China Stalls Airbus Deliveries, UK Energy Price Cap To Rise 13%, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Caroline Hepker. There are signs that China is becoming a growing pressure point for European trade. Sources tell Bloomberg that Beijing has been dragging its feet on approvals for Airbus plane deliveries as EU regulators take time to certify China's domestically made aircraft. And despite being the world's largest commercial jet maker, Airbus delivered its fewest number of jets to China in the first quarter. quarter compared to 2009. The reporting comes as Brussels prepares possible new measures to counter China's export surge and widening trade imbalance with Europe. Jens Eskeland is president of the European Union's Chamber of Commerce in China.
We are seeing that China is beginning to develop an extraterritorial regulatory toolbox similar to what we see in the United States. And sometimes some of these regulations are in direct contradiction with each other. This is something that creates uncertainty. We don't know how to comply sometimes, in particular if there are contradictions. So I think there's a lot of uncertainty on the regulatory agenda right now.
Escalon's comments come as a new survey from the Chamber shows European firms in China becoming more optimistic about their business outlook. Despite signs of improvement, business confidence remains near historic lows by several measures. 68% of respondents said that business conditions in their industry became more difficult over the past year. The UK's top cyber spy is set to warn that the West is losing its technological edge over China. The caution comes as the country's National Cyber Security Centre reports a 50% spike in major attacks. Bloomberg's Tiwa Adebayo has more.
Her speech is set to mark the 80th anniversary of a founding Anglosphere intelligence alliance, but in it, Anne-Keith Butler will warn China is catching up. The director of Britain's signals intelligence agency, GCHQ, is set to make a rare public speech to mark the occasion. According to excerpts released by her office, she will use the address to highlight China's progress in intelligence, cyber and military capabilities, adding that the UK is running out of time to preserve its advantage. The agency chief will also accuse Russia of relentlessly targeting critical infrastructure, spotlighting her agency's work to disrupt their efforts. In London, Tiwa Adebayo, Bloomberg Radio.
Now to some breaking news for the UK. The energy regulator Ofgem has announced its latest energy price cap rate. They will now rise by 13% from the 1st of July. The price reflects what most households pay for gas and electricity. So going up by about what most households analysts had been expecting. It does mean, though, for the typical household energy bill, an increase of more than £200 per year. So this would be the largest increase in energy bills since 2023 as the war in Iran has driven up wholesale gas and power prices. Now, the US is again signalling progress in peace talks with Iran despite fresh hostilities this week and continued uncertainty around the Strait of Hormuz.
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