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On Monday, gold prices held steady after slipping last week, as the newly signed US–EU trade deal reduced market uncertainty and dampened demand for traditional safe-haven assets like bullion. According to Bloomberg, spot gold was down 0.1 per cent at $3,332.67 an ounce by early Asian trading hours, after logging a 0.4 per cent weekly loss. Investors are recalibrating their positions following the transatlantic tariff agreement, which imposes 15 per cent levies on most EU exports, including cars and pharmaceuticals.&nbsp;The gold market has soared this year, up more than 25 per cent so far, which was majorly driven by geopolitical tensions in Ukraine and the West Asia, and fears of a global trade breakdown during Donald Trump’s second term as US President. But the breakthrough deal with Europe, and expectations of a US–China tariff truce extension, are now easing some of that anxiety. “While the US–EU pact avoids an immediate escalation, questions remain about implementation, especially on sensitive sectors like pharma and metals,” analysts noted, according to Bloomberg.<h2>Focus shifts to Fed and China talks</h2>The South China Morning Post reported that US–China negotiators may extend their tariff pause by another three months, with fresh talks kicking off in Stockholm on Monday. That adds to broader market optimism and shifts focus away from defensive plays like gold.&nbsp;At the same time, investors are bracing for a pivotal week of economic data and Federal Reserve commentary, which could signal the direction of interest rates. While the Fed is widely expected to hold rates steady, traders will be watching for any dovish tilt, as lower rates tend to boost non-yielding assets like gold.<h2>Market positioning still bullish</h2>Despite recent softness, sentiment around gold remains resilient. The latest data from the Commodity Futures Trading Commission (CFTC) shows that money managers have raised their bullish bets on gold to the highest in 16 weeks. Meanwhile, silver was little changed, while platinum and palladium posted modest gains. The Bloomberg Dollar Spot Index also dipped 0.1 per cent, offering slight support to commodities priced in dollars.&nbsp;Gold had spiked to an all-time high above $3,500 an ounce in April, amid peak fears over escalating conflicts and protectionist trade policies. While those risks have cooled slightly, the yellow metal remains a key barometer of global uncertainty — and markets aren’t letting their guard down just yet.&nbsp;(With inputs from the agencies)

With gold up over 25% this year due to geopolitical tensions, recent agreements ease investor anxiety. Traders anticipate Federal Reserve commentary this week, while bullish sentiment persists despite the market recent softness. Silver stayed stable, while platinum and palladium gained modestly.

On Monday, gold prices held steady after slipping last week, as the newly signed US–EU trade deal reduced market uncertainty and dampened demand for traditional safe-haven assets like bullion. According to Bloomberg, spot gold was down 0.1 per cent at $3,332.67 an ounce by early Asian trading hours, after logging a 0.4 per cent weekly loss. Investors are recalibrating their positions following the transatlantic tariff agreement, which imposes 15 per cent levies on most EU exports, including cars and pharmaceuticals. The gold market has soared this year, up more than 25 per cent so far, which was majorly driven by geopolitical tensions in Ukraine and the West Asia, and fears of a global trade breakdown during Donald Trump’s second term as US President. But the breakthrough deal with Europe, and expectations of a US–China tariff truce extension, are now easing some of that anxiety. “While the US–EU pact avoids an immediate escalation, questions remain about implementation, especially on sensitive sectors like pharma and metals,” analysts noted, according to Bloomberg. Focus shifts to Fed and China talks The South China Morning Post reported that US–China negotiators may extend their tariff pause by another three months, with fresh talks kicking off in Stockholm on Monday. That adds to broader market optimism and shifts focus away from defensive plays like gold. At the same time, investors are bracing for a pivotal week of economic data and Federal Reserve commentary, which could signal the direction of interest rates. While the Fed is widely expected to hold rates steady, traders will be watching for any dovish tilt, as lower rates tend to boost non-yielding assets like gold. Market positioning still bullish Despite recent softness, sentiment around gold remains resilient. The latest data from the Commodity Futures Trading Commission (CFTC) shows that money managers have raised their bullish bets on gold to the highest in 16 weeks. Meanwhile, silver was little changed, while platinum and palladium posted modest gains. The Bloomberg Dollar Spot Index also dipped 0.1 per cent, offering slight support to commodities priced in dollars. Gold had spiked to an all-time high above $3,500 an ounce in April, amid peak fears over escalating conflicts and protectionist trade policies. While those risks have cooled slightly, the yellow metal remains a key barometer of global uncertainty — and markets aren’t letting their guard down just yet. (With inputs from the agencies)

Gold prices remained steady after last week's decline, trading at $3,332.67 per ounce amidst reduced market uncertainty from the US–EU trade deal.

Gold eases as US–EU trade deal tempers haven demand

On Monday, oil markets found fresh momentum after the United States and European Union struck a long-awaited trade deal and signalled a potential extension of tariff relief with China. Together, the two trade talks developments eased fears of a global economic slowdown and lifted hopes for sustained fuel demand. As per Reuters, Brent crude futures rose 22 cents, or 0.32 per cent, to $68.66 a barrel, while US West Texas Intermediate crude climbed 22 cents, or 0.34 per cent, to $65.38 by early Asian trading hours.'&nbsp;Markets had been on edge amid fears that heightened US tariffs could dent global trade and energy demand. But Sunday’s EU–US framework trade agreement imposed only a 15 per cent tariff on most EU goods which is below the Trump's earlier threat of 30 per cent or more. That, along with fresh negotiations between the US and China in Stockholm, helped calm investor nerves. Talks are aimed at extending the tariff truce ahead of an August 12 deadline, giving energy markets another reason to breathe easy. “The US–EU deal and a possible US–China extension are supporting global financial markets and oil prices,” said Tony Sycamore, analyst at IG Markets, as quoted by Reuters.<h2>OPEC+ supply moves keep a lid on gains</h2>Despite Monday’s uptick, broader oil gains were limited by supply-side concerns. Meanwhile, a market-monitoring panel of OPEC+ nations is set to meet later on Monday and is unlikely to recommend changes to existing plans by eight member countries to boost production by 548,000 barrels per day in August, according to Reuters. The group is still focused on regaining market share while seasonal summer demand continues to absorb excess output.&nbsp;Meanwhile, in Venezuela, state-run oil company PDVSA is preparing to ramp up joint ventures once US President Donald Trump reinstates swap-based oil export authorisations. These licences were initially granted during the Biden era but were paused under Trump’s second term. PDVSA is ready to act once those licences are restored, according to company insiders.<h2>Geopolitical threats linger</h2>On Sunday, Yemen’s Houthi rebels issued a fresh warning. They threatened to target any ships tied to Israeli ports, regardless of nationality, as part of their ongoing retaliation over the Israel–Gaza conflict. This marks what the Houthis have termed the “fourth phase” of their campaign against Israel. While the Houthi threat hasn’t yet disrupted oil supply routes, it adds to a complex web of geopolitical risks that continue to influence crude prices.<h2>Demand fundamentals still strong</h2>According to J.P. Morgan, in July, the global oil demand rose by 600,000 barrels per day (bpd) compared to a year ago. However, global oil inventories also increased by 1.6 million bpd, signalling some excess supply remains in the system.Still, markets are betting that smoother trade flows, especially between the world’s largest economies, could keep oil demand stable as the year&nbsp;progresses.&nbsp;(With inputs from the agencies)&nbsp;

Brent crude rose 22 cents to $68.66 a barrel, and West Texas Intermediate climbed 22 cents to $65.38. However, supply concerns and OPEC+ production plans kept gains limited.

On Monday, oil markets found fresh momentum after the United States and European Union struck a long-awaited trade deal and signalled a potential extension of tariff relief with China. Together, the two trade talks developments eased fears of a global economic slowdown and lifted hopes for sustained fuel demand. As per Reuters, Brent crude futures rose 22 cents, or 0.32 per cent, to $68.66 a barrel, while US West Texas Intermediate crude climbed 22 cents, or 0.34 per cent, to $65.38 by early Asian trading hours.' Markets had been on edge amid fears that heightened US tariffs could dent global trade and energy demand. But Sunday’s EU–US framework trade agreement imposed only a 15 per cent tariff on most EU goods which is below the Trump's earlier threat of 30 per cent or more. That, along with fresh negotiations between the US and China in Stockholm, helped calm investor nerves. Talks are aimed at extending the tariff truce ahead of an August 12 deadline, giving energy markets another reason to breathe easy. “The US–EU deal and a possible US–China extension are supporting global financial markets and oil prices,” said Tony Sycamore, analyst at IG Markets, as quoted by Reuters. OPEC+ supply moves keep a lid on gains Despite Monday’s uptick, broader oil gains were limited by supply-side concerns. Meanwhile, a market-monitoring panel of OPEC+ nations is set to meet later on Monday and is unlikely to recommend changes to existing plans by eight member countries to boost production by 548,000 barrels per day in August, according to Reuters. The group is still focused on regaining market share while seasonal summer demand continues to absorb excess output. Meanwhile, in Venezuela, state-run oil company PDVSA is preparing to ramp up joint ventures once US President Donald Trump reinstates swap-based oil export authorisations. These licences were initially granted during the Biden era but were paused under Trump’s second term. PDVSA is ready to act once those licences are restored, according to company insiders. Geopolitical threats linger On Sunday, Yemen’s Houthi rebels issued a fresh warning. They threatened to target any ships tied to Israeli ports, regardless of nationality, as part of their ongoing retaliation over the Israel–Gaza conflict. This marks what the Houthis have termed the “fourth phase” of their campaign against Israel. While the Houthi threat hasn’t yet disrupted oil supply routes, it adds to a complex web of geopolitical risks that continue to influence crude prices. Demand fundamentals still strong According to J.P. Morgan, in July, the global oil demand rose by 600,000 barrels per day (bpd) compared to a year ago. However, global oil inventories also increased by 1.6 million bpd, signalling some excess supply remains in the system. Still, markets are betting that smoother trade flows, especially between the world’s largest economies, could keep oil demand stable as the year progresses. (With inputs from the agencies)

On Monday, oil markets gained momentum following a US-EU trade deal and potential extension of tariff relief with China, raising hopes for sustained fuel demand.

Oil prices rise as US–EU trade deal boosts market optimism

After several months of uncertainty, tariffs, and tense transatlantic back-and-forth, the United States and European Union have finally struck a major trade deal. Announced on Sunday, the framework agreement marks a reset in economic ties under President Donald Trump’s second term, and it’s set to reportedly impact industries from automobiles to semiconductors to liquefied natural gas (LNG). The deal doesn’t just settle some of the biggest tariff disputes, it also sets the tone for future investments, energy trade and even defence procurement.&nbsp;&nbsp;So, what’s in the deal? And who wins or loses? Here’s a closer look.<h2>What does the deal include?</h2>Under the new trade deal, almost all European Union goods entering the US will now face a flat 15 per cent baseline tariff. That includes automobiles, semiconductors, and pharmaceuticals sectors that previously saw much higher import duties. For instance, EU-made cars currently face a 27.5 per cent duty, which will now be more than halved.&nbsp;However, there’s a twist.&nbsp;According to European Commission President Ursula von der Leyen, the US is still finalising separate decisions under its controversial Section 232 national security trade investigations, especially on pharmaceuticals and chips. “Whatever U.S. decisions come later on these sectors will be ‘on a different sheet of paper’,” von der Leyen clarified, as quoted by Reuters. This means that while a 15 per cent tariff ceiling is agreed upon, sectors like chips and drugs might still face special treatment later.<h2>Zero tariffs on aircraft, raw materials, and more</h2>There’s also some good news for specific sectors as both sides agreed to zero-for-zero tariffs on a range of goods. These include the following given things:<ul><li>All aircraft and aircraft components</li><li>Certain chemicals and generic medicines</li><li>Semiconductor equipment</li><li>Selected agricultural products</li><li>Critical raw materials and natural resources</li></ul>The deal also reportedly leaves the door open to expanding the list. However, tariffs on spirits, a major export for both sides, are still “to be established”.<h2>What about Steel &amp; Aluminum?</h2>On the other hand, there’s no relief on metals yet.&nbsp;US tariffs on European steel and aluminium will remain at 50 per cent, at least for now. But according to von der Leyen, these duties will eventually be reduced and converted into a quota-based system, which would cap volumes but offer tariff relief and will reportedly be a compromise often used in sensitive sectors.<h2>$750B LNG deal &amp; Defence&nbsp;</h2>In one of the most strategic parts of the agreement, the EU committed to purchasing $250 billion worth of US liquefied natural gas (LNG) annually for three years, replacing its now-curtailed Russian gas imports. That adds up to $750 billion in total purchases. This is a massive boost for US energy exporters. The EU also pledged to source nuclear fuel from the US, marking a deepening of its energy security ties with Washington.&nbsp;The deal doesn’t stop at trade. Europe also agreed to ramp up defence cooperation. The EU will buy US-made military equipment, though the full list is yet to be disclosed. In return, European companies are set to invest $600 billion in the United States over the course of Trump’s second term, providing a major boost to US manufacturing and tech. As per Reuters, this clause aims to re-anchor EU supply chains in the US and bolster Trump’s “America First” industrial policy, particularly in strategic sectors like clean tech, AI chips, and advanced machinery.<h2>So, who wins?</h2>For US exporters, especially those in the LNG, aerospace, defence, and semiconductor equipment sectors, this deal is a windfall. Energy majors like Cheniere Energy and ExxonMobil could see massive gains from the LNG commitment. European automakers, meanwhile, finally have tariff clarity, though they still face a 15 per cent barrier. That’s better than 27.5 per cent, but still a significant cost in a competitive market.&nbsp;Consumers on both sides of the Atlantic might feel the pinch in the short term, especially as prices adjust to the new tariff regime. But longer-term, reduced trade friction may lead to smoother supply chains and price stabilisation.<h2>What’s next?</h2>Though Trump hailed the deal by calling it as a “historic win for American workers and security”, while EU leaders framed it as a pragmatic compromise in a changing global order.&nbsp;Implementation will take months. Some clauses like the steel quota plan or chip tariff clarifications are still pending. But the broad contours are now set before the August 1 deadline.&nbsp;&nbsp;In an era of tariff wars, energy insecurity, and shifting alliances, this deal brings rare predictability and perhaps a sign that Brussels and Washington can still do business, even under pressure.&nbsp;(With inputs from the agencies)&nbsp;

The agreement introduces a 15% baseline tariff on most EU goods entering the US, cutting previous automobile and semiconductor duties. Key sectors like pharmaceuticals might face different treatment later. Zero tariffs apply to aircraft and certain chemicals. 

After several months of uncertainty, tariffs, and tense transatlantic back-and-forth, the United States and European Union have finally struck a major trade deal. Announced on Sunday, the framework agreement marks a reset in economic ties under President Donald Trump’s second term, and it’s set to reportedly impact industries from automobiles to semiconductors to liquefied natural gas (LNG). The deal doesn’t just settle some of the biggest tariff disputes, it also sets the tone for future investments, energy trade and even defence procurement. So, what’s in the deal? And who wins or loses? Here’s a closer look. What does the deal include? Under the new trade deal, almost all European Union goods entering the US will now face a flat 15 per cent baseline tariff. That includes automobiles, semiconductors, and pharmaceuticals sectors that previously saw much higher import duties. For instance, EU-made cars currently face a 27.5 per cent duty, which will now be more than halved. However, there’s a twist. According to European Commission President Ursula von der Leyen, the US is still finalising separate decisions under its controversial Section 232 national security trade investigations, especially on pharmaceuticals and chips. “Whatever U.S. decisions come later on these sectors will be ‘on a different sheet of paper’,” von der Leyen clarified, as quoted by Reuters. This means that while a 15 per cent tariff ceiling is agreed upon, sectors like chips and drugs might still face special treatment later. Zero tariffs on aircraft, raw materials, and more There’s also some good news for specific sectors as both sides agreed to zero-for-zero tariffs on a range of goods. These include the following given things: All aircraft and aircraft components Certain chemicals and generic medicines Semiconductor equipment Selected agricultural products Critical raw materials and natural resources The deal also reportedly leaves the door open to expanding the list. However, tariffs on spirits, a major export for both sides, are still “to be established”. What about Steel & Aluminum? On the other hand, there’s no relief on metals yet. US tariffs on European steel and aluminium will remain at 50 per cent, at least for now. But according to von der Leyen, these duties will eventually be reduced and converted into a quota-based system, which would cap volumes but offer tariff relief and will reportedly be a compromise often used in sensitive sectors. $750B LNG deal & Defence In one of the most strategic parts of the agreement, the EU committed to purchasing $250 billion worth of US liquefied natural gas (LNG) annually for three years, replacing its now-curtailed Russian gas imports. That adds up to $750 billion in total purchases. This is a massive boost for US energy exporters. The EU also pledged to source nuclear fuel from the US, marking a deepening of its energy security ties with Washington. The deal doesn’t stop at trade. Europe also agreed to ramp up defence cooperation. The EU will buy US-made military equipment, though the full list is yet to be disclosed. In return, European companies are set to invest $600 billion in the United States over the course of Trump’s second term, providing a major boost to US manufacturing and tech. As per Reuters, this clause aims to re-anchor EU supply chains in the US and bolster Trump’s “America First” industrial policy, particularly in strategic sectors like clean tech, AI chips, and advanced machinery. So, who wins? For US exporters, especially those in the LNG, aerospace, defence, and semiconductor equipment sectors, this deal is a windfall. Energy majors like Cheniere Energy and ExxonMobil could see massive gains from the LNG commitment. European automakers, meanwhile, finally have tariff clarity, though they still face a 15 per cent barrier. That’s better than 27.5 per cent, but still a significant cost in a competitive market. Consumers on both sides of the Atlantic might feel the pinch in the short term, especially as prices adjust to the new tariff regime. But longer-term, reduced trade friction may lead to smoother supply chains and price stabilisation. What’s next? Though Trump hailed the deal by calling it as a “historic win for American workers and security”, while EU leaders framed it as a pragmatic compromise in a changing global order. Implementation will take months. Some clauses like the steel quota plan or chip tariff clarifications are still pending. But the broad contours are now set before the August 1 deadline. In an era of tariff wars, energy insecurity, and shifting alliances, this deal brings rare predictability and perhaps a sign that Brussels and Washington can still do business, even under pressure. (With inputs from the agencies)

The US and EU have reached a significant trade deal, resetting economic relations amid tariffs and disputes.

EU–US trade deal 2025: What it means for cars, chips, LNG and your wallet?

Tata Consultancy Services (TCS), the largest software services firm in India, has decided to cut 2 per cent of its workforce, or roughly over 12,000 employees in the ongoing financial year, in a bid to tackle rapid disruptions in technology and be future-ready. The decision will impact employees across countries and domains and will be implemented in the fiscal year from April 2025 to March 2026.“We have been calling out new technologies, particularly AI and operating model changes. The ways of working are changing. We need to be future-ready and agile. We have been deploying AI at scale and evaluating skills we will be requiring for the future,” TCS CEO K Krithivasan told Moneycontrol.&nbsp;“We have invested a lot in associates in terms of how we can provide them with career growth and deployment opportunities. Still, we find that there are roles where redeployment has not been effective. This will impact roughly 2 per cent of our global workforce, primarily at middle and senior levels. It has not been an easy decision and is one of the toughest decisions I have had to take as CEO,” Krithivasan added.With an employee headcount of 6,13,000 for the latest quarter ended in June, a 2 per cent reduction by TCS will impact roughly 12,200 employees.&nbsp;<h2>‘It is a difficult call…’&nbsp;</h2>&nbsp;“It’s a difficult call we have to take to build a stronger TCS,” Krithivasan said, adding that the company is working to make the process as compassionate as possible.&nbsp;The firm will offer notice period pay and an added severance package and will also look to extend insurance benefits besides offering outplacement opportunities for the impacted employees.&nbsp;&nbsp;The restructuring by TCS, one of the largest employers in the private sector in the country, is likely to have a ripple effect in the industry, with other firms also following suit.&nbsp;“This is not because of AI but to address skills for the future. This is about feasibility in deployment, not because we need less people,” Krithivasan said on being asked if the decision to trim the workforce was the impact of AI-led productivity gains.&nbsp;<h2>IT firm also tweaks bench policy</h2>&nbsp;The move comes weeks after TCS tweaked its employee bench policy, requiring staff to maintain at least 225 billable days annually and also limiting bench time to less than 35 days.&nbsp;Analysts say traditional skills like testing are declining in relevance in the industry, and client projects are becoming smaller and shorter, demanding fewer staff as companies increasingly push software providers to leverage AI.&nbsp;On the new bench policy, Krithivasan had said, “It's not an efficiency drive. We just want to ensure associates are able to seek projects and ensure that they remain productive through the year.”

TCS CEO K Krithivasan confirmed that the firm is planning to fire nearly 12,000 employees, and this layoff will majorly affect middle- and senior-level employees. He said that the ways of working are changing, and to succeed, every company needs to be future-ready and agile.

Tata Consultancy Services (TCS), the largest software services firm in India, has decided to cut 2 per cent of its workforce, or roughly over 12,000 employees in the ongoing financial year, in a bid to tackle rapid disruptions in technology and be future-ready. The decision will impact employees across countries and domains and will be implemented in the fiscal year from April 2025 to March 2026. “We have been calling out new technologies, particularly AI and operating model changes. The ways of working are changing. We need to be future-ready and agile. We have been deploying AI at scale and evaluating skills we will be requiring for the future,” TCS CEO K Krithivasan told Moneycontrol. “We have invested a lot in associates in terms of how we can provide them with career growth and deployment opportunities. Still, we find that there are roles where redeployment has not been effective. This will impact roughly 2 per cent of our global workforce, primarily at middle and senior levels. It has not been an easy decision and is one of the toughest decisions I have had to take as CEO,” Krithivasan added. With an employee headcount of 6,13,000 for the latest quarter ended in June, a 2 per cent reduction by TCS will impact roughly 12,200 employees. ‘It is a difficult call…’ “It’s a difficult call we have to take to build a stronger TCS,” Krithivasan said, adding that the company is working to make the process as compassionate as possible. The firm will offer notice period pay and an added severance package and will also look to extend insurance benefits besides offering outplacement opportunities for the impacted employees. The restructuring by TCS, one of the largest employers in the private sector in the country, is likely to have a ripple effect in the industry, with other firms also following suit. “This is not because of AI but to address skills for the future. This is about feasibility in deployment, not because we need less people,” Krithivasan said on being asked if the decision to trim the workforce was the impact of AI-led productivity gains. IT firm also tweaks bench policy The move comes weeks after TCS tweaked its employee bench policy, requiring staff to maintain at least 225 billable days annually and also limiting bench time to less than 35 days. Analysts say traditional skills like testing are declining in relevance in the industry, and client projects are becoming smaller and shorter, demanding fewer staff as companies increasingly push software providers to leverage AI. On the new bench policy, Krithivasan had said, “It's not an efficiency drive. We just want to ensure associates are able to seek projects and ensure that they remain productive through the year.”

TCS CEO K Krithivasan confirmed that the firm is planning to fire nearly 12,000 employees, and this layoff will majorly affect middle- and senior-level employees. He said that the ways of working are changing, and to succeed, every company needs to be future-ready and agile.

TCS to shed 2% of workforce, impact 12,000 employees, as it braces for rapid tech shifts

A high-powered US business delegation led by FedEx CEO Rajesh Subramaniam will reportedly visit China this week, according to a South China Morning Post (SCMP) report cited by Reuters. The visit comes as trade tensions escalate ahead of a looming August 12 deadline set by US President Donald Trump for a new bilateral agreement. The delegation reportedly represents the US-China Business Council (USCBC) and is expected to meet senior Chinese officials in Beijing. The USCBC includes over 200 American companies operating in China.<h2>Boeing, FedEx, USCBC to join Beijing mission</h2>As per SCMP, the delegation will include Boeing executives and USCBC President Sean Stein. “They are expected to meet with Chinese officials – potentially to revive business discussions,” a source familiar with the visit told SCMP. Reuters could not independently verify the full itinerary, or the names of officials involved.&nbsp;The USCBC has not responded to a request for comment, Reuters reported. The timing of the visit coincides with a new round of US-China economic talks in Stockholm from July 27–30, led by China’s Vice Premier He Lifeng and top US trade officials.<h2>Trump’s tariff clock is ticking</h2>President Trump has set August 12 as the deadline for a durable trade agreement with China. Failure to reach a deal could trigger a steep hike in tariffs, including new duties on Chinese electric vehicles, batteries, and consumer goods. The US has accused Beijing of failing to meet trade commitments and of supporting industrial overcapacity, while China has criticised Washington’s use of tariffs as leverage.According to SCMP, the two governments are also exploring the possibility of a visit by President Trump to China later this year. While no official confirmation has been made, such a visit could mark a significant shift in tone after months of escalating rhetoric.<h2>A delicate business recalibration</h2>The USCBC’s engagement is seen as a signal that US corporations are seeking to stabilise commercial ties amid growing policy risk. The business council’s move comes as American firms face increased uncertainty in China due to regulatory crackdowns, supply chain decoupling, and strategic sector controls.&nbsp;While the full agenda of the visit remains confidential, analysts say the delegation may lobby Chinese officials to ease restrictions and avoid retaliatory measures that could hurt US firms operating in the region. As per Reuters, the Stockholm round of talks and the Beijing business outreach represent parallel tracks in what remains a fragile diplomatic window, one that could define the next phase of US-China economic engagement.&nbsp;(With inputs from the agencies)

The group, including Boeing executives, represents the USCBC and aims to meet Chinese officials in Beijing. The visit seeks to stabilise ties and discuss potential easing of restrictions as both nations navigate ongoing economic negotiations.

A high-powered US business delegation led by FedEx CEO Rajesh Subramaniam will reportedly visit China this week, according to a South China Morning Post (SCMP) report cited by Reuters. The visit comes as trade tensions escalate ahead of a looming August 12 deadline set by US President Donald Trump for a new bilateral agreement. The delegation reportedly represents the US-China Business Council (USCBC) and is expected to meet senior Chinese officials in Beijing. The USCBC includes over 200 American companies operating in China. Boeing, FedEx, USCBC to join Beijing mission As per SCMP, the delegation will include Boeing executives and USCBC President Sean Stein. “They are expected to meet with Chinese officials – potentially to revive business discussions,” a source familiar with the visit told SCMP. Reuters could not independently verify the full itinerary, or the names of officials involved. The USCBC has not responded to a request for comment, Reuters reported. The timing of the visit coincides with a new round of US-China economic talks in Stockholm from July 27–30, led by China’s Vice Premier He Lifeng and top US trade officials. Trump’s tariff clock is ticking President Trump has set August 12 as the deadline for a durable trade agreement with China. Failure to reach a deal could trigger a steep hike in tariffs, including new duties on Chinese electric vehicles, batteries, and consumer goods. The US has accused Beijing of failing to meet trade commitments and of supporting industrial overcapacity, while China has criticised Washington’s use of tariffs as leverage. According to SCMP, the two governments are also exploring the possibility of a visit by President Trump to China later this year. While no official confirmation has been made, such a visit could mark a significant shift in tone after months of escalating rhetoric. A delicate business recalibration The USCBC’s engagement is seen as a signal that US corporations are seeking to stabilise commercial ties amid growing policy risk. The business council’s move comes as American firms face increased uncertainty in China due to regulatory crackdowns, supply chain decoupling, and strategic sector controls. While the full agenda of the visit remains confidential, analysts say the delegation may lobby Chinese officials to ease restrictions and avoid retaliatory measures that could hurt US firms operating in the region. As per Reuters, the Stockholm round of talks and the Beijing business outreach represent parallel tracks in what remains a fragile diplomatic window, one that could define the next phase of US-China economic engagement. (With inputs from the agencies)

A high-profile US business delegation led by FedEx CEO Rajesh Subramaniam is set to visit China this week amid rising trade tensions and an impending August 12 deadline for a new deal.

US firms race to revive China ties before Trump tariff hike: SCMP

Beijing’s manufacturers remain under stress. Industrial profits in China fell once again in June, official data showed, with persistent deflationary pressures and intense price competition dragging down margins. The numbers reflect the uphill battle Beijing faces in reviving business sentiment amid weak demand at home and continued trade tensions with the United States.<h2>Industrial profits fall again</h2>According to China’s National Bureau of Statistics (NBS), industrial profits dropped 4.3 per cent year-on-year in June, following a 9.1 per cent decline in May. Over the first half of 2025, profits were down 1.8 per cent, compared to a 1.1 per cent slide from January to May, as per Reuters.&nbsp;The continued slump signals that even though the Chinese economy has shown resilience in the second quarter, posting a better-than-expected GDP reading, corporate earnings remain vulnerable, especially in key sectors like autos, solar, and heavy manufacturing.<h2>What’s dragging the profits down?</h2>The primary culprit: entrenched producer price deflation. Factory-gate prices have been falling for months, and in June, deflation deepened to the worst levels in nearly two years. With overcapacity and discount wars among companies worsening the situation, many businesses are selling below cost just to maintain market share.&nbsp;“China must deepen the formation of a unified national market, expand and strengthen domestic circulation and promote high-quality development of the industrial economy,” said Yu Weining, a senior statistician at the NBS, in a statement quoted by Reuters.<h2>Beijing’s response</h2>In response to the crisis, Chinese authorities have vowed to tighten regulation across industries accused of unsustainable price-cutting, particularly autos and solar panels. Earlier this month, China’s leadership promised to ramp up efforts to rein in “self-destructive” pricing.&nbsp;Lu Zhe, chief economist at Soochow Securities, told Reuters that a combination of regulatory tightening and a new “cash-for-clunkers”-style trade-in scheme could help boost demand and curb the ongoing price war.<h2>Heavy losses for state firms, glimmer for private players</h2>The official data paints a stark contrast in corporate performance. State-owned enterprises recorded a 7.6 per cent decline in profits in the first half of 2025. By contrast, private companies saw profits rise 1.7 per cent, while foreign-invested firms posted a 2.5 per cent increase, according to the NBS.&nbsp;However, the pain is evident across big names. State-run automakers like Guangzhou Automobile Group and JAC Group are reportedly bracing for record second-quarter losses, underlining the depth of the crisis in China’s industrial heartland.<h2>Structural reforms, but limited room for quick fixes</h2>While the government is exploring supply-side reforms, similar to those that helped stabilise the economy a decade ago, analysts say this time the recovery could be slower. Unlike the last cycle, China now faces tougher global conditions and rising unemployment risks at home.&nbsp;Industrial profit data includes large firms with annual revenue above 20 million yuan ($2.8 million) from core operations. As of now, there’s no official timeline for broader stimulus, though Beijing is under growing pressure to act decisively ahead of key political events later this year. (With inputs from the agencies)

Persistent deflation and intense price competition are eroding margins despite a resilient GDP. State owned firms reported a 7.6% profit drop, while private companies’ profits grew slightly. 

Beijing’s manufacturers remain under stress. Industrial profits in China fell once again in June, official data showed, with persistent deflationary pressures and intense price competition dragging down margins. The numbers reflect the uphill battle Beijing faces in reviving business sentiment amid weak demand at home and continued trade tensions with the United States. Industrial profits fall again According to China’s National Bureau of Statistics (NBS), industrial profits dropped 4.3 per cent year-on-year in June, following a 9.1 per cent decline in May. Over the first half of 2025, profits were down 1.8 per cent, compared to a 1.1 per cent slide from January to May, as per Reuters. The continued slump signals that even though the Chinese economy has shown resilience in the second quarter, posting a better-than-expected GDP reading, corporate earnings remain vulnerable, especially in key sectors like autos, solar, and heavy manufacturing. What’s dragging the profits down? The primary culprit: entrenched producer price deflation. Factory-gate prices have been falling for months, and in June, deflation deepened to the worst levels in nearly two years. With overcapacity and discount wars among companies worsening the situation, many businesses are selling below cost just to maintain market share. “China must deepen the formation of a unified national market, expand and strengthen domestic circulation and promote high-quality development of the industrial economy,” said Yu Weining, a senior statistician at the NBS, in a statement quoted by Reuters. Beijing’s response In response to the crisis, Chinese authorities have vowed to tighten regulation across industries accused of unsustainable price-cutting, particularly autos and solar panels. Earlier this month, China’s leadership promised to ramp up efforts to rein in “self-destructive” pricing. Lu Zhe, chief economist at Soochow Securities, told Reuters that a combination of regulatory tightening and a new “cash-for-clunkers”-style trade-in scheme could help boost demand and curb the ongoing price war. Heavy losses for state firms, glimmer for private players The official data paints a stark contrast in corporate performance. State-owned enterprises recorded a 7.6 per cent decline in profits in the first half of 2025. By contrast, private companies saw profits rise 1.7 per cent, while foreign-invested firms posted a 2.5 per cent increase, according to the NBS. However, the pain is evident across big names. State-run automakers like Guangzhou Automobile Group and JAC Group are reportedly bracing for record second-quarter losses, underlining the depth of the crisis in China’s industrial heartland. Structural reforms, but limited room for quick fixes While the government is exploring supply-side reforms, similar to those that helped stabilise the economy a decade ago, analysts say this time the recovery could be slower. Unlike the last cycle, China now faces tougher global conditions and rising unemployment risks at home. Industrial profit data includes large firms with annual revenue above 20 million yuan ($2.8 million) from core operations. As of now, there’s no official timeline for broader stimulus, though Beijing is under growing pressure to act decisively ahead of key political events later this year. (With inputs from the agencies)

Beijing's manufacturers face ongoing stress as industrial profits in China fell 4.3% year-on-year in June, following a 9.1% decline in May.

China’s industrial profits keep shrinking in June as price wars take a toll

US insurance giant Allianz Life has confirmed that a cyberattack compromised the personal data of the majority of its American customers, financial professionals, and some employees, marking one of the most significant breaches in the insurance sector this year. According to a filing with the Maine Attorney General’s office, the breach occurred on July 16 and was discovered a day later. The company described the incident as a targeted hack involving a third-party, cloud-based CRM system. The data breach was first reported by TechCrunch.&nbsp;“On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data… using a social engineering technique,” an Allianz Life spokesperson told Reuters in an emailed statement.&nbsp;While the exact number of individuals impacted was not disclosed, Allianz Life currently serves 1.4 million customers in the United States. The company confirmed that this incident affects only its US operations.<h2>FBI notified, internal systems untouched</h2>Allianz Life said it has notified the Federal Bureau of Investigation (FBI) and is working with authorities to investigate the breach. The insurer assured that there is no evidence the core Allianz Life network was breached, including critical systems like its policy administration platform.&nbsp;“Based on the investigation so far, there’s no indication that internal systems or the broader Allianz network were accessed,” the company added, according to Reuters.<h2>Another blow to insurance sector’s digital trust</h2>The breach underscores growing concerns over cybersecurity risks in the financial and insurance sectors, which store massive amounts of sensitive customer information. Analysts say insurance companies, increasingly reliant on third-party cloud providers, are becoming soft targets for threat actors using tactics like social engineering.&nbsp;This attack comes amid heightened scrutiny from US regulators over data privacy and corporate responsibility following recent cyberattacks on healthcare, government, and financial services.As of now, Allianz Life has not disclosed what specific categories of personal information were accessed or whether affected individuals would be offered credit monitoring or identity protection services.&nbsp;(With inputs from the agencies)

Detected on July 17 post breach on July 16, it involved a third party CRM. No internal systems were affected. The incident raises concerns about cybersecurity in the insurance industry, amid increasing reliance on cloud providers.

US insurance giant Allianz Life has confirmed that a cyberattack compromised the personal data of the majority of its American customers, financial professionals, and some employees, marking one of the most significant breaches in the insurance sector this year. According to a filing with the Maine Attorney General’s office, the breach occurred on July 16 and was discovered a day later. The company described the incident as a targeted hack involving a third-party, cloud-based CRM system. The data breach was first reported by TechCrunch. “On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data… using a social engineering technique,” an Allianz Life spokesperson told Reuters in an emailed statement. While the exact number of individuals impacted was not disclosed, Allianz Life currently serves 1.4 million customers in the United States. The company confirmed that this incident affects only its US operations. FBI notified, internal systems untouched Allianz Life said it has notified the Federal Bureau of Investigation (FBI) and is working with authorities to investigate the breach. The insurer assured that there is no evidence the core Allianz Life network was breached, including critical systems like its policy administration platform. “Based on the investigation so far, there’s no indication that internal systems or the broader Allianz network were accessed,” the company added, according to Reuters. Another blow to insurance sector’s digital trust The breach underscores growing concerns over cybersecurity risks in the financial and insurance sectors, which store massive amounts of sensitive customer information. Analysts say insurance companies, increasingly reliant on third-party cloud providers, are becoming soft targets for threat actors using tactics like social engineering. This attack comes amid heightened scrutiny from US regulators over data privacy and corporate responsibility following recent cyberattacks on healthcare, government, and financial services. As of now, Allianz Life has not disclosed what specific categories of personal information were accessed or whether affected individuals would be offered credit monitoring or identity protection services. (With inputs from the agencies)

Allianz Life reported a significant cyberattack, compromising personal data of most US customers and some employees.

Allianz Life hack exposes data of most US clients, FBI steps in

Brazil’s most industrialised state is bracing for economic pain. Sao Paulo Governor Tarcisio de Freitas has warned that US President Donald Trump’s proposed 50 per cent tariff on Brazilian exports could cut the state’s GDP by up to 2.7 per cent and threaten around 120,000 jobs. The tariffs, set to kick in on August 1, have sparked concern across sectors, from coffee farmers to aircraft manufacturers, as Brazil’s top exporting state scrambles for damage control.&nbsp;“What worries me is the possibility of Caterpillar moving its output to another country, the impact on a small coffee producer, the orange industry, Embraer,” Freitas said, speaking at an event hosted by XP Inc. in Sao Paulo, as quoted by Bloomberg.<h2>Emergency support, diplomatic push</h2>Freitas said the state is preparing five-year credit lines to help companies weather the shock. He also confirmed outreach to US lawmakers and companies in an attempt to reduce the fallout before the tariffs take effect. “We’re also reaching out to US lawmakers, US companies, government agents to illustrate the scale of the problem,” he added.&nbsp;The pressure is mounting as the US prepares to slap a sweeping 50 per cent duty on a broad range of Brazilian goods. According to Bloomberg, the move follows the expiration of a previous trade waiver, giving Trump room to act under national security laws.<h2>States blame Lula’s diplomacy</h2>The tariff threat has also triggered a political backlash within Brazil. Governors from Parana and Goias, both major exporting regions, joined Freitas in criticising President Luiz Inácio Lula da Silva for failing to negotiate with Washington. “Governors were not consulted by the federal government on these decisions,” said Goias Governor Ronaldo Caiado, as per Bloomberg. Parana Governor Ratinho Junior went a step further, hitting out at Lula’s feud with Trump over the legal case against former President Jair Bolsonaro.&nbsp;“Bolsonaro is not more important than the trade relationship between Brazil and the US,” he told to Bloomberg. All three governors, Freitas, Caiado and Ratinho — are seen as potential contenders in the 2026 presidential race, making this more than just a trade row. The fallout could shape the political map in the months ahead.<h2>Big blow to Brazil’s exports</h2>Sao Paulo, home to firms like Embraer SA and the Brazilian operations of Caterpillar Inc., is Brazil’s economic engine. Any disruption to its exports, particularly machinery, agriculture, and aircraft risks ripple effects across the national economy. The potential 2.7 per cent GDP loss in Sao Paulo alone would be a major setback. The state contributes nearly a third of Brazil’s GDP and is a key supplier to US markets.&nbsp;With the August 1 deadline fast approaching, eyes are now on Brasília and Washington to see if diplomacy can dial down the pressure. But for now, Brazil’s industrial heartland is bracing for impact.&nbsp;&nbsp;(With inputs from the agencies)

Governor Tarcisio de Freitas highlighted concerns from various sectors, prompting emergency support initiatives. Political backlash against President Lula has emerged from governors of major exporting states, criticizing his diplomatic efforts. 

Brazil’s most industrialised state is bracing for economic pain. Sao Paulo Governor Tarcisio de Freitas has warned that US President Donald Trump’s proposed 50 per cent tariff on Brazilian exports could cut the state’s GDP by up to 2.7 per cent and threaten around 120,000 jobs. The tariffs, set to kick in on August 1, have sparked concern across sectors, from coffee farmers to aircraft manufacturers, as Brazil’s top exporting state scrambles for damage control. “What worries me is the possibility of Caterpillar moving its output to another country, the impact on a small coffee producer, the orange industry, Embraer,” Freitas said, speaking at an event hosted by XP Inc. in Sao Paulo, as quoted by Bloomberg. Emergency support, diplomatic push Freitas said the state is preparing five-year credit lines to help companies weather the shock. He also confirmed outreach to US lawmakers and companies in an attempt to reduce the fallout before the tariffs take effect. “We’re also reaching out to US lawmakers, US companies, government agents to illustrate the scale of the problem,” he added. The pressure is mounting as the US prepares to slap a sweeping 50 per cent duty on a broad range of Brazilian goods. According to Bloomberg, the move follows the expiration of a previous trade waiver, giving Trump room to act under national security laws. States blame Lula’s diplomacy The tariff threat has also triggered a political backlash within Brazil. Governors from Parana and Goias, both major exporting regions, joined Freitas in criticising President Luiz Inácio Lula da Silva for failing to negotiate with Washington. “Governors were not consulted by the federal government on these decisions,” said Goias Governor Ronaldo Caiado, as per Bloomberg. Parana Governor Ratinho Junior went a step further, hitting out at Lula’s feud with Trump over the legal case against former President Jair Bolsonaro. “Bolsonaro is not more important than the trade relationship between Brazil and the US,” he told to Bloomberg. All three governors, Freitas, Caiado and Ratinho — are seen as potential contenders in the 2026 presidential race, making this more than just a trade row. The fallout could shape the political map in the months ahead. Big blow to Brazil’s exports Sao Paulo, home to firms like Embraer SA and the Brazilian operations of Caterpillar Inc., is Brazil’s economic engine. Any disruption to its exports, particularly machinery, agriculture, and aircraft risks ripple effects across the national economy. The potential 2.7 per cent GDP loss in Sao Paulo alone would be a major setback. The state contributes nearly a third of Brazil’s GDP and is a key supplier to US markets. With the August 1 deadline fast approaching, eyes are now on Brasília and Washington to see if diplomacy can dial down the pressure. But for now, Brazil’s industrial heartland is bracing for impact. (With inputs from the agencies)

Sao Paulo faces economic distress due to US President Trump's proposed 50% tariff on Brazilian exports, potentially slashing the state's GDP by 2.7% and affecting 120,000 jobs.

Trump’s 50% tariff threat may shrink Brazil's economy, hit 120,000 jobs

Japan’s new $550 billion investment package which is a part of a broader trade deal with the United States, could help bankroll semiconductor projects by Taiwan’s TSMC in America, according to Japan’s chief trade negotiator Ryosei Akazawa.&nbsp;In an interview with NHK on Saturday, Akazawa said the historic investment plan, agreed this week in exchange for lower US tariffs on Japanese exports, will not be limited to domestic or American companies. Instead, it will target firms involved in building resilient supply chains in key sectors such as semiconductors. “For example, if a Taiwanese chipmaker builds a plant in the US and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” Akazawa told NHK, without naming any specific firm.<h2>Japan’s big chip bet</h2>The reference is widely seen as pointing to Taiwan Semiconductor Manufacturing Company (TSMC), which has become central to US–Japan cooperation on economic security. As reported by Reuters, the US depends heavily on TSMC for advanced chip production — a vulnerability highlighted by Taiwan’s geographic proximity to China. TSMC has committed over $165 billion to building chip plants in the US. In March, the company announced a $100 billion investment alongside President Donald Trump at the White House, building on its previous $65 billion commitment for three chip facilities in Arizona. One of those is already operational.&nbsp;The deal with Japan comes as the US deepens its strategy of “friend-shoring," encouraging allies to strengthen shared supply chains and reduce dependence on China. Akazawa said the $550 billion initiative aligns with this goal and will be channelled via Japan’s state-owned financial arms, Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI).<h2>Structure still unclear</h2>Despite the fanfare, key details of the financing structure remain vague. According to Reuters, equity investments will account for just 1–2 per cent of the total package. The majority will come through loans and guarantees, aimed at derisking critical technology investments in the US.&nbsp;Akazawa also addressed confusion over profit-sharing from the deal. The White House earlier stated that the US would retain 90 per cent of the profits generated. However, he clarified that this figure only applies to returns from equity investment, a small slice of the overall package.&nbsp;“While Japan initially hoped to secure half the returns, the loss is marginal compared to the roughly 10 trillion yen ($67.7 billion) in tariff costs that can now be avoided,” Akazawa told NHK. He added that the full $550 billion is expected to be deployed within President Trump’s current term, suggesting a tight execution timeline as both countries aim to capitalise on the strategic trade realignment.<h2>Japan’s new powers</h2>A recent law amendment has empowered JBIC to finance foreign companies deemed vital to Japan’s economic security, a move designed to ensure Japanese interests in global technology and supply chain ecosystems are protected. The law could enable direct support for non-Japanese firms like TSMC, if their operations benefit Japan’s chip sector. According to Reuters, Japan’s broader aim is to secure long-term access to advanced chips and reduce exposure to supply chain disruptions, a vulnerability laid bare during the pandemic and ongoing US–China tensions.&nbsp;The trade deal, struck after months of negotiation, is also viewed as a political win for Trump, who has faced pushback for his aggressive tariff policies. Japan, on the other hand, appears to have traded a concession on profit-sharing for a larger strategic and economic gain.&nbsp;(With inputs from the agencies)

This historic plan will support firms enhancing supply chains in key sectors. The initiative aligns with the US friend shoring strategy to reduce reliance on China. While details on financing remain unclear, most funding will come from loans. 

Japan’s new $550 billion investment package which is a part of a broader trade deal with the United States, could help bankroll semiconductor projects by Taiwan’s TSMC in America, according to Japan’s chief trade negotiator Ryosei Akazawa. In an interview with NHK on Saturday, Akazawa said the historic investment plan, agreed this week in exchange for lower US tariffs on Japanese exports, will not be limited to domestic or American companies. Instead, it will target firms involved in building resilient supply chains in key sectors such as semiconductors. “For example, if a Taiwanese chipmaker builds a plant in the US and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” Akazawa told NHK, without naming any specific firm. Japan’s big chip bet The reference is widely seen as pointing to Taiwan Semiconductor Manufacturing Company (TSMC), which has become central to US–Japan cooperation on economic security. As reported by Reuters, the US depends heavily on TSMC for advanced chip production — a vulnerability highlighted by Taiwan’s geographic proximity to China. TSMC has committed over $165 billion to building chip plants in the US. In March, the company announced a $100 billion investment alongside President Donald Trump at the White House, building on its previous $65 billion commitment for three chip facilities in Arizona. One of those is already operational. The deal with Japan comes as the US deepens its strategy of “friend-shoring," encouraging allies to strengthen shared supply chains and reduce dependence on China. Akazawa said the $550 billion initiative aligns with this goal and will be channelled via Japan’s state-owned financial arms, Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI). Structure still unclear Despite the fanfare, key details of the financing structure remain vague. According to Reuters, equity investments will account for just 1–2 per cent of the total package. The majority will come through loans and guarantees, aimed at derisking critical technology investments in the US. Akazawa also addressed confusion over profit-sharing from the deal. The White House earlier stated that the US would retain 90 per cent of the profits generated. However, he clarified that this figure only applies to returns from equity investment, a small slice of the overall package. “While Japan initially hoped to secure half the returns, the loss is marginal compared to the roughly 10 trillion yen ($67.7 billion) in tariff costs that can now be avoided,” Akazawa told NHK. He added that the full $550 billion is expected to be deployed within President Trump’s current term, suggesting a tight execution timeline as both countries aim to capitalise on the strategic trade realignment. Japan’s new powers A recent law amendment has empowered JBIC to finance foreign companies deemed vital to Japan’s economic security, a move designed to ensure Japanese interests in global technology and supply chain ecosystems are protected. The law could enable direct support for non-Japanese firms like TSMC, if their operations benefit Japan’s chip sector. According to Reuters, Japan’s broader aim is to secure long-term access to advanced chips and reduce exposure to supply chain disruptions, a vulnerability laid bare during the pandemic and ongoing US–China tensions. The trade deal, struck after months of negotiation, is also viewed as a political win for Trump, who has faced pushback for his aggressive tariff policies. Japan, on the other hand, appears to have traded a concession on profit-sharing for a larger strategic and economic gain. (With inputs from the agencies)

Japan has launched a $550 billion investment package as part of a trade deal with the US, aiming to bolster semiconductor projects by companies like Taiwan's TSMC in America.

Japan’s $550 billion trade deal may fund Taiwan chip giant’s US expansion

European Commission President Ursula von der Leyen is in Scotland this weekend for a critical face-to-face meeting with US President Donald Trump, as both sides edge closer to a high-stakes transatlantic trade agreement. The talks come just days ahead of an August 1 deadline for new US tariffs on European goods, a threat that has loomed over the negotiations for months. As per Reuters, Commission officials confirmed von der Leyen’s arrival on Saturday, with her meeting with President Trump scheduled for Sunday afternoon.&nbsp;Trump, speaking to reporters on Friday evening upon arriving in Scotland for several days of golf and diplomacy, struck a measured but optimistic tone. “I’m looking forward to meeting with von der Leyen,” Trump said, calling her a “highly respected leader,” as quoted by Reuters. “There’s a 50-50 chance we get a deal. Brussels wants to make a deal very badly,” he added. The US president further claimed that the potential agreement with the 27-member European Union “would be the biggest trade deal yet” of his administration — even bigger than the $550 billion pact signed with Japan earlier this week.<h2>Last-ditch diplomacy</h2>According to Reuters, US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick departed Washington on Saturday to participate in preparatory talks with EU officials ahead of Sunday’s summit. A senior US administration official, speaking to Reuters on condition of anonymity and said that “We’re cautiously optimistic that there will be a deal reached. But it’s not over till it’s over.”&nbsp;The European Commission echoed a similar sentiment last Thursday, saying a negotiated trade solution was “within reach.” However, EU member states simultaneously approved counter-tariffs on €93 billion ($109 billion) worth of US goods should the talks fail — a clear sign of both hope and hard-nosed preparation.<h2>What’s in the deal?</h2>A potential framework deal would likely impose a 15 per cent general tariff on EU goods entering the US, Reuters reported, mirroring the structure of the US–Japan trade agreement. In addition, European steel and aluminium exports may face a steep 50 per cent tariff. While these figures are painful, they are still lower than the 30 per cent tariffs Trump had previously threatened across the board. However, Trump made it clear that negotiations would not eliminate all duties.&nbsp;“There’s not a lot of wiggle room on the 50% tariffs [on steel and aluminium] because if I do it for one, I have to do it for all,” Trump told reporters, as per Reuters. It remains unclear whether the US will exempt EU sectors such as automotive, pharmaceutical or agricultural products from other tariff measures already announced or under consideration. Trump also floated the idea that the EU could “buy down” the higher tariff rate to secure a deal, though he did not provide details on what that would entail.<h2>$9.5 trillion at stake</h2>The EU and US are each other’s largest trading partners, with combined goods, services and investment ties amounting to roughly $9.5 trillion, according to the American Chamber of Commerce in Brussels. That relationship is now at risk. In March, the Chamber warned that escalating tariffs and political tensions could jeopardise the “most important commercial relationship in the world.” Business leaders on both sides of the Atlantic have urged negotiators to strike a deal that ensures predictability and stability.&nbsp;EU diplomats remain cautiously hopeful but say the bloc is prepared for both outcomes. As reported by Reuters, some officials expect the deal to broadly follow the US–Japan model, involving staggered tariffs, reciprocal market access, and possibly coordinated investment rules, but concede that final details will depend on the political calculus at Sunday’s meeting. Whether Trump and von der Leyen can bridge the gap in Scotland could shape the global trade landscape for years to come.&nbsp;&nbsp;(With inputs from the agencies)

Trump expressed optimism about reaching a deal, suggesting a 50 and 50 chance. Preparatory talks are involving US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. A potential framework includes a 15% tariff on EU goods and a 50% tariff on European steel and aluminum. 

European Commission President Ursula von der Leyen is in Scotland this weekend for a critical face-to-face meeting with US President Donald Trump, as both sides edge closer to a high-stakes transatlantic trade agreement. The talks come just days ahead of an August 1 deadline for new US tariffs on European goods, a threat that has loomed over the negotiations for months. As per Reuters, Commission officials confirmed von der Leyen’s arrival on Saturday, with her meeting with President Trump scheduled for Sunday afternoon. Trump, speaking to reporters on Friday evening upon arriving in Scotland for several days of golf and diplomacy, struck a measured but optimistic tone. “I’m looking forward to meeting with von der Leyen,” Trump said, calling her a “highly respected leader,” as quoted by Reuters. “There’s a 50-50 chance we get a deal. Brussels wants to make a deal very badly,” he added. The US president further claimed that the potential agreement with the 27-member European Union “would be the biggest trade deal yet” of his administration — even bigger than the $550 billion pact signed with Japan earlier this week. Last-ditch diplomacy According to Reuters, US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick departed Washington on Saturday to participate in preparatory talks with EU officials ahead of Sunday’s summit. A senior US administration official, speaking to Reuters on condition of anonymity and said that “We’re cautiously optimistic that there will be a deal reached. But it’s not over till it’s over.” The European Commission echoed a similar sentiment last Thursday, saying a negotiated trade solution was “within reach.” However, EU member states simultaneously approved counter-tariffs on €93 billion ($109 billion) worth of US goods should the talks fail — a clear sign of both hope and hard-nosed preparation. What’s in the deal? A potential framework deal would likely impose a 15 per cent general tariff on EU goods entering the US, Reuters reported, mirroring the structure of the US–Japan trade agreement. In addition, European steel and aluminium exports may face a steep 50 per cent tariff. While these figures are painful, they are still lower than the 30 per cent tariffs Trump had previously threatened across the board. However, Trump made it clear that negotiations would not eliminate all duties. “There’s not a lot of wiggle room on the 50% tariffs [on steel and aluminium] because if I do it for one, I have to do it for all,” Trump told reporters, as per Reuters. It remains unclear whether the US will exempt EU sectors such as automotive, pharmaceutical or agricultural products from other tariff measures already announced or under consideration. Trump also floated the idea that the EU could “buy down” the higher tariff rate to secure a deal, though he did not provide details on what that would entail. $9.5 trillion at stake The EU and US are each other’s largest trading partners, with combined goods, services and investment ties amounting to roughly $9.5 trillion, according to the American Chamber of Commerce in Brussels. That relationship is now at risk. In March, the Chamber warned that escalating tariffs and political tensions could jeopardise the “most important commercial relationship in the world.” Business leaders on both sides of the Atlantic have urged negotiators to strike a deal that ensures predictability and stability. EU diplomats remain cautiously hopeful but say the bloc is prepared for both outcomes. As reported by Reuters, some officials expect the deal to broadly follow the US–Japan model, involving staggered tariffs, reciprocal market access, and possibly coordinated investment rules, but concede that final details will depend on the political calculus at Sunday’s meeting. Whether Trump and von der Leyen can bridge the gap in Scotland could shape the global trade landscape for years to come. (With inputs from the agencies)

European Commission President Ursula von der Leyen is meeting US President Donald Trump in Scotland to discuss a significant transatlantic trade agreement ahead of an August 1 deadline for new US tariffs on European goods.

EU Chief Von der Leyen head to Scotland for final push on EU–US trade deal with Trump

This week is shaping up to be one of the most politically and economically charged for the US Federal Reserve in months. Chair Jerome Powell and his team are set to begin a two-day policy meeting on Tuesday, just as a flurry of critical data is expected to land, including GDP, jobs and inflation figures that could sway monetary policy and rattle markets.&nbsp;The Federal Reserve is widely expected to hold interest rates steady for another meeting. But behind closed doors, pressure is mounting, from inside the Fed, from financial markets, and from the Trump White House. According to Bloomberg, some officials are now openly concerned about a weakening labour market and have signalled willingness to consider a rate cut sooner rather than later.<h2>Ahead of Fed meeting economic storm brews&nbsp;</h2>The timing couldn’t be more delicate. On Wednesday, the US government will release its preliminary second-quarter GDP numbers. As per Bloomberg’s survey of economists, the economy is expected to show a 2.4 per cent annualised growth rebound, largely driven by a sharp narrowing of the trade deficit, after a surprise 0.5 per cent contraction in Q1. But beneath the headline number, household demand and business investment likely remained modest. Consumer spending is forecast to rise just 1.5 per cent, the weakest back-to-back quarterly performance since the COVID shock in 2020.&nbsp;Meanwhile, the labour market appears to be cooling. The July jobs report, due Friday, is projected to show that US companies added just 100,000 jobs, the lowest private payroll gain in eight months. Unemployment is also expected to tick up to 4.2 per cent. The pace of hiring has slowed in recent months, with job openings declining and education payrolls no longer propping up the monthly figures.<h2>Trump ups the pressure</h2>President Donald Trump, who has long criticised Powell, is again pushing for rate cuts. As per Bloomberg, Trump has blasted the Fed chief for being “too slow” and recently attacked Powell over cost overruns in the renovation of the Fed’s headquarters in Washington, D.C. Trump’s own tariff policy, which has stirred fears of renewed inflation, adds to the uncertainty facing the Fed.&nbsp;Still, inflationary pressures remain mild so far. The personal consumption expenditures (PCE) report for June, the Fed’s preferred inflation metric is due Friday. According to Bloomberg, it’s expected to show a slight acceleration in core inflation, suggesting that tariffs are only gradually filtering through to consumers.<h2>A global week for central banks</h2>This week isn’t just pivotal for the Fed. Central banks from Canada to Colombia are under the spotlight. As per Bloomberg, the Bank of Canada is expected to hold its policy rate steady at 2.75 per cent for a third straight meeting, even as second-quarter GDP data is projected to show economic contraction. Trade uncertainty and resilient inflation have kept policymakers cautious. In Asia, the Bank of Japan will also likely keep its benchmark rate unchanged at 0.5 per cent. BOJ Governor Kazuo Ueda is under pressure to interpret the impact of Trump’s trade deal with Japan, a move that could influence the bank’s next rate decision, according to Bloomberg.&nbsp;South Korea, Thailand, Indonesia, and China will all release key manufacturing data by Friday, while Australia’s inflation data could shape expectations ahead of the Reserve Bank of Australia’s August policy meeting. In Pakistan, a rate cut is expected on Wednesday, just ahead of new inflation readings. Elsewhere in Asia, July’s PMI data from India and China will show how Trump’s tariffs are reshaping regional trade patterns.<h2>Europe, Africa brace for slowdown</h2>Across Europe, a wave of second-quarter GDP releases is expected to show stagnation. Bloomberg projects eurozone growth to be flat from April through June after a 0.6 per cent jump in Q1, largely due to pre-tariff stockpiling. Germany may post a 0.1 per cent contraction, while France and Italy barely grow.Inflation data on Friday is expected to confirm that euro-area price growth slowed to 1.9 per cent in July, just under the ECB’s 2 per cent target, as per Bloomberg. The core inflation rate is likely to remain steady at 2.3 per cent.&nbsp;Meanwhile, in Africa, Ghana is expected to slash rates by a whopping 250 basis points to 25.5 per cent on Wednesday, taking advantage of easing inflation. South Africa and Eswatini are also seen cutting rates, while Malawi is expected to hold. Mozambique may opt for another cut to stimulate its recession-hit economy.<h2>Latin America enters easing cycle</h2>In Latin America, Chile’s central bank is poised to cut rates by 25 basis points to 4.75 per cent on Tuesday, marking its first cut in 2025. Brazil, however, is likely to pause its aggressive tightening campaign and hold the Selic rate steady at 15 per cent. Inflation has cooled but remains sticky.&nbsp;Colombia, too, is expected to lower rates slightly, with inflation now falling within a range that gives the central bank some breathing room. Peru, which reports inflation data on Friday, is expected to show a modest annual rate of around 1.7 per cent.<h2>What next?</h2>For Powell and his team, the question is not just about whether to cut rates, but when. With trade tensions still bubbling, inflation proving elusive, and growth far from consistent, the Fed’s decision this week could set the tone for the rest of 2025.&nbsp;Whether the central bank bows to political heat or holds its line on data-driven patience, all eyes will be on Powell’s remarks Wednesday afternoon. As Bloomberg reports, investors, traders, and the White House will all be listening very closely. (With inputs from the agencies)

Initial Q2 GDP figures are anticipated to show a 2.4% growth rebound, though household demand and business investment remain tepid. The July jobs report may reveal the lowest job gains in eight months and increased unemployment to 4.2%. 

This week is shaping up to be one of the most politically and economically charged for the US Federal Reserve in months. Chair Jerome Powell and his team are set to begin a two-day policy meeting on Tuesday, just as a flurry of critical data is expected to land, including GDP, jobs and inflation figures that could sway monetary policy and rattle markets. The Federal Reserve is widely expected to hold interest rates steady for another meeting. But behind closed doors, pressure is mounting, from inside the Fed, from financial markets, and from the Trump White House. According to Bloomberg, some officials are now openly concerned about a weakening labour market and have signalled willingness to consider a rate cut sooner rather than later. Ahead of Fed meeting economic storm brews The timing couldn’t be more delicate. On Wednesday, the US government will release its preliminary second-quarter GDP numbers. As per Bloomberg’s survey of economists, the economy is expected to show a 2.4 per cent annualised growth rebound, largely driven by a sharp narrowing of the trade deficit, after a surprise 0.5 per cent contraction in Q1. But beneath the headline number, household demand and business investment likely remained modest. Consumer spending is forecast to rise just 1.5 per cent, the weakest back-to-back quarterly performance since the COVID shock in 2020. Meanwhile, the labour market appears to be cooling. The July jobs report, due Friday, is projected to show that US companies added just 100,000 jobs, the lowest private payroll gain in eight months. Unemployment is also expected to tick up to 4.2 per cent. The pace of hiring has slowed in recent months, with job openings declining and education payrolls no longer propping up the monthly figures. Trump ups the pressure President Donald Trump, who has long criticised Powell, is again pushing for rate cuts. As per Bloomberg, Trump has blasted the Fed chief for being “too slow” and recently attacked Powell over cost overruns in the renovation of the Fed’s headquarters in Washington, D.C. Trump’s own tariff policy, which has stirred fears of renewed inflation, adds to the uncertainty facing the Fed. Still, inflationary pressures remain mild so far. The personal consumption expenditures (PCE) report for June, the Fed’s preferred inflation metric is due Friday. According to Bloomberg, it’s expected to show a slight acceleration in core inflation, suggesting that tariffs are only gradually filtering through to consumers. A global week for central banks This week isn’t just pivotal for the Fed. Central banks from Canada to Colombia are under the spotlight. As per Bloomberg, the Bank of Canada is expected to hold its policy rate steady at 2.75 per cent for a third straight meeting, even as second-quarter GDP data is projected to show economic contraction. Trade uncertainty and resilient inflation have kept policymakers cautious. In Asia, the Bank of Japan will also likely keep its benchmark rate unchanged at 0.5 per cent. BOJ Governor Kazuo Ueda is under pressure to interpret the impact of Trump’s trade deal with Japan, a move that could influence the bank’s next rate decision, according to Bloomberg. South Korea, Thailand, Indonesia, and China will all release key manufacturing data by Friday, while Australia’s inflation data could shape expectations ahead of the Reserve Bank of Australia’s August policy meeting. In Pakistan, a rate cut is expected on Wednesday, just ahead of new inflation readings. Elsewhere in Asia, July’s PMI data from India and China will show how Trump’s tariffs are reshaping regional trade patterns. Europe, Africa brace for slowdown Across Europe, a wave of second-quarter GDP releases is expected to show stagnation. Bloomberg projects eurozone growth to be flat from April through June after a 0.6 per cent jump in Q1, largely due to pre-tariff stockpiling. Germany may post a 0.1 per cent contraction, while France and Italy barely grow. Inflation data on Friday is expected to confirm that euro-area price growth slowed to 1.9 per cent in July, just under the ECB’s 2 per cent target, as per Bloomberg. The core inflation rate is likely to remain steady at 2.3 per cent. Meanwhile, in Africa, Ghana is expected to slash rates by a whopping 250 basis points to 25.5 per cent on Wednesday, taking advantage of easing inflation. South Africa and Eswatini are also seen cutting rates, while Malawi is expected to hold. Mozambique may opt for another cut to stimulate its recession-hit economy. Latin America enters easing cycle In Latin America, Chile’s central bank is poised to cut rates by 25 basis points to 4.75 per cent on Tuesday, marking its first cut in 2025. Brazil, however, is likely to pause its aggressive tightening campaign and hold the Selic rate steady at 15 per cent. Inflation has cooled but remains sticky. Colombia, too, is expected to lower rates slightly, with inflation now falling within a range that gives the central bank some breathing room. Peru, which reports inflation data on Friday, is expected to show a modest annual rate of around 1.7 per cent. What next? For Powell and his team, the question is not just about whether to cut rates, but when. With trade tensions still bubbling, inflation proving elusive, and growth far from consistent, the Fed’s decision this week could set the tone for the rest of 2025. Whether the central bank bows to political heat or holds its line on data-driven patience, all eyes will be on Powell’s remarks Wednesday afternoon. As Bloomberg reports, investors, traders, and the White House will all be listening very closely. (With inputs from the agencies)

The Fed is expected to maintain steady interest rates, yet internal pressure grows from financial markets and the Trump administration, concerned about a softening labor market.

Powell under pressure as GDP, jobs data and politics collide at Fed meet

India is fast emerging as a major hub for smartphone manufacturing and has significantly increased its share in imports of smartphones by the US, thereby challenging China’s long-standing dominance in the field. In the first five months of 2025, nearly one in three smartphones imported into the US was manufactured in India—a sharp rise from just 11% in 2024 to over 30%.&nbsp;According to data from the US International Trade Commission (USITC), US smartphone imports from India have tripled to 21.3 million units in just the first five months of 2025. In terms of value, the imports surged by 182% to $9.35 billion—surpassing the roughly $7 billion recorded for all of 2024.&nbsp;This surge in smartphone exports is largely driven by Apple, which has been relocating its manufacturing operations to India. In May, Apple CEO Tim Cook suggested that a significant portion of iPhones sold in the US during the April–June quarter would be sourced from India. Currently, India accounts for around 20% of Apple’s global iPhone production—a strategic move encouraged by India’s Production Linked Incentive (PLI) scheme. The PLI scheme was designed to boost domestic smartphone manufacturing by incentivising global brands to set up their assembly facilities in India.&nbsp;<h2>China’s share sees big fall</h2>&nbsp;In contrast, China, which still remains the largest exporter of phones, saw its share of US smartphone imports drastically fall from 82 per cent to 49 per cent in the five-month period. China exported 29.4 million smartphones to the US during January and May, marking a 27 per cent year-on-year decline but still worth around $10 billion. India ranked second with 21.3 million units ahead of third-placed Vietnam with total exports to the US at 8.3 million units, contributing 14 per cent of the total imports.However, the change in smartphone production trend now faces some challenge as President Donald Trump had threatened a 25 per cent tariff on India-produced iPhones in a bid to promote the return of manufacturing to the US.&nbsp;<h2>India needs to overcome supply chain issues</h2>&nbsp;Besides, there are still concerns about the supply chain, as Apple’s official list of suppliers for 2023 released recently shows 157 vendors and suppliers in mainland China and just 14 in India. The number of Indian suppliers, though has since increased to 64.&nbsp;The Indian government has been taking initiatives to promote domestic production of smartphones. Union minister Jitin Prasada shared that mobile manufacturing set ups in India have risen to 300 in 2024-25 from just two in 2014-15. Moreover, mobile phone output has risen 28 times to Rs 5.45 lakh crore, with exports going up 127 times to 2 lakh crore.

The sharp three-fold surge in India's smartphone exports to the US is largely driven by Apple, which has been relocating its manufacturing operations to India. In contrast, China's share of US smartphone imports has fallen drastically.

India is fast emerging as a major hub for smartphone manufacturing and has significantly increased its share in imports of smartphones by the US, thereby challenging China’s long-standing dominance in the field. In the first five months of 2025, nearly one in three smartphones imported into the US was manufactured in India—a sharp rise from just 11% in 2024 to over 30%. According to data from the US International Trade Commission (USITC), US smartphone imports from India have tripled to 21.3 million units in just the first five months of 2025. In terms of value, the imports surged by 182% to $9.35 billion—surpassing the roughly $7 billion recorded for all of 2024. This surge in smartphone exports is largely driven by Apple, which has been relocating its manufacturing operations to India. In May, Apple CEO Tim Cook suggested that a significant portion of iPhones sold in the US during the April–June quarter would be sourced from India. Currently, India accounts for around 20% of Apple’s global iPhone production—a strategic move encouraged by India’s Production Linked Incentive (PLI) scheme. The PLI scheme was designed to boost domestic smartphone manufacturing by incentivising global brands to set up their assembly facilities in India. China’s share sees big fall In contrast, China, which still remains the largest exporter of phones, saw its share of US smartphone imports drastically fall from 82 per cent to 49 per cent in the five-month period. China exported 29.4 million smartphones to the US during January and May, marking a 27 per cent year-on-year decline but still worth around $10 billion. India ranked second with 21.3 million units ahead of third-placed Vietnam with total exports to the US at 8.3 million units, contributing 14 per cent of the total imports. However, the change in smartphone production trend now faces some challenge as President Donald Trump had threatened a 25 per cent tariff on India-produced iPhones in a bid to promote the return of manufacturing to the US. India needs to overcome supply chain issues Besides, there are still concerns about the supply chain, as Apple’s official list of suppliers for 2023 released recently shows 157 vendors and suppliers in mainland China and just 14 in India. The number of Indian suppliers, though has since increased to 64. The Indian government has been taking initiatives to promote domestic production of smartphones. Union minister Jitin Prasada shared that mobile manufacturing set ups in India have risen to 300 in 2024-25 from just two in 2014-15. Moreover, mobile phone output has risen 28 times to Rs 5.45 lakh crore, with exports going up 127 times to 2 lakh crore.

The sharp three-fold surge in India's smartphone exports to the US is largely driven by Apple, which has been relocating its manufacturing operations to India. In contrast, China's share of US smartphone imports has fallen drastically.

US smartphone imports witness big leap of ‘Made in India’ units, as China’s share falls

Chinese Premier Li Qiang on July 26 proposed the establishment of a global organisation to coordinate artificial intelligence (AI) development and governance, urging world powers to forge a common regulatory framework as the technology accelerates amid mounting geopolitical friction. Speaking at the opening ceremony of the World Artificial Intelligence Conference (WAIC) in Shanghai, Li described AI as a “new engine of economic growth,” while warning of growing security risks and “fragmented governance” in the absence of unified global standards. He said the rapid pace of AI evolution makes international cooperation more urgent than ever.“How to find a balance between development and security urgently requires further consensus from the entire society," Li said. "Currently, global AI governance is still fragmented. Countries have great differences in regulatory concepts and institutional rules.” Li's call comes just days after US President Donald Trump unveiled a sweeping deregulatory strategy for AI, including an executive order aimed at limiting what the administration calls “woke” AI systems. The move reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.<h2>China offers open-source development</h2>While Li stopped short of naming the US, his remarks appeared to be a thinly veiled critique of Western dominance in advanced AI systems and the flow of talent and resources. He warned that AI risks becoming “an exclusive game” monopolised by a handful of countries and companies. To counter that, Li proposed that China would actively promote open-source AI models and share its technological advancements, particularly with nations in the Global South.&nbsp;“Only by adhering to openness, sharing, and fairness in access to intelligence can more countries and groups benefit,” he said. Li also acknowledged practical barriers to AI development in China, including restricted access to top-tier semiconductors and limited cross-border talent exchange, the two consequences of ongoing US export controls.<h2>Global stage, global stakes</h2>Now in its seventh edition, WAIC has become one of Asia’s premier AI showcases. This year’s three-day conference hosts more than 800 companies presenting over 3,000 cutting-edge AI products, including 40 large language models and 60 intelligent robots. Chinese tech giants like Huawei and Alibaba dominate the exhibit floor, though US firms Tesla, Alphabet, and Amazon are also participating. Prominent speakers included AI pioneer Geoffrey Hinton, former Google CEO Eric Schmidt, and Anne Bouverot, France’s special envoy on AI. However, Tesla CEO Elon Musk was notably absent this year.UN Secretary-General António Guterres, in a video message, called AI governance “a defining test of international cooperation.” His comments echoed Li’s warnings that without common standards, AI risks becoming a source of global inequality and instability.As AI continues to reshape industries and societies, concerns have also grown around misinformation, job displacement, and ethical dilemmas. A recent study warned that AI-generated search summaries could drastically reduce online traffic for news publishers, raising new challenges for media and information ecosystems.

Chinese Premier Li Qiang's proposal reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.

Chinese Premier Li Qiang on July 26 proposed the establishment of a global organisation to coordinate artificial intelligence (AI) development and governance, urging world powers to forge a common regulatory framework as the technology accelerates amid mounting geopolitical friction. Speaking at the opening ceremony of the World Artificial Intelligence Conference (WAIC) in Shanghai, Li described AI as a “new engine of economic growth,” while warning of growing security risks and “fragmented governance” in the absence of unified global standards. He said the rapid pace of AI evolution makes international cooperation more urgent than ever. “How to find a balance between development and security urgently requires further consensus from the entire society," Li said. "Currently, global AI governance is still fragmented. Countries have great differences in regulatory concepts and institutional rules.” Li's call comes just days after US President Donald Trump unveiled a sweeping deregulatory strategy for AI, including an executive order aimed at limiting what the administration calls “woke” AI systems. The move reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns. China offers open-source development While Li stopped short of naming the US, his remarks appeared to be a thinly veiled critique of Western dominance in advanced AI systems and the flow of talent and resources. He warned that AI risks becoming “an exclusive game” monopolised by a handful of countries and companies. To counter that, Li proposed that China would actively promote open-source AI models and share its technological advancements, particularly with nations in the Global South. “Only by adhering to openness, sharing, and fairness in access to intelligence can more countries and groups benefit,” he said. Li also acknowledged practical barriers to AI development in China, including restricted access to top-tier semiconductors and limited cross-border talent exchange, the two consequences of ongoing US export controls. Global stage, global stakes Now in its seventh edition, WAIC has become one of Asia’s premier AI showcases. This year’s three-day conference hosts more than 800 companies presenting over 3,000 cutting-edge AI products, including 40 large language models and 60 intelligent robots. Chinese tech giants like Huawei and Alibaba dominate the exhibit floor, though US firms Tesla, Alphabet, and Amazon are also participating. Prominent speakers included AI pioneer Geoffrey Hinton, former Google CEO Eric Schmidt, and Anne Bouverot, France’s special envoy on AI. However, Tesla CEO Elon Musk was notably absent this year. UN Secretary-General António Guterres, in a video message, called AI governance “a defining test of international cooperation.” His comments echoed Li’s warnings that without common standards, AI risks becoming a source of global inequality and instability. As AI continues to reshape industries and societies, concerns have also grown around misinformation, job displacement, and ethical dilemmas. A recent study warned that AI-generated search summaries could drastically reduce online traffic for news publishers, raising new challenges for media and information ecosystems.

Chinese Premier Li Qiang's proposal reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.

China proposes global AI governance body amid rising tech tensions with US

Jeff Bezos, <a href="http://Amazon.com">Amazon.com</a> Inc.’s founder and executive chair, has completed a major stock divestiture totalling nearly $5.7 billion as part of a pre-scheduled 10b5-1 (a structured schedule of stock sales) trading plan. The series of transactions, initiated around his June wedding, marks the sale of 25 million Amazon shares, culminating with a final tranche of 4.2 million shares sold on July 24, according to recent filings with the US Securities and Exchange Commission. Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares, or more than 8 per cent of the company. His total stake is currently valued at over $252 billion, according to Bloomberg Billionaires Index data.<h2>A pattern of strategic divestment</h2>The latest sales are consistent with Bezos’ long-standing approach to managing his wealth. Since 2002, he has sold more than $50 billion in Amazon shares. Last year alone, he sold 75 million shares, earning $13.6 billion. These proceeds have largely funded personal ventures, including Blue Origin, philanthropic donations, and high-profile personal expenses like his recent $50 million wedding. In 2025, Bezos has also donated shares worth approximately $1 billion to nonprofit organisations. His use of a 10b5-1 plan is meant to avoid regulatory scrutiny over insider trading and has become a common tool for top executives managing concentrated holdings.<h2>Market reactions and investor sentiment</h2>Despite the volume of insider activity, the market has responded with relative calm. Amazon’s stock has climbed 38 per cent since late April and traded mostly sideways in July, even amid Bezos’ divestitures. Analysts maintain a favourable outlook, with a median price target of $251.34, a potential 10 per cent upside, reflecting continued optimism around Amazon’s AI and cloud computing prospects.The company is set to report second-quarter earnings next week, with particular investor focus on Amazon Web Services (AWS) and its ongoing AI investments. AWS currently contributes nearly 20 per cent of Amazon’s revenue and maintains an industry-leading 39.5 per cent operating margin. Bezos’ activity has outpaced that of other major insider sellers this year, including Oracle CEO Safra Catz and Dell’s Michael Dell. While some investors remain cautious about the timing of such sales, especially ahead of earnings, analysts largely interpret them as standard wealth management rather than signals of waning confidence.For long-term investors, Bezos’ stock sale is unlikely to change the fundamental narrative. His continued stake and Amazon’s dominant position in AI, advertising, and cloud services suggest ongoing alignment with the company’s success. In an era of heightened scrutiny over executive compensation and insider activity, Bezos’ strategy highlights the balance between personal financial planning and long-term shareholder value.

Jeff Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares.

Jeff Bezos, Amazon.com Inc.’s founder and executive chair, has completed a major stock divestiture totalling nearly $5.7 billion as part of a pre-scheduled 10b5-1 (a structured schedule of stock sales) trading plan. The series of transactions, initiated around his June wedding, marks the sale of 25 million Amazon shares, culminating with a final tranche of 4.2 million shares sold on July 24, according to recent filings with the US Securities and Exchange Commission. Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares, or more than 8 per cent of the company. His total stake is currently valued at over $252 billion, according to Bloomberg Billionaires Index data. A pattern of strategic divestment The latest sales are consistent with Bezos’ long-standing approach to managing his wealth. Since 2002, he has sold more than $50 billion in Amazon shares. Last year alone, he sold 75 million shares, earning $13.6 billion. These proceeds have largely funded personal ventures, including Blue Origin, philanthropic donations, and high-profile personal expenses like his recent $50 million wedding. In 2025, Bezos has also donated shares worth approximately $1 billion to nonprofit organisations. His use of a 10b5-1 plan is meant to avoid regulatory scrutiny over insider trading and has become a common tool for top executives managing concentrated holdings. Market reactions and investor sentiment Despite the volume of insider activity, the market has responded with relative calm. Amazon’s stock has climbed 38 per cent since late April and traded mostly sideways in July, even amid Bezos’ divestitures. Analysts maintain a favourable outlook, with a median price target of $251.34, a potential 10 per cent upside, reflecting continued optimism around Amazon’s AI and cloud computing prospects. The company is set to report second-quarter earnings next week, with particular investor focus on Amazon Web Services (AWS) and its ongoing AI investments. AWS currently contributes nearly 20 per cent of Amazon’s revenue and maintains an industry-leading 39.5 per cent operating margin. Bezos’ activity has outpaced that of other major insider sellers this year, including Oracle CEO Safra Catz and Dell’s Michael Dell. While some investors remain cautious about the timing of such sales, especially ahead of earnings, analysts largely interpret them as standard wealth management rather than signals of waning confidence. For long-term investors, Bezos’ stock sale is unlikely to change the fundamental narrative. His continued stake and Amazon’s dominant position in AI, advertising, and cloud services suggest ongoing alignment with the company’s success. In an era of heightened scrutiny over executive compensation and insider activity, Bezos’ strategy highlights the balance between personal financial planning and long-term shareholder value.

Jeff Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares.

Jeff Bezos nets $5.7 billion in Amazon stock sale amid AI investment surge

Business investment in equipment appears to have slowed sharply in the second quarter of 2025, as new orders for US-manufactured capital goods unexpectedly declined in June, adding to growing evidence that policy uncertainty and trade tensions are weighing on corporate spending. Data released on July 25 by the Commerce Department showed non-defence capital goods orders excluding aircraft—a key indicator of business investment plans—fell 0.7 per cent last month. That marked a surprising reversal after a 2.0 per cent rebound in May and undershot economists’ expectations for a modest 0.2 per cent increase.The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration. Economists now expect equipment spending, a key component of GDP, to have slowed dramatically from its 23.7 per cent annualised surge in the first quarter, some even anticipate a contraction.<h2>Tariff rush fades, uncertainty lingers</h2>The first quarter saw businesses front-load equipment purchases to avoid pending tariff hikes, but that urgency appears to have faded. While some tariff-related spending persists, the broader outlook has dimmed amid escalating trade uncertainty. The administration’s landmark Big Beautiful Bill, signed into law earlier this month, offers tax incentives for capital investment, but its benefits are being overshadowed by the unpredictability surrounding trade negotiations.June data showed shipments of core capital goods (used to calculate equipment spending in GDP) rose 0.4 per cent, but inflation-adjusted figures suggest that growth has stalled. Much of the rise in shipments reflects higher prices rather than increased volumes, economists noted.<h2>Aircraft volatility clouds broader picture</h2>Durable goods orders overall fell 9.3 per cent in June, dragged down by a sharp 51.8 per cent plunge in commercial aircraft bookings after a surge in May tied to a large Qatar Airways deal. Boeing reported just 116 new orders in June, down from 303 in May. Non-defence capital goods orders tumbled 24 per cent in June after a 50 per cent jump in May, reinforcing concerns that aircraft-related volatility may be masking underlying weakness in the broader investment landscape.Meanwhile, orders for motor vehicles and parts increased 0.9 per cent, and computers and electronic products rose 0.6 per cent, providing minor offsets. Machinery orders gained 0.4 per cent, while electrical equipment ticked up just 0.1 per cent.A separate S&amp;P Global survey showed manufacturing activity contracted in July for the first time since December, citing protectionist costs and reduced investment appetite. With the Federal Reserve widely expected to keep rates steady this week, the focus will shift to upcoming GDP data, with the Atlanta Fed forecasting 2.4 per cent growth in Q2, driven more by trade flows than domestic investment.&nbsp;(With inputs from agencies)

The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration.

Business investment in equipment appears to have slowed sharply in the second quarter of 2025, as new orders for US-manufactured capital goods unexpectedly declined in June, adding to growing evidence that policy uncertainty and trade tensions are weighing on corporate spending. Data released on July 25 by the Commerce Department showed non-defence capital goods orders excluding aircraft—a key indicator of business investment plans—fell 0.7 per cent last month. That marked a surprising reversal after a 2.0 per cent rebound in May and undershot economists’ expectations for a modest 0.2 per cent increase. The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration. Economists now expect equipment spending, a key component of GDP, to have slowed dramatically from its 23.7 per cent annualised surge in the first quarter, some even anticipate a contraction. Tariff rush fades, uncertainty lingers The first quarter saw businesses front-load equipment purchases to avoid pending tariff hikes, but that urgency appears to have faded. While some tariff-related spending persists, the broader outlook has dimmed amid escalating trade uncertainty. The administration’s landmark Big Beautiful Bill, signed into law earlier this month, offers tax incentives for capital investment, but its benefits are being overshadowed by the unpredictability surrounding trade negotiations. June data showed shipments of core capital goods (used to calculate equipment spending in GDP) rose 0.4 per cent, but inflation-adjusted figures suggest that growth has stalled. Much of the rise in shipments reflects higher prices rather than increased volumes, economists noted. Aircraft volatility clouds broader picture Durable goods orders overall fell 9.3 per cent in June, dragged down by a sharp 51.8 per cent plunge in commercial aircraft bookings after a surge in May tied to a large Qatar Airways deal. Boeing reported just 116 new orders in June, down from 303 in May. Non-defence capital goods orders tumbled 24 per cent in June after a 50 per cent jump in May, reinforcing concerns that aircraft-related volatility may be masking underlying weakness in the broader investment landscape. Meanwhile, orders for motor vehicles and parts increased 0.9 per cent, and computers and electronic products rose 0.6 per cent, providing minor offsets. Machinery orders gained 0.4 per cent, while electrical equipment ticked up just 0.1 per cent. A separate S&P Global survey showed manufacturing activity contracted in July for the first time since December, citing protectionist costs and reduced investment appetite. With the Federal Reserve widely expected to keep rates steady this week, the focus will shift to upcoming GDP data, with the Atlanta Fed forecasting 2.4 per cent growth in Q2, driven more by trade flows than domestic investment. (With inputs from agencies)

The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration.

US business equipment investment stalls as policy uncertainty clouds outlook

Meta Platforms has appointed Shengjia Zhao, co-creator of OpenAI’s ChatGPT and a key architect behind GPT-4, as the chief scientist of its recently launched Superintelligence Lab, chief executive Mark Zuckerberg announced on July 25. The move underscores Meta’s accelerating investment in artificial intelligence (AI) as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). Zhao will work directly with Zuckerberg and Meta’s Chief AI Officer Alexandr Wang, who joined the company from Scale AI in June after Meta made a $14 billion investment in the startup.&nbsp;“Shengjia has already pioneered several breakthroughs including a new scaling paradigm, and distinguished himself as a leader in the field,” Zuckerberg said in a Threads post. “I’m looking forward to working closely with him to advance his scientific vision.” Zhao, who joined Meta in June, is also a co-founder of the Superintelligence Lab and has been “our lead scientist from day one,” according to Zuckerberg. His formal appointment follows months of high-profile recruiting efforts and a wave of talent migration from OpenAI to Meta.<h2>Zhao’s AI track record and Meta’s open-source strategy</h2>Zhao played a pivotal role in creating ChatGPT, GPT-4, and a series of mini models such as 4.1 and o3. He also led synthetic data research at OpenAI and contributed to the development of OpenAI’s first reasoning model, o1, which helped inspire similar chain-of-thought AI systems across the industry.Zuckerberg reiterated Meta’s ambition to build “full general intelligence” and open-source its models, a strategy that has sparked both support and criticism from the broader AI research community. The Superintelligence Lab operates separately from Meta’s long-established FAIR division, which is still led by AI pioneer Yann LeCun. LeCun will continue in his role and now reports to Wang.<h2>Meta’s expanding AI empire</h2>Meta is pouring “hundreds of billions of dollars” into AI infrastructure, Zuckerberg said earlier this month. The formation of the Superintelligence Lab marks a turning point for Meta’s AI strategy, consolidating its work on the Llama model family and broader AGI goals. “This is just the beginning,” Zuckerberg said. “The next few years are going to be very exciting.”&nbsp;(With inputs from agencies)

The move underscores Meta’s accelerating investment in artificial intelligence and AI talent poaching as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). 

Meta Platforms has appointed Shengjia Zhao, co-creator of OpenAI’s ChatGPT and a key architect behind GPT-4, as the chief scientist of its recently launched Superintelligence Lab, chief executive Mark Zuckerberg announced on July 25. The move underscores Meta’s accelerating investment in artificial intelligence (AI) as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). Zhao will work directly with Zuckerberg and Meta’s Chief AI Officer Alexandr Wang, who joined the company from Scale AI in June after Meta made a $14 billion investment in the startup. “Shengjia has already pioneered several breakthroughs including a new scaling paradigm, and distinguished himself as a leader in the field,” Zuckerberg said in a Threads post. “I’m looking forward to working closely with him to advance his scientific vision.” Zhao, who joined Meta in June, is also a co-founder of the Superintelligence Lab and has been “our lead scientist from day one,” according to Zuckerberg. His formal appointment follows months of high-profile recruiting efforts and a wave of talent migration from OpenAI to Meta. Zhao’s AI track record and Meta’s open-source strategy Zhao played a pivotal role in creating ChatGPT, GPT-4, and a series of mini models such as 4.1 and o3. He also led synthetic data research at OpenAI and contributed to the development of OpenAI’s first reasoning model, o1, which helped inspire similar chain-of-thought AI systems across the industry. Zuckerberg reiterated Meta’s ambition to build “full general intelligence” and open-source its models, a strategy that has sparked both support and criticism from the broader AI research community. The Superintelligence Lab operates separately from Meta’s long-established FAIR division, which is still led by AI pioneer Yann LeCun. LeCun will continue in his role and now reports to Wang. Meta’s expanding AI empire Meta is pouring “hundreds of billions of dollars” into AI infrastructure, Zuckerberg said earlier this month. The formation of the Superintelligence Lab marks a turning point for Meta’s AI strategy, consolidating its work on the Llama model family and broader AGI goals. “This is just the beginning,” Zuckerberg said. “The next few years are going to be very exciting.” (With inputs from agencies)

The move underscores Meta’s accelerating investment in artificial intelligence and AI talent poaching as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI).&nbsp;

Meta appoints ChatGPT co-creator Shengjia Zhao as chief scientist of Superintelligence Lab

NASA is bracing for the departure of approximately 3,870 employees, or nearly 20 per cent of its current workforce, under a voluntary resignation program launched as part of US President Donald Trump’s broader effort to shrink the federal government. The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees. On July 25, the space agency confirmed that it expects its civil servant headcount to fall to around 14,000 following two rounds of deferred resignation offerings in 2025, along with natural attrition. While the final tally may shift based on ongoing application reviews and employee withdrawals, officials say the scale of the exodus is clear.<h2>Deferred resignations aim to avoid layoffs</h2>NASA’s first resignation program began earlier this year and resulted in about 870 employees, 4.8 per cent of the workforce, leaving their posts. The second round, which opened in June and closed on July 25, drew nearly 3,000 more participants, or 16.4 per cent of staff. Agency executives have defended the program as a way to meet administration targets without imposing involuntary layoffs. “The reason we are doing this is to minimise any involuntary workforce reductions in the future,” former acting NASA administrator Janet Petro told employees during a June town hall.The initiative was reportedly developed in coordination with the Department of Government Efficiency (DOGE), now led by Elon Musk, and reflects a broader White House effort to cut down on federal spending and bureaucracy.<h2>Industry warns of brain drain, safety risks</h2>The sweeping cuts have sparked growing concern among NASA veterans and the wider space community. In a letter dubbed The Voyager Declaration, hundreds of current and former agency staff warned interim administrator Sean Duffy, who also leads the Department of Transportation, that losing so many experienced professionals could jeopardise future missions. “Thousands of NASA civil servant employees have already been terminated, resigned, or retired early, taking with them highly specialised, irreplaceable knowledge crucial to carrying out NASA’s mission,” the letter stated.Protests have also erupted. On July 20, about 100 demonstrators, including agency staff and contractors, gathered outside the Smithsonian National Air and Space Museum. Organised by the grassroots group “NASA Needs Help,” the rally marked the anniversary of the Apollo 11 Moon landing and sought to pressure Congress to intervene.<h2>Congress pushes back as budget battle looms</h2>The US House Committee on Science, Space, and Technology accused NASA leadership of acting “outside its legal authority” by enacting cuts ahead of budget approval. In a strongly worded letter, lawmakers warned that slashing NASA’s workforce and budget could turn the agency into a “hollow shell.”The 2026 White House budget proposal seeks to cut NASA’s funding by 25 per cent and reduce its workforce by 5,000 more positions. If passed, it would be the agency’s leanest budget since the 1960s, potentially altering its ability to meet goals such as Moon and Mars exploration.&nbsp;(With inputs from news agencies)

The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees.

NASA is bracing for the departure of approximately 3,870 employees, or nearly 20 per cent of its current workforce, under a voluntary resignation program launched as part of US President Donald Trump’s broader effort to shrink the federal government. The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees. On July 25, the space agency confirmed that it expects its civil servant headcount to fall to around 14,000 following two rounds of deferred resignation offerings in 2025, along with natural attrition. While the final tally may shift based on ongoing application reviews and employee withdrawals, officials say the scale of the exodus is clear. Deferred resignations aim to avoid layoffs NASA’s first resignation program began earlier this year and resulted in about 870 employees, 4.8 per cent of the workforce, leaving their posts. The second round, which opened in June and closed on July 25, drew nearly 3,000 more participants, or 16.4 per cent of staff. Agency executives have defended the program as a way to meet administration targets without imposing involuntary layoffs. “The reason we are doing this is to minimise any involuntary workforce reductions in the future,” former acting NASA administrator Janet Petro told employees during a June town hall. The initiative was reportedly developed in coordination with the Department of Government Efficiency (DOGE), now led by Elon Musk, and reflects a broader White House effort to cut down on federal spending and bureaucracy. Industry warns of brain drain, safety risks The sweeping cuts have sparked growing concern among NASA veterans and the wider space community. In a letter dubbed The Voyager Declaration, hundreds of current and former agency staff warned interim administrator Sean Duffy, who also leads the Department of Transportation, that losing so many experienced professionals could jeopardise future missions. “Thousands of NASA civil servant employees have already been terminated, resigned, or retired early, taking with them highly specialised, irreplaceable knowledge crucial to carrying out NASA’s mission,” the letter stated. Protests have also erupted. On July 20, about 100 demonstrators, including agency staff and contractors, gathered outside the Smithsonian National Air and Space Museum. Organised by the grassroots group “NASA Needs Help,” the rally marked the anniversary of the Apollo 11 Moon landing and sought to pressure Congress to intervene. Congress pushes back as budget battle looms The US House Committee on Science, Space, and Technology accused NASA leadership of acting “outside its legal authority” by enacting cuts ahead of budget approval. In a strongly worded letter, lawmakers warned that slashing NASA’s workforce and budget could turn the agency into a “hollow shell.” The 2026 White House budget proposal seeks to cut NASA’s funding by 25 per cent and reduce its workforce by 5,000 more positions. If passed, it would be the agency’s leanest budget since the 1960s, potentially altering its ability to meet goals such as Moon and Mars exploration. (With inputs from news agencies)

The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees.

NASA faces major workforce shake-up as nearly 4,000 employees set to exit

Brazilian chemical exporters are facing a wave of cancelled contracts and rising uncertainty after US President Donald Trump announced plans to impose a 50 per cent tariff on Brazilian goods starting August 1. The move, which has yet to be reversed or delayed, is already dealing a blow to Brazil’s $2.4 billion chemical export industry to the United States.Andre Cordeiro, head of Brazil’s chemical industry association Abiquim, told Reuters on July 25 that export orders for several key products, including resins and compounds used in fertilisers, have been abruptly cancelled. One unnamed company lost all its US contracts, while others are facing partial cancellations. In some cases, Brazilian exporters had already arranged financing when buyers pulled out. “Fundamentally, these decisions are being made because the bet is that he (Trump) will actually apply the tariff,” Cordeiro said.<h2>Ripple effects across industries</h2>The fallout is spilling into other sectors that rely on chemicals, including agriculture, manufacturing, and food processing. “No one produces coffee, or even grains, without some kind of chemical product in the process,” said Cordeiro. Brazilian plywood exporters, which use chemicals for bonding, and orange juice producers, reliant on chemical preservatives, are also seeing order cancellations.Orange juice is a particularly vulnerable export, with 42 per cent of Brazil’s shipments last year going to the US. Braskem and Dow Chemical—both major industry players with operations in Brazil and the US—could also be impacted. Neither company commented on the issue, nor did Exxon Mobil, which operates in Brazil and serves multiple industries. Abiquim maintains that the tariffs are unjustified, noting that Brazil’s chemical sector runs a $7.9 billion trade deficit with the US.<h2>Talks at a standstill, industry fears mount</h2>Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response. Vice President Geraldo Alckmin said he reiterated Brazil’s willingness to talk during a recent conversation with US Secretary of Commerce Howard Lutnick, but there has been no follow-up.President Luiz Inácio Lula da Silva denounced the planned duties as “unacceptable blackmail,” linking the move to Trump’s political support for former President Jair Bolsonaro, who is currently on trial in Brazil. Trump has publicly tied the tariffs to Bolsonaro’s legal troubles.Industry leaders warn of far-reaching consequences. The National Industry Confederation (CNI) estimates the tariffs could cost Brazil over 100,000 jobs and shave 0.2 per cent off GDP. Some companies are redirecting exports, shifting production to plants in Mexico or India, or even suing the US government.&nbsp;(With inputs from agencies)

Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response.

Brazilian chemical exporters are facing a wave of cancelled contracts and rising uncertainty after US President Donald Trump announced plans to impose a 50 per cent tariff on Brazilian goods starting August 1. The move, which has yet to be reversed or delayed, is already dealing a blow to Brazil’s $2.4 billion chemical export industry to the United States. Andre Cordeiro, head of Brazil’s chemical industry association Abiquim, told Reuters on July 25 that export orders for several key products, including resins and compounds used in fertilisers, have been abruptly cancelled. One unnamed company lost all its US contracts, while others are facing partial cancellations. In some cases, Brazilian exporters had already arranged financing when buyers pulled out. “Fundamentally, these decisions are being made because the bet is that he (Trump) will actually apply the tariff,” Cordeiro said. Ripple effects across industries The fallout is spilling into other sectors that rely on chemicals, including agriculture, manufacturing, and food processing. “No one produces coffee, or even grains, without some kind of chemical product in the process,” said Cordeiro. Brazilian plywood exporters, which use chemicals for bonding, and orange juice producers, reliant on chemical preservatives, are also seeing order cancellations. Orange juice is a particularly vulnerable export, with 42 per cent of Brazil’s shipments last year going to the US. Braskem and Dow Chemical—both major industry players with operations in Brazil and the US—could also be impacted. Neither company commented on the issue, nor did Exxon Mobil, which operates in Brazil and serves multiple industries. Abiquim maintains that the tariffs are unjustified, noting that Brazil’s chemical sector runs a $7.9 billion trade deficit with the US. Talks at a standstill, industry fears mount Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response. Vice President Geraldo Alckmin said he reiterated Brazil’s willingness to talk during a recent conversation with US Secretary of Commerce Howard Lutnick, but there has been no follow-up. President Luiz Inácio Lula da Silva denounced the planned duties as “unacceptable blackmail,” linking the move to Trump’s political support for former President Jair Bolsonaro, who is currently on trial in Brazil. Trump has publicly tied the tariffs to Bolsonaro’s legal troubles. Industry leaders warn of far-reaching consequences. The National Industry Confederation (CNI) estimates the tariffs could cost Brazil over 100,000 jobs and shave 0.2 per cent off GDP. Some companies are redirecting exports, shifting production to plants in Mexico or India, or even suing the US government. (With inputs from agencies)

Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response.

Brazilian chemical sector hit hard as US tariff threat sparks contract cancellations

Wall Street closed out a stellar week with fresh record highs on July 25, lifted by upbeat earnings results, progress on US trade deals, and investor optimism ahead of a pivotal Federal Reserve meeting next week. The S&amp;P 500 rose 0.40 per cent to finish at 6,388.64, marking its 14th record close of 2025 and capping a week of five straight record finishes. The Nasdaq Composite added 0.24 per cent to close at 21,108.32, notching its 15th record close this year. The Dow Jones Industrial Average climbed 208.01 points, or 0.47 per cent, ending at 44,901.92, just shy of its all-time high.All three major indexes posted solid weekly gains: the S&amp;P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&amp;P 500 companies that have reported earnings so far have topped analyst expectations, led by strong showings from Alphabet and Verizon.<h2>Earnings shake up markets</h2>Among notable movers, Deckers Outdoor surged 11 per cent after posting quarterly earnings that beat estimates, driven by strong international demand for its UGG and Hoka brands. In contrast, Intel sank 8.5 per cent after forecasting steeper-than-expected losses and announcing job cuts.Charter Communications tumbled 18 per cent following a disappointing broadband subscriber report, while Centene rose 6.1 per cent on improved outlooks for its government-backed healthcare businesses. Paramount Global dipped 1.6 per cent after regulators cleared its $8.4 billion merger with Skydance Media.Sector-wise, nine of the 11 S&amp;P 500 groups advanced, with materials and industrials leading gains.<h2>Trade deal hopes and Fed in focus next week</h2>Markets were buoyed by optimism that the US is on the cusp of finalising a trade deal with the European Union. European Commission President Ursula von der Leyen confirmed plans to meet US President Donald Trump in Scotland on July 27, aiming to conclude an agreement before the August 1 tariff deadline. Trump earlier said the odds of a deal were “50-50.” Recent trade accords with Japan and Indonesia have also helped lift sentiment, reducing the risk of near-term tariff escalation.Next week brings a key Federal Reserve decision, with policymakers widely expected to keep interest rates steady at 4.25-4.50 per cent. Markets are currently pricing in a 60 per cent chance of a rate cut by September, according to CME’s FedWatch tool.With over 150 S&amp;P 500 companies—including tech giants like Apple, Microsoft, Meta, and Amazon—set to report earnings, investor attention will remain laser-focused on corporate guidance and macro signals. Despite concerns about elevated valuations and revived meme-stock activity, volatility remains muted, with the VIX closing below 15, reflecting the market’s growing confidence.

All three major indexes posted solid weekly gains: the S&P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&P 500 companies that have reported earnings so far have topped analyst expectations.

Wall Street closed out a stellar week with fresh record highs on July 25, lifted by upbeat earnings results, progress on US trade deals, and investor optimism ahead of a pivotal Federal Reserve meeting next week. The S&P 500 rose 0.40 per cent to finish at 6,388.64, marking its 14th record close of 2025 and capping a week of five straight record finishes. The Nasdaq Composite added 0.24 per cent to close at 21,108.32, notching its 15th record close this year. The Dow Jones Industrial Average climbed 208.01 points, or 0.47 per cent, ending at 44,901.92, just shy of its all-time high. All three major indexes posted solid weekly gains: the S&P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&P 500 companies that have reported earnings so far have topped analyst expectations, led by strong showings from Alphabet and Verizon. Earnings shake up markets Among notable movers, Deckers Outdoor surged 11 per cent after posting quarterly earnings that beat estimates, driven by strong international demand for its UGG and Hoka brands. In contrast, Intel sank 8.5 per cent after forecasting steeper-than-expected losses and announcing job cuts. Charter Communications tumbled 18 per cent following a disappointing broadband subscriber report, while Centene rose 6.1 per cent on improved outlooks for its government-backed healthcare businesses. Paramount Global dipped 1.6 per cent after regulators cleared its $8.4 billion merger with Skydance Media. Sector-wise, nine of the 11 S&P 500 groups advanced, with materials and industrials leading gains. Trade deal hopes and Fed in focus next week Markets were buoyed by optimism that the US is on the cusp of finalising a trade deal with the European Union. European Commission President Ursula von der Leyen confirmed plans to meet US President Donald Trump in Scotland on July 27, aiming to conclude an agreement before the August 1 tariff deadline. Trump earlier said the odds of a deal were “50-50.” Recent trade accords with Japan and Indonesia have also helped lift sentiment, reducing the risk of near-term tariff escalation. Next week brings a key Federal Reserve decision, with policymakers widely expected to keep interest rates steady at 4.25-4.50 per cent. Markets are currently pricing in a 60 per cent chance of a rate cut by September, according to CME’s FedWatch tool. With over 150 S&P 500 companies—including tech giants like Apple, Microsoft, Meta, and Amazon—set to report earnings, investor attention will remain laser-focused on corporate guidance and macro signals. Despite concerns about elevated valuations and revived meme-stock activity, volatility remains muted, with the VIX closing below 15, reflecting the market’s growing confidence.

All three major indexes posted solid weekly gains: the S&amp;P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&amp;P 500 companies that have reported earnings so far have topped analyst expectations.

Wall Street ends week at record highs on trade optimism, earnings boost

Australia and India are likely to finalise an expanded free trade agreement (FTA) in the “very near future,” according to Australian Trade Minister Don Farrell. Speaking at the Lowy Institute in Sydney on July 25, Farrell said the two countries were close to sealing the deal earlier this year, but Australia’s federal election in May pushed the timeline back. “If the election had been a week or so later, we might have finalised the agreement,” Farrell said. He noted that negotiations had been progressing well before domestic political constraints disrupted final talks.&nbsp;Farrell also hinted that India’s current trade focus has shifted toward securing tariff exemptions with the Trump administration in the US, which may have further delayed the Australia-India talks. Australia and India signed their initial trade deal, the Economic Cooperation and Trade Agreement (ECTA), in April 2022. That accord eliminated tariffs on a large proportion of goods and services but left out several major Australian agricultural exports such as chickpeas, dairy, and wheat. Farrell confirmed that political sensitivities on both sides meant the FTA would be finalised incrementally. “We think we will get another agreement with India very shortly,” he added.<h2>$33 billion trade ties and growing strategic closeness</h2>Bilateral trade between Australia and India reached nearly AUD 50 billion ($32.9 billion) in 2023, and both nations see the relationship as strategically significant amid shifting geopolitical alignments. Farrell emphasised that the FTA expansion would further deepen trade and economic integration between the two Indo-Pacific democracies.The comments came just days after India and the United Kingdom (UK) announced a sweeping trade pact, with India agreeing to cut tariffs on 90 per cent of British goods and the UK granting duty-free access to nearly all Indian exports. The move may add urgency to Australia’s efforts to finalise its own agreement with India.Farrell also dismissed suggestions that recent Australian decisions on trade policy were politically motivated. Responding to claims that lifting restrictions on US beef imports was meant to appease US President Donald Trump, Farrell said the move had been based on scientific review, not politics. “We haven’t done this in order to entice the Americans into a trade agreement… We think they should do that anyway,” he said.

Bilateral trade between Australia and India reached nearly $32.9 billion in 2023, and both nations see the relationship as strategically significant amid shifting geopolitical alignments. 

Australia and India are likely to finalise an expanded free trade agreement (FTA) in the “very near future,” according to Australian Trade Minister Don Farrell. Speaking at the Lowy Institute in Sydney on July 25, Farrell said the two countries were close to sealing the deal earlier this year, but Australia’s federal election in May pushed the timeline back. “If the election had been a week or so later, we might have finalised the agreement,” Farrell said. He noted that negotiations had been progressing well before domestic political constraints disrupted final talks. Farrell also hinted that India’s current trade focus has shifted toward securing tariff exemptions with the Trump administration in the US, which may have further delayed the Australia-India talks. Australia and India signed their initial trade deal, the Economic Cooperation and Trade Agreement (ECTA), in April 2022. That accord eliminated tariffs on a large proportion of goods and services but left out several major Australian agricultural exports such as chickpeas, dairy, and wheat. Farrell confirmed that political sensitivities on both sides meant the FTA would be finalised incrementally. “We think we will get another agreement with India very shortly,” he added. $33 billion trade ties and growing strategic closeness Bilateral trade between Australia and India reached nearly AUD 50 billion ($32.9 billion) in 2023, and both nations see the relationship as strategically significant amid shifting geopolitical alignments. Farrell emphasised that the FTA expansion would further deepen trade and economic integration between the two Indo-Pacific democracies. The comments came just days after India and the United Kingdom (UK) announced a sweeping trade pact, with India agreeing to cut tariffs on 90 per cent of British goods and the UK granting duty-free access to nearly all Indian exports. The move may add urgency to Australia’s efforts to finalise its own agreement with India. Farrell also dismissed suggestions that recent Australian decisions on trade policy were politically motivated. Responding to claims that lifting restrictions on US beef imports was meant to appease US President Donald Trump, Farrell said the move had been based on scientific review, not politics. “We haven’t done this in order to entice the Americans into a trade agreement… We think they should do that anyway,” he said.

Bilateral trade between Australia and India reached nearly $32.9 billion in 2023, and both nations see the relationship as strategically significant amid shifting geopolitical alignments.&nbsp;

Australia, India set to expand free trade pact soon: Australian trade minister

Volkswagen AG cut its 2025 earnings forecast after US import tariffs imposed under President Donald Trump’s administration added €1.3 billion ($1.53 billion) in costs during the first half of the year. The German carmaker now expects an operating return on sales of 4–5 per cent, down from a previously projected range of 5.5–6.5 per cent, amid rising trade tensions, internal restructuring, and weaker performance at its premium brands Audi and Porsche. Net profit for the second quarter fell by nearly a third year-on-year to €2.29 billion ($2.69 billion), while operating profit dropped 29 per cent to €3.83 billion ($4.49 billion). Despite delivering slightly more vehicles than the previous year, revenue declined 3 per cent to €80.6 billion ($94.59 billion).<h2>Tariffs and restructuring take a toll</h2>The sharp reduction in earnings was primarily attributed to the 25 per cent US tariff on European car imports, implemented in April, which continues to impact profitability, especially for Audi and Porsche, which rely heavily on US sales. Volkswagen warned that if the 27.5 per cent tariff persists into the second half, its performance could remain at the lower end of its forecast ranges. A reduction to 10 per cent could offer partial relief.Beyond the tariff pressure, Volkswagen is dealing with the consequences of a major internal overhaul. The group plans to cut over 35,000 jobs globally by 2030 in an effort to reduce costs and shift focus toward electric vehicles (EVs) and software-based mobility. The company also cited weaker margins from increased EV sales. While EVs are central to Volkswagen’s long-term strategy, the transition is proving costly in the short term. The group is also seeing declining demand in China, its largest market, where domestic brands are gaining ground.<h2>Electric vehicles and partnerships offer hope</h2>Amid the broader struggles, EV sales in Europe offered a rare bright spot. Volkswagen reported a 73 per cent jump in electric vehicle deliveries across the region in Q2, boosted by rising demand for models such as the VW ID.5, Audi Q4 e-tron, and Skoda Enyaq. Rebates and a consumer shift away from Tesla, reportedly due to CEO Elon Musk’s political activity, helped fuel the gains.Volkswagen is also banking on future partnerships to turn the tide. Collaborations with US-based Rivian and China’s Xpeng are expected to yield new models by next year, potentially improving competitiveness in both markets. However, uncertainty remains high. The company flagged global geopolitical tensions, inflation, protectionism, and volatile commodity and energy prices as key risks. The outlook for global automotive sales in 2025 is mixed, with Volkswagen expecting flat vehicle deliveries compared to 2024.<h2>Lower cash flow, flat sales forecast</h2>Volkswagen now expects flat revenue for 2025, down from an earlier estimate of 5 per cent growth. Free cash flow is forecast between €1 billion ($1.17 billion) and €3 billion ($3.52 billion), with capital investment remaining high as the company restructures. Net liquidity in the Automotive Division is expected to range between €31 billion ($36.38 billion) and €33 billion ($38.73 billion).Despite the challenges, Volkswagen said it would maintain a strong liquidity position and continue lobbying for a reduction in US trade barriers. The company warned that further political developments in the US, Middle East, and Eastern Europe could continue to disrupt the global automotive market.&nbsp;(With inputs from agencies)

The sharp reduction in Volkswagen's earnings was primarily attributed to the 25 per cent US tariff on European car imports, implemented in April, which continues to impact profitability, especially for Audi and Porsche, which rely heavily on US sales.

Volkswagen AG cut its 2025 earnings forecast after US import tariffs imposed under President Donald Trump’s administration added €1.3 billion ($1.53 billion) in costs during the first half of the year. The German carmaker now expects an operating return on sales of 4–5 per cent, down from a previously projected range of 5.5–6.5 per cent, amid rising trade tensions, internal restructuring, and weaker performance at its premium brands Audi and Porsche. Net profit for the second quarter fell by nearly a third year-on-year to €2.29 billion ($2.69 billion), while operating profit dropped 29 per cent to €3.83 billion ($4.49 billion). Despite delivering slightly more vehicles than the previous year, revenue declined 3 per cent to €80.6 billion ($94.59 billion). Tariffs and restructuring take a toll The sharp reduction in earnings was primarily attributed to the 25 per cent US tariff on European car imports, implemented in April, which continues to impact profitability, especially for Audi and Porsche, which rely heavily on US sales. Volkswagen warned that if the 27.5 per cent tariff persists into the second half, its performance could remain at the lower end of its forecast ranges. A reduction to 10 per cent could offer partial relief. Beyond the tariff pressure, Volkswagen is dealing with the consequences of a major internal overhaul. The group plans to cut over 35,000 jobs globally by 2030 in an effort to reduce costs and shift focus toward electric vehicles (EVs) and software-based mobility. The company also cited weaker margins from increased EV sales. While EVs are central to Volkswagen’s long-term strategy, the transition is proving costly in the short term. The group is also seeing declining demand in China, its largest market, where domestic brands are gaining ground. Electric vehicles and partnerships offer hope Amid the broader struggles, EV sales in Europe offered a rare bright spot. Volkswagen reported a 73 per cent jump in electric vehicle deliveries across the region in Q2, boosted by rising demand for models such as the VW ID.5, Audi Q4 e-tron, and Skoda Enyaq. Rebates and a consumer shift away from Tesla, reportedly due to CEO Elon Musk’s political activity, helped fuel the gains. Volkswagen is also banking on future partnerships to turn the tide. Collaborations with US-based Rivian and China’s Xpeng are expected to yield new models by next year, potentially improving competitiveness in both markets. However, uncertainty remains high. The company flagged global geopolitical tensions, inflation, protectionism, and volatile commodity and energy prices as key risks. The outlook for global automotive sales in 2025 is mixed, with Volkswagen expecting flat vehicle deliveries compared to 2024. Lower cash flow, flat sales forecast Volkswagen now expects flat revenue for 2025, down from an earlier estimate of 5 per cent growth. Free cash flow is forecast between €1 billion ($1.17 billion) and €3 billion ($3.52 billion), with capital investment remaining high as the company restructures. Net liquidity in the Automotive Division is expected to range between €31 billion ($36.38 billion) and €33 billion ($38.73 billion). Despite the challenges, Volkswagen said it would maintain a strong liquidity position and continue lobbying for a reduction in US trade barriers. The company warned that further political developments in the US, Middle East, and Eastern Europe could continue to disrupt the global automotive market. (With inputs from agencies)

The sharp reduction in Volkswagen's earnings was primarily attributed to the 25 per cent US tariff on European car imports, implemented in April, which continues to impact profitability, especially for Audi and Porsche, which rely heavily on US sales.

Volkswagen slashes outlook as US tariffs add $1.5 billion in costs

Amazon is facing mounting legal pressure in the UK, as a London tribunal ruled that two multi-billion-pound lawsuits accusing the e-commerce giant of abusing its market dominance can proceed. The cases, brought separately by third-party retailers and consumers, could cost the company up to £4 billion ($5.4 billion) if successful. Despite the legal setback, Amazon’s stock rose nearly 2 per cent on July 24, as investors appeared to shrug off the litigation threat, at least for now.<h2>Retailers target ‘Buy Box’ algorithm</h2>One of the lawsuits, valued at up to £2.7 billion ($3.64 billion), is led by competition law academic Andreas Stephan on behalf of more than 200,000 third-party retailers. The case centres around Amazon’s alleged manipulation of its “Buy Box” feature, the prominent “Add to cart” and “Buy now” section on product pages.Stephan’s legal team argues that Amazon gives preferential treatment to products using its own logistics and delivery services, disadvantaging sellers who rely on alternative fulfilment options. Since up to 80 per cent of purchases on Amazon are made via the Buy Box, winning that spot can make or break a seller’s sales performance. Amazon defends the feature, stating it helps customers compare options quickly based on price, condition, and shipping speed.<h2>Consumers claim suppressed competition</h2>In a separate case worth up to £1.3 billion ($1.75 billion), consumer advocate Robert Hammond is representing 49.4 million UK shoppers. His suit accuses Amazon of manipulating how products are presented to users in order to favour its own listings, reducing visibility for independent competitors and thereby distorting fair market access.Both lawsuits were certified by the UK’s Competition Appeal Tribunal on an opt-out basis, meaning affected retailers and consumers will automatically be included in the proceedings unless they choose otherwise.<h2>Amazon dismisses lawsuits as baseless</h2>Amazon has rejected the allegations, calling the claims “without merit.” A company spokesperson told Reuters, “We’re confident that will become clear through the legal process. Amazon has always focused on supporting the 100,000 businesses that sell their products on our UK store.” The lawsuits come amid growing regulatory scrutiny of US tech giants across the UK and Europe, as lawmakers intensify their efforts to rein in dominant digital platforms.

The cases, brought separately by third-party retailers and consumers, could cost Amazon up to £4 billion if successful. Despite the legal setback, Amazon’s stock rose nearly 2 per cent on July 24, as investors appeared to shrug off the litigation threat, at least for now.

Amazon is facing mounting legal pressure in the UK, as a London tribunal ruled that two multi-billion-pound lawsuits accusing the e-commerce giant of abusing its market dominance can proceed. The cases, brought separately by third-party retailers and consumers, could cost the company up to £4 billion ($5.4 billion) if successful. Despite the legal setback, Amazon’s stock rose nearly 2 per cent on July 24, as investors appeared to shrug off the litigation threat, at least for now. Retailers target ‘Buy Box’ algorithm One of the lawsuits, valued at up to £2.7 billion ($3.64 billion), is led by competition law academic Andreas Stephan on behalf of more than 200,000 third-party retailers. The case centres around Amazon’s alleged manipulation of its “Buy Box” feature, the prominent “Add to cart” and “Buy now” section on product pages. Stephan’s legal team argues that Amazon gives preferential treatment to products using its own logistics and delivery services, disadvantaging sellers who rely on alternative fulfilment options. Since up to 80 per cent of purchases on Amazon are made via the Buy Box, winning that spot can make or break a seller’s sales performance. Amazon defends the feature, stating it helps customers compare options quickly based on price, condition, and shipping speed. Consumers claim suppressed competition In a separate case worth up to £1.3 billion ($1.75 billion), consumer advocate Robert Hammond is representing 49.4 million UK shoppers. His suit accuses Amazon of manipulating how products are presented to users in order to favour its own listings, reducing visibility for independent competitors and thereby distorting fair market access. Both lawsuits were certified by the UK’s Competition Appeal Tribunal on an opt-out basis, meaning affected retailers and consumers will automatically be included in the proceedings unless they choose otherwise. Amazon dismisses lawsuits as baseless Amazon has rejected the allegations, calling the claims “without merit.” A company spokesperson told Reuters, “We’re confident that will become clear through the legal process. Amazon has always focused on supporting the 100,000 businesses that sell their products on our UK store.” The lawsuits come amid growing regulatory scrutiny of US tech giants across the UK and Europe, as lawmakers intensify their efforts to rein in dominant digital platforms.

The cases, brought separately by third-party retailers and consumers, could cost Amazon up to £4 billion if successful. Despite the legal setback, Amazon’s stock rose nearly 2 per cent on July 24, as investors appeared to shrug off the litigation threat, at least for now.

Amazon faces $5.4 billion UK lawsuits over alleged market abuse

In an extraordinary show of public pressure, President Donald Trump visited the Federal Reserve’s headquarters on July 24 to tour its ongoing renovation and to directly confront Chair Jerome Powell over monetary policy and construction cost overruns. While reiterating his demand for steep interest rate cuts, Trump also dialed back recent threats to fire Powell, whom he has repeatedly criticised. The visit marks only the fourth time a sitting president has visited the Fed since its founding in 1913, and the first in modern history to coincide with overt calls to change monetary policy.<h2>Trump demands aggressive rate cuts</h2>Standing beside Powell in white hard hats amid the construction zone, Trump renewed his call for the Fed to slash interest rates by at least three percentage points. “I’d love him to lower interest rates,” Trump said. “It would save our country hundreds of billions of dollars.” Trump’s visit comes ahead of next week’s Federal Open Market Committee meeting, where officials are widely expected to keep the benchmark rate steady at 4.25-4.50 per cent. Markets anticipate a possible cut in September.Powell, nominated by Trump in 2017, has maintained that decisions are guided by data and the Fed’s dual mandate of price stability and full employment. While Trump has repeatedly branded him a “numbskull” and “Too Late,” Powell has so far avoided responding.<h2>Sparring over renovation costs</h2>The president also took aim at the Fed’s $2.5 billion renovation of two historic buildings. Trump claimed the cost had ballooned to $3.1 billion and handed Powell a paper with what he called updated estimates. Powell corrected him, noting that the figure included an entirely separate building renovated five years earlier. “That’s a third building,” Powell said, shaking his head. “It was built five years ago.”Fed staff later clarified that rising costs were partly due to blast-resistant windows, tariffs, and inflation in labour and materials. Trump joked that on his own projects, a cost overrun of that size would “get someone fired.” But he also stated, “I don’t want to be personal,” adding, “I just would like to see it get finished.”<h2>Backs off firing threat, but keeps up pressure</h2>Despite previous suggestions that Powell should resign or be removed, Trump struck a more conciliatory tone this time. “To do that is a big move, and I just don’t think it’s necessary,” he said. “I believe he’s going to do the right thing.” Trump’s Truth Social post later that day was similarly mixed. He called the renovation “a disaster” but said, “Our country is doing very well and can afford just about anything—even the cost of this building!”The visit comes as Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Powell to cut rates.&nbsp;(With inputs from agencies)

The visit comes as Donald Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Jerome Powell to cut rates.

In an extraordinary show of public pressure, President Donald Trump visited the Federal Reserve’s headquarters on July 24 to tour its ongoing renovation and to directly confront Chair Jerome Powell over monetary policy and construction cost overruns. While reiterating his demand for steep interest rate cuts, Trump also dialed back recent threats to fire Powell, whom he has repeatedly criticised. The visit marks only the fourth time a sitting president has visited the Fed since its founding in 1913, and the first in modern history to coincide with overt calls to change monetary policy. Trump demands aggressive rate cuts Standing beside Powell in white hard hats amid the construction zone, Trump renewed his call for the Fed to slash interest rates by at least three percentage points. “I’d love him to lower interest rates,” Trump said. “It would save our country hundreds of billions of dollars.” Trump’s visit comes ahead of next week’s Federal Open Market Committee meeting, where officials are widely expected to keep the benchmark rate steady at 4.25-4.50 per cent. Markets anticipate a possible cut in September. Powell, nominated by Trump in 2017, has maintained that decisions are guided by data and the Fed’s dual mandate of price stability and full employment. While Trump has repeatedly branded him a “numbskull” and “Too Late,” Powell has so far avoided responding. Sparring over renovation costs The president also took aim at the Fed’s $2.5 billion renovation of two historic buildings. Trump claimed the cost had ballooned to $3.1 billion and handed Powell a paper with what he called updated estimates. Powell corrected him, noting that the figure included an entirely separate building renovated five years earlier. “That’s a third building,” Powell said, shaking his head. “It was built five years ago.” Fed staff later clarified that rising costs were partly due to blast-resistant windows, tariffs, and inflation in labour and materials. Trump joked that on his own projects, a cost overrun of that size would “get someone fired.” But he also stated, “I don’t want to be personal,” adding, “I just would like to see it get finished.” Backs off firing threat, but keeps up pressure Despite previous suggestions that Powell should resign or be removed, Trump struck a more conciliatory tone this time. “To do that is a big move, and I just don’t think it’s necessary,” he said. “I believe he’s going to do the right thing.” Trump’s Truth Social post later that day was similarly mixed. He called the renovation “a disaster” but said, “Our country is doing very well and can afford just about anything—even the cost of this building!” The visit comes as Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Powell to cut rates. (With inputs from agencies)

The visit comes as Donald Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Jerome Powell to cut rates.

Trump pressures Powell at rare Fed visit, backs off firing threat

A landmark US-Japan trade agreement touted by President Donald Trump has stirred a mix of optimism and confusion, as Japan pledges to establish a massive $550 billion investment fund targeting American industries. Despite its scale, questions abound over how the fund will be structured, financed, and implemented, leaving markets and analysts uncertain about its real impact. President Trump hailed the agreement as “the largest trade deal in history,” with the White House claiming that the US will control the fund’s direction and receive 90 per cent of its profits. Japanese officials, however, have offered a more cautious explanation, describing the pledge as a mix of investments, loans, and guarantees capped at $550 billion, not necessarily new capital.<h2>Fund lacks clarity, faces implementation hurdles</h2>Japan’s chief negotiator, Ryosei Akazawa, confirmed the fund would be supported by state-owned agencies like the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance, along with the private sector. Yet, with JBIC investing only $1.8 billion in North America in FY24, it’s unclear how these institutions could fund such an enormous commitment alone.Commerce Secretary Howard Lutnick suggested that Japanese firms will finance US-based infrastructure and industrial projects, with the profits split predominantly in favour of US taxpayers. But legal and operational details remain murky. Critics argue the proposal resembles a campaign promise more than a credible economic agreement. Some analysts also question whether previously announced investments from firms like SoftBank and Nippon Steel will be retroactively counted toward the deal.<h2>BOJ sees room to raise rates</h2>Despite these uncertainties, the deal has lifted a key cloud over Japan’s economic outlook, prompting speculation that the Bank of Japan (BOJ) may resume interest rate hikes later this year. Deputy Governor Shinichi Uchida signalled a more upbeat tone, citing improved chances of hitting the 2 per cent inflation target and rising price pressures from food costs.The BOJ is expected to maintain current rates at its July 30-31 meeting but could hint at a policy shift in the coming months. A revised inflation forecast and softened language around downside risks could pave the way for a potential rate hike as early as October. Still, the central bank remains cautious. The first-quarter GDP contraction, persistent consumer weakness, and the long-term impact of new US tariffs continue to weigh on policy deliberations.As markets await further guidance from BOJ Governor Kazuo Ueda next week, the success of the US-Japan trade deal and its true economic impact will depend heavily on whether its bold promises translate into tangible investment.&nbsp;(With inputs from agencies)

Critics argue that the US-Japan trade deal proposal resembles a campaign promise more than a credible economic agreement. Some analysts also question whether previously announced investments from firms like SoftBank and Nippon Steel will be retroactively counted toward the deal.

A landmark US-Japan trade agreement touted by President Donald Trump has stirred a mix of optimism and confusion, as Japan pledges to establish a massive $550 billion investment fund targeting American industries. Despite its scale, questions abound over how the fund will be structured, financed, and implemented, leaving markets and analysts uncertain about its real impact. President Trump hailed the agreement as “the largest trade deal in history,” with the White House claiming that the US will control the fund’s direction and receive 90 per cent of its profits. Japanese officials, however, have offered a more cautious explanation, describing the pledge as a mix of investments, loans, and guarantees capped at $550 billion, not necessarily new capital. Fund lacks clarity, faces implementation hurdles Japan’s chief negotiator, Ryosei Akazawa, confirmed the fund would be supported by state-owned agencies like the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance, along with the private sector. Yet, with JBIC investing only $1.8 billion in North America in FY24, it’s unclear how these institutions could fund such an enormous commitment alone. Commerce Secretary Howard Lutnick suggested that Japanese firms will finance US-based infrastructure and industrial projects, with the profits split predominantly in favour of US taxpayers. But legal and operational details remain murky. Critics argue the proposal resembles a campaign promise more than a credible economic agreement. Some analysts also question whether previously announced investments from firms like SoftBank and Nippon Steel will be retroactively counted toward the deal. BOJ sees room to raise rates Despite these uncertainties, the deal has lifted a key cloud over Japan’s economic outlook, prompting speculation that the Bank of Japan (BOJ) may resume interest rate hikes later this year. Deputy Governor Shinichi Uchida signalled a more upbeat tone, citing improved chances of hitting the 2 per cent inflation target and rising price pressures from food costs. The BOJ is expected to maintain current rates at its July 30-31 meeting but could hint at a policy shift in the coming months. A revised inflation forecast and softened language around downside risks could pave the way for a potential rate hike as early as October. Still, the central bank remains cautious. The first-quarter GDP contraction, persistent consumer weakness, and the long-term impact of new US tariffs continue to weigh on policy deliberations. As markets await further guidance from BOJ Governor Kazuo Ueda next week, the success of the US-Japan trade deal and its true economic impact will depend heavily on whether its bold promises translate into tangible investment. (With inputs from agencies)

Critics argue that the US-Japan trade deal proposal resembles a campaign promise more than a credible economic agreement. Some analysts also question whether previously announced investments from firms like SoftBank and Nippon Steel will be retroactively counted toward the deal.

Japan’s $550 billion US trade fund faces scrutiny amid unclear details

Samsung Electronics is accelerating its push into artificial intelligence (AI), with plans to expand beyond Google’s Gemini model in its upcoming Galaxy smartphones. The South Korean tech giant is in advanced talks with multiple AI firms, including OpenAI and Perplexity AI, to bring more generative capabilities to its next flagship lineup, the Galaxy S26, expected in 2025. According to Choi Won-Joon, president and chief operating officer of Samsung’s mobile division, the goal is to offer users more AI-powered choices rather than relying solely on Alphabet’s ecosystem.“We are talking to multiple vendors,” Choi said in a recent interview at Samsung’s Suwon headquarters. “As long as these AI agents are competitive and can provide the best user experiences, we are open to any AI agent out there.” Samsung is reportedly close to finalising an investment deal with Perplexity AI, which would see the company’s app and AI assistant embedded in future Galaxy devices. The strategy mirrors a broader industry trend, as smartphone makers like Apple and Samsung increasingly tap external developers to complement their in-house AI efforts.<h2>Chips and choices</h2>AI isn’t the only area where Samsung is diversifying. The company is currently evaluating chipsets for the Galaxy S26 series and may opt for its proprietary Exynos 2600 processor alongside, or instead of, Qualcomm’s latest Snapdragon chips. The recently launched Galaxy Z Flip 7 marked a milestone for Samsung, being the first foldable device powered by Exynos. With that launch, Samsung signalled a growing intent to reduce dependence on Qualcomm while addressing past concerns around the thermal and energy efficiency of its own chips.<h2>Foldable phones poised for breakout year</h2>On the hardware front, Samsung continues to bet heavily on foldables. The company has led the category with devices like the Galaxy Z Fold and Z Flip but now faces new competition. Apple is expected to enter the foldable market next year with its first folding iPhone, reportedly using OLED displays sourced from Samsung Display.“This is just the beginning of making these phones go mainstream,” said Choi, adding that Apple’s arrival would be “beneficial for the industry” by accelerating innovation and consumer adoption. With a sharpened focus on AI, in-house components, and form factor innovation, Samsung is positioning itself for a transformative year in mobile tech.&nbsp;(With inputs from agencies)

The South Korean tech giant, Samsung, is in advanced talks with multiple AI firms, including OpenAI and Perplexity AI, to bring more generative capabilities to its next flagship lineup, the Galaxy S26, expected in 2025.

Samsung Electronics is accelerating its push into artificial intelligence (AI), with plans to expand beyond Google’s Gemini model in its upcoming Galaxy smartphones. The South Korean tech giant is in advanced talks with multiple AI firms, including OpenAI and Perplexity AI, to bring more generative capabilities to its next flagship lineup, the Galaxy S26, expected in 2025. According to Choi Won-Joon, president and chief operating officer of Samsung’s mobile division, the goal is to offer users more AI-powered choices rather than relying solely on Alphabet’s ecosystem. “We are talking to multiple vendors,” Choi said in a recent interview at Samsung’s Suwon headquarters. “As long as these AI agents are competitive and can provide the best user experiences, we are open to any AI agent out there.” Samsung is reportedly close to finalising an investment deal with Perplexity AI, which would see the company’s app and AI assistant embedded in future Galaxy devices. The strategy mirrors a broader industry trend, as smartphone makers like Apple and Samsung increasingly tap external developers to complement their in-house AI efforts. Chips and choices AI isn’t the only area where Samsung is diversifying. The company is currently evaluating chipsets for the Galaxy S26 series and may opt for its proprietary Exynos 2600 processor alongside, or instead of, Qualcomm’s latest Snapdragon chips. The recently launched Galaxy Z Flip 7 marked a milestone for Samsung, being the first foldable device powered by Exynos. With that launch, Samsung signalled a growing intent to reduce dependence on Qualcomm while addressing past concerns around the thermal and energy efficiency of its own chips. Foldable phones poised for breakout year On the hardware front, Samsung continues to bet heavily on foldables. The company has led the category with devices like the Galaxy Z Fold and Z Flip but now faces new competition. Apple is expected to enter the foldable market next year with its first folding iPhone, reportedly using OLED displays sourced from Samsung Display. “This is just the beginning of making these phones go mainstream,” said Choi, adding that Apple’s arrival would be “beneficial for the industry” by accelerating innovation and consumer adoption. With a sharpened focus on AI, in-house components, and form factor innovation, Samsung is positioning itself for a transformative year in mobile tech. (With inputs from agencies)

The South Korean tech giant, Samsung, is in advanced talks with multiple AI firms, including OpenAI and Perplexity AI, to bring more generative capabilities to its next flagship lineup, the Galaxy S26, expected in 2025.

Samsung eyes AI expansion beyond Google Gemini for next-gen Galaxy devices

The US Federal Communications Commission (FCC) on July 24 approved the $8.4 billion merger between Paramount Global and Skydance Media, ending a prolonged review marked by political friction and allegations of press suppression. The 2-1 vote clears the way for David Ellison, son of Oracle co-founder Larry Ellison, to take control of legacy media brands including CBS, Paramount Pictures, and Nickelodeon. The deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. Paramount+ has grown to 79 million subscribers, but the company has struggled with steep revenue declines, particularly in advertising. Skydance has committed to invest $1.5 billion into Paramount and aims to slash $2 billion in costs as part of the consolidation.<h2>Settlement with Trump fuels allegations of political pressure</h2>Paramount’s $16 million settlement with Donald Trump over CBS’s editing of a 2020 “60 Minutes” interview with then–Vice President Kamala Harris has drawn sharp criticism. The timing—just weeks before the merger approval—led some lawmakers and industry observers to call it a “bribe” to secure regulatory support.FCC Chairman Brendan Carr, a Trump appointee, insisted the settlement was unrelated to the commission’s decision. However, Democratic commissioner Anna Gomez dissented, calling Paramount’s actions a “cowardly capitulation” that undermined journalistic independence. Democratic Senators Elizabeth Warren and Edward Markey also voiced concerns, with Warren questioning the recent cancellation of The Late Show with Stephen Colbert, who had publicly criticised the settlement.<h2>CBS faces editorial uncertainty under new leadership</h2>As part of its commitments, Skydance has agreed to avoid diversity, equity, and inclusion (DEI) programs and to appoint an ombudsman to monitor claims of editorial bias at CBS. Carr hailed the move as restoring public trust, saying Skydance’s ownership could “usher in fair, unbiased, and fact-based coverage.”Still, CBS News employees and press advocates fear increasing editorial interference. The departure of executives who opposed the Trump settlement and the swift cancellation of Colbert’s show have heightened anxiety within the newsroom.Shari Redstone, Paramount’s current chair, will exit the board following the merger. Her departure marks the end of an era for the Redstone family, whose media empire began with drive-in theatres and peaked with control over some of the most iconic US broadcast and film properties.&nbsp;(With inputs from agencies)

The Paramount-Skydance merger deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. 

The US Federal Communications Commission (FCC) on July 24 approved the $8.4 billion merger between Paramount Global and Skydance Media, ending a prolonged review marked by political friction and allegations of press suppression. The 2-1 vote clears the way for David Ellison, son of Oracle co-founder Larry Ellison, to take control of legacy media brands including CBS, Paramount Pictures, and Nickelodeon. The deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape. Paramount+ has grown to 79 million subscribers, but the company has struggled with steep revenue declines, particularly in advertising. Skydance has committed to invest $1.5 billion into Paramount and aims to slash $2 billion in costs as part of the consolidation. Settlement with Trump fuels allegations of political pressure Paramount’s $16 million settlement with Donald Trump over CBS’s editing of a 2020 “60 Minutes” interview with then–Vice President Kamala Harris has drawn sharp criticism. The timing—just weeks before the merger approval—led some lawmakers and industry observers to call it a “bribe” to secure regulatory support. FCC Chairman Brendan Carr, a Trump appointee, insisted the settlement was unrelated to the commission’s decision. However, Democratic commissioner Anna Gomez dissented, calling Paramount’s actions a “cowardly capitulation” that undermined journalistic independence. Democratic Senators Elizabeth Warren and Edward Markey also voiced concerns, with Warren questioning the recent cancellation of The Late Show with Stephen Colbert, who had publicly criticised the settlement. CBS faces editorial uncertainty under new leadership As part of its commitments, Skydance has agreed to avoid diversity, equity, and inclusion (DEI) programs and to appoint an ombudsman to monitor claims of editorial bias at CBS. Carr hailed the move as restoring public trust, saying Skydance’s ownership could “usher in fair, unbiased, and fact-based coverage.” Still, CBS News employees and press advocates fear increasing editorial interference. The departure of executives who opposed the Trump settlement and the swift cancellation of Colbert’s show have heightened anxiety within the newsroom. Shari Redstone, Paramount’s current chair, will exit the board following the merger. Her departure marks the end of an era for the Redstone family, whose media empire began with drive-in theatres and peaked with control over some of the most iconic US broadcast and film properties. (With inputs from agencies)

The Paramount-Skydance merger deal, announced in mid-2024, was positioned as a strategic response to Paramount’s financial challenges in the evolving media landscape.&nbsp;

FCC approves controversial $8.4 billion Paramount-Skydance merger