Latest News
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Harbinger, an EV startup, launches a hybrid van platform in order to attract more fleet clients
Harbinger, a startup that produces electric vehicles, launched on Monday a new platform of gasoline-electric hybrid vans for medium-duty trucks. The company is looking to attract more fleet customers. Hybrid vehicles make it easier for fleets to transition from gasoline vehicles to electric ones by reducing their dependence on expensive charging infrastructure. They also offer benefits like a longer range and reduced fuel consumption. Harbinger CEO John Harris said that the hybrid chassis is a good fit for fleets with long routes, unpredictable days and limited charging access. It's also a good choice for those who have multi-shift schedules, middle-mile distribution, or longer routes. Harbinger, a new vehicle platform with a 500-mile range between charges and electric motors that drive the wheels, is backed by Capricorn Investment Group, an early Tesla investor, and Tiger Global. The gasoline engine will recharge the battery. Customers can choose to plug in the vehicle to charge the batteries. Harbinger’s platform is set to be delivered in the next year. It's a vehicle framework with all of its main components, including an electric motor and battery, as well as steering, brakes and engine. It is common for a company to send its chassis to customers or dealers, who will then add a body with the help of another company. This is essentially the process used in the industry. Harbinger announced last week that Panasonic, a supplier to Tesla, will be its supplier for EV batteries. Panasonic, a supplier to Tesla, will be the company's vendor for EV battery cells. After factoring in federal incentives provided under the Inflation Reduction Act, the startup claims that its new hybrid platform is priced at a competitive level with diesel models. Harbinger has also launched a program that will offer buyers a price reduction similar to the IRA Tax Credits if the Trump Administration removes them.
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Brazilian steelmaker Gerdau reports slight core earnings gain as US revenues rise
Gerdau, a Brazilian steelmaker, announced on Monday that it had slightly surpassed its first-quarter core earnings. The company attributed this to the United States changing its trade policy for steel. Gerdau, Brazil’s largest steelmaker based on market capitalization, and owner of mills in the Americas, reported adjusted earnings before taxes, depreciation, and amortization (EBITDA), of 2.4 billion reais. This was higher than the 2.29 billion reais expected by analysts according to an LSEG survey. The adjusted EBITDA still fell by nearly 15% compared to the previous year, and the adjusted net profit dropped 39%, reaching 758 million reais. Gerdau stated, however, the adjusted EBITDA was nearly unchanged quarter-over-quarter, due to better results in North America. The firm stated in its earnings report that the increased demand in the United States is partly due to seasonal factors, but also because of customers' reactions to the changes in US trade policies, as well as the increase in inventory and the preference for domestically produced steel. In North America, net revenue increased by more than 16 percent from the December quarter. However, in Brazil it fell 3.5%. Gerdau's net total revenues for the quarter were 17.38 billion reais, which was higher than the 17.06 billion reais predicted by an LSEG survey.
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Whitehaven Coal's third quarter production in Australia drops by 5% q/q
Whitehaven Coal, Australia, reported on Tuesday a 5% decline in production in the third quarter. This was mainly due to a reduced output at its Narrabri Mine in New South Wales as well as lower production in its Queensland mines. For the quarter ending March 31, the country's largest independent coal miner reported a managed run-ofmine (ROM coal) production of 9,2 million metric tonnes, compared to the 9.7 million tons that was reported for the previous three-month period. Visible Alpha's consensus estimate of 8 million tons was exceeded. Narrabri, the only underground mine of the company, reported a decline in ROM production of 31%. The mine had equipment failures that took time to fix during the period reported. The Queensland operations, which include the Daunia mine and Blackwater, saw a drop of 3% in ROM output during the first quarter, to 4.5 millions tons. The Queensland coal operations of the company earned A$221 (141.99 dollars) per ton sold during the quarter. ($1 = 1.5564 Australian dollars)
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Trump touts US investments by Nvidia J&J Hyundai Toyota
Officials have confirmed that more than a dozen senior business leaders, including CEOs, will visit the White House this Wednesday to highlight U.S. investment. A White House official confirmed a Bloomberg News article that President Donald Trump will promote investments in the United States for his first 100-days in office. These include defense, technology, healthcare, consumer products, and investment funds. Trump has tried to promote new investments in spite of concerns from major U.S. companies about new tariffs. Airline companies, automakers, and retailers are concerned about the impact that tariffs will have on U.S. sales and manufacturing. Some large companies want to know more about government regulations and trade before they commit to new investments. Trump said General Motors was considering a $60 billion investment. Mary Barra, GM's CEO, said last week at a Semafor Forum: "I need clarity and consistency." To make these investments and be a good steward of our owners' capital, I must understand the policy. Trump said that he was considering giving automakers some relief against new auto tariffs. Trump announced in January that the private sector would invest up to $500 billion in infrastructure to support artificial intelligence. The goal was to surpass rival nations with this business-critical technology. This is expected to include SoftBank, Oracle and ChatGPT creator OpenAI. Hyundai Motor, a South Korean company, announced at the White House a $21-billion investment in the United States. This included a new $5.8-billion Hyundai Steel plant in Louisiana, which will produce more than 2.7 million tons of steel per year, and create over 1,400 jobs. (Reporting and editing by Matthew Lewis in Washington, Jasper Ward and David Shepardson)
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Jim Ratcliffe, founder of INEOS, calls on Britain to reduce environmental costs
INEOS's owner, British billionaire Jim Ratcliffe, has urged the government to reduce the environmental costs businesses face, which he says, together with high energy prices, are driving away investment from the country. Energy-intensive companies in Britain, such as steelmakers, are struggling with the highest costs in Europe. INEOS said it faces a bill of 15 million pounds ($20 million) for its obligations under Britain’s Emissions Trading System. The ETS is a system that charges industrial entities and power plants for every ton of CO2 they emit, as part of broader efforts to reduce emissions and achieve climate targets. Ratcliffe said that the excessive costs of energy and carbon taxes are putting the industry at risk. Last year, INEOS, PetroChina International and Petroineos announced that the Grangemouth Oil Refinery in Scotland will close in 2025 because of economic problems, resulting in 400 job losses. The UK ETS requires companies to surrender carbon allowances equal to their emissions before April 30. Benchmark UK's carbon contract currently trades at around 64.01 pounds (48.01 pounds) per metric ton. The ETS contract for Europe is around 65 euros ($73.76). ($1 = 0.7499 pounds), ($1 = 0.813 euros) (Reporting by Susanna Twidale, editing by William James).
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USDA: Mexico will send water to Texas in order to compensate for the shortfall of the treaty.
U.S. agriculture secretary Brooke Rollins announced on Monday that Mexico will increase its water deliveries to Texas in order to make up for a shortfall in accordance with a 1944 agreement that defines water sharing between the two countries. U.S. officials have claimed that Mexico has failed to fulfill its obligations under the Treaty, which is harming Texas' farmers. Mexico claims that drought conditions have caused the country to strain its water resources. After weeks of negotiations, the Deputy Secretary Christopher Landau and I reached an agreement that will give Texas farmers the water they require to flourish. "While this is an important step forward, Rollins stated that we are grateful for Mexico's continued support of American agriculture." Reports from earlier this month indicated that water was a potential new front for trade negotiations between two countries. According to the water treaty, Mexico must send 1,75 million acres-feet (or acre meters) of water from the Rio Grande to the U.S. every five years. A USDA statement said that Mexico would "transfer water to international reservoirs" and increase U.S. flow in six tributaries of Mexico's Rio Grande through the end the current five-year cycle of water, which ends in October. In a press release, State Department spokesperson Tammy Bruce thanked Mexican president Claudia Sheinbaum for her "personal involvement" in facilitating collaboration across multiple levels of the Mexican government in order to establish a united path in addressing this continuing priority. Mexico's own government issued its own statement on Monday, saying that it would implement "a number of measures to mitigate potential shortages in water delivery" including immediate transfers as well during the upcoming wet season. The statement stated that "all of these actions are based on the fundamental principle of ensuring water supplies for human consumption to the Mexican population who depend on the waters from the Rio Grande." (Reporting from Leah Douglas, Washington; Additional reporting by Cassandra Garrison, Mexico City; Editing done by Leslie Adler Sandra Maler Bill Berkrot
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Email claims that the US has dismissed all authors of National Climate Assessment
According to an email sent on Monday, the administration of President Donald Trump has fired all contributors to a study that provides federal and local governments with information on how to prepare themselves for climate change. After the dismissal of almost 400 contributors for the six National Climate Assessment mandated by Congress in 2018, the future of this report is in question, as the peer-reviewed, multi-year analysis is due to be published in 2028. The email read: "At the moment, the scope of NCA6 is evaluated according to the Global Change Research Act of 1989," referring the legislation which kicked off the assessments and was signed by Republican president George H.W. Bush. Bush. Global Change Research Program was responsible for the climate assessment. Trump dismissed earlier in the month The input of 14 federal agencies as well as hundreds of outside scientists was coordinated. The findings are intended to help federal agencies, lawmakers and other stakeholders make informed decisions about climate policy and funding priorities. In 2023, the last assessment said that climate change would increase costs for Americans as insurance prices and certain foods rise, and medical care will become more expensive due to threats such as extreme heat. The White House didn't immediately respond to an email request for a comment. Trump's administration is cutting government jobs in several areas, including the National Institutes of Health and Environmental Protection Agency, to curb what it considers wasteful spending. Project 2025 was the policy blueprint of the right-wing Heritage Foundation that helped to shape many of Trump's policies. The chapter of Project 2025 on scientific agencies suggested that the National Climate Assessment be reformed to better scrutinize contributors. (Reporting from Valerie Volcovici)
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Rollins, the Ag secretary of the United States, said that US and Mexico reached agreement on screwworm.
U.S. agriculture secretary Brooke Rollins announced on Monday that the United States and Mexico had reached an agreement regarding the management of a destructive pest known as New World screwworm. She had threatened to limit the importation of cattle from south of border. Screwworms can infest animals, wildlife, and, in rare cases even people. Maggots of screwworm flies burrow deep into the skin, often causing severe and fatal damage. Rollins wrote to the Mexican Agriculture Minister Julio Berdegue, on Saturday. He warned that the United States will restrict livestock imports into the United States on April 30, if the Mexican Government does not take any further action. Rollins stated that during a visit to an Ohio egg plant, she had spoken with Berdegue about the issue and they had come to an agreement. In the next few minutes, we will have more information on this. She said that the resolution was good. Claudia Sheinbaum, the President of Mexico, said that Mexico is intensifying its efforts to combat screwworm. Mexico is a major source of cattle for the U.S. The blockade of imports will further reduce U.S. beef supplies, which have fallen to their lowest level in decades. This will drive up the price of beef. U.S. ranchers are increasingly sending cattle to slaughter instead of keeping them for reproduction, due to the drought that has dried out pasture lands in recent years. Washington banned Mexican cattle from late December to February following the discovery of screwworms in Mexico. The U.S. Department of Agriculture eliminated the pest in the United States from 1966 and wants to prevent it from returning. The National Cattlemen's Beef Association met recently with officials from the Embassy of Mexico, Washington, after hearing reports that Mexico was hindering U.S. efforts in fighting screwworm south of border. Buck Wehrbein is the association's president and a Nebraska rancher. He said, "Screwworm can be very destructive. It could cost American cattlemen millions of dollars per year if it gets to us." Reporting by P.J. (Reporting by P.J.
Executives, trade and labor associations comment on Trump's reciprocal duties
Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could lead to a trade conflict and upset the global economy.
Countermeasures from trading partners could result in a dramatic increase in prices of everything, including bicycles and wine.
Trump has already levied 25% on automobiles and auto parts.
The latest responses from business executives, unions and trade associations.
Companies
STELLANTIS
The automaker announced that it would temporarily stop production in some of its Canadian assembly plants and Mexican assembly factories, including its Windsor assembly facility in Canada.
ANTONIO BARAVALLE is the CEO of LAVAZZA
We had planned to increase the local production (in the U.S.A.) by 100%.
"We're ready to go... but there's this other element to investigate, the duties for Brasil... If they put 10% on Brazil, then the duty (of 20%) is already half.
The coffee maker produces about 50% of the amount it sells locally in the U.S.
FERRARI
The purchase contracts for Ferraris contain standard and clear clauses that allow the company to adjust the price in the event of a change in the market conditions before the vehicle is delivered.
A Ferrari spokesperson confirmed that new tariffs would also be applied to Ferrari cars that were ordered in the past but have not yet been delivered to the U.S.
MOTOFUMI SHITARA, CEO, YAMAHA MOTOR
"Our exports will certainly be affected." We will have to raise prices or reduce costs if these tariffs are extended over time, even for vehicles.
SHIPPING GROUP MERSK
"We expect our customers to be more careful about their stock levels." We're likely going to see some air freight rush orders in the U.S. very soon, before the tariffs go into effect. We will also see an increase in the demand for bonded warehouses as customers want to delay clearing their goods until they have more certainty."
GERRESHEIMER MAKES PACKAGING & MEDICAL EQUIPMENT
Tariffs are primarily affecting our exports to the U.S. from our Mexico-based plant. Injection vials are one example. We will pass on these customs fees to our customers as an additional cost. We will be able, if necessary and if customs duties remain in place for a longer period of time, to move our capacities."
Our production network in the U.S. opens up business opportunities with pharmaceutical companies who are increasingly looking to source and produce locally in the U.S.
MASSIMO BATTAINI is the CEO of CABLE MAKER Prysmian
"On initial reaction, it appears that the announcement has a positive effect on local production. The tariffs are only applied to the finished product, so there is no risk of U.S. producers being undercut by foreign competitors. We are the best placed in the industry to maintain our leadership. With 30 factories spread across the U.S., we have the most factory capacity.
ANDERS VINDEGG HEAD OF MEDIA RELATIONS, ALUMINIUM HYDRO PRODUCER
"We work actively from Norway as well as in Brussels, the EU to inform and to actively work with the organizations and other measures we're part of in order to leverage the importance Norwegian aluminium for Europe."
We're using our network, and our people are on the ground working with the U.S. Administration to understand the effect of the tariffs.
ASSOCIATIONS
International Apparel Federation, representing garment manufacturers in 40 countries
The announcement by the US government of high taxes on trade with the rest is a shock to the global apparel industry. This unnecessarily creates an entirely new, often irrational world that affects billions of dollars in investments and the lives and livelihoods of tens and millions of people who work in our industry worldwide. Someone will pay the price."
CANADIAN STEEL ASSOCATION
To reduce its dependence, the Canadian Steel Industry urgently needs the adoption of border measures to address unfair trade in steel in Canada, and help recapture the Canadian Market for our industry, workers, and communities.
The Spanish Association of Olive Oil Exporters
This 20% is a serious disadvantage for the Spanish olive oil industry, as compared to other countries that produce olive oil but do not belong to the European Union.
"98% (of the olive oil consumed by Americans) is imported, so these tariffs would result in an increased purchase price which will be paid by U.S. consumers." consumers."
KEVIN CREAVEN, CEO, BRITISH AEROSCAPE AND DEFENCE INDUSTRY GROUP, ADS, ON THE AEROSPACE INDUSTRY COMPONENTS
We are not sure if the exemption from all tariffs (on items classified as airworthy by regulators) is still in place and if these tariffs are applicable or not. This could make the situation worse.
COPA-COGECA EU FARMING GROUP
The introduction of additional tariffs could disrupt global supply chains and drive up prices. It would also limit the market access of farmers and agricooperatives from both sides of Atlantic. This will have significant economic implications for the agricultural industry.
"Copa & Cogeca urge EU & US policymakers in the next days to exhaust all diplomatic efforts." Both sides must be constructive in addressing grievances, without jeopardizing trade benefits.
ANTHONY BRUN, HEAD OF FRENCH GROWERS ASSOCIATION (UGVC)
"One might have been frightened by much higher tariffs. However, this risk remains and is associated with a possible conflict over bourbon whisky. Already, we face tariffs from China. Now, there is the U.S. and the consequences are going to be brutal for wine growers.
ETHAN LANE SENIOR V.P. OF GOVERNMENT AFFILIATIONS, NATIONAL CATFARMERS BEEF ASSOCIATION
"President Trump has taken action to remove numerous trade barriers which prevent overseas consumers from enjoying high quality, wholesome American Beef. NCBA will engage with the White House in order to optimize export opportunities and ensure fair treatment of America's beef producers worldwide.
SIGRID de VRIES, DIRECTOR GENERAL, EUROPEAN MOBILE MANUFACTURERS ASSOCIATION
"We urge both leaders to meet immediately to find a resolution to any issues that prevent free and fair trading between historical allies, and to allow the EU-US relations to flourish again."
SWISS BUSINESS GROUP ECONOMISSE
"Another escalation in the trade conflict is to be avoided. Swiss economic diplomacy and the Federal Council are urged to find quick solutions with the U.S. Government at the negotiation table. "From an economic perspective, the U.S. tariffs on Switzerland are not comprehensible - rather the opposite."
DIRK JANDURA HEAD OF GERMANY EXPORTERS ASSOCIATION (BGA)
"We'll have to pass on these tariffs as price increases and this will impact turnover in many instances." It is a blind economic alley that will lead to welfare losses on both sides of Atlantic. Reporting by Bureax; compiled by Greta Rose Fondahn and Linda Pasquini, edited by Sayantani Ghosh and Shounak Dasgupta. Alan Barona, Milla Nissi, and Sayantani Ghosh.
(source: Reuters)