Latest News
-
France's Le Pen faces a crunch day on a corruption trial that could end her presidential hopes
Marine Le Pen, the French far-right politician who leads the French far-right party, faces a pivotal day in her political career when a French court decides whether she's guilty of embezzlement. She could be barred from running for the presidency of France in 2027 if found guilty. The ruling threatens to change the face of French politics. Le Pen, leader of the National Rally, a far-right party, is currently the frontrunner in the polls for the vote of 2027. Her party called the trial "a witch-hunt" and her removal would intensify the debate over how judges police political activity. A harsh sentence "would cause significant disruption as the main opposition leader's ability to run would be hindered by the judges", according to Arnaud Benedeti, a political expert who wrote a book about the rise of the RN. Le Pen, RN and over two dozen figures from the parties are accused of diverting more than 3 million euros ($3.3million) in European Parliament funds for paying staff based in France. The defendants claim that the money was spent legitimately, and that the accusations define a parliamentary assistance too narrowly. The prosecution has asked for Le Pen to be banned from holding public office immediately if she is found guilty. This ban would apply regardless of the appeal process. Acquittal could boost a leader of the far right who has shifted to the mainstream, and turned the RN into France's largest single party. A guilty verdict and automatic five-year suspension would be a heavy blow to Le Pen, 56. She is a three-time candidate for the presidency who has stated that 2027 will mark her last run. She would keep her seat in parliament until the end her mandate. The judge can accept, modify or ignore a request from the prosecutor. The Courts have the power to decide political fate Le Pen claims that prosecutors are trying to "kill" her, a claim that echoes the allegations made by U.S. president Donald Trump regarding his legal troubles. Le Pen told La Tribune Dimanche in an interview published on Saturday that she was not nervous and expected mercy from judges. She said, "With provisional execution the judges have power over life and death for our movement." "But I do not think they will go that far." Some of her opponents, such as Prime Minister Francois Bairou and Justice Ministry Gerald Darmanin as well as left-wing politicians are concerned about judges deciding on who can run for an office. Reports indicate that prosecutors and a judge who was involved in the case received death threats online. This is part of an international backlash against judges who are trying to curb political injustice. Senior RN figures don't expect Le Pen to face a ban. They say that her protege, Jordan Bardella (29-year-old Party President), will replace Le Pen if she's barred. Jean-Yves Camus, a political scientist and expert on the far-right, said that a ban of five years could upset Le Pen's fans. He said that "RN voters tend to think they are the victims of 'elites'." "An instant ineligibility decision could reinforce this feeling of being isolated." (Reporting and editing by Richard Lough, Giles Elgood, and Ardee Napolitano. Additional reporting by Gabriel Stargardter.
-
Tanure quer destituir conselho do GPA para indicar tres membros
O fundo de investimento Saint German, controlado pelo investidor Nelson Tanure, solicitou que o GPA convoque uma assembleia geral extraordinaria para destituir o atual conselho de administracao e eleger novos membros, incluindo executivos indicados pelo proprio empresario. O plano apresentado por Tanure preve a eleicao de um novo conselho com nove membros, dos quais tres indicados por Tanure, e mandato unificado de dois anos, de acordo com fato relevante divulgado neste domingo. Em 2024, Tanure adquiriu cerca de 9% das acoes do GPA no mercado e considerava comprar papeis adicionais do grupo frances Casino, que no passado controlou a rede de varejo brasileira. Uma expressao inicial de interesse dos representantes de Tanure foi entao transmitida ao Casino, que detem 22,5% do capital da varejista. Mas ate o momento, nenhum acordo foi anunciado. Em uma declaracao a , Tanure, conhecido por investir em processos de reestruturacao corporativa, disse que deseja reduzir a divida do GPA por meio de varias estrategias, incluindo a venda de ativos nao essenciais, reavaliacao e priorizacao de investimentos e otimizacao do fluxo de caixa. "O foco em um balanco solido permitira que a companhia tenha mais flexibilidade em suas operacoes e uma maior capacidade de crescimento", disse ele. O GPA encerrou o quarto trimestre de 2024 com uma divida liquida de R$1,3 bilhao, incluindo o saldo de recebiveis nao antecipados. Tanure tambem esta propondo que o grupo identifique e avalie potenciais riscos fiscais, legais e trabalhistas. "A ideia nao e apenas mitigar riscos, mas tambem promover um ambiente de transparencia e confianca junto aos acionistas e ao mercado em geral". Tanure, atualmente o segundo maior acionista individual do GPA, depois do Casino, planeja indicar os executivos Pedro de Moraes Borba, Rodrigo Tostes Solon de Pontes e Sebastian Dario Los para o conselho de administracao da varejista. Borba e membro do conselho da Ambipar, fornecedora de servicos ambientais na qual Tanure investiu. Pontes atua como diretor financeiro e de relacoes com investidores da Light, que Tanure adquiriu ha alguns anos, e Dario Los tem longa experiencia no setor de varejo. O GPA opera cerca de 700 lojas, principalmente no Estado de Sao Paulo, alem de servicos de comercio eletronico, conforme informacoes em seu site. (Reportagem de Luciana Magalhaes; edicao de Patricia Vilas Boas)
-
Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.
The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of these countries? India and China are the two largest buyers of Russian crude oil. Their reaction is as important as Putin’s response to Trump’s latest shift. Trump told NBC News he was "frustrated" with Putin and would impose tariffs up to 50% for buyers of Russian crude if he felt that Moscow was blocking efforts to bring peace to Ukraine. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. It is a reversal from his previous friendly attitude toward Putin. This had attracted widespread criticism because it was seen as a surrender to Russia and a tacit acceptance of its aggression. Russia, China, and India have to assess whether Trump's threats are credible and likely. Putin may back down a little if he believes Trump is going to increase sanctions against Russia's major export. India is in a difficult position, as Modi's stance has been to try to appease Trump. A proposal to abolish the import duty for U.S. Liquefied Natural Gas in order to increase purchases was an example. India is also a major beneficiary from the fact that the rest of world has shunned Russian crude. This has allowed the South Asian nation the opportunity to purchase discounted cargoes, so much so that Russia now ranks as its biggest supplier. According to LSEG Oil Research, India will import 1.52 million barrels of Russian oil per day in March. This represents just over 30% of the total number of arrivals. India is already forced to buy less oil from Iran due to U.S. sanctions. Replacing Russian barrels would increase the price of Indian oil and force India to look for alternative suppliers. CHINA RISK China is less likely than the U.S. to give in to pressure, since it is the sole major buyer of Iranian oil. It is also the top importer for Russian oil. Beijing faces the risk that a tariff increase of up to 50 percent on U.S. imported goods from China on top of Trump's 20% tariff would cause real pain to its economy. It is already struggling for momentum. If Trump's threat of secondary duties on buyers of Russian oil is credible, this will also change the dynamics of the OPEC+ exporters group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. OPEC+ Members other than Russia will benefit from any price increase resulting from a reduction of Russian barrels. This will enable them to increase production and exports. It's a fight between self-interest and group solidarity. With the fiscal position of many OPEC+ countries deteriorating, it may be difficult to resist the temptation of earning more money through higher exports. For the moment, players will likely respond cautiously - at least publicly - as they attempt to determine whether Trump's new tariff threat was a thought balloon easily discarded by the next change in sentiment. Initial market reactions were subdued. Brent futures, the global benchmark, rose a modest 0.3% in early Asian trading on Monday to $73.84 per barrel. These are the views of a columnist, who is also an author. (Editing by SonaliPaul)
-
Putin's envoy: Russia and the US have begun talks about rare earth metals in Russia
In remarks published by the Izvestia newspaper on Monday, Russia's Special Envoy for International Economic and Investment Cooperation said that Washington and Moscow have begun discussions on joint projects in Russia involving rare earth metals. Kirill Dmitriev is the CEO of Russian Direct Investment Fund and told Izvestia that rare earth metals were an important area of cooperation. Putin's response to the U.S.-Ukraine negotiations over a draft minerals Deals You can also find out more about the offer. Under a future deal on economics, the U.S. will jointly explore Russia’s rare earth deposits. Dmitriev said that some companies had already expressed interest in the project. He was part of Russia’s negotiating team in talks with U.S. representatives in Saudi Arabia, in February. He didn't name any companies or reveal more details. Izvestia reported that the discussion of cooperation could continue at the next round Russia-U.S. discussions, which may take place mid-April in Saudi Arabia. In recent months, rare earths and critical metals essential to high-tech industries have attracted global attention as U.S. president Donald Trump pushed efforts to counter China’s dominance.
-
Scholz, a German politician, said that the EU is ready to respond to U.S. trade tariffs.
Olaf Scholz, German Chancellor said that while Europe is willing to work with the United States, the EU will respond in unity if Washington forces it to do so by imposing tariffs against steel and aluminum. Scholz, who spoke at the opening ceremony of the Hanover Industrial Trade Fair which has Canada as a partner country this year, also insisted Canada is an independent nation. Donald Trump, the president of the United States, has talked about annexing Canada. He also referred to it as the 51st state in the U.S. "We are by your side!" Scholz added: "Canada does not belong to anyone." Canada is an independent, proud nation. Scholz, in response to Trump's plan to introduce tariffs on imports, said that his solution to Trump's "my country comes first" policy was to increase free trade, competitiveness, and technological sovereignty. Scholz said that trade wars are bad for all parties. "So, I tell the United States that Europe's goal is cooperation. If the U.S. does not give us a choice, as they did with the steel and aluminum tariffs, the EU will act as one.
-
Trump threatens to impose secondary tariffs on Russian crude oil if he is unable make a deal with Ukraine
Donald Trump, the U.S. president, said that if he felt Moscow was blocking his efforts in ending the war in Ukraine he would impose secondary tariffs ranging from 25% to 50%. These could begin within a month of no ceasefire. NBC reported that Trump told NBC News he felt angry and "pissed" when Russian president Vladimir Putin criticized Volodymyr Zelenskiy, the Ukrainian president's leadership. Trump told NBC News on the phone that he plans to meet with Putin this coming week. Trump repeatedly promised to end the "ridiculous war" in Ukraine during his presidential campaign of 2024. He has been focusing on this issue since he took office on January 20, 2019. Trump has himself called for new Ukrainian elections and called Zelenskiy falsely a dictator. Putin suggested on Friday that Ukraine could be put under a temporary administration in order to facilitate new elections and sign key accords. This could force Zelenskiy out. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. Trump stated that "if you purchase oil from Russia you cannot do business with the United States." "There will be 25% tariffs on all oil. A 25-to-50-point tariff for all oil." He predicted that the oil tariffs would be implemented within a month if there is no ceasefire agreement. Trump said Putin knew he was angry with him but that they had a "very good relationship" and that "the anger dissipates rapidly... if the right thing is done." (Reporting Andrea Shalal, Editing Rod Nickel).
-
Trump warns that "there will be bombings" if Iran fails to make nuclear deal
Donald Trump, the U.S. president, threatened Iran on Sunday with bombings and secondary duties if Tehran failed to reach an agreement with Washington regarding its nuclear program. In a phone interview with NBC News Trump stated that U.S. officials and Iranian officials are talking, but did not provide any further details. Trump warned that if they do not make a deal there would be bombing. "But if they do not make a deal I may impose secondary tariffs like I did in 2004." Trump, in his first term 2017-21, rescinded the U.S.'s participation in a 2015 agreement between Iran and major world powers which placed strict limitations on Tehran’s disputed nuclear activity as a trade-off for relief from sanctions. Trump reimposed the U.S. sanctions. Since then, the Islamic Republic's uranium enrichment program has far exceeded the limits agreed upon. Tehran has rejected Trump's warning that if it doesn't make a deal, there will be military consequences. Iran has sent a Response The official IRNA news agency quoted Abbas Araqchi as saying that Trump wrote to Tehran in a letter urging them to come to a new deal. Western powers accuse Iran that it has a secret agenda to develop nuclear weapon capability. They say this is done by enriching uranium above the level they consider acceptable for a civil atomic energy program. Tehran claims its nuclear program is solely for civilian energy. Reporting by Doina chiacu, Editing by David Ljunggren
-
Australia's resource and energy export earnings are expected to be affected by the lower US dollar
The government announced on Monday that Australia's mining exports and energy earnings will fall by 6% during the current financial year, as the prices of iron ore are falling. The Department of Industry stated in its quarterly resource and energy outlook that profits are expected to fall from A$415bn to A$387bn ($243bn) due to the "impact of lower U.S. dollars prices on our energy and resource exports". The decline forecast was less than the 10% predicted in December. The report stated that "further modest declines in earnings are expected over the five-year forecast", with the amount of A$343billion remaining constant at the end. It said that the value of Australia's exports of energy was returning to "moderate levels" after having experienced "extremely higher levels" in both 2021-22 and 2020-23. The high energy prices during this period, due to the COVID-19 epidemic, the bad weather conditions and the fallout of Russia's invasion in Ukraine, encouraged an increase in supply. The report predicted that iron ore prices would continue to fall due to the strong global growth of supply and the lower demand in China. Exports of iron ore to China, which are a good indicator of Chinese industrial activities, dropped by 14.8% from Port Hedland in Australia.
US auto tariffs threaten global industry with higher prices and job losses
The announcement by Donald Trump of a 25% auto import tariff sent shockwaves around the globe on Thursday. Global carmakers warned that prices would rise immediately, and dealers expressed concern about job losses in large auto-exporting nations, including many U.S. allies.
The new tariffs are expected to lead to a second round of large-scale U.S. duties that will be imposed next week. The auto tariffs could increase the cost of an average vehicle by thousands of dollars in the U.S., and dampen demand further at a moment when the industry is already struggling with the transition to electric vehicles. The majority of auto stocks fell on Thursday. Tesla, the U.S. electric vehicle maker, was an exception.
Volkswagen, a German company, said in a press release that "the entire automotive industry will be affected by the consequences. This includes global supply chains as well as companies and customers."
According to GlobalData, the United States imports more cars than any other country in the world, including Canada and Mexico. GlobalData, a research firm, estimates that nearly half of the cars sold in America last year were imported. General Motors shares fell by nearly 7% Thursday afternoon. Ford Motors and Stellantis, which is listed in the United States, also saw a decline of about 3%. Tesla's shares rose by about 5% as Elon Musk’s company is more exposed to tariffs.
Barclays analysts wrote in a report that Trump's tariffs would have a more draconian impact than expected.
The U.S. United Auto Workers and other supporters of Trump's initiatives say that the United States should focus on increasing domestic production. However, the process of moving the facilities could take many years during which time costs would rise and production might drop. The American Automotive Policy Council (which represents the Detroit Three automobile manufacturers) said late Wednesday that the "U.S. Automakers" are committed to Trump's vision to increase automotive production and create jobs in the U.S., and that they will continue to collaborate with the Administration to develop durable policies that benefit Americans.
The AAPC said that it was "critical" to implement the tariffs in a manner that avoided price increases for consumers.
Dealers and consumers may not see any major shortages for some time. Cox Automotive's data shows that dealers had 89 days worth of inventory on their lots at the beginning of March. Some consumers are trying to get their purchases in before the prices begin to increase.
TURMOIL FOR GLOBAL AUTO COMPANIES Europe’s auto industry has called for a deal across the Atlantic to avoid tariffs. Volkswagen, BMW Mercedes-Benz Porsche and Continental all lost $5.93 billion in market value combined on Thursday. The automakers will have to decide whether they want to move more production to the U.S. or absorb the tariff costs. Volvo Cars and Mercedes-Benz, as well as Volkswagen's Audi, Hyundai, and Mercedes-Benz, have all already announced that they would move production. Ferrari, which produces all its cars in Italy will raise prices by up to 10% for some models. Valeo, a French auto parts supplier, said that it had no choice but to raise prices.
BLG Group in Germany, the port logistics provider of one of the busiest auto shipping ports in the world in Bremerhaven said that it planned for a 15% decrease in traffic due to the tariffs. The tariffs will be implemented on April 3 for cars and auto parts, respectively.
HITS TO U.S. MANUFACTURING
Since the 1994 North American Free Trade Agreement that encouraged the development a highly integrated automotive supply chain between U.S.A., Canada, and Mexico, automakers in North America enjoy free trade status. Trump's revised U.S. Mexico-Canada Agreement 2020 imposed new rules in order to encourage regional content production.
Cox Automotive stated that the tariffs would have an immediate effect on production. Cox Automotive expects to see disruption in "virtually" all North American vehicle production by mid-April. This will result in a reduction of roughly 20,000 vehicles per day or 30%.
The White House stated that Trump's tariffs will "protect and strengthen" the U.S. auto industry more than previous deals. Trump imposed 25% tariffs on Mexico and Canada early in March. He then granted a one-month respite for vehicles that met the USMCA's terms. However, the new rules don't extend this.
The White House announced that importers of vehicles made in North America will be able to certify the U.S. component of their vehicle to avoid paying taxes on these components.
Some CEOs privately express a reluctance in making long-term decisions based on a policy that could be short-term, stating a market decline could make Trump change his mind.
Analysts at Bernstein Research stated that "we know the president views the Dow Jones as a barometer of success." It is difficult to gauge the duration of these policies, if they cause a market crash that doesn't appear to be temporary.
(source: Reuters)