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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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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%.
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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.
Trump's funding cuts halt water projects and increase risks for millions
According to new research, the Trump administration's decision of cutting nearly all U.S. aid to foreign countries has left dozens water and sanitation projects in the middle of completion around the world, creating hazards for those they were intended to help.
After speaking with 17 sources who are familiar with infrastructure plans, we have identified 21 unfinished construction projects in 16 different countries. The majority of these projects were not reported before. Workers have abandoned their shovels, left half-dug holes, and unguarded building materials after hundreds of millions in funding were cancelled since January. This is according to internal documents and interviews with U.S. officials.
The United States has left millions of people to their own devices, despite having promised them clean drinking water and reliable sanitation. According to two anonymous U.S. officials, water towers that were intended to serve Mali's schools and clinics have been abandoned. Construction on more than a hundred drinking water systems in Nepal was stopped, and plumbing supplies, 6,500 bags cement, were left behind. According to Pradeep Yadav, the water minister of the Himalayan country, the nation will finish the project with its own money. The project in Lebanon to supply cheap solar energy to water utilities has been scrapped. This resulted in the loss of 70 jobs and stopped plans to improve services for the region. Suzy Hoayek is an advisor to Lebanon's Energy Ministry. She said that utilities now depend on diesel to power their systems. Residents of Taita Taveta County in Kenya say that they are more susceptible to flooding now than before because half-finished irrigation channels could collapse, sweeping away crops. Community leaders estimate that it will cost $2,000 for the community to reduce the flood risk. This is twice the average income of the area.
Mary Kibachia (74), a farmer, said: "I am not protected from the flooding caused by the canal. The floods are only going to get worse."
SUPPORT BIPARTISAN
Trump's demise of the U.S. Agency for International Development left food and medical aid that could save lives rotting and in warehouses. It has also thrown humanitarian efforts all over the world into chaos. According to a study published in The Lancet, the cuts could cause 14 million additional deaths by 2030. Trump's administration and its supporters say that money should be spent on Americans in the United States rather than sent abroad. They also claim USAID has strayed away from its original purpose by funding LGBT rights projects in Serbia.
The U.S. Water Projects, with an annual budget $450 million dollars, accounted for only a fraction of the $61 Billion in foreign aid that the United States distributed last year.
Washington's water projects were not controversial before Trump was re-elected in November. Both chambers of Congress passed a 2014 law that doubled the funding.
According to advocates, the United States improved the lives tens of thousands of people over the years by building toilets, irrigation canals, and other water and sanitation project. John Oldfield is a consultant for water infrastructure and a lobbyist. He said that by building water infrastructure, the United States has improved the lives of tens of millions over time.
Do we want girls to carry water for their families on their heads? "Or do you want girls carrying schoolbooks?" he asked.
The U.S. State Department has not responded to a question about the impact on the water projects of the halting. The agency has restored funding for some life-saving project, but Secretary Marco Rubio said that American assistance would be limited in the future. At least one project has been restarted. After King Abdullah's diplomatic push, funding for a $6 Billion desalination facility in Jordan has been restored.
Those familiar with the programs, who spoke under condition of anonymity, said that funding for other countries, including Ethiopia, Tanzania and the Democratic Republic of the Congo has not been resumed.
Women in these areas will walk hours to get unsafe water. Children will also be at risk of disease, and the health facilities in these areas will close. This is according to Tjada McKenna CEO of Mercy Corps. The nonprofit worked with USAID to implement water projects that benefited 1.7 million people in Congo, Nigeria, and Afghanistan.
She said: "This isn’t just about the loss of assistance -- it’s about the unraveling progress, stability and human dignity."
The Perils of Fetching Water
Former USAID water kiosks are now used as playgrounds for children in eastern Congo where the fighting between Congolese troops and M23 rebels have claimed thousands of victims.
Evelyne Mbaswa told how her son, 16, went to fetch some water in June but never returned home. This is a common experience for families living in the violent region.
The mother of nine stated, "When we send girls to school, they're raped and young boys are abducted . All of this is due to the lack of drinking water."
A spokesperson for Congo's government declined to comment on requests. USAID in Kenya was amidst a $100 million, five-year project to provide drinking and irrigation water for 150,000 people, when, according to documents viewed by, contractors and staff were told to stop working in January. DAI Global LLC's memo dated May 15, 2015, states that only 15% of the project was completed.
According to correspondence, $100,000 worth of pipe, fencing, and other materials were left exposed on construction sites where they could be damaged or stolen. USAID signage on those sites clearly shows who is responsible, according to several memos.
According to a draft of a memo sent by the U.S. Embassy in Nairobi to State Department, this could harm the United States’ reputation and give a boost for extremist groups looking to recruit new members in the region.
Al Shabaab, a Somalia-based group with ties to al Qaeda, has been responsible in Kenya for a series of high-profile assaults. One such attack in 2015 on a Kenyan university killed at least 147.
The memo stated that "the reputational risk of failing to complete these projects could become a security threat."
DAMAGING FLOODS
Community leaders in Kenya's Taita Taveta county, which is a rural area that has experienced cyclical flooding and drought, said workers were only able to construct brick walls for 220 meters of a 3.1 kilometre irrigation canal (1.9 miles) before they were told to stop. These walls are not plastered and therefore vulnerable to erosion.
Juma Kubo is a leader in the community. She said that without plaster, walls would collapse during heavy rains, and water flow will destroy farms.
The community asked for the Kenyan Government and international donors' help to finish the project, with a projected cost $526,000.
Kubo stated that they will sell the steel cables and cement left at the site to raise funds to backfill and plaster the canal.
Stephen Kiteto Mwagoti is an irrigation officer for the county. He said that the county needs "funds so we can finish the project as much as we can, with the materials available, if we cannot complete it completely."
Kenyan authorities did not reply to our request for comment. Kibachia has been living with flooding for many years and needs help now.
After three months of work on the project was completed, her mud-hut was inundated with water up to her knees.
It was bad this time. She said that she had to use dirt to repair the damage done by the floods.
Where can I go?" "This is home."
(source: Reuters)