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Trump has said that he will impose tariffs on steel, semiconductor chips and other products in the coming weeks
Donald Trump, the U.S. president, said Friday that he will announce tariffs in the coming weeks on steel imports and semiconductor chips. Trump said to reporters on Air Force One, as he was heading towards a meeting in Alaska with Russian President Vladimir Putin, that he would be imposing tariffs on steel the following week, and then on chips, I'd say. He said that the tariffs would initially be lower to allow the companies to develop domestic manufacturing in the U.S. and then rise sharply, as he had also described for the tariffs on pharmaceuticals. He gave no exact rates. He said, "I will have a lower rate at first to give them time to build up and then a very high rate after a period of time." Trump expressed his confidence that businesses would choose to manufacture in the United States rather than pay high tariffs. Trump has reshaped global trade, imposing tariffs and higher duties on almost all exports from countries to the United States. In February, Trump raised the tariffs on aluminum and steel to a flat rate of 25%. But in May, he announced that he was going to double it to 50% in order to boost domestic producers. It wasn't immediately clear whether another metals tariff was on the way. Trump announced last week that he would impose 100% tariffs on semiconductor imports. However, companies who committed to increasing manufacturing in the United States will be exempt. Apple announced that it would invest an additional $100 billion into its domestic market. (Reporting and editing by Ross Colvin, Andrea Shalal and Steve Holland)
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Trump said it would be up to Ukraine decide on territorial swaps
U.S. president Donald Trump said that he would not be negotiating on behalf of Ukraine during his meeting with Russian President Vladimir Putin last Friday and would allow Kyiv to decide whether it would engage in territorial exchanges with Russia. Trump stated that his goal was for the two sides of the conflict to begin a dialogue, and any territorial swaps would be discussed at this time. "They will be discussed but I have to let Ukraine decide, and I believe they will make the right decision." "I'm not here for Ukraine to negotiate, I'm there to get them to a table," Trump said to reporters aboard Air Force One. Trump's remarks will likely offer some assurances to Ukraine. Ukraine is concerned that the U.S. and Russia talks could cause the conflict to be frozen at the expense of Ukraine. Trump said that the Russian offensive against Ukraine likely served to help strengthen Putin's position in negotiations to end the conflict. "I believe they are trying to negotiate." He is trying to set the stage. It helps him to make a deal. In his mind, it hurts him. Given the stakes and the weakness of the Russian economy, the U.S. President said that he expected the meeting with Putin to yield results. He said, "He is a smart man, he has been doing this for a very long time, but I have also done it... We get along well, we respect each other, and I believe that something will come out of it." Trump said that it was good to see Putin bringing Russian businessmen with him, but that no deals would be possible until the war is over. He said: "I like it because they want to do a business but they won't until the war is settled." Reporting by Steve Holland and Susan Heavey, writing by Andrea Shalal, editing by Ross Colvin & David Goodman
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Copper falls on concerns over weak Chinese data
Copper prices fell on Friday due to gloomy data on China's economy, the world's largest metal consumer. However, losses were mitigated by a falling dollar and the hope that these data would prompt Beijing to take more stimulative measures. The price of three-month copper at the London Metal Exchange dropped 0.4%, to $9,730 per metric ton, in open-outcry official trading. This is down from Tuesday's two-week high. The data released on Friday revealed that China's factory production growth fell to a new eight-month low during July, while retail sales dropped sharply. The Shanghai Futures Exchange copper contract eased by 0.1%, to 79.060 yuan (11,008.23 dollars) per ton. Neil Welsh, Britannia Global Markets' head of metals, said that these indicators indicate a subdued environment for base metals. This is likely to be a factor in the metal prices and consumption, as concerns about a slowing Chinese economic growth are prevalent. The prices were supported by the hope that weak data will put pressure on Chinese policymakers, who can then roll out additional stimulus measures to stimulate domestic demand. A weaker dollar also helped the market as investors were cautious in their outlook for interest rates ahead of the import price data. The dollar's decline makes goods priced in U.S. dollars less expensive for buyers who use other currencies. U.S. Comex Copper Futures dropped 0.1% to $4.48 lb at 1225 GMT. This brings the Comex Premium over LME Copper to $127 per ton, or 1.3%. Other metals include LME aluminium, which fell 0.7% to $2.601,50 per ton in official activity, while zinc and lead both dropped 0.3% each to $1.984 and $2.813 respectively. Nickel was up by 0.3%, at $15.075; and tin rose 0.3%, to $33,550. Click here to see the latest news in metals.
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After a scorching July, the Swedish capital's residents are being told to conserve water.
Authorities have warned Swedes to conserve water in an area surrounding the capital Stockholm after a warm summer that pushed temperatures to new records across Scandinavia. Stockholm's city officials said that high temperatures in Lake Malaren, a source of water for 2 million people, had decreased the amount of water available from the tap. Residents in the capital and its surrounding areas were told to reduce their shower time, stop filling swimming pools, and stop watering gardens or cleaning cars. This is unusual advice for a country that is known for its lakes. Stockholm Water and Waste stated in a press release that "every drop counts". Europe was wracked by a heatwave that lasted for most of July. In some areas, temperatures reached over 40 degrees Celsius. This caused wildfires to break out and killed hundreds. Scientists warn that such events will become more frequent and intense as global warming continues. Erik Kjellstrom is a professor of climatology at Sweden's Meteorological and Hydrological Institute. The winters are shorter and milder, and the summers are longer and warmer. In parts of Sweden, July was the hottest month in 100 years. The far north was worst affected. According to the Institute, Jokkmokk (just north of the Arctic Circle) has recorded 15 consecutive days of temperatures above 25 degrees Celsius. Oslo, the capital of Norway, has also had trouble filling its reservoirs this year due to less than usual precipitation. A spokesperson for the city’s water authority stated that residents have been asked to limit their voluntary water consumption since late July. For 26 consecutive days, temperatures in Ylitornio in Finland, near Santa Claus Village, Rovaniemi, were above 25 degrees. According to a recent study by the climate research group World Weather Attribution, "similar events are at least 10 times more likely now than in a preindustrial environment without human-caused heating." According to the EU Copernicus Climate Change Service the average global temperature surface reached 16,68 degrees Celsius in the month of July, which was 0.45 degrees higher than the average 1991-2020 for that month.
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Ifax reports that Russia will sell its seized stake in gold-producer UGC to a unit of Gazprombank
Interfax reported that the Russian finance ministry said on Friday that the state would sell its majority stake in gold producer Uzhuralzoloto to a unit owned by state-owned lender Gazprombank. Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. The Russian general prosecutor’s office won a court case last month to transfer ownership to the state of shares owned by Strukov at UGC, Russia’s fourth largest gold producer. Prosecutors alleged that Strukov acquired property "through corrupt means". Strukov was contacted by UGC. The company did not respond immediately to the request for a comment. Interfax reported that deputy finance minister Alexei Moiseev said the state would sell a majority stake valued at 85 billion Russian roubles (1,06 billion dollars) to UGC's largest minority shareholder. Interfax reported Moiseev saying, "We want to do it this year." This is one of our assets that we want to sell as quickly as possible. Gazprombank didn't immediately respond to an inquiry for comment. Strukov held a 67.8% share in UGC according to data from the company as of 2024. AAA Capital, a company linked to Gazprombank bought a 22 percent stake in the end of last year. The remaining 10 percent was floated at the Moscow Exchange between 2023 and 2024. Strukov is a member of the legislative assembly in Chelyabinsk Region since 2000. He is the deputy speaker of Chelyabinsk Region's Parliament and a member the ruling United Russia Party. Dmitry Malbin (a lawyer who defended UGC at court) has stated that UGC is compliant with the law, and never benefited from Strukov’s position in Chelyabinsk Assembly.
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Social media is the new source of information for youth voting in Bolivia's election
Young Bolivians can influence the outcome of general elections Doria Medina, presidential candidate, has a strong presence on social media Social media is a source of news for more young Bolivians By Nathalie Iriarte The young people of the country seem to be enjoying the lively and entertaining posts made by the business magnate. "I don’t know why but I like Him." "I see other politicians that look forced and they don’t use social media the way he uses," said Veronica Mamani (19), a first time voter. Bolivia has a young electorate, with nearly half the population under 35 years old - 3.3 million voters. This could determine the outcome of August's general elections. Amples Regiani is a social media expert who said that most youths and voters were undecided. Many Bolivians have become disillusioned by "dirty politics." Experts said that engaging voters depends in part on reaching young people via social media, particularly TikTok. Doria Medina stated in an interview that he had taken this view to heart. "For me, millions of followers have allowed me to not only communicate, but to also listen to young people's concerns and establish a relationship with them," Doria Medina said at his luxury Hotel Los Tajibos in Santa Cruz, Bolivia, the second largest city. Inflation at its highest level in four decades, lack of employment opportunities and fuel shortages are the top concerns for young voters. He said that Doria Medina began her foray into the social media five years ago not out of political strategy, but more as a curiosity. "I opened up my Twitter and Instagram account before my children even used Facebook. "During the pandemic TikTok was launched, and I heard from young people that it would be the fastest growing social network," said he. Doria Medina is the presidential candidate of National Unity Party. His businesses include fast-food franchises, hotels and a cement company. He describes himself as centrist. A poll conducted by Ipsos-Ciesmori on August 10, showed Doria Medina in the lead with 21,2%. She was followed by conservative candidate Jorge "Tuto", a former Bolivian President (2001-2002), and candidate for Libre Alliance, with 20%. If either candidate wins, it would be a turning point to the right in Bolivia and bring an end to two decades of leftist government. Andronico Rod is the last in the race, and his poor showing indicates a decline in support for candidates associated with the ruling Movement to Socialism party (MAS), according to a Ipsos/Ciesmori survey conducted in July. Bolivia's polarized politics has been characterized by a power battle that has caused the MAS to fracture. According to polls, it won only 12% of Sunday's vote. A runoff will be held on the 19th of October if no candidate wins. A candidate can avoid a runoff if they receive more than 40% of votes and are ahead by at least 10%. The pollsters are predicting a second voting round, which will be the first time in Bolivian history. Online Business Tips Doria Medina’s humorous, chatty online content offers business advice as well as a diet and exercise plan along with campaign pledges. Many young voters ask him about how they can become millionaires. "I have been following him ever since he began giving advice to entrepreneurs via TikTok, because I appreciate that he speaks to us clearly so we can know what to do to our money," said Marina Rivero a 21-year old business administration student and owner of a cupcake company. She added, "What I love... is that it's his money he uses for his campaign. He doesn't have to pay any political favors." The number of followers on his TikTok page is 575,800. This is nearly three times the number of "Tuto", Quiroga's TikTok, which he launched just before the start date of this campaign in December. The videos of "Tuto Quiroga" discuss his plans for the government, with dancing and jokes interspersed. Mamani, and other young voters, say that his online presence pales compared to Doria Medina's. Her language and expressions are more appealing to young Bolivians. His jokes and dance moves are so popular that they have gone viral across the country of 12,4 million people. Bolivia's electorate under 35 has never known a political era apart from that shaped Evo Morales as Bolivia's first Indigenous Leader, and the current President Luis Arce who is Morales' MAS Successor, but does not seek re-election. Morales served three terms as president between 2006 and 2019. He founded the ruling MAS Party. After a failed attempt at changing the constitution, he is not allowed to run for another term. Saul Montano is a comedian and content creator from Bolivia. He said that Doria Medina had learned how to establish a social media presence long before the campaign. Montano stated that it's more than just repeating political discourses, but about creating a coherent persona and format on social media, and engaging the collective imagination. Montano stated that Doria Medina is prone to laughing off criticism. This "humanizes" him and takes him away from his pedestal as a serious politician and businessman. Social media is the new source of information for young people around the world. Traditional news media have lost their financial support and are being eclipsed by online personalities. According to the Institute for the Study of Journalism, in the United States more than half of those under 35 years old rely on video and social media networks as their primary source of news. TikTok, the most popular platform in Bolivia, is used by almost half of young Bolivian voters to get their information. Vania Sandoval, journalism professor, says that this is a worrying trend. Candidates are being interviewed online without journalistic rigor on superficial topics instead of a deeper look at the issues. Sandoval, an instructor at UPSA in Santa Cruz de la Sierra, said, "These elections will undoubtedly be marked by misinformation."
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Over 200 people are missing after landslides and floods in Indian Kashmir have killed 60.
Rescuers searched for survivors in Indian Kashmir on Friday using shovels and earthmovers. This was a day after floods caused by heavy rains left at least 200 people missing and 60 dead. On Thursday, mudslides and floodwaters swept through the village of Chasoti, sweeping away pilgrims who gathered to eat before hiking up the hill to a popular religious sight. This is the second disaster like this in the Himalayas within a few weeks. "We heard an enormous sound, and then a flash flooding and slush followed. Some people fell into the Chenab River while others shouted. "Some were buried beneath the debris", said Rakesh Singh, a pilgrim injured. On Friday, bags, clothes, and other belongings caked with mud lay scattered among broken electric poles. Rescue workers crossed makeshift bridges to try and extricate victims from the debris. Omar Abdullah, the Chief Minister of Jammu and Kashmir, told reporters that at least 60 people had been killed, and more than 100 others injured, and 200 were still missing. Scientists say climate change is increasing the frequency and intensity of floods in the Himalayas. Machail Yatra, also known as the Machail Mata pilgrimage, is a popular pilgrimage that takes place in the Himalayas to the shrine of Machail mata. This shrine is one manifestation of Goddess Durga. The pilgrims walk to the temple starting from Chasoti where the road ends for vehicles. The incident on Thursday comes just a few days after a similar mudslide and flood engulfed a whole village in Uttarakhand, a Himalayan state. Nature has tested us. "In the last few weeks, we've had to deal with landslides and cloudbursts, as well as other natural calamities," said Prime Minister Narendra modi at the beginning of his nearly two-hour address on the 79th anniversary of the country’s independence. According to the Indian Meteorological Department a cloudburst is a sudden and intense downpour that produces over 100 mm of rain (4 inches) in only one hour. This can cause sudden flooding, landslides and destruction, especially in mountainous areas during the monsoon. According to the data from Nepal's disaster management agency, since June of this year, there have been at least 41 deaths, 21 missing people and 121 injuries in Nepal due to floods, heavy rainfall, landslides, and hailstorms. Rescue officials reported on Friday that more than 50 people died in incidents caused by rain across the mountains of Pakistan's north. The deaths were caused by flooding and collapsed roofs. In Pakistan-administered Kashmir, where eight people were killed - including six members of a family buried in the debris of their home - evacuation operations were ongoing for stranded domestic tourists. Reporting by FayazBukhari from Srinagar; Gopal Sharma, Kathmandu; MushtaqAli, Peshawar; and TariqMaqbool, Muzaffarabad. Shilpa jamkhandikar is the writer; Michael Perry, Saad sayeed and Saad Perry are editors.
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The impact of USAID cuts on the fight against fistula
USAID cuts health services in Malawi dependent on aid The threat to progress on maternal health, which includes fistula, is real Donors, including UNFPA, support lone fistula clinic By Charles Pensulo She could have suffered permanent damage, been incontinent, and even been expelled from her community if she had developed an obstetric fistula after giving birth to her second child. The 31-year old mother, however, is in front of the hot stove, in Kukawundu, a village near Lilongwe in Malawi, excited to serve the scones that she will be cooking in the tearoom she runs with Damston. Lloyd, who lost her baby in 2017 during a difficult labor and suffered a fistula (a small hole between a birth canal and the bladder/rectum), was able get reconstructive surgery at the only specialized treatment centre in Malawi. Lloyd explained that after he recovered from his labor, he discovered a urine leak. Then, they told me that the problem was a fistula. But it could be fixed. The Bwaila Fistula Care Centre, a 35-bed facility in Lilongwe that offers surgical treatment, rehabilitation programs and community reintegration is supported by UNFPA (the United Nations agency for sexual and reproductive health) and Freedom from Fistula Foundation. Now, programs for treating fistula as well as other maternal conditions in Malawi and elsewhere are threatened by global aid cuts. This includes President Donald Trump’s decision to eliminate the U.S. Agency for International Development. UNFPA reported in April that 43 grants totaling $330 million had been affected. The grant included funds to provide critical maternal health care and protection against violence as well as rape treatment, and other life-saving treatments in over 25 crisis-affected countries and territories. Natalia Kanem, UNFPA Executive Director, said that the cuts would force women in crisis areas to give birth in unsafe conditions without midwives, medicines or equipment. This could put their lives, and those of their babies, in danger. According to a report released by the Non-Governmental Regulatory Authority, a government agency that regulates NGOs, in Malawi, which is one of poorest countries and also one of those hardest hit by climate change-related droughts and flooding, aid cuts have impacted critical sectors such as health care, education, and humanitarian assistance. According to the report, "Many NGOs had to scale back activities, layoff staff, suspend service deliveries, and in some cases shut down entire programmes." Richard Delate (UNFPA's acting representative for Malawi) described the funding situation in Malawi as "fluid." He told reporters that "we have seen many donors, with the U.S. Government being the most prominent. There have been large reductions and rough reductions of funding." He said that governments have been forced to pivot and rethink their response. Initiatives like UNFPA’s Maternal and Newborn Health Fund will be looking to attract new funds. Delate added, "I don't believe we will be able ever to fill in the gaps left by the U.S. withdrawal." PROGRESS "SLIDING BACK" According to the United Nations, obstetric fistula can be caused by prolonged or difficult labour. The majority of the 500,000 women who suffer from this condition live in the Global South. Around 90% of women who suffer from a fistula will also lose their baby. The smell of urine and feces from untreated fistula can cause women to be shunned. This can cause depression and worsen the poverty. Reconstructive surgery can be used to repair a fistula, but many women are unaware of the treatment options or do not have the funds to travel to specialist clinics. UNFPA states that the key to ending fistula is to ensure all women have access both to emergency obstetric and birth attendant care, as well as to family planning. The global aid cuts are hitting these services hard. Margaret Moyo is the country director of Freedom from Fistula Foundation. She says that although they would like to expand their clinics, they are now more concerned about survival. She said, "You don't know how long the donors will stay here... So sustainability is key and government is working toward that." Aid cuts have also led to a decrease in funds for women to get to the clinic. Samson Mndolo, Malawi's Secretary of Health, said that the government is evaluating the situation in order to prevent "slipping back" from the progress made. He said, "We will as a nation prioritize and see how to help fill the gap... because it will help us prevent a lot potential complications downstream." Lloyd, who learned how to open her tea shop at the care center, was trained on skills that would help her become independent when she left. It is important to do this for young women, as teenagers are more susceptible to obstetric fistula. Delate explained that "young women with fistula face high levels of social stigma because of a variety of factors, such as body odors or the fact they had a teenage pregnancy." He said that "supporting these women is also a way to restore their dignity and sense of self-worth and I don't believe one can measure this in financial terms." Lilian James is sewing reusable pads at the Bwaila Center. She learned this skill during her rehabilitation. James was given a sewing-machine and a solar panel for her rehabilitation. She can now run a small charging business, which allows her to purchase goats and chickens. She added that her newly discovered self-sufficiency has allowed her to help others. "I used to be stigmatized, but I'm no longer." "I do volunteer work in both the church and community," she said.
As markets wait for Trump-Putin meetings, global stocks are nearing record highs
Investors awaited Donald Trump's meeting with Vladimir Putin in Alaska to discuss Ukraine and U.S. Retail data, which could provide clues about the health of the largest economy on earth.
Early trading in Europe saw the MSCI All Country World Index consolidate recent gains. The MSCI All Country World Index was up by 0.2% last at 953.54, which is just below the record of 954.21 that was set on Wednesday.
Wall Street Futures are broadly flat.
The White House announced that the Trump-Putin summit will be held at 11:00 Alaska time (1900 GMT), despite the uncertainty surrounding the U.S. President's hopes for a ceasefire in Ukraine. Trump said that if the talks went well, a second meeting with Ukrainian President Volodymyr Zelenskiy would follow.
There is still a slight risk premium on European markets due to the war. "Any type of resolution will eventually pare back that," said Shaniel RAMJEE, co-head multi-asset Pictet Asset Management. He added that oil and commodity prices may also react.
"But I believe that the market has learned not to expect much from these discussions. Zelenskiy, and the Europeans will not be invited to any final negotiations. They will have to be included in any final negotiations."
Investors will also be watching the U.S. Retail data that is due to come out later. An unexpected rise in producer prices on Thursday heightened inflation fears and reduced market expectations of Federal Reserve rate reductions this year.
Mike Houlahan is the director of Electus Financial Ltd. in Auckland.
The yield on the 10-year U.S. Treasury was unchanged at 4.29% after the PPI data the day before had risen by 5 basis points.
Dollar index, which tracks greenbacks against a basket six major currencies was trading at 97.897, down by 0.3%.
The Japanese GDP data released Friday showed that the economy expanded by 1.0% annually in the April-June period, exceeding analyst expectations. The dollar fell 0.6% to 146.875.
Brent crude fell 0.6% to $66.46 per barrel. Gold was essentially flat at $33,337 an ounce.
The cryptocurrency markets have stabilised since bitcoin reached a record of $124,480.82 last Thursday. The digital currency rose 0.9%.
(source: Reuters)