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HSBC leaves the Bank Climate Coalition alongside US counterparts
HSBC, a British bank, announced on Friday that it has decided to leave the main climate coalition for banking. However, HSBC remains "resolute" about its goal of achieving net-zero emission across all business lines by the mid-20th century. HSBC's decision to leave Net-Zero Banking Alliance brings it in line with global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal, who all left this year. HSBC stated that while the alliance helped to create frameworks for setting emissions-reduction goals, the foundations are now in place. It is preparing to update its net zero transition plan later this year. In a website statement, it stated that "We believe that supporting our customers in their transition will benefit their businesses and generate long-term results for our investors." It also said, "We are committed to helping our customers achieve a smoother transition, which benefits them, our shareholders and the global economy." Our approach to setting financed emission targets will continue to be informed the latest scientific evidence as well as credible industry-specific paths. The decision follows a February decision by HSBC to abandon a 2030 emission-reduction goal due to the slow pace in which the real economy is changing. Chief Sustainability Officer Julian Wentzel said that HSBC will take a more measured approach to lending to fossil fuel industries. Some U.S. Republican lawmakers have also pushed for the exits of firms since the beginning of the year, accusing them of colluding with fossil fuel producers to unfairly punish them through their membership in groups like the NZBA. (Reporting and editing by Paul Simao; Simon Jessop)
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BMW CEO hopes for a'manageable deal' on US auto import duties
BMW's CEO stated on Friday that he is optimistic about the European Union and United States reaching a "manageable agreement" on auto import tariffs. This could include a mechanism for offsetting imports with exports. Oliver Zipse made his comments as Europe awaited a letter by the U.S. Administration under Donald Trump. The letter could outline the framework for a trade agreement and clarify the tariff levels on European automobile exports. Trump said that the EU may receive a tariff letter by Friday. Zipse, speaking to journalists on Friday at an event for his company in Munich, said: "I am optimistic that the outcome will be manageable. But we must wait and see." He suggested that a "netting mechanism" might be included in the agreement, which would allow exports from the U.S. offset imports. BMW would benefit from an agreement like this, since its largest production facility is located in Spartanburg South Carolina. He said that the mechanism could be based more on the value than the number, of vehicles exported from the U.S. People familiar with the issue say that if both sides agreed on a similar mechanism, this could benefit imports. Zipse stated that "we have an important point, because we are the biggest car exporter in the U.S." Zipse was referring to 225,000 cars exported from the U.S. in 2024. The U.S. imposed hefty tariffs on imported cars, leaving European automakers scrambling for ways to respond. They are hoping that Washington and the European Commission can reach an agreement to minimize their impact. Sources said earlier this week that Brussels proposed a package to ease pressure. This included export and investment credit and reciprocal reductions of existing tariff rates. (Reporting and writing by Christina Amann, Christoph Steitz and Rachel More; editing by Louise Heavens).
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Trump's Trade War as it Develops
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump delays tariffs until the Commerce Department confirms that systems and procedures are in place for processing low-cost packages from China and collecting tariff revenue. Trump increases tariffs on aluminum and steel to 25%, "without any exceptions or exclusions". March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. After a phone call with General Motors, Ford and Stellantis' chairperson and CEOs, he agrees to defer tariffs on certain vehicles manufactured in Canada and Mexico for a month. Trump exempts Canadian and Mexican goods under the North American Trade Pact from 25% tariffs for one month. Trump announces a 25% import tariff on cars and light trucks. April 2 - He announces global duties with a base of 10% on all imports, and significant higher duties for some of the United States biggest trading partners. Trump suspends most of the country-specific tariffs he had imposed less than 24 hours before, following a financial market upheaval that resulted in trillions of dollars being wiped off bourses worldwide. The 10% blanket duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, which was the level in effect the day before. The extra duties on Chinese products, including those related to fentanyl, will now be 145%. April 13: The U.S. government grants exemptions from steep tariffs for smartphones, computers and other electronics imported from China. In an effort to impose tariffs in both sectors, the Trump administration launched national security investigations under Section 232 of Trade Act of 1962 on imports of pharmaceuticals and semiconductors. May 4, Trump imposes 100% tariffs on all films produced outside of the U.S. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports and modestly increases agricultural access to both countries. It also lowers U.S. prohibitive duties on British auto exports. On May 12, the U.S. & China agreed to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China's shipments. Duties for items up to $800 are reduced to 54% instead of 120%. May 23 - Trump announces he will recommend a 50% tariff on all goods imported from the European Union, starting June 1. He warns Apple that it will face a 25% tariff on phones sold in the U.S. if they are manufactured outside the country. Trump retracts his threat to impose 50% tariffs on EU imported goods, and agrees to extend the deadline to July 9 for negotiations. May 28 - The U.S. Trade Court blocks Trump's tariffs in an sweeping ruling, saying that the president exceeded his authority when he imposed duties across-the board on imports of U.S. trading partners. The Trump administration has announced that it will appeal this ruling. May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. The court suspends its ruling in order to hear the government's appeal. It also orders that the plaintiffs and administration respond to the court by June 5, and by June 9, respectively. Trump signs a proclamation on June 3, triggering a tariff increase of 50% to 25% for imported steel and aluminium. Trump warns he could soon increase auto tariffs. He argues that this would encourage automakers to accelerate U.S. investment. Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax. Trump said on Truth Social, July 6, that countries who align themselves with the "Anti-American Policies" of BRICS would be charged an extra 10% tariff. Trump on Truth Social: The additional duties announced earlier in the year will be delayed to August 1 as the U.S. completes several trade agreements. In letters to 14 countries, including Japan, South Korea, and Serbia, he said he would introduce tariffs between 25 and 40 percent from August 1. Trump announces that the U.S. is going to impose a tariff of 35% on Canadian imports next month. He also plans to impose tariffs blankets of 15% or 20 % on other trading partners. (Compiled in Gdansk by Paolo Laudani, Mateusz Rabiega, and Lincoln Feast; edited by Milla Nissi, Jamie Freed and Matt Scuffham.)
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Gold and stocks rise after Trump imposes tariffs on Canada
Global stocks dropped on Friday as U.S. president Donald Trump escalated his tariff war against Canada. This left Europe in the firing lines, causing a modest investor move into safe havens like gold. The Canadian dollar dropped after Trump sent a late-night letter on Thursday stating that a 35% tax rate would be applied to all imports coming from Canada starting August 1. A letter was expected to be sent by Friday to the European Union. The U.S. President, whose global tariff wave has disrupted businesses and policymaking, proposed a 15% or 20% blanket tariff rate for other countries. This is an increase from the 10% baseline rate. He surprised Brazil this week, which has an excess of trade with the United States. He imposed duties of up to 50% on copper, pharmaceuticals, and semiconductor chips. The markets have not reacted to the current volatility, with the exception of a few pockets of volatility, whether in currencies, commodities or stocks. In fact, the VIX volatility indicator is at its lowest level since late February. In Europe, STOXX 600 fell by 0.8%, despite a 2% increase this week. Futures for the S&P 500, Nasdaq and Dow fell between 0.4-0.5%. This indicates that the record highs of this week will be retreated at the opening later. Fiona Cincotta, City Index's strategist, said that the market was becoming numb. It may not be until hard data is presented to show an impact before we start to see a reaction. "We're getting a lot more information, and that brings with it a certain clarity." "Because there is so many uncertainties, there's still the idea that Trump is open to negotiations, nothing feels final yet," she said. The dollar had risen as high as 0.5% against the Canadian Dollar before reversing course to C$1.3697. This was an increase of 0.2% for the day. The euro, which is down nearly 1% since the beginning of July, fell by 0.1% to $1.1694. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. Joseph Capurso is the head of international economy at Commonwealth Bank of Australia. He said that the 35% tariff rate on Canada wasn't as bad as people thought because the United States, Mexico, and Canada Agreement (USMCA) still allows for exemptions to be applied to most imports. Capurso stated, "Now we don't yet know the tariff rate on EU imports... that's what's not known as yet." "If we get something like (the U.S. - China trade war in April), it's going be very destabilising." Wall Street indexes closed at record highs Thursday, as AI chip maker Nvidia set a new market value of over $4 trillion. Gold has risen for the third consecutive day, rising 0.8% to $3348 per ounce. This brings July's gains to 1.2%. Treasuries received less of a boost as a safe haven, due to investor concerns about the long-term stability of U.S. government finance. This led to a selloff which pushed up yields. Benchmark 10-year yields increased 3.7 basis points to 4,384%, adding on to Thursday's increase. This was due to data showing that jobless claims unexpectedly declined last week. As the chances of a U.S. - Japan trade deal dimming, the yen has steadily weakened. The dollar rose 0.45% to 146.93yen on Friday, resulting in a 1.6% weekly gain, the largest this year. Bitcoin's price rose by as much as 4,6%, reaching a record high of $118 832. Investors will closely monitor the second-quarter earnings of corporations next week in order to assess the impact of Trump’s tariffs that began on April 2. JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. Brent crude oil prices increased by nearly 1% to $69.3 per barrel, partially reversing previous day's declines.
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First Quantum: Prospect investment is key to Zambia copper growth
Anthony Mukutuma, FQM’s Country Director in Zambia, said that the recent investment by First Quantum Minerals in Prospect Resources was key to extending mine life at Sentinel Mine. In April, the Canada-based company invested 15% in Prospect and became the largest shareholder of the Australia-listed exploration firm. Prospect is exploring Mumbezhi, a copper project located about 30 km (19 miles) away from FQM’s Sentinel Mine. FQM is a key partner in Mumbezhi exploration. Mukutuma said that the mine life for Sentinel is currently 12 years. FQM has been studying ways to extend this, he added. Mukutuma stated that initial exploration at Mumbezhi had shown positive results. He added that the project was similar to Sentinel when it came to copper grades. He said that it could have an impact on Sentinel's mine life. This week, Prospect said that exploration to date "strongly placed Mumbezhi as one of the leading copper assets in Zambia". Sentinel Mine produced 231,000 metric tonnes of copper in 2024. This is more than half the total production of FQM of 431,000 tons. FQM completed a $1.25billion expansion project for its Kansanshi nickel mine and Kansanshi Copper Mine. The expansion project will extend the life of Kansanshi to 2046, and increase its production to 280,000 tons per year from current levels. Zambia, Africa’s second largest copper producer behind the Democratic Republic of Congo plans to increase production of the red metallic to 3 million tonnes annually by 2031 to take advantage of the growing global demand for renewable energy plants, electric vehicles, and other technologies. Zambia produced 821 tons of copper in the year 2024, an increase of 12% over the previous year. The UAE's International Resources Holding is also looking at other mines, such as Barrick Mining Corp.'s Lumwana or Vedanta Konkola, which recently acquired Mopani. Reporting by Chris Mfula. (Editing by Nelson Banya, Mark Potter and Mark Potter).
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INSIGHT: The White House aide who is driving Trump's aggressive immigration policy
Marines from the United States on the streets of Los Angeles. Immigration officers masked at popular restaurants and courthouses. Travel bans for more than a dozen nations. Stephen Miller, a senior White House adviser who was the architect of Donald Trump's crackdown on immigration, thought that everything was going as planned. Stephen Miller had set a quota for 3,000 arrests / day by late May. The efforts to reach that goal forced U.S. Immigration officers into more businesses and communities, which sparked protests and tensions between Democrats and Republicans. Three former U.S. government officials who were aware of the call say that the president then called Homeland Security Secretary Kristi Nuem. She was in Los Angeles in mid-June with other immigration officials. One of the former U.S. officials stated that "he said: "We're going do this targeted"." Former officials say that after this call, U.S. Immigration and Customs Enforcement stopped raids at farms, hotels and restaurants, and food processing facilities. One of the former officials said that Trump did not know the extent of enforcement efforts. "Once it hit him, it was too late," the official told the reporter. The pause was brief. ICE rescinded its guidance just days after it had been issued, leaving many officials in confusion. Two former officials stated that the episode showed a moment of dissonance in Trump's immigration staff, which had otherwise appeared to be on the same page with strategy. Miller's "no-holds barred" approach was an indication that it could be taken too far by the president. An official at the White House said that there was no difference between Miller and Trump, and Miller's immigration enforcement approach had not targeted farms as a priority. The official said that the original ICE directive pausing raids was not authorized by top leaders in the administration. Miller, 39 years old, is known for being obsessed with immigration. As deputy chief of staff, he has immense power in multiple areas within the West Wing. This influence has increased since Trump was elected president in 2017-2021. Miller's leadership has led the Trump administration to double immigration arrests, push the legal limits for deportations and block travelers from 19 different countries. It also moved to restrict the birthright citizenship, as well as help Republicans pass a spending bill that dedicates approximately $170 billion dollars to immigration enforcement. Miller has also been a leading voice in many of President Obama's other initiatives, such as the fight against diversity and transgender issues. A person with knowledge of the matter says that Miller is part of a small team of White House staffers responsible for approving all executive orders. Three former colleagues claim that Miller's immigration policies are experimental and test the limits of the Constitution. This includes a challenge to the 14th Amendment birthright citizenship. One Republican official stated, "He has a worldview of which he is 100 percent certain." Miller said that if Republicans did not support the spending bill Trump signed last week, the society would crumble. In a blog post, he said: "Republicans spent generations promising Americans complete, total and full border security." "Now is the time to keep the promise that will determine the fate of civilisation itself." Miller's critics claim that he is using nativism to further his political agenda and promoting policies which are more geared towards cruelty than effectiveness. Noem and other administration officials praised Miller's loyalty to Trump, saying he played a key role in shaping the immigration agenda of the Trump administration. She said that Stephen's passion, patriotism, and persistence helped fuel the administration to deport the most criminal illegal aliens ever in the history. UNPRECEDENTED INFLUE Trump regained the White House partly by campaigning against illegal immigration. He claimed that millions of people had entered the country unlawfully during former President Joe Biden's tenure and portrayed them as dangerous criminals to be expelled. Miller played a key role in promoting this narrative, and he championed policies that have fuelled Trump's aggressive crackdown. According to an /Ipsos survey, initially, immigration was Trump’s most popular issue. However, as the crackdown intensified, public approval dropped to 44% by mid-June, from 47% one month earlier. Colleagues said that Miller's close and long-standing relationship with Trump is the reason for his unprecedented influence over immigration policy in the United States. Marc Short, the former chief of staff of Vice President Mike Pence, said, "He was at the beginning, the very beginning, of the Trump phenomenon." "He has been loyal to the president since the beginning of the first administration." Miller, a married father of three, became a key policy figure in Trump's first year. Former Trump administration officials said that Miller was driven and assertive and used the exact same tone in his interactions with colleagues and on television as he did when addressing audiences. The former official stated that it was difficult to speak. "He is not interested in your opinion. This is not a conversation that involves collaboration. "If you engage him, he'll talk over you." Former official says Miller called senior Homeland Security officials so frequently that they needed to have a staffer dedicated to talking to him. According to a current official and a former official, the direct outreach to agency employees has continued into the current administration. Two former officials stated that the threat of being fired or blacklisted if you crossed Miller, and possibly by Trump and his political allys, also contributed to Miller's authority. Miller founded the conservative advocacy group America First Legal in 2021 after Trump left his office. The group filed or supported lawsuits on immigration policies, among other issues. Miller, who was appointed deputy chief of staff in the second Trump administration and is also the White House Homeland Security Council's director, will coordinate immigration policies as well as other domestic security issues within the administration. Miller was welcomed by his entire staff, unlike other parts of the National Security Council. He also appears to be more independent, according to a source familiar with the situation. The person who spoke to us said that Miller was "ready to rock and roll from Day One". Miller's homeland team was not affected by the NSC downsizing even though dozens of NSC officials were let go. 'XENOPHOBIC WORLD VIEW ' Miller was born in Santa Monica, California. About a quarter are foreign-born. Miller was a conservative from high school onwards and gained a reputation as a provocateur early in his career. He studied at Duke University in North Carolina, where he was known for his defenses of lacrosse players accused of raping Black women working as strippers in 2006. He wrote about this case in newspaper articles and appeared on Fox News. Last year, the woman acknowledged that her accusations had been a hoax. Democrats have accused Miller of being the driving force behind Trumps harshest policies. Karen Bass is the current mayor of Los Angeles, and she has been at odds with the Trump Administration over ICE raids in the city. Katie Miller was the wife of Miller during Elon Musk's roughly four-month stay at the White House. After Musk left the White House in late May, she went to work for Musk. Former and current Trump officials did not indicate that Trump's intermittent friction with Musk caused tension between him and his longtime assistant. Miller's crackdown has continued for nearly a month, despite Trump's phone call and the back and forth over ICE raids. U.S. agriculture secretary Brooke Rollins stated on Tuesday that agricultural workers will not be granted "amnesty", and the administration is aiming to have an all-American workforce. Federal agents in Los Angeles were flanked by U.S. troops wearing heavy armor, and they marched through the city park. This was a forceful display that enraged local officials. Trump called Miller "our hero" last week when introducing Miller at the opening of the migrant detention facility officials nicknamed "Alligator Alcatraz". The center is located in the Florida Everglades wetlands, which are subtropical wetlands teeming reptiles and wildlife. Trump, speaking at a roundtable discussion with Miller and Noem said that even Miller would have respected the way Noem handled her role. Trump said, "I don’t think he is fond of anyone." Miller, in return, praised Trump's decision to empower ICE and Border Patrol and use legal tools and diplomacy for a more aggressive immigration enforcement. Miller said, "Watching you, sir, was one of the greatest honors in my life." I'm proud that I could play a role in this. (Reporting from Ted Hesson in Washington and Jeff Mason in San Francisco, with additional reporting by Trevor Hunnicutt. Editing by Colleen J. Jenkins and Michael Learmonth.
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The French harvest of wheat and barley continues at a rapid pace. Maize ratings continue to worsen
France's barley and wheat harvests are still well ahead of normal pace. However, maize conditions have declined after a hot summer start, according to FranceAgriMer, the farm office. The rapid field work and strong yields reported have raised expectations for a rebound in wheat and barley production after the rain-damaged harvest of last year, which included the smallest crop of wheat since the 1980s. FranceAgriMer reported in a report on cereals that French farmers had harvested 36 percent of the soft wheat harvest by 7 July, up from 11 percent a week before and exceeding the five-year median of 15 percent for the same period. The soft wheat rating improved slightly. 68% of the crops were rated as being in excellent or good condition. This is up by one point compared to a week ago and significantly higher than last year's score of 57%. The harvest of winter barley is almost complete. 94% of the crop was harvested on Monday compared to the average of 64% over the past five years. France and other parts in Europe have been experiencing scorching temperatures for the last month. The heat wave has accelerated the ripening process of wheat and barley, while only causing minimal stress to these cereals. Benoit Pietrement is the head of Intercereales - a French grain industry association. He said: "Overall it has been a good year, especially for winter barley." "Wheat is a little more mixed, but overall it's very good. It's much better than the last year." Pietrement explained that crops with strong roots from autumn last year were better able to withstand the spring drought, and could draw from moisture reserves left over from heavy rains last year. Spring barley, he said, was more likely to be affected by recent hot, dry conditions. FranceAgriMer reported that the harvest of spring barley had been completed by Monday at 30%, compared to a five-year median of 14%. By July 7, 75% of maize crops had been rated as good or excellent, down from 78% one week earlier. This is the lowest score this time of the year since 2018. The cooler temperatures and showers this week will help maize crops while slowing down the harvest of wheat and barley.
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Ford accepts voluntary redundancies at troubled eCar site in Cologne
Ford and German employee representatives announced on Friday that the company has agreed to an employment protection plan at its Cologne factory, which will cover over 10,000 employees. Voluntary redundancies are planned as a response to the slow uptake of electric vehicles. Ford has undergone a painful restructuring process in Europe. Cologne - Cuts in Cologne Then, there is the Closure is imminent Saarlouis, a new blow to Germany's reputation as a hub for car manufacturing. Ford announced in a press release that the framework is valid until 2032 and includes the 2,900 job reductions announced by the company last November. The majority of the job cuts were due to voluntary redundancies. In a press release, Benjamin Gruschka, the head of the works council said that severance pay was generous and better than normal in this industry. The IG Metall union stated that the future of Cologne's production was still unclear, but it welcomed the "safety-net." Ford, who invested $2 billion to transform its Cologne plant into an EV hub, called on the German Government to provide better incentives and charging infrastructure for drivers to make the switch to electric. IG Metall stated that the agreement for Cologne included the option for employees impacted by the reductions to trade places with other people in the company who are willing to leave. The agreement must still be approved by a vote of the workers. (Reporting and editing by Thomas Seythal, Rachel More)
Tennis-Battling mertens saves eleven match points to reach Den Bosch Final
Elise Mertens, the third seeded Belgian, saved 11 match points to beat Ekaterina Alexova (2-6 7-6(7) 6-1), a two-time champion. She will now face Elena-Gabriela Ruse in Saturday's Libema Open Final at Den Bosch.
Mertens lost the first set and fell behind 5-3 in the second. She fought back to force the tiebreak, before beating the Russian second seed. Alexandrova was aiming for her third title after winning in 2022 & 2023.
Mertens: "I lost track after the first one, I didn't know there were 11.
"I was focused on the game and I liked that. I just kept going."
"It was difficult, she started well and won 6-2, 5-3." I stayed focused on the game, and I gave it my all.
Alexandrova has won the only previous match in Den Bosch in 2019. She has also reached the quarter-finals in the last five editions. Mertens has the opportunity to win her second title in this year after winning in Singapore in February.
Mertens will face Romanian qualifier Ruse, who won the second set after losing the first one. She defeated Italian Elisabetta cocciaretto by 2-6 6-4. Mertens won the three previous encounters with Ruse. Trevor Stynes reported the story, Pritha Sakar edited it.
(source: Reuters)