Chinese car parts makers have quietly amassed greater control of Europe's automotive supply chains, snapping up local suppliers as Beijing seeks to expand its footprint on the continent amid growing resistance to its exports. Since the mid-2000s, Chinese companies have invested in more than 130 European automotive parts makers, mainly in key car manufacturing hubs in Germany and France, according to consultancy Rhodium. The acquisitions of European parts suppliers have alarmed EU policymakers and auto executives. Both parties fear that China could soon redraw the industry map for car components on the back of explosive growth in vehicle exports. "It will not be surprising if in the near future, two or three of the top 10 suppliers are Chinese, which is not the case yet," said Sébastien Frendo, chief executive of Paris-based consultancy Do Well Do Good. One EU official described the China threat to the region's car sector as "the challenge of the decade for Europe". Chinese companies had taken a four-pronged approach to expanding in Europe, the official noted. They boosted exports, took stakes in local companies, entered joint ventures and built factories themselves — both in the EU and nearby countries such as Serbia, Turkey and Morocco. The Chinese deals may have largely been below the radar, but "we will still see a continuity of small-value acquisitions — and that worries a lot of [European] policymakers", said Armand Meyer, senior research analyst at Rhodium.

A US judge criticised the justice department's decision to end a criminal case against billionaire Gautam Adani, warning of "concerning" irregularities and accusing a senior official of a "lack of respect for the judiciary". Judge Nicholas Garaufis said in a ruling that Trent Mc Cotter, the principal associate deputy attorney-general, appeared to have decided to abandon the case "largely in collaboration" with Adani's own lawyers.

Prices for the busiest shipping lanes in the Panama Canal have hit a new record, as falling water levels linked to an intensifying El Niño and strong demand driven by the Iran war constrain traffic. Daily auctions for a transit slot in August through the canal's commonly used locks have averaged about $1.1mn so far this month, more than sixteen times the average price for the same period last year.

Singapore’s economy expanded 5.9 per cent in the second quarter from a year earlier as it benefited from the global surge in AI spending and shrugged off disruption to energy markets from the war in the Middle East.