its maker says. In April, Tencore formed a joint venture with France’s Shark Robotics.

Six attacks in 10 days by suspected Russian drones mark dramatic escalation in maritime conflict

The first the crew of the Bulgarian ferry Dioscuria knew of an attack on a cargo ship in their country’s exclusive economic zone in the Black Sea in the early hours of 6 October was a distant explosion 70 miles off the coastal town of Byala.

The Turkish-owned Alfa Watan, heading for the Romanian port of Sulina, had been struck by suspected Russian air and naval drones. Arriving on the scene, Dioscuria found an overturned lifeboat and lifejackets in the water. There was no sign, however, of Alfa Watan’s crew of 10.

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© Photograph: ARSVOM/AFP/Getty Images

© Photograph: ARSVOM/AFP/Getty Images

© Photograph: ARSVOM/AFP/Getty Images

We went aboard a cruise ship navigating some of the world's most dangerous waters. In the Arctic, drifting icebergs, sea ice, sudden storms and fierce winds make sailing unpredictable. Yet every year, around 100,000 cruise passengers travel to Greenland to explore its remote coastline and experience one of the world's last great wildernesses.

In recent years, one of the predominant policy initiatives of the progressive left has been raising the minimum wage in locales around the country. At the same time, left-leaning politicians have sought the elimination of what's known as the tip credit, which allows employers to pay restaurant servers and other tipped employees a lower hourly base wage that they then bolster with gratuities.

Just a few years into this experiment, however, policymakers are showing signs of an about-face on the tip credit's abolition as they grapple with the unfortunate, and predictable, economic results.

In 2022, Washington, D.C., made news headlines when voters passed Initiative 82. As originally designed, it would have repealed the tip credit and required servers to be paid the District's full statutory minimum wage by 2027. (D.C.'s minimum wage was $16.10 per hour in 2022, but has since risen to $18.40 due to inflation indexation.) Prior to Initiative 82, D.C. servers could be paid a $5.35 tipped wage, so long as they earned enough tips to make up the difference between the lower tipped wage and the higher traditional minimum wage.

D.C.'s Initiative 82 was just the beginning. One Fair Wage, a progressive group that lobbies against subminimum wages, quarterbacked an all-out push to eliminate the tip credit in jurisdictions across America. Chicago became the second prominent city to follow suit. States like New York, Connecticut, and Illinois also quickly saw legislation introduced to eliminate the tip credit at a statewide level. (Apart from this recent wave, a small handful of American states—including California, Oregon, and Alaska—have long operated without a tip credit).

But just when it seemed like momentum against the tip credit had reached its apex, progressive politicians started to see the writing on the wall. In the aftermath of the tip credit's repeal, D.C. saw a close to 5 percent decline in full-service restaurant jobs. Tipped worker earnings also dropped by just under $12 million—likely a result, at least in part, of restaurants reducing hours for staff in the face of higher labor costs. At the same time, many D.C. restaurants began implementing service fees or so-called auto-gratuity policies that added mandatory 10-20 percent charges onto customers' bills.

Mugged by this economic reality, D.C. Mayor Muriel Bowser called for the full repeal of Initiative 82. Ultimately, the D.C. Council settled for a partial repeal in 2025, maintaining at least some semblance of a tipped wage that sits below the traditional minimum wage into the years ahead (although the tipped wage eventually rises to 75 percent of the traditional wage by 2034). This was a familiar story: The council had previously repealed Initiative 77, a near-identical attempt to abolish the tipped wage that voters passed in 2018.

After Chicago moved to eliminate the tip credit, the Illinois Restaurant Association found that 89 percent of Windy City restaurants raised menu prices; another 79 percent responded by reducing worker hours. Again bowing to economic reality, the progressive Chicago City Council voted to freeze the tip credit's planned elimination, only to see the effort vetoed by Mayor Brandon Johnson. Eventually, a compromise was brokered to at least pause the tip credit at its current level for two years—which punts the issue until after Johnson stands for election again, allowing a potential successor to endorse a more lasting reversal.

In Michigan, a 2024 state supreme court ruling set the tip credit on the path toward elimination by 2030. But state lawmakers intervened last year, deciding to maintain a 50 percent tip credit in perpetuity after 2031. Notably, Michigan is currently governed by a Democratic trifecta in the governorship and both houses of the Legislature. The tip credit's revival garnered key support from Republican lawmakers to pass in a bipartisan fashion, before being signed into law by Democratic Gov. Gretchen Whitmer.

While progressive efforts to eliminate the tip credit may be motivated by an earnest desire to ensure waiters are paid more, the math isn't that simple. Requiring a server to be paid a $16 traditional minimum wage—up from a $5 tipped wage—might appear to raise their pay on paper. But this fails to consider several important factors.

Under our "No Taxes on Tips" new normal, raising the minimum wage for servers could lead to a partial reduction in tips, which under certain scenarios can result in less take-home pay for waiters once the taxman takes his cut. If more server earnings come in the form of "auto-gratuity" policies—which are treated as taxed wages under the law—then the tax repercussions may grow even grimmer.

But more broadly, these laws attempt to subvert basic economics. As of 2025, Bureau of Labor Statistics data show that D.C. restaurants shed over 1,600 jobs in aftermath of Initiative 82; meanwhile, between 2022 and 2025, restaurant job growth in the District declined by more than 8 percent. This is just one example. The fallout is the inevitable result of restaurants responding to labor costs that suddenly skyrocket, forcing establishments to cut worker hours and sometimes transition to quick-service models that require less hourly staff. And that's to say nothing of the diners who bear the cost with higher prices and new service fees.

"We're watching a beloved bar back, a beloved busser, a dishwasher have their jobs taken away," D.C. restaurant worker Valerie Graham told Reason in 2024. "Not because our owner-operator is an evil billionaire but because they're an independent business owner who had to make some business decisions and there's a callousness with which our industry is talked about."

To be sure, the tip credit has only survived in modified and reduced form in D.C., Chicago, and Michigan—and in the case of Chicago, the about-face is only temporary. But the partial reversals show the tip credit's elimination is not a foregone conclusion. Economic reality continues to rear its head.

The post Some Progressives Tried To Abolish the Tipped Minimum Wage. Now They're Backtracking. appeared first on Reason Magazine.

Whether it was youngsters proving their skills or state sabotage, Europe’s most hacked country was left with a mountain of waste after food began cooking in freezers

Shortly before midnight last Sunday, the digital thermostats controlling hundreds of supermarket cold aisles across France began to flicker and rise.

In a “bizarre and unprecedented” cyber-attack, hackers had remotely overridden the temperature settings on thousands of freezers, fridges and chiller cabinets pushing them from as low as -27C (-16.6F) to well over 50C (122F).

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© Photograph: Lucien Libert/Reuters

© Photograph: Lucien Libert/Reuters

© Photograph: Lucien Libert/Reuters

Regulation of amusement parks is left to the states, and deaths are rare. But some say stronger rules are needed.

© Elijah Nouvelage/Getty Images

Beijing warns against ‘discriminatory’ step after France drops opposition to British role in Made in Europe package

No 10 has left the door open to imposing tariffs on Chinese-made electric vehicles as part of the Made in Europe package, prompting a warning from Beijing that such a move would be “discriminatory”.

Downing Street said on Friday that it would “welcome the objective to have the UK included in the Industrial Accelerator Act” after France dropped its opposition to Britain joining the scheme.

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© Photograph: Nick Carey/Reuters

© Photograph: Nick Carey/Reuters

© Photograph: Nick Carey/Reuters

Beijing warns against ‘discriminatory’ step after France drops opposition to British role in Made in Europe package

No 10 has left the door open to imposing tariffs on Chinese-made electric vehicles as part of the Made in Europe package, prompting a warning from Beijing that such a move would be “discriminatory”.

Downing Street said on Friday that it would “welcome the objective to have the UK included in the Industrial Accelerator Act” after France dropped its opposition to Britain joining the scheme.

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© Photograph: Nick Carey/Reuters

© Photograph: Nick Carey/Reuters

© Photograph: Nick Carey/Reuters

On Oct. 16, 63 lawmakers registered a draft resolution calling on the government to reverse its changes, consult with businesses, and reconsider a proposed "coordination center" overseeing the exemption system.

TSMC expects overseas manufacturing to reduce its consolidated gross margin by nearly two percentage points in 2026, with the impact widening to three to four points later in its expansion program. The company plans to spend $60 billion to $64 billion on capital expenditure this year. Its latest outlook calls for fourth-quarter revenue of up […]

The post TSMC’s global buildout faces crucial capital efficiency test appeared first on Asia Times.

NFU analysis of official data shows falls in exports to UK’s largest trading partner since 2019 include 70% for sugar and 74% for egg products

Exports of British food and drink to the EU have collapsed by more than a third since Brexit with eggs, chicken and potato producers badly hit, new figures show.

Analysis by the National Farmers’ Union (NFU) of HMRC data shows a sharp fall in exports in the year to July compared with the same period in 2019, with sugar dropping the most, down 70%.

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© Photograph: David Levene/The Guardian

© Photograph: David Levene/The Guardian

© Photograph: David Levene/The Guardian

This week, the Trump administration announced it's expanding its stake in semiconductor manufacturer GlobalFoundries. This brings the government's share of the company to over $2 billion, according to President Donald Trump, and it's only one of roughly three dozen companies in which this White House has acquired a piece of the action. This is a disturbing development for Americans who favor free enterprise and don't want the government to control the means of production.

While it may be a while before the opportunity arises to roll back state intervention in the economy, given the drift of both major parties away from faith in the marketplace, the Cato Institute has launched a project to get the process started.

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$2 Billion Government Stake in One of 35 Once-Private Firms

"The U.S. Department of Commerce will receive equity in GF of approximately four percent, further enabling the American public to share in GF's growth," GlobalFoundries announced Monday in a press release about a U.S.–Japanese initiative to open two new semiconductor manufacturing facilities.

"This brings our total Investments to 1.63 Billion Dollars, and now, the U.S. Government's stake is worth over 2 Billion Dollars," Trump confirmed on Truth Social.

The announcement's triumphant tone isn't necessarily shared by people who wonder what the government's ownership stake in one company will do to regulation and investment in the industry. Will fully private firms challenging a state-backed player experience an even playing field?

In a July CNBC survey of 1,000 U.S. voters, 49 percent of respondents said it is "not appropriate for the federal government to own a portion of a U.S.-based company." Nineteen percent considered it appropriate, and 32 percent had no opinion.

"Washington's expanding involvement in the businesses it regulates threatens the competition and innovation that underpin American prosperity," warns the Cato Institute's Tad DeHaven on the launch of the Restoring Free Enterprise project. "Our project will examine the consequences of that involvement and chart a path toward getting Washington out of the boardroom."

Restoring Free Enterprise's Government Ownership Dashboard shows the U.S. government owning shares in 35 companies. The recent deal with GlobalFoundries comes on top of an earlier equity stake, giving the government 7 percent ownership of the firm. Other big deals include an 8.4 percent stake in Intel, a claim on 20 percent of distributions above $17.5 billion in Westinghouse, and an arrangement granting the U.S. government the right to appoint a director for U.S. Steel and to veto decisions over matters including investment and production.

Why might this be a problem?

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When Government Enters the Market, Competition Is Undermined and Decisions Politicized

In an analysis for the Center for Strategic and International Studies, Sujai Shivakumar, Charles Wessner, and Christina Tutino cautioned that direct government ownership could create "conflicts between the role of the government as an investor in a particular company and its role as a regulator (e.g., regarding export controls) of firms across the wider industry." They added that preferential treatment for state-linked forms could "distort competition, stifle innovation, and potentially lead to monopolies or market concentration in strategic sectors."

"Once government crosses the line into equity ownership, the game changes," agreed economist Vance Ginn in a 2025 piece for the American Institute for Economic Research. "It's no longer about setting fair rules of the road—it's about Washington joining the race as a participant. That undermines competition, politicizes corporate decisions, and exposes taxpayers to risks they never agreed to take."

Basically, when the government gets involved in any industry, it complicates matters for the companies in which shares are held, for competitors who must worry that regulators will put their thumbs on the scale to help favored firms, and for the market in general. Overall, government interference of any sort in market transactions does more harm than good, and direct ownership makes things even worse.

"Federal rate controls, excessive taxes, barriers to restructuring, and rigid labor rules weakened private railroads in the mid-20th century, just as automobiles, buses, trucks, and airlines were intensifying competition," Cato's Chris Edwards points out in a case study for the Restoring Free Enterprise Project. Congress then created Amtrak to maintain the passenger train service its red tape had helped strangle, but despite plans for the railroad to be self-sufficient, "it has never earned a profit and has received tens of billions of dollars in subsidies."

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Proposals for Reform, but Is Anybody in D.C. Interested?

The project acknowledges the Trump administration's intention to encourage U.S. manufacturing and to meet strategic defense goals. But it points out that private, profit-seeking firms are what made the U.S. prosperous and dominant in so many fields to begin with. The government should get out of the way of the market if it wants the country to continue to thrive.

As alternatives to state ownership of companies, Restoring Free Enterprise proposes permitting and regulatory reforms that "shorten reviews, remove unnecessary requirements, reform the Jones Act, and recognize out-of-state licenses" for workers. The project also recommends free trade agreements that reduce barriers to international commerce, the removal of export and procurement barriers, tax reforms involving expensing, and immigration reforms that simplify processing and make it easier for foreign-born college graduates to remain in the U.S.

The obstacles to implementing these reforms are substantial. The administration, while criticizing the Democratic Party's growing affection for socialism, itself embraces government ownership of companies, mercantilism, and heavy state intervention in economic decisions and activities. The Democratic Party has long been less market-oriented than the Republicans, and despite the GOP's transformation, a growing share of Democrats are openly socialist advocates for state control.

"American political leaders on the left and right are rebelling against the market-first consensus that dominated Washington for four decades," concluded Axios's Courtenay Brown and Neil Irwin in July. "It's evident in everything from the Trump administration taking government stakes in dozens of private companies to socialist candidates winning Democratic primaries promising a more active government role in the economy."

U.S. politicians are happily adopting damaging policies that are at odds with the country's prosperity-building tradition of free markets. The Restoring Free Enterprise project would reverse that unfortunate trend, but it's not obvious that many people in D.C. are interested in joining the fight.

The post As D.C. Embraces State Economic Control, a Hopeful Project Seeks to Restore Free Enterprise appeared first on Reason Magazine.

from State Of The Nation: SOTN Editor’s Note: Most truth seekers probably understand by now that, at the end of every age, ALL the skeletons come out of the closet.  Especially at the the end of the present era (the darkest and densest of the four), and because the Internet is running at full tilt, […]

Eurozone industrial production contracted for a second consecutive month in August, with Belgium recording one of the steepest declines. The latest figures expose continuing weaknesses in Europe’s manufacturing sector as governments confront high energy costs and growing international competition.

Industrial production in the eurozone fell by 0.5 per cent in August compared with July, according to figures released by Eurostat on Thursday, adding to evidence that European manufacturers are struggling to sustain a recovery amid rising energy costs and uncertain demand.

The decline followed a revised contraction of 0.3 per cent in July, while output across the wider European Union fell by 0.3 per cent in August. Compared with the same month last year, eurozone production was down 1.1 per cent, against a decline of 0.2 per cent across the EU as a whole.

Belgium recorded the largest monthly contraction among the member states covered by the release, at 5.1 per cent, followed by Ireland at 3.1 per cent and Portugal at 2 per cent.

The latest industrial production figures underline the uneven performance of Europe’s factories, with losses concentrated in some economies and sectors while others continue to expand.

Manufacturing weakness spreads unevenly

The sectoral breakdown presents a particularly revealing picture of the pressures facing European industry.

Production of intermediate goods, which include materials and components supplied to other manufacturers, declined by 0.8 per cent across the eurozone in August. Energy production fell by 0.6 per cent, while output of non-durable consumer goods contracted by 2.7 per cent.

By contrast, capital goods production increased by 0.4 per cent, indicating that activity in equipment and machinery manufacturing remained comparatively resilient.

The divergence was also pronounced between member states. Industrial production increased by 6.5 per cent in Sweden, 4.3 per cent in Estonia and 2.6 per cent in the Netherlands.

On an annual basis, Ireland recorded a 15 per cent decline, followed by Belgium at 7.1 per cent and Bulgaria at 5.4 per cent. The Netherlands, meanwhile, registered growth of 9.8 per cent compared with August 2025.

These variations make it difficult to describe Europe’s industrial position as a single, uniform downturn. National production figures reflect different industrial structures, production cycles and exposure to particular markets.

Ireland’s figures, for example, can be influenced by changes in output among large multinational enterprises, while Belgium’s manufacturing economy is particularly exposed to developments in chemicals, pharmaceuticals and energy-intensive production.

Nevertheless, the simultaneous contraction of industrial output across the eurozone reinforces concerns about the strength of the European economic recovery.

Energy prices and industrial competitiveness

The continuing disruption of global energy supplies has complicated the position of European manufacturers, particularly businesses that depend on predictable electricity and gas prices.

The Middle East conflict has increased uncertainty over energy costs and transportation, making production planning more difficult for companies operating with substantial fuel, heating or electricity requirements.

As EU Today reported earlier this week, Brussels has already moved to delay certain methane requirements for energy imports as governments seek to limit additional pressure on gas supplies.

The decision reflects a wider debate over whether the EU’s existing regulatory framework adequately accounts for the international cost disadvantages facing European industrial producers.

Chemicals, metals, fertilisers and other energy-intensive industries must compete with manufacturers operating in markets where energy costs and regulatory requirements can differ considerably.

The problem extends beyond immediate profitability. Persistently unfavourable operating costs can affect decisions about new factories, maintenance, modernisation and the location of future investment.

Those decisions may have longer-lasting economic consequences than monthly fluctuations in production.

Industrial policy under political pressure

The figures arrive as EU governments debate the future of European industrial policy, including the treatment of imported products and the conditions under which companies should qualify for public support.

Recent disagreements over proposed European-content requirements have illustrated divisions between governments seeking greater protection for EU manufacturers and those concerned that restrictive rules could increase costs or disrupt supply chains.

In a recent warning over the proposed Made in Europe framework, Mercedes-Benz chief executive Ola Källenius argued against excluding Britain from industrial arrangements intended to strengthen European production.

The debate is particularly consequential for automotive manufacturers whose supply chains extend across EU borders and into neighbouring countries.

Meanwhile, the proposed EU budget for 2028–2034 has become another focus of disagreement, with member states questioning how much funding should be devoted to industrial competitiveness, strategic technologies and energy infrastructure.

The immediate economic issue is whether European factories can recover production as energy costs remain elevated and external demand fluctuates.

Eurostat’s August figures do not establish how individual government policies have affected output, nor do they determine whether the contraction will continue. They do, however, show that industrial activity entered the autumn with limited momentum.

The next industrial production release, covering September, is scheduled for 16 November and will provide an indication of whether the late-summer weakness persisted into the final quarter of the year.