Britain deploys its army to deliver fuel as panic buying and shortages continue

Published

3 years ago

October 4, 2021

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British army personnel at the BP fuel terminal in Hemel Hempstead, U.K., on Monday, Oct. 4, 2021.

Chris Ratcliffe | Bloomberg | Getty Images

LONDON — British soldiers have begun delivering fuel in the U.K., as panic buying of gasoline continues in some parts of the country.

Around 200 military personnel are to be deployed as part of Operation Escalin, a strategy devised by the British government to help ease fuel supply constraints caused by a major shortage of truck drivers. Photographs Monday morning showed soldiers in combat fatigues at a BP refinery in Hemel Hempstead, England.

Army tanker drivers have been on standby since last week. The government’s Reserve Tanker Fleet — driven by civilians — was deployed on Tuesday to deliver gasoline.

Panic buying of gasoline in the U.K. in recent weeks has caused long lines outside stations, many of which have been left completely dry. While the situation has begun to improve in most parts of the country, shortages remain acute in London and England’s southeast.

The U.K. has an estimated shortage of 100,000 truck drivers, which has disrupted the delivery of fuel, food and goods around the country. Brexit, regulatory changes and the Covid-19 pandemic are among the issues contributing to the issue.

As well as utilizing the army, the government has taken steps such as suspending competition laws for the fuel industry and granting thousands of temporary visas to truck drivers, to attempt to ease the sector’s logistical challenges.

‘Warning sign’ for the economy

Kallum Pickering, senior economist at Berenberg investment bank, said Britain’s fuel crisis was a “warning sign” for the country’s economic outlook.

In a note on Monday, Pickering said the ongoing panic buying in the U.K. “highlights the [country’s] dismal state of affairs as well as the potential for more serious outcomes in the future.”

He added that although the U.S. and other major European economies also faced structural shortages and a lack of truck drivers, the fact that those shortages had triggered panic buying was a U.K.-specific problem.

“The whole episode begs the question of why the U.K., once again, seems to be getting hit harder than other economies,” he said. “In my opinion, the panic and hysteria in the U.K. partly reflects a growing lack of confidence by the public in the government’s ability to manage the economy and fix problems when they arise.”

Pickering noted that panic buying could become a feature of the U.K. economy — which he described as “unnerving.”

Despite the short-term supply issues, the U.K. remains on a solid recovery trajectory for now, according to Berenberg. The investment bank expects the country’s GDP to grow by 6.9% in 2021, but has lowered its 2022 outlook to 5% growth from 5.8%.

Meanwhile, Berenberg expects U.K. inflation to peak at a slightly higher year-on-year rate and persist for longer than previously expected. The bank expects Britain to see a quarterly inflation increase of 4% in the fourth quarter of this year.

Worsening inflation pressures will translate to the Bank of England hiking interest rates earlier than previously expected, Pickering said.

“We now expect the BoE to raise the bank rate to 0.25% in May 2022 instead of August 2022,” he wrote. “Following a second 25 basis points hike in August (versus November previously), we now look for the BoE to begin a passive unwind of its balance sheet following the November 2022 Monetary Policy Report.”

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Honda launches 2025 Prologue deals: Here’s how you can snag some savings

Published

7 hours ago

March 14, 2025

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Honda launches 2025 Prologue deals: Here's how you can snag some savings

Honda’s electric SUV took the US by storm, becoming the top-selling EV in the US outside of Tesla in the final three months of 2024. This year, Honda is making the Prologue even more attractive, upgrading it with over 300 miles of range. With 2025 Prologue models now arriving at dealerships, Honda wasted no time launching new deals this week.

2025 Honda Prologue EV deals and offers

After the first models were delivered last March, the Honda Prologue quickly became one of the best-selling electric vehicles in the US.

In the second half of 2024, the Prologue was the second best-selling electric SUV, trailing only the Tesla Model Y. This year, it boasts even more driving range and power.

Since Honda didn’t raise prices, it’s essentially a free upgrade (well, sort of). The 2025 Honda Prologue (2WD) now has a “top-class” EPA rating of 308 miles, up 12 miles from the outgoing model. It also packs 220 horsepower (+8) and 243 lb-ft of torque (+7).

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The Prologue is still available in single-motor (2WD) and dual-motor (AWD) versions in three trims: EX, Touring, and Elite.

The AWD version now has a range of 294 miles (+13) for the EX and Touring trims and 283 miles (+10) for the Elite. It also now packs 300 horsepower (+12) and 355 lb-ft of torque (+25).

With DC fast charging speeds of up to 150 kW, the electric SUV can add 65 miles of range in around 10 minutes.

The 2025 Honda Prologue starts at $47,400, but with the $7,500 EV tax credit, prices could fall to under $40,000. And that’s for the EX single-motor version with up to 308 miles of range.

Honda-Prologue-2025-interior — 2025 Honda Prologue Elite interior (Source: Honda)

On Honda’s website, the 2025 Prologue is listed with a promotional rate of 2.99% APR for up to 60 months. Lease prices for the base model are not yet available, but the 2025 AWD EX is listed at $599 for 36 months with $4,299 due at signing.

Although the deals on the 2025 models are not nearly as good as the 0% financing and leases as low as $269 per month for the 2024 Prologue, Honda had to make up for the upgrades somewhere.

Trim	Drive Configuration	Pricing			EPA Ratings
Trim	Drive Configuration	MSRP	After Federal EV Tax Credit	Plus $1,450 D&H	Range Rating	MPGe Rating (City/Hwy/Combined)
EX	Single Motor (2WD)	$47,400	$39,900	$41,350	308	113 / 94 / 104
EX	Dual Motor (AWD)	$50,400	$42,900	$44,350	294	108 / 90 / 99
Touring	Single Motor (2WD)	$51,700	$44,200	$45,650	308	113 / 94 / 104
Touring	Dual Motor (AWD)	$54,700	$47,200	$48,650	294	108 / 90 / 99
Elite	Dual Motor (AWD)	$57,900	$50,400	$51,850	283	104 / 87 / 95

2025 Honda Prologue prices, range, and drive configuration by trim (Source: Honda)

Honda is sweetening the deal with a charging package included in the Prologue’s price. You can choose from a free Level 2 home charger, a portable charging kit, or a $750 public charging credit.

The 2024 Honda Prologue is selling out fast with ultra-low lease and financing rates, while the 2025 model promises even more. Ready to try it out for yourself? You can use our link to find deals on the 2024 and 2025 Honda Prologue in your area today.

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Block bets on lending expansion after stock slump

Published

9 hours ago

March 14, 2025

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Block bets on lending expansion after stock slump

In this photo illustration, the logo for the US tech firm “Block” is displayed and reflected in a number of digital screens on March 03, 2023 in London, England.

Leon Neal | Getty Images

With its stock down more than 30% this year and revenue growth slowing, Jack Dorsey’s Block is going bigger in lending.

The company on Thursday said it secured approval from the Federal Deposit Insurance Corporation to originate loans through its banking subsidiary, Square Financial Services, allowing it to offer small-dollar consumer loans directly rather than relying on external banking partners.

It’s an expansion of Cash App Borrow, the company’s short-term lending product. But it comes at a time of increased concerns surrounding consumer credit, with President Trump’s expansive tariffs and widespread government job cuts raising talk of a potential recession.

Transaction losses in Block’s lending segment jumped 39% last quarter, and while the company claims its underwriting model is strong, small-dollar lending is inherently risky.

“Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” Block said in the press release. The company added that the average Cash App Borrow loan was under $100 and about a month in duration.

Block didn’t immediately provide a comment.

In getting approval to operate the lending business out of its own bank, Block says it will be able to offer the product nationwide.

Last month, Block reported quarterly results that missed Wall Street expectations, with revenue growing just 4.5% from a year earlier. The stock plunged 18%, its worst one-day drop since 2020.

Around the same time, Block rolled out Afterpay, its buy now, pay later product, on the Cash App card. Chief Financial Officer Amrita Ahuja told CNBC that the launch aimed to provide customers with more credit options, and positioned Cash App as a banking alternative for some customers. Block acquired Afterpay, which competes with Affirm, for $29 billion in early 2022.

Also this week, Block announced a big investment plan in artificial intelligence.

The company said on Wednesday that it will deploy Nvidia’s AI systems with its latest Blackwell chips to power open-source AI research. Block didn’t say what specifically it’s looking to achieve through its AI buildout, but noted in the press release that it will “start exploring novel solutions for our customers.”

WATCH: Block shares drop after earnings

Block shares drop after reporting earnings and revenue miss

Environment

Kia’s first electric van looks even better in person [Video]

Published

9 hours ago

March 14, 2025

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Kia's first electric van looks even better in person [Video]

Kia is launching its first electric van, the PV5, later this year. If you liked how it looked in pictures, wait until you see it in real life. A production PV5 was spotted in Korea for the first time, giving us a closer look at the futuristic van. See it for yourself in the video below.

Kia’s first electric van spotted in Korea

After teasing it for what seemed like forever, Kia finally took the sheets off the PV5 at its 2025 EV Day event last month.

With its hard-to-miss futuristic design, the PV5 is a near replica of the concept shown at CES last January. The mid-size electric van is set to kick off Kia’s new Platform Beyond Vehicle (PBV) strategy.

The PV5 will initially be available in Passenger, Cargo, and Chassis Cab setups, but with “unprecedented flexibility,” you can expect to see more options soon. Two of the first will be the PV5 Crew, with additional cargo securing options and a Wheelchair-Accessible Vehicle (WAV) version.

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After that, Kia will follow it up with Drop Side, Box Van, Freezer, Box, and Prime variations. It plans to launch a Light Camper conversion.

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Kia PV5 spotted in Korea (Source: HealerTV)

With sales kicking off in the second half of 2025, Kia’s electric van was spotted in Korea for the first time without camouflage. A new video from HealerTV gives us a better idea of what to expect when the PV5 hits dealerships later this year.

The PV5 maintains its techy, almost ahead-of-its-time design. Two exterior body colors were shown: white and a darker grey or black. As the reporter notes, it actually looks like an upgrade from the concept.

Kia did what it could at the back so it didn’t look like a bus, giving it more of a rounded overall shape. You can see how it stands apart from most MPVs you see today.

Like the Volkswagen ID.Buzz, Kia’s PV5 looks more like a minibus. At 4,695 mm long, 1,895 mm wide, and 1,899 mm tall, Kia’s passenger electric van is slightly smaller than the European ID.Buzz model (4,712 mm long, 1,985 mm wide, 1,937 mm tall).

It will be available with 51.5 kWh and 71.2 kWh battery packs, good for up to 400 km (249 miles) WLTP range. The PV5 can also fast charge (10% to 80%) in about 30 minutes. In comparison, powered by an 84 kWh battery, the ID.Buzz now offers up to 293 miles WLTP range.

Kia will launch sales in Korea and Europe later this year, followed by other global markets in 2026. Pre-orders will open soon, so check back for prices.

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