Latest News
-
After 25 years of negotiation, EU and Mercosur Sign Trade Deal
After 25 years of negotiation, top officials from the EU signed a free-trade agreement with the Mercosur bloc in Paraguay on Saturday. This is the largest trade deal ever for the European Union. The agreement is designed to lower tariffs between the two regions and increase trade. It must now be approved by the European Parliament, and ratified in the Mercosur member countries of Argentina, Brazil?Paraguay, and Uruguay. The European Commission's Ursula von der Leyen, the European Council's Antonio Costa, and the Mercosur presidents all attended the ceremony on Saturday, except for the Brazilian President Luiz Inacio Lula Da Silva who sent his Foreign Minister. The deal was signed last week after it received 'the green light' from most European countries, despite concerns raised by environmental and farmer groups who are concerned about a flood of cheap South American imports, and an increase in deforestation. Von der Leyen who met Lula before going to Asuncion and signing the agreement, said the deal would create a free trade zone the size of the entire world. This agreement sends out a strong message to the rest of the world. This agreement reflects a deliberate and clear choice. We choose ?fair trade over tariffs. "We choose a productive and long-term relationship over isolation," said she on Saturday. The value of trade between the two blocs - which includes a market of 700 million people - reached 111 billion euro in 2024. The European Union's exports consist mainly of chemical products and transport equipment. Mercosur exports are dominated by agricultural goods, minerals and wood pulp. Reporting by Daniela Deantis in Asuncion; Philip Blenkinsop, in Brussels; and Brendan O'Boyle, in Mexico City. Editing by Rod Nickel.
-
Protesters in Denmark and Greenland rally against Trump's annexation threats
On Saturday, protesters in Denmark and Greenland called for the island to be allowed to decide its own fate and criticized President Donald Trump's demand that it be ceded. Trump has said that Greenland's strategic location and its large mineral deposits are vital for U.S. national security. He has also not ruled out the use of force to seize it. The European nations sent military personnel this week to the island on Denmark's request. MARCHING FOR GREENLAND AT NUUK AND COPENHAGEN Demonstrators in Copenhagen chanted, "Greenland's not for sale", and carried slogans like "No means No", and "Hands Off Greenland", as they marched towards the U.S. Embassy. Some wore red caps with slogans "Make America Go" that resembled the "Make America Great again" caps worn by?Trump supporters. Greenland’s capital Nuuk was flooded with hundreds of protesters, led by Prime Minister Jens Frederik Nielsen. They carried banners and flags on their way to the U.S. Consulate. The group passed a newly constructed block where Washington plans to relocate its consulate, which is currently a'red wooden building' with only four staff. The organizers estimated that over 20,000 people were present at the protest, which is equivalent to the population of Nuuk. However, the police didn't provide a formal figure. There were also protests held in other parts of Denmark. "I'm very grateful for the enormous support that we, as Greenlanders, receive... We are also sending a signal to the world, saying you must all wake up," said Julie Rademacher. She is the chairperson of Uagut in Denmark, an organization for Greenlanders. TRUMP CAUSES DIPLOMATIC RIFTS Trump's repeated remarks about the island triggered a crisis in diplomacy between the U.S., which is a founding member of NATO, and Denmark, who are both NATO members. These statements were widely condemned throughout Europe. Since 1979, the territory, governed by 57,000 people, is a significant autonomous entity. However, it remains part of Denmark. Denmark controls foreign and defence policy and funds much of its administration. According to Danish authorities, there are 17,000 Greenlanders living in Denmark. Greenland's five elected parties all support independence. However, they disagree about the timing. They have also recently stated that they would prefer to?remain a part of Denmark rather than join the U.S. A /Ipsos survey found that only 17% of Americans approved of Trump's attempts to acquire Greenland and large majority of Democrats and Republicans opposed using military force to annexe it. Trump called the poll a "fake". Reporting by Tom Little in Copenhagen, Stine Jacobsen and Jacob GronholtPedersen at Nuuk. Editing by Anna Ringstrom and Kevin Liffey.
-
Nina Penlington on the suit's continued relevance
Oliver Griffin Nina Penlington, a former civil servant in Britain, switched careers to become an apprentice at top tailors. She then stitched her name into the fabric of London’s Savile Row. The historic street is regarded internationally as the gold mile of tailoring. Since the 19th century, bespoke menswear was crafted by icons such as Charles Dickens, Winston Churchill, and Elton John. She's launched her own bespoke tailoring company, named after herself, since leaving London in 2024. Penlington, who is preparing for her second U.S. Trunk Show in February, spoke from her attic in Budleigh Salterton in southwest England. She talked about her experience on Savile Row, the future of suits and why it's important to dress for yourself. This conversation has been edited to make it more concise and clear. What initially attracted you towards tailoring? I took a funny route, which was kind of slow and strange. I grew in North Wales, in a town on the coast that was a little bigger and less salubrious than Budleigh Salterton. When I was just three years old, my mum taught me how to sew. We used to use a hand-crank sewing machine. I worked as a civil service employee for about five years after graduating from university. I worked as a minister in the House of Lords. That's a little crazy. I felt that I was in the incorrect place. I was miserable. I quit my job, and went back to London College of Fashion. They used to have a hand tailoring one-year course. The course was a great way to learn all the little bits and pieces, and also determine if you have an aptitude. The opportunity to sew again was great, but I soon realized that it wasn't the sewing itself that I was interested in. The pattern cutting was what really attracted me. After I completed the course, I was fortunate enough to be offered an apprenticeship with Dege & Skinner in Savile Row. This was a great opportunity because these jobs are so rare. You've worked with many of Savile Row’s top?tailors. Who has the most influence on your style been? While I was in New York, I did a little bit of study at Parsons School of Design. I also heard about this job back in Savile Row as a cutter for Davide Taub at Gieves & Hawkes. Davide Taub is my favorite?living cutter. He's definitely my biggest influence on how I view my work. What was it like to launch your brand? I feel that I have built relationships over the past few years with people who want to support me. I have also had customers find me or refind me and were determined to assist me through the difficult stages of starting a business. I don't even have any branded covers or hangers for that stuff. My customer was laughing and said, "I'm glad that you weren't too extravagant in your spending. You could ruin yourself if you tried to be too shiny." How did you develop the "Get Back" suit and rock 'n' roll Western suit styles inspired by The Beatles? Let's begin with the "Get back" suit. It's a West End suit from the 1960s. For me, this is a true classic. I made this suit for a client around the time of Peter Jackson's documentary "The Beatles: Get back". Paul McCartney often wears the suit with a collarless Granddad shirt. It's a classic suit that McCartney wears very well. There's nothing special about it. It's also a great way for me to tell customers that I have a classic suit. It's an easy way to communicate the idea of a classic suit that could be worn in a worn-out way. The Western Suit is made from Western shirts I have collected over the years. They were given to me by a wonderful lady working out of Salt Lake City. I had this idea for the suit in my head for a long time. I couldn't decide what fabric to use. Only when I discovered this overcoating weave did it all come together. Once I found a 15-ounce twill that is rugged and refined, everything came together. What do you think about the difference between dressing for the male and female gaze when it comes to suits and tailoring, according to your opinion? Since I launched my label, I have been relearning all of this because I felt for so long that none of these things mattered. Tailoring allows you to dress how you want. In terms of sales, I have to know who is looking at it and who wants to purchase it. As a person I do not buy into this. When I wear a suit I do so because I want to look and feel powerful. If I want to be more feminine, I have another part of my closet for that. You can mix the two. If someone is coming to me the first time, and they are unsure of what they want, then I will ask them to look in their wardrobe to see what suits they already have and what else they could wear with this suit. This way, you don't need to buy anything new to wear this suit. What is the future of tailoring and Savile row? The same article is published in the same spot every five years. It's basically the same as "Savile Rows dead, suits have died" and this was long before the pandemic or working from home. Savile Row, and tailors around the world, have done a great job. Fashion and garment production is moving much faster than it used to. I thought we were a little slow to adapt trends in Savile Row. But now, people are creating overshirts and other items that can be worn in a more casual manner. We've never been in fashion, but we promote the craft and sustainability. The high-end luxury items (and) department store merchandise are not as well made as the tailoring we offer. I think that people are beginning to realize that spending three grand for a suit at a brand name is not worth it. It's different from coming to someone to spend a bit more on a bespoke item that's uniquely yours. News does not necessarily endorse the perspectives of Culture Current. (Editing by Yasmeen serhan and Aurora Ellis).
-
American CEOs retaliate on Trump... mildly
Suzanne Clark, CEO of the U.S. Chamber of Commerce, spoke in a dimly-lit ballroom Thursday. She urged executives to "be fearless" when defending free markets against government control. The U.S. should remain "open to all, to the global exchange of ideas, goods, talent, and innovation." Comments by the president of the largest U.S.-based business lobby could be interpreted as a mild 'pushback' against President Donald Trump who has been more involved in business than any other U.S. leader. He has ordered the U.S. government to invest in tech companies, claimed 'control' over corporate equity structures, imposed tariffs and advanced immigration policies that are opposed by the Chamber. This month, other CEOs such as Jamie Dimon of JPMorgan and Darren Woods from Exxon Mobil have also offered tempered critiques on certain Trump agenda items. They focused their comments on sectors in which they had an interest - Venezuelan oil and the U.S. Federal Reserve - while Clark didn't mention Trump or his policies. Corporate governance experts have said that the statements and omissions are in line with an underlying fear among business leaders, who believe his administration will punish any dissent. This is a significant change from Trump's initial term when business leaders split with him over his handling of the white nationalist rally that took place in Charlottesville, Virginia in 2017. They also spoke out more publicly against other policies. Richard Painter is a University of Minnesota professor and former ethics lawyer to George W. Bush. He said that business leaders have been remarkably mute in their response, even as masked agents confront U.S. Citizens in Minneapolis, and Trump contemplates securing Greenland. This could cut off American companies from European markets. Painter stated that Trump's authoritarian economic policies are in stark contrast to Bush’s free-market economic policy. Painter commented on Clark's remarks, "I would like to see the Chamber take a more aggressive position here." "A lot executives may have voted Trump but they must speak out against any coercion. Whether it is directed at a protester on the street or at a CEO that doesn't do what the president asks them to. Mark Levine is a Democrat and the new New York City Comptroller, who oversees public pension funds with stakes in some of the biggest U.S. corporations. He said that CEOs had taken "baby steps" by speaking out only when Trump’s actions directly affected their businesses. Levine stated, "I do not think capitalism is effective if we let a president who has autocratic tendencies?dictate' the behavior of all companies in America." TRUMP GETS "LACKLUSTER" RATINGS IN ECONOMY A Chamber spokesperson was asked for comment. He cited a Friday briefing Clark gave to reporters, in which Clark stated that "we are against government interference in business, regardless of which party suggests it." She also said that CEOs are doing "quiet" work behind the scenes to promote sound policies and not "rushing to outrage." Neil Bradley, chief policy officer of the Chamber, said in August that the group wanted to respond to Trump nonpartisanly, to maintain support for the free market. Trump's economic approval rating is currently at 36%. This is below his 41% overall rating, even though he claims that his policies are successful by conventional measures. Trump said in Detroit, Michigan, on Tuesday, "Under my administration, the growth is exploding. Productivity is soaring. Investment is booming. Incomes are increasing. Inflation is defeated. America is respected like never before." Some of the most prominent CEOs in the world have publicly questioned his actions. Woods, an Exxon executive, told Trump on January 9 that Venezuela was "uninvestable", undermining the White House's messaging regarding the future of the industry in the country. Woods said he had confidence in Trump's plans, and that Exxon could dispatch a team of technical experts to assess the conditions there soon. Two days later, Trump suggested that he may not allow Exxon to participate in future deals with the country. "I didn't enjoy their response." "They're too cute," Trump said to reporters. A representative of Exxon declined to comment on this story. JPMorgan Dimon stated on January 13 that he supported the independent of Federal Reserve Chairman Jerome Powell. This was days after the Administration opened a criminal probe into Powell's behavior. Dimon said that Trump's interference in the Fed may cause inflation. Trump said he didn't care about Dimon's remarks. JPMorgan declined to comment on this article. Albert Bourla was upset by Robert F Kennedy Jr.'s decision to backtrack on vaccine recommendations for kids a day earlier. He told reporters in San Francisco, "I am seriously frustrated because the current situation has no scientific basis." Pfizer representatives didn't respond to any questions. 'LOBBYING IS NOW DIFFERENT' This week, The Conference Board released a study that showed uncertainty to be the greatest risk factor for U.S. chief executives in 2026. Dana Peterson is the chief economist of the Conference Board. She said that the survey did not ask specifically about Trump but that the executives she spoke with understood that lobbying was different today. Gary Clyde Hufbauer is a senior fellow at the Peterson Institute for International Economics. He said that CEOs could be adjusting their remarks to avoid backlash and to position themselves to benefit from Trump’s policies or interests. Hufbauer warned that if companies do not push back on this, it could lead to more regulation after Trump leaves the White House. Hufbauer stated that "my guess is (CEOs think) the actions are just a passing trend." He said that since state capitalism appeals to both progressive Democrats and some MAGA Republicans alike, investors and executives could be sleeping at the switch.
-
FT reports that EU is moving to phase out Chinese suppliers of key infrastructure.
Financial Times reported that the European Union wants to ban companies like Huawei and ZTE, which manufacture equipment made in China, from telecommunications networks and solar energy systems. The report cited unidentified officials as saying that the cybersecurity proposal for the zone is likely to make the existing system of restricting high-risk vendors mandatory?for EU countries. Some large telecom firms in markets like Spain and Germany had resisted such measures. The report said that the proposal would be presented on Tuesday. The timetable for phase-out depends on the risks to the bloc, the sector and will take into consideration the cost and availability of alternatives suppliers. The report could not be verified immediately. The European Commission, China’s Commerce Ministry, Huawei, and ZTE have not responded to our requests for comment. Huawei is considering the future for a newly completed?plant? in eastern France. This was reported in December. It comes amid the hardening of some governments' stances on the use of Chinese equipment? and the slow rollout of 5G across Europe. The United States has banned the approval of new telecommunications gear from Huawei and ZTE by 2022, and encouraged European allies do the same.
-
UN Biodiversity Treaty comes into force and aims to protect 30% oceans by 2030
On Saturday, a landmark global treaty to preserve biodiversity on the high seas went into effect. It provides countries with a legally-binding framework to tackle threats like overfishing and achieve a 30% target for the ocean environment by 2030. After 15 years of negotiation, the U.N. Biodiversity beyond National Jurisdiction Treaty (BBNJ) was finalised in March of 2023. It will create a global "marine protection area" network in previously unregulated ocean ecologies in international waters. At a press briefing, Adam McCarthy, the first assistant secretary of the Australian Foreign Ministry and co-chairman of the treaty’s preparatory comittee, said: "It is two-thirds (and) half of the surface of our planet, that will for the first have a comprehensive law regime." On September 19, last year, the treaty had reached 60 national ratifications. This meant that it would?become officially operational within 120 days. Since then, the number of ratifications is now more than 80. China, Brazil, and Japan have added their names to the list. Other countries, such as Britain and Australia, will likely follow suit soon. The United States signed the treaty under the previous administration, but have not yet ratified. The High Seas Alliance is a coalition of environmental organizations. Director Rebecca Hubbard said, "While we only needed to reach 60 ratifications for the treaty to enter into effect, it's important for its implementation to be as efficient as possible and to have global or universal ratification." We're really hoping that all UN member countries ratify this treaty. The treaty requires that countries conduct environmental assessments on activities that impact ocean ecology. The treaty will also establish mechanisms that allow nations to share in the benefits of the "blue economic" including "marine genetic resource" used by industries like biotechnology. Environmentalists claim that?more than 190,00 protected areas will be needed to achieve the "30 by 30-" goal of bringing 30% of oceans under formal protection by 2030. Only 8% of the oceans - 29 million square kilometers (11.2 million sq miles) – are protected. The treaty has little effect on the one thing that conservationists consider to be the biggest threat to the marine environment: the desire to mine mineral resources from ocean beds. McCarthy stated that "BBNJ has a lot of ambition, but it also has some limits." The International Seabed Authority (ISA) is responsible for mining on the seabed or the substratum. The BBNJ has no role in this.
-
Southern California Edison sueded Los Angeles County and others for the Eaton Fire
Southern California Edison filed a lawsuit against Los Angeles County, Southern California Gas, and water agencies on Friday. They allege that they are responsible for the deadly Eaton Fire, which devastated thousands of homes and businesses last year. SCE, which is owned by Edison International, filed complaints in the Los?Angeles Superior Court where more than 1,000 lawsuits were filed by business and residential owners to hold SCE accountable for the destruction of property that occurred. The Eaton Fire erupted on January 7, 2025 and tore through Southern California. It killed 19 people, destroyed more than 9,400 homes, and destroyed other buildings. SCE acknowledged that circumstantial evidence suggests that one of its idled transmission lines that were high-voltage could have ignited a fire at Eaton amid winds as high as 100 mph. SCE has said that numerous analyses and reports have identified additional factors which likely contributed to the severity of the fire. The report cites the failure of Los Angeles County and other government agencies to send timely evacuation alerts. It also cites a lack of water and overgrown brush in public land, as well as a failure to allocate enough?resources to fire suppression. SCE claims that if the county and its agencies had acted with care, "most of those injured and killed in the Eaton Fire, as well as the damage to property, could have either been prevented or reduced significantly." SCE claims that the risks and defects within the natural-gas distribution network of SoCalGas - a subsidiary company of Sempra - contributed to the spread. In the lawsuit, SoCalGas claims that it knew its system was a fire risk but failed to implement mitigation measures. SCE claims that this caused?gas fires, explosions, and re-ignitions of fires in the early stages of Eaton Fire. Sempra and Los Angeles County have not responded to comments. SCE is facing 998 lawsuits from businesses and individuals, as well as suits by government entities and insurance companies. In September, the U.S. Department of Justice sued SCE for damage to National Forest System land. SCE has received nearly 2,000 claims through its Wildlife Recovery Compensation Program. It has made 95 offers worth $42.8 million. The company reports that more than half of these offers were accepted. David Eisenhauer, spokesperson for SCE, said: "We are committed to helping the communities recover from the fires of January." (Reporting and editing by William Mallard in Boston, with Nate Raymond reporting from Boston)
-
Sources say that Venezuelan banks are set to receive $300 million in oil money for them to exchange on the market.
Two financial sources and a market analyst reported that four Venezuelan banks received a notification this week from the country's government that it would split $300 million in oil revenue deposited into an account in Qatar. This will allow them to sell dollars for Venezuelan companies who need foreign currency to pay materials. The U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to exchange their local bolivars, which they have earned through oil sales or transactions with foreign credit cards in the country, for dollars held at the central bank. Delcy Rodriguez said that the Venezuelan interim president would channel oil revenues through the central banking system. She said, "They will reach the private banks via the foreign exchange market mechanism." The U.S. announced this week that it has completed the first $500,000,000 in?sales from Venezuelan oil. This is part of the $2 billion agreement signed this month after the ouster of the?President Nicolas Maduro, and the swearing-in of the?interim leader Rodriguez. The administration of U.S. president Donald Trump has stated that Venezuela will sell 30 to 50 million barrels. A source in the industry familiar with the plan has confirmed that the main account used for the transactions is located in Qatar. Rodriguez, who submitted to the country's parliament a proposal to reform the hydrocarbons laws, which aims to boost oil investment, said that a part of the revenue would go to infrastructure and social projects. The two sources say that authorities told four local financial institutions on Thursday, who all have correspondent banks abroad, they would receive $75 million from oil revenue each in the next few days. Sources?added that the dollars could be sold by central bank guidelines to Venezuelan companies. The central bank and the finance ministry did not respond to comments. "Some $500,000,000 has already been deposited into the Qatar trust." "Some $500 million has already been deposited in the Qatar trust," Alejandro Grisanti of local analyst 'firm Ecoanalitica wrote on X Friday. Venezuelan authorities began to allow the use of dollar-linked crypto currencies like USDT on the exchange markets in the second half of 2025 after the U.S. granted Chevron an export license with restrictions but prohibited payments to the Venezuelan government. One source said that even crypto flows into the private sector have fallen. She added that if there are more dollars coming in from crude oil sales, crypto allocations will likely decline. The bolivar fell 83% by 2025, which led to a rapid increase in prices. (Reporting and Editing by David Gregorio).
China receives its first shipment of Simandou Iron Ore
China, which is the largest consumer of iron ore in the world, received its first shipment from the Simandou Mine in Guinea in West Africa. Beijing had invested heavily in the mine to ensure supply security.
China, which imports 80 percent of its iron ore, from Australia and Brazil has tried to diversify their supply by increasing domestic production and investing in overseas mines.
China Baowu Steel Group, the largest steel producer in the world, announced on Saturday that a vessel carrying almost 200,000 metric tons of iron ore arrived at Majishan Port in East China's Zhejiang Province on January 17, after a 46 day voyage.
Simandou is owned by Rio Tinto, Chinese state-owned Chalco and Winning Consortium Simandou(WCS),?a Singaporean and Chinese partnership. China Baowu has also become a major shareholder following the completion of WCS' transfer?of shareholdings rights.
Beijing has also established China's?Mineral Resources Group in order to centralise the iron ore purchase and obtain better terms from miners.
Liu Guozhong, Vice-Premier of China, attended the commissioning ceremony for the mine in Guinea last November to show how important Simandou is to Beijing.
China Baowu said that a second Simandou iron-ore shipment left Guinea in December. Reporting by Amy Lv and Lewis Jackson, Editing by Tom Hogue
(source: Reuters)