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Good morning. Today we're talking about a new UK agreement with the EU, OpenAI’s move into hardware and Tesla losing its lead.

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Big Stories

UK-EU Reconnect

UK and EU leaders met in London last week to forge a "new strategic partnership," signalling a significant step towards reconnecting five years after Brexit. This move, spearheaded by Keir Starmer's Labour government and European Commission President Ursula von der Leyen, aims to reverse years of strained relations and mistrust. The new agreement covers crucial areas including eGate access for British passport holders in Europe and the removal of red tape on most food and drink imports/exports. A contentious issue, fishing rights, saw a 12-year extension of current rules, ensuring no reduction in UK quotas or increased EU catch allowances. Discussions are also underway for a youth mobility scheme, allowing 18-30 year olds to move freely for work, study, and travel, and a revival of the Erasmus student exchange program. These initiatives face scrutiny given the UK's drive to cut net migration. Furthermore, a new security and defence partnership will enable the UK defence industry to participate in the EU's £150 billion Security Action for Europe (SAFE) defence fund. This renewed cooperation reflects a shared understanding of global threats and a desire for closer economic and security ties.

AI enters consumer hardware

Chat-GPT owner OpenAI has announced its largest acquisition to date, purchasing io, the AI hardware startup founded by legendary former Apple designer Jony Ive, for an estimated $6.5bn. This move signals OpenAI's ambitious push into consumer technology, a significant departure from its software-centric origins. Ive, renowned for pioneering the iconic designs of the iPhone, iPod, and iPad during his 27-year tenure at Apple, will now assume creative and design responsibilities across both OpenAI and io. OpenAI CEO Sam Altman lauded Ive as "the greatest designer in the world," expressing excitement about "creating a new generation of AI-powered computers." Ive co-founded io just a year ago as part of his broader "creative collective," LoveFrom. This acquisition underscores OpenAI's intent to integrate its cutting-edge AI capabilities directly into consumer-facing hardware, potentially reshaping how individuals interact with artificial intelligence in their daily lives.

Tesla overtaken

In a significant milestone for the global electric vehicle market, Chinese manufacturer BYD outsold Tesla in Europe for the first time last month, registering 7,231 fully electric cars compared to Tesla's 7,165. This achievement underscores BYD's rapid expansion, with its European sales surging by 169% year-on-year, while Tesla's declined by 49% despite the launch of its new Model Y. BYD's success in Europe, where its vehicles have only been widely available since 2022, is largely attributed to its aggressive new product rollout strategy and competitive pricing. This mirrors BYD's global performance last year, where it also surpassed Tesla in overall sales, though 90% of those were in its protected home market of China. Tesla's declining European sales are linked to various factors, including heightened competition from both Chinese and traditional European automakers, an aging model lineup, and the polarising public image of CEO Elon Musk. While BYD's cost-effective strategy has fueled its growth, it also results in razor-thin margins, making the company potentially vulnerable to fierce competition or escalating tariffs that could complicate international sales.

Elsewhere...

New owners: A private equity firm has bought Telegraph Media Group for £500m concluding a protracted bid to acquire the news company.

Payback time: Millions of shoppers could get up to £70 each after a tribunal approved a settlement in a lawsuit against Mastercard which stemmed from historic fees levied on businesses by the card provider.

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