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A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK.
The firms will invest up to €7bn ($7.7bn; £6bn) to develop low-emission petrol, diesel and hybrid engines.
It will employ about 19,000 workers at its 17 engine factories, as well as five research and development hubs.
The deal comes even as much of the global motor industry is shifting its focus to developing electric vehicles.
Renault and Geely said in a statement that the new company will use its UK headquarters to “consolidate operations, build on synergies, and define future plans.”
The firm will be launched later this year and supply engines to car makers such as Volvo, Nissan and Mitsubishi.
“We are proud to join forces with a great company like Geely… to disrupt the game and open the way for ultra low-emissions ICE [internal combustion engine] technologies,” Renault chief executive Luca de Meo said.
Geely Holding Group chairman Eric Li added that it planned “to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world.”
The firms also said Saudi energy giant Aramco may join the venture and that it was “evaluating a strategic investment”.
Aramco – which is the world’s biggest oil and gas company – is a major emitter of greenhouse gases that contribute to climate change.
Earlier this year, Aramco’s president and chief executive Amin Nasser said the company would increase its investments in lower-carbon technologies.
The Renault-Geely deal comes as demand for electric vehicles continues to grow in countries around the world, including the UK.
However, a typical new electric vehicle (EV) is still more expensive than an equivalent petrol or diesel car.
In recent years, Hangzhou-headquartered Geely has also been investing in making EVs.
A decade ago, it bought Coventry-based London black cab manufacturer London Taxi Company, in a deal worth £11.4m ($14.8m).
In 2017, the cab maker was renamed the London Electric Vehicle Company, to highlight its focus to switch to EV technology.
It developed London’s first electric black cab, with around 5,000 of the vehicles now on the capital’s streets.
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New Renault-Geely engine firm to have headquarters in UK

Johann van Zyl, CEO of Cornerstone Healthcare and one of health and social care’s ‘Power 50’, shares his journey from mining exploration to the specialist care sector and discusses the inspiration, challenges, and strategies behind the company’s exceptional growth.
What do you do at Cornerstone?
As the CEO, I oversee the strategic direction of the organisation, so my role is balancing sustainable growth with the incredible care we provide for our residents. We run specialist nursing homes for people with challenging behaviours associated with complex neurodegenerative and mental health needs. It’s a demanding but fulfilling sector to work in.
From the beginning we identified this type of specialist care as a growth area. There are currently only 5,000 beds in England with an estimated need of three times that number. I think the growth we’ve seen is, in a large part, down to our ability to attract and keep high-calibre staff at a time when much of the care sector has been crippled by an unprecedented recruitment crisis.
What was the inspiration behind your business?
During the 80s in a turbulent South Africa the winds of change were blowing, and I found myself involved in the transition of the informal business sector into the mainstream economy. Those experiences built my knowledge across various sectors and gave me a deep understanding of business dynamics. But it was during my time working with a neurological care provider in the UK that I truly found my calling. The work we did for vulnerable individuals with progressive neurological conditions was unlike anything I had experienced before. It was profoundly rewarding and inspired me to think about starting my own care company.
Who do you admire?
It would have to be Warren Buffett. The man has been a leader in his field for decades but what I love about him is how he never deviates away from his plan. He stands strong and maintains his morals and ethics even in adversity. This emphasis on long-term thinking and resisting short-term market fluctuations is a wise and disciplined approach.
Looking back, is there anything you would have done differently?
The beauty of hindsight! There are always lessons to be learned and decisions that, in retrospect, could have been made differently. But you know what they say, every experience shapes us and helps us grow. The challenges we faced, the mistakes we made—they have all contributed to our journey and brought us to where we are today. So, I choose to embrace those experiences and use them to guide me as we continue to make a positive impact in the care sector.
The important thing is that when there was the need to change the direction of our strategies, we did it quickly and effectively. If you see a strategy failing, make sure it fails fast, change tack and move forward. We have also found powerful partners in our equity fund, Ignite Growth Investment, that never stopped supporting us, which makes it easier to make those decisions.
Also, I wish I’d joined healthcare sooner as it is the most rewarding sector I’ve ever worked in.
What defines your way of doing business?
Doing things differently, that’s what defines my way of doing business. We strive for excellence in everything we do, but we also embrace compassion and empathy. We’re not just a care provider; we’re a team of people, supporting each other and working together to create a nurturing environment for our residents. It’s about going above and beyond, not because it’s expected, but because it’s the right thing to do.
What advice would you give to someone starting out?
My advice would be to follow your passion and believe in yourself. Trust your instincts and don’t be afraid to think outside the box. The path to success is rarely a straight line, so embrace the twists and turns, and be open to learning from every experience. Surround yourself with a strong team who share your vision and values. And above all, never forget the reason why you started in the first place. Let that passion fuel your drive and keep pushing forward.
As Cornerstone continues to grow and make a positive impact in the lives of their residents, one thing is clear—Johann’s commitment to his vision remain unwavering.
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Getting To Know You: Johann van Zyl, CEO, Cornerstone Healthcare

Rishi Sunak has hinted there will be no tax cuts on offer from the government before the next general election, as his party faces three by-elections next week.
A number of Conservative backbenchers have been pushing the prime minister for reductions to a range of levies – including corporation tax, income tax and fuel duty.
But asked about his tax plans by reporters during the NATO summit in Lithuania, Mr Sunak said cutting inflation was the “overriding priority” that took “precedence over everything else”.
The prime minister said he and Chancellor Jeremy Hunt were “completely united in wanting to reduce taxes for people” – adding: “Of course we are, we’re Conservatives. We want people to be able to keep more of their own money.
“But the number one priority right now is to reduce inflation and be responsible with government borrowing. That is absolutely the overriding priority. That takes precedence over everything else.
“Given the context we face, we are going to make sure we bring inflation down and we don’t do anything to make the situation worse or last longer. That is our overall approach.”
Mr Sunak’s comments come as his party prepares for three ballots next Thursday, with predictions looking gloomy for the Tories.
Rishi Sunak and Italy’s Prime Minister Giorgia Meloni react ahead of a social dinner during the NATO summit
One of the constituencies up for grabs, Uxbridge and South Ruislip, used to be served by former prime minister Boris Johnson, who quit as an MP last month after a committee found he had lied to parliament over lockdown-breaking parties in Downing Street.
The second seat, Selby and Ainsty, was vacated by Mr Johnson’s close ally Nigel Adams – soon after reports he had been lined up for a peerage but rumours the nomination was blocked by Number 10 to avoid a by-election.
And the third, Somerton and Frome, became empty when former Tory MP David Warburton resigned following accusations of sexual harassment and drug use – allegations he denies. He has since been granted an appeal to the findings of an investigation into his conduct.
Both Labour and the Liberal Democrats have been campaigning relentlessly in the three areas and both believe they have a good chance of unseating the Conservatives.
Mr Sunak said midterm ballots “are always difficult” for serving governments, but he believed he had set the right course from Downing Street.
“Clearly the circumstances for these by elections are obviously challenging,” he said.
“When I was out talking to people, the message I heard loud and clear … was focus on the things that matter to people and make a difference to them.
“Whether that’s getting inflation under control, halving it, whether that’s tackling NHS waiting lists, stopping the boats … and local issues … putting more police officers on the streets, tackling rural crime, which is what exactly we’re doing.”
Pointing to his five priorities again, the PM added: “Of course I know things are tough – I can see that, I talk to people about it every week. I always knew it was going to take some time to improve things. But it doesn’t mean the course we’re on is the wrong one.
“Is inflation more persistent than people expected? Yes. When I set that target [to halve inflation] lots of people said it was too easy. I didn’t think it was gonna be too easy, I knew inflation was going to be a challenge.
“I don’t hear anyone saying those aren’t the right priorities to focus on. I think people just wanna see them delivered. I totally get everyone would like to see that happen as soon as possible. These things are gonna take time, [they are] not easy. They’re absolutely the right priorities and I’m giving it everything I got.”
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Sunak says no to tax cuts before next election – as he sets out ‘overriding priority’

A social enterprise is targeting a record pay out to independent artists and producers, of more than £3.5million in the coming year, following the launch of two new outlets.
The not-for-profit Scottish Design Exchange – which provides high street retail space for hundreds of artists, designers, and artisan food manufacturers  – expects to more than double its sales in the next 12 months.
It follows the unprecedented success of its most recent success at the Tron Kirk on Edinburgh’s Royal Mile, and the imminent launch of Foodies, its first spin-out food and drink store, in Glasgow’s Buchanan Galleries.
Both were created to complement existing Scottish Design Exchange (SDX) branches in Glasgow and Edinburgh.
Since it was launched in 2015, the business has provided high-footfall retail space, and generated more than £6million of income, for hundreds of independent producers who would otherwise pay commission to outlets and galleries, which can be as high as 60%.
SDX tenants pay a small, fixed, monthly fee to rent space in its city centre stores, and they keep 100% of their sales, so they’re not penalised for the popularity of their products.
The seven-days-a-week permanent art market space, based at the Tron building on the Royal Mile, has proved an outstanding success, generating record takings for its 21 small businesses since it opened on July 1, last year.
The income it has generated has proved life-changing for all of them, with 18 having to register for VAT for the first time and several able to work full-time as artists as a result of the growth of their income.
In addition, the small art and design-based businesses have generated employment for 51 people and the Tron Kirk Market has become one of the most visited places on the Royal Mile, both by tourists and locals.
All but one of the tenants said they had received additional business support from SDX, compared with five who had received support from Business Gateway, one from Scottish Enterprise and the same number from Creative Scotland.
Meanwhile 14 said they sourced all the raw materials for their products in Scotland, compared with six from England and one from Europe.
SDX chief executive Lynzi Leroy, a former project manager for Shell, said the success of the Tron outlet had supercharged the business, creating opportunities for further expansion.
She said: “Just one of our outlets has created much needed stability for 21 small businesses, allowing many of them to become full-time producers, and to earn a good living.
“Given that most purchase their materials from other Scottish businesses, we are helping to create a sustainable supply chain that benefits, not just our traders, but the companies that supply them.”
Leroy added: “Since the Covid pandemic, SDX has gone from strength-to-strength and we expect further growth and expansion in the next few years.
“Despite the headwinds of a challenging economy, ours has proved a robust and resilient business model.
“Consumers clearly want to buy the kind of high-quality products that are made by our artists and designers, and which reflect their skills, talent and commitment to growing their businesses.”
Artist Liana Moran, who has sold her work through SDX outlets, including the Tron, for six years, said: “SDX promotes artists and helps push us into making our unique businesses successful, always striving to make it easier for us to make these big leaps and become profitable.
“The growth in my business from the Tron alone has allowed me to leave my part-time job and focus on my artwork fulltime. The SDX team are very hands on and always willing to help with business advice. It is great to have their support.”
SDX signed a three-year lease with Scottish Historic Buildings Trust, which manages the Tron building last July.
Uncertainty had surrounded the future of the iconic, 17th century structure – formerly Edinburgh’s main parish church – which had remained empty for 50 years after it closed as a church in 1952. It has been on Historic Environment Scotland’s Buildings at Risk Register (BARR) since 2003.
Most recently, it housed the Edinburgh World Heritage Exhibition, but it has been vacant and unused since the pandemic lockdown forced its closure in 2020.
A spokesperson for the Trust said: “We are delighted to have SDX as our tenant in the Tron and that their first year of trading has been such a success. Not only have they brought opportunities to the local artists they support but as a result the Tron Kirk has been opened to thousands of visitors allowing them to appreciate the beauty and history of this significant building.”
Leroy said: “Despite the enormous success we and our artists and producers have enjoyed to date, across all of the SDX estate, we believe we are still only scratching the surface.
“There remains a massive, untapped demand for our approach to be applied to different markets and settings, including in food and drink.”
Foodies will provide retail space for up to 60 independent producers of high quality, specialist, and artisan foods and drink when it opens in Buchanan Galleries, Glasgow the middle of July, including coffee and specialist teas, honey, jams and chutneys, relishes and pickles, sauces, biscuits, chocolate and oatcakes.
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Independent producers bucks retail trend with record £3.5million payout

Businesses are expected to save £1.1 billion over 10 years through a proposed change in the law that will allow for greater digitalisation of documents used in international trade, a minister has said.
Minister for tech and the digital economy Paul Scully said the change would put the UK at the “forefront of international trade as thought leaders”.
The Electronic Trade Documents Bill cleared the Commons on Monday and will now return to the House of Lords, where it has already cleared its main scrutiny phases but where peers will have the chance to consider amendments made by the lower chamber.
Mr Scully told the Commons: “This Bill will put the United Kingdom ahead of not only the G7 countries but almost the whole world.
“The UK is setting the approach which other jurisdictions will seek to follow, not just on the digitalisation of trade documents, but the future digitalisation of all trade towards which this Bill is an important first step.”
He added: “This Bill has global transformation potential. It will place the UK at the forefront of international trade as thought leaders for others to follow. It will also save businesses… an estimated £1.1 billion over the next 10 years.
Shadow minister Alex Davies-Jones said Labour supported the Bill as a “long-overdue reform”, and said paper trade documents have a “significant environmental cost”.
Conservative MP Anthony Mangnall (Totnes) said it was an “extremely exciting” and “extremely welcome” Bill.
“This Bill will streamline trade,” he said, adding that together with other measures taken on trade, “we’re actually making real progress.”
The Bill follows recommendations from the Law Commission for England and Wales, and changes brought in by the Bill will apply to England, Wales, Scotland and Northern Ireland, with some exceptions for certain clauses.
The Institute of Export and International Trade’s director general, Marco Forgione, said the Bill is a “vital development for the improvement of the efficiency and sustainability of international trade”.
He added: “This will have a considerably positive impact on costs, duration and environmental impact of customs and border processes and an overall improvement of efficiency for trade administration costs.”
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Digitisation of trade docs would save firms £1.1bn and put UK ‘ahead of G7 and most the world’

Threads will add an alternative home feed of posts as part of a series of updates to the new social media app after users complained.
Instagram boss Adam Mosseri said a feed for Threads showing posts in chronological order is currently being worked on.
Users want to see posts from accounts they follow rather than chosen by Threads’ algorithm.
Mr Mosseri said the new feed was “on the list” of changes to Threads.
Meta, which owns Threads, Instagram and Facebook, launched the social media app last week and more than 100 million users have signed up to use it.
Mr Mosseri said Mark Zuckerberg, Meta’s chief executive, had given an alternative feed a “thumbs up”, after a number of users expressed frustration at not being offered a feed of posts from people they followed, in the order in which they were posted.
Other features “on the list”, according Mr Mosseri, include:

an ability to edit posts
translation into different languages
making it easy to switch between different Threads accounts

While it is possible to view Threads on the web, via Threads.net, there is no desktop interface – posts can be made only via the app – and that too was something the company was “working on”, according to Mr Mosseri.
There is also no search function. When it announced the app’s launch, the company said it would add a “more robust search function” along with improvements to the selection of recommended posts.
Meanwhile the only way currently to fully delete a Threads profile is to delete the associated Instagram account, which many users would be reluctant to – another issue the company is looking to fix.
When Threads was launched, Meta announced it planned to allow it to communicate with other social-media platforms, such as Mastodon, using something known as the fediverse.
But this suggestion while welcomed by some, has met opposition.
The idea of the fediverse is it is like email. Someone on Gmail can exchange emails with someone using Hotmail, for example, and the fediverse could be described as that idea applied to social media.
At some point in the future Meta wants users to be able to use their Threads account to interact with other social-media platforms using ActivityPub – a protocol with the necessary programming code – such as Mastodon, WordPress or Reddit-alternative Lemmy.
But some worry Threads threatens the idea of this system altogether, because of a practice big tech companies have utilised in the past – “embrace, extend and extinguish”, when a company with a lot of resources extends what is possible from a new technology so drastically it becomes the new standard, leaving people with no choice but to use its platform.
Mastodon chief executive Eugen Rochko dismissed these fears, saying Meta joining Threads was “validation of the movement towards decentralised social media” and “a clear victory for our cause”.
But concern among users has grown with over a hundred Mastodon communities joining what they call the “fedipact” – an agreement to block Meta from being able to access their community under any circumstances – so even when Threads does begin to support ActivityPub, users will not be able to access everything on the fediverse.
One other feature coming to Threads at some point may also receive mixed reviews. There is no advertising on the platform – for now
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Meta plans feed for Threads after users complain

British businesses are slowing down hiring just as the number of people looking for work rises, according to data that suggested “lingering uncertainty” over the economic outlook.
The availability of candidates for new jobs rose in June at the sharpest rate since the height of the UK’s coronavirus restrictions in December 2020, according to the latest report on jobs by the Recruitment and Employment Confederation (REC) and KPMG.
The number of people placed in permanent jobs by recruitment agencies also fell, and wage growth dropped to its weakest rate in more than two years in June.
It comes before UK labour market data on Tuesday, which is forecast by economists to show unemployment remaining at 3.8%, still near four-decade lows. However, economists are watching keenly for signs of weakening growth.
The Bank of England has raised interest rates rapidly from 0.1% in late 2021 to 5%. Financial markets have priced in further rises in the coming months as the Bank attempts to drive down inflation, which has remained stubbornly high.
Claire Warnes, a partner at KPMG UK, said: “The sharp upturn in candidate availability this month – the highest for two and a half years – is a big concern for the economy, reflecting the effects of a sustained slowdown in recruitment along with increasing job losses across many sectors.
She said it appeared that employers were favouring temporary hiring over permanent jobs because of “lingering economic uncertainty”.”
Neil Carberry, chief executive of the REC, whose members were polled, said it was likely that more people were looking for new jobs in reaction to rising inflation, as well as a higher number of job losses. He said it was “no surprise, therefore, that the rate at which wages are rising has dropped again”.
Yet Carberry added that it was a mixed picture, given continued low unemployment.
“Despite these trends, the labour market remains very tight,” he said. “There are still broad skills shortages, with accountancy, construction, teaching and nursing among those sectors struggling to find and retain workers.
“The growth in vacancies for temps and permanent staff in hotels and catering and blue-collar jobs, and for temp positions in retail, suggest businesses anticipate that people are still prepared to spend their wages on goods and services despite the fall in their purchasing power and the wider cost of living crisis.”
The cost of living crisis has added to pressures on households’ spending power. Rest Less, a provider of jobs listings and advice to over-50s, said the hit to incomes may have increased the number of women planning to work beyond retirement age.
Its analysis of UK government statistics found that 44% of women aged between 50 and 65 planned to either stay in work on their existing hours or reduced hours.
Stuart Lewis, chief executive of Rest Less, said: “Nearly half of women aged 50-65 said they planned to continue working in some capacity after reaching state pension age – a number that is likely to have risen even further given the subsequent cost of living crisis.”
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Hiring by UK firms slows amid ‘lingering economic uncertainty’

The billionaire brothers who own Asda have invested into a fledgling zero-emission lorry company and plan to create Britain’s first network of hydrogen fuel stations to support the decarbonisation of Britain’s 300,000 heavy goods vehicles.
HVS, founded in Glasgow as Hydrogen Vehicle Systems in 2017, is testing and developing a lorry running on hydrogen fuel cells at the automotive industry’s Mira proving ground at Nuneaton, Warwickshire, after winning £21 million of taxpayer-funded grants.
The company also has attracted £30 million of investment from Mohsin and Zuber Issa, the Anglo-Asian businessmen who made their fortune with the Euro Garages petrol station business that they have merged with Asda, the supermarkets chain they bought during the pandemic.
HVS plans to start production by 2026 as a first mover in a sector that is proving slow to cut its carbon emissions. The company is searching for potential factory sites in the Midlands and with the devolved governments of Northern Ireland and Scotland, where respectively Wrightbus and Alexander Dennis produce hydrogen buses, and in Wales.
Pete Clarke, co-founder of HVS and its head of design, said the company had been set up in response to the statistic that across Europe lorries account for 1.5 per cent of the vehicles on the road but more than 20 per cent of carbon dioxide emissions. Yet the sector — led by the likes of Daimler, Volvo and the Volkswagen-owned Scania and Man — has been slow to embrace the transition to net zero, not least because of the difficulties of fuelling a vehicle that needs to carry heavy payloads over long distances.
HVS believes the industry is coming round to the idea that battery-electric lorries are not the solution because of the weight of the batteries needed, the lack of range, the length of time that they take to recharge and the stress on the national power grid of ever more electric vehicle chargers.
Rather than retrofitting a conventional lorry, HVS has designed its new hydrogen vehicle around the optimal distribution in a lorry of fuel cells, high-pressure tanks and the cooling technology needed. The company says its vehicle will have a range of about 350 miles and can be refuelled in roughly the same time that it takes to fill a diesel lorry’s tank.
Key to the adoption and commercialisation of hydrogen heavy lorries is fuel price — it needs mass hydrogen production and government incentives to more than halve the present cost to a viable £5 per kg — and a refuelling network. It is understood that the Issa brothers’ EG Group believes that a hydrogen long-range lorry fleet can be serviced by only seven strategically sited hydrogen filling stations on the motorway network: at Dover, on the northern stretches of the M25, in the Midlands and near Bristol, Manchester, Leeds and Glasgow.
Under government mandates, all new HGVs will have to be zero emission by 2040. “The time is now to get ready for that transition,” Clarke said. “We are currently reducing the number of diesel lorries on the roads at a rate of 1 per cent per year. The industry needs to change and it needs to hurry up. Our goal is to be a disruptor in a very conservative sector where truck design hasn’t changed in decades, and to come to market as soon as possible.”
Jawad Khursheed, 34, a Glasgow-based entrepreneur, rescued HVS from insolvency in 2020, restructured its debt and brought in the Issas. He said the company was in talks to supply lorries to Asda and other supermarket groups, as well as delivery companies such as Amazon, DHL, UPS and Fedex.
With few indigenous British automotive start-ups emerging during the emissions transition in the industry, Khursheed said he did not want HVS to repeat the mistakes of Arrival. That company, listed on Nasdaq, built production facilities in Oxfordshire and its workforce ballooned to 2,800 before it quit Britain last year without assembling the thousands of vans, buses and taxis a year that it had promised.
Read more:
Billionaire Issa brothers back hydrogen-powered lorry start-up

Twitter’s website traffic is “tanking” according to the chief of internet services company Cloudflare, amid signs users are migrating to alternative platforms such as Threads, BlueSky and Mastodon.
On Sunday, Matthew Prince posted a graph from Cloudflare’s ranking of the most popular websites in the world showing Twitter has been in decline since the start of 2023, not long after Elon Musk took over the platform.
The graph shows a significant drop in Cloudflare’s domain server ranking for Twitter in mid-2023 coincided with unpopular changes Musk made to the site, and the launch of the Meta-owned rival platform Threads.
At the end of June, Musk tweeted that Twitter had hit an all-time record in “user seconds”.
In early July, Twitter began forcing people to log in to view tweets. It also set a rate limit for the number of posts different account tiers could read each day – initially 6,000 for paying users and 600 for non-paying users. Musk said the changes were introduced to curb attempts to scrape the website.
The limit has since been increased, and Twitter removed the login requirement last week. The Guardian received the customary auto-reply of a poop emoji when comment was sought from Twitter.
Meta’s answer to Twitter, Threads, surpassed 70 million users in the first three days since its launch on Thursday last week, and is expected to hit 100m on Monday. That excludes users from the European Union who can not access the app until it complies with EU law.
Meta’s CEO, Mark Zuckerberg, said in a post on Threads that he believes the toxicity of Twitter – which is purported to have 250 million users – has kept the site from being successful.
“The goal is to keep [Threads] friendly as it expands. I think it’s possible and will ultimately be the key to its success,” he said last week. “That’s one reason why Twitter never succeeded as much as I think it should have, and we want to do it differently.”
While Threads aims to be a “kinder” place, research from Media Matters showed “within 24 hours of Threads’ release, right-wing and fringe figures signed up for the platform”. That included white nationalist Richard Spencer, who used to write for Breitbart, and white supremacists such as Nick Fuentes, an outspoken antisemite.
Some far-right accounts are testing the platform’s moderation – which adopts the same rules as Facebook and Instagram – in attempts to get banned as a badge of honour.
Mastodon, an earlier Twitter rival, has seen a slight rise in its monthly active users in July, after stagnating since earlier this year. It has almost returned to two million active monthly users, according to an analysis by the Guardian.
While BlueSky is still in beta and users can join the platform by invitation only, it had to momentarily pause new sign-ups to cope with demand after Twitter’s rate limit change was implemented.
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Twitter traffic sinks in wake of changes and launch of rival platform Threads