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Nikkei reports that Toyota will increase the number of EV models from 15 to 1 million and target production by 2027.
Toyota plans to develop 15 electric car models on its own before 2027, and will aim to produce 1 million vehicles a year at that time, according the Nikkei paper on Sunday. Toyota refused to comment on the matter, stating that the information had not been announced by the company. Nikkei reported that Toyota produces only five EVs, all of which are developed by itself, and are manufactured in Japan and China. The Nikkei said that expanding production to the United States and Thailand can reduce delivery times and help mitigate tariff and exchange rate risks. Business daily Nikkei reported that among the 15 EV models, some are from Lexus, its luxury brand. Nikkei said that Toyota expects to make about 800,000 vehicles in 2026. This is a drop of nearly 50% compared to its original plan. Toyota previously stated that it planned to sell 1.5 millions EVs annually by 2026, and 3.5 Million by 2030. The numbers were referred to as benchmarks rather than targets. It sold nearly 140,000 EVs worldwide in 2024. This is an increase of about a third compared to the previous year. These EVs accounted for less that 2% of the company's total global sales, which exceeded 10 million.
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Oil prices continue to fall amid fears of a global trade war slowing the economy
On Monday, oil prices dropped more than 3%, continuing losses from the week before, amid growing fears that a global economic slowdown and weakening of oil demand could be caused by a trade war, after China's retaliation to U.S. president Donald Trump's tariffs. Brent futures fell $2.1, or 3.2 %, to $63.48 a bar at 2227 GMT. U.S. West Texas Intermediate Crude futures dropped $2.14 or 3.5 % to $59.85. Both benchmarks fell 7% on the Friday, reaching their lowest levels in more than three years. This was due to China increasing tariffs on U.S. products. The trade war has accelerated and investors have priced in a greater probability of recession. China responded to Trump's new tariffs by announcing on Friday that it would add an additional 34% levies on American goods. This confirms investor fears of a full-blown trade war and the risk of recession in the global economy. JPMorgan, the investment bank, now predicts that there will be a global recession by the end of this year. This is up from its previous estimate of 40%. (Reporting and editing by Nick Zieminski.)
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Palestinian officials: Israeli settler shoots dead Palestinian teenager who has U.S. citizenship
A Palestinian teenager who had U.S. passport was shot dead by an Israeli settler on Sunday in Turmus Ayya in the West Bank. The tensions are continuing to rise amid a surge of settler violence, and daily confrontations between Israelis and Palestinians in the occupied territories. Adeeb lafi, the mayor of Turmus Ayya said that Omar Mohammad Rabea was killed along with two other teens by an Israeli settler near the entrance to Turmus Ayya. Two of them were taken by ambulance to nearby medical centers and then hospital. Lafi reported that the army detained a third boy who was 14 and had U.S. Citizenship. Lafi said that the army declared Rabea dead later and still holds his body. The Palestinian Health Ministry confirmed his death and said he had been killed by "occupational forces." The Israeli army has not yet responded to the report. Since the Gaza War began in October 2023, settler violence in the West Bank has increased, including incursions in occupied territory, raids on Bedouin villages, and encampments. The European Union and the former U.S. Administration under President Joe Biden imposed restrictions on violent Israeli settlers. However, the White House under Donald Trump has removed these sanctions. Reporting by Ali Sawafta; writing by Hatem Mahar; editing by Chizu Nomiyama
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Kentucky reports 2 deaths after flooding, but there have been more than a dozen recent deaths in other US regions
Kentucky Governor Andy Beshear announced on Sunday that over 500 roads in the state were closed due to dangerous storms and flooding, which also killed more than a dozen other people in the U.S. South & Midwest in the last week. "Kentucky is experiencing record flooding in our state with more than 500 road closures. The rivers haven't crested yet, so there is still a day or more of rising water. Beshear told social media platform X that "we've lost two of our citizens." Police in Frankfort, Kentucky said that a 9 year-old boy was killed in Kentucky when he was drowned by floodwaters while walking to his bus stop. Beshear said on Sunday that water was scarce in Frankfort and many homes had been evacuated. He also announced Monday's closure of state offices. In the last week, a deadly spring storm caused tornadoes to erupt and torrential rains to fall in an area stretching from Texas up through Ohio. Tennessee's local health department reported 10 deaths during this time period. Local media reported that in addition to the Kentucky governor's two deaths, there were two deaths in Missouri, and one death each in Arkansas and Indiana. Climate Central, a nonprofit organization that studies weather patterns, says climate change will bring heavier rain and floods to most of the U.S. The upper Midwest and Ohio River Valley are the most affected regions. Reporting by Kanishka Sing in Washington, editing by Chizu Nomiayama
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Trump advisor says that more than 50 countries have reached out to the White House in order to begin trade negotiations.
Douglas Gillison & Ted Hesson WASHINGTON - On Sunday, more than 50 countries had contacted the White House in order to start trade negotiations, according to a top adviser to U.S. president Donald Trump. This was as U.S. officials defended the new, massive tariffs which have caused global chaos. Kevin Hassett, Director of the U.S. National Economic Council, denied in an interview with ABC News' "This Week" that Trump's tariffs are part of his strategy to crash the financial markets and pressure the U.S. Federal Reserve into cutting interest rates. He stated that there would be no "political pressure" on the central bank. Trump posted a video on Truth Social on Friday that implied his tariffs were designed to deliberately hammer down the stock market in order to lower interest rates. Scott Bessent, U.S. Treasury secretary, said in a separate interview with NBC News’s Meet the Press that there is "no reason to expect" a recession based solely on the tariffs. Trump shocked economies around the globe after he announced tariffs on U.S. imported goods on Wednesday. This triggered retaliatory measures from China, and sparked fears of a global trade war and recession. Top Trump officials appeared on Sunday morning talk shows to try and portray the tariffs in a positive light, as an intelligent repositioning by the U.S. within the global trading order. They also tried to paint the economic disruptions in a negative light as a temporary fallout. The U.S. stock market has fallen by about 10% in just two days after Trump announced his new global tariff regime, which was much more aggressive than analysts or investors expected. Market analysts and major investors blame this drop on Trump's aggressive tariffs. Most economists and U.S. Federal Reserve head believe that Trump's aggressive approach to tariffs could cause inflation and damage economic growth. Markets that have been stunned by tariffs will face another week. Potential Tariff Trouble Investors are on edge following the worst week of U.S. stock prices since the COVID-19 Crisis five years ago. Hassett said that ABC News' "This Week" reported that Trump's tariffs have so far prompted "more than fifty" countries to contact White House for trade talks. Taiwan's president Lai Ching Te on Sunday offered zero tariffs As the basis for negotiations with the U.S. Hassett, unlike other economists said that he didn't expect consumers to be hit hard because exporters would likely lower prices. Bessent said to NBC News that he didn't anticipate a recession based upon the tariffs. stronger-than-anticipated U.S. jobs growth. Bessent stated that "we could see that the number of jobs on Friday was above expectations and that we are progressing. I do not see any reason to price in a possible recession."
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Wall St Week ahead-Shell-shocked Markets brace themselves for more tariff turmoil
After the worst week in U.S. stock markets since the start of the coronavirus epidemic five years ago, investors are on edge about the potential fallout of President Donald Trump's import levies. Investors are looking for signs that the stock market is nearing a bottom, at least in the short term. Trump's tariffs have shook global asset prices. The S&P 500 index registered its largest weekly decline since March 2020, while the Nasdaq Composite ended Friday down over 20% from its record high in December. This confirms that the tech-heavy index is currently in a bearish market. The Dow Jones Industrial Average ended the week well below its record high from December, indicating a correction. After Trump's Wednesday announcement, the markets were in a tailspin and fears of a recession arose. Jeffrey Palma is the head of multi-asset solution at Cohen & Steers. There are many questions regarding tariffs and retaliatory duties, as well as where the situation ends. The S&P 500 closed the week down by over 17% compared to its all-time high of February 19. According to LSEG, in the two days after Trump's announcement of tariffs, S&P companies lost $5 trillion in value. This is the biggest amount in two days. Matthew Miskin is co-chief investment analyst at John Hancock Investment Management. This kind of decline... could lead to a weakening in economic activity. Trump's tariffs will be the most significant trade barriers for more than a hundred years. They include a baseline 10% tariff on all imports, and targeted higher duties on dozens countries. China responded with 34% additional tariffs on U.S. products on Friday, intensifying the trade war. Investors have downgraded economic and earnings predictions, with JPMorgan analysts increasing the risk of global recession to 60% this year from 40% previously. Investors hoped that Trump would make deals with certain countries in the coming days to reduce tariffs. Some investors were skeptical that Trump would make any concessions. Citi strategist Scott Chronert wrote in a Friday note that despite Trump's chance to pivot, the "window is closing and some damage may have already been done to consumer and business trust regardless of what the final negotiated point is," The Cboe Volatility Index (an options-based measure for investor anxiety) has reached its highest level since April 2020. The American Association of Individual Investors' survey showed a bearish mood at 61.9%. This is the highest level since 2009. Investors are cautious of gloomy financial forecasts, as tariffs have clouded the outlook. U.S. firms will begin reporting their quarterly results in earnest this week. According to LSEG IBES, S&P earnings should have risen 7.8% from the previous period in the first quarter. Major banks JPMorgan & Wells Fargo are due to report on April 11, 2019. In a note published on Friday, RBC Capital Markets analysts cut their earnings forecasts for 2025. Keith Lerner is co-chief investment officers at Truist Advisory Services. He said that the market's decline and growing pessimism may mean that news stories are less likely to be able to boost stocks. Lerner explained that "if you had something even remotely positive at this time, you might see a spark in the short term because people are preparing for a negative outcome." The consumer price index report for the month of March, due out on Thursday, could also help establish a baseline in terms of inflation in the United States, before the tariffs are implemented, which will likely increase the pressure on prices. Investors are preparing for more Federal Reserve rate cuts in 2019 in response to the announcement of tariffs. According to LSEG, Fed fund futures account for 100 basis point of easing in 2019. Fed Chair Jerome Powell stated on Friday that tariffs were "larger than anticipated" and the economic fallout will likely be as well, including higher inflation, slower growth and. Palma of Cohen & Steers said that it is important for the markets to be stable in the next few days. Palma stated that "we've had a couple of really, really big market days." What we don't want is for this to start a vicious cycle which destabilizes our financial system. Reporting by Lewis Krauskopf; additional reporting in San Francisco by Noel Randewich; editing by David Gregorio
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Libya devalues its currency for the first time in 4 years
Libya's central banks announced on Sunday a 13.3% drop in the value of its dinar currency, putting the rate at 5,5677 dollars to the dinar. This is the first devaluation official since the bank agreed on a devalued rate of 4,48 dinars per dollar in 2020. The current parallel market exchange rate for dinars is 7.20 dinars per dollar. The black market for the dinar fell against the dollar in September of last year due to a crisis involving the central bank, which slashed the oil production and exports. Later in September, the crisis was resolved following an agreement between representatives of Libya's rival east and west legislative bodies. The United Nations facilitated the agreement that led to the appointment of the new central bank governor. The eastern-based speaker of the parliament reduced the tax rate on foreign currency purchases from 20% to 15% in November. When people purchase foreign currency from commercial banks, the tax is added. Since 2011, when NATO supported an uprising, Libya has suffered from instability. This led to a split between the eastern and western factions in 2014. Each was governed by rival governments. In a Sunday statement, the central banks said that the spending by the two governments for 2024 was 224 billion dinars (46 billion dollars), which included 42 billion dinars in crude-for fuel swaps. It said that the public debt was 270 billion dinars and projected that it would exceed 330 dinars at the end of 2025 because of the lack of an unified budget. Stephanie Koury (Deputy Head of the U.N. Mission to Libya) urged Libya's decision makers to "urgently come to an agreement on a framework to spend in 2025, with agreed limits and supervision". $1 = 4.8250 Libyan Dinars (Reporting and editing by Jaidaa Taka, Ahmed Tolba, and Ahmed Elumami)
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EU first strikes back against Trump tariffs with unity
In the coming days, European Union countries are likely to unite against President Donald Trump's new tariffs. They will approve a first round of targeted countermeasures that could affect up to 28 billion dollars of U.S. imported goods from diamonds to dental floss. This would be a first step in what many fear will turn into a global trade conflict, with goods becoming more expensive for consumers around the globe and economies in recession. From Wednesday, the 27-nation group will face import tariffs of 25% on steel, aluminium and automobiles and "reciprocal tariffs" of 20% for nearly all other goods. Trump's tariffs covered around 70% of EU exports to the United States, worth 532 billion euro ($585 billion last year). There are likely to be duties on copper and other products, such as pharmaceuticals, semiconductors, and timber. The European Commission (which coordinates EU trade policies) will present to its members on Monday evening a list of U.S. goods that would be subject to additional duties as retaliation for Trump's tariffs on steel and aluminum, rather than broader reciprocal levies. The list will include U.S. cereals, meat, wine, clothing, and wood, as well as dental floss, toilet paper, vacuum cleaners, and chewing gum. Bourbon is one product that has attracted more attention, and revealed discord within the EU. The Commission has set a tariff of 50%, which prompted Trump to threaten that if the EU goes ahead with this plan, he would impose a counter-tariff of 200% on EU alcoholic beverages. France and Italy, both wine exporters, have expressed their concern. The EU's economy, which is heavily dependent on free trade is eager to ensure that any response has widespread support in order to keep pressure on Trump to finally enter negotiations. The first EU-wide meeting will be held in Luxembourg on Monday, when the ministers of trade responsible for the 27 EU member states will discuss the impact and the best way to respond. The EU diplomats stated that the meeting's main goal was to come out with a message that united the desire to negotiate a tariff removal with Washington, but also a willingness to take countermeasures in the event of failure. "Our greatest fear after Brexit was a breakdown of unity and bilateral deals, but this did not occur through three or four year of negotiations. "Of course, this is a different situation, but there's a shared interest in a commercial policy", said an EU diplomat. COUNTER-TARIFFS There is a wide range of opinions on the best way to respond among EU members. France said that the EU should develop a package of measures going beyond tariffs, and French President Emmanuel Macron suggested that European companies suspend their investments in the United States pending "clarification". Ireland, whose exports to the United States account for almost a third, called for "considered, measured" responses, while Italy - the EU's largest exporter to America - questioned the EU's right to respond at all. It's a delicate balance. "Measures must be soft enough to get the United States on the table but not so tough that they lead to an escalation," said one EU diplomat. Washington has not responded to our efforts. Maros SEFCIOVIC, EU Trade Chief, described his two-hour conversation with U.S. counterparts Friday as "frank", as he told the U.S. that tariffs are "damaging and unjustified". In any event, the initial EU counter-tariffs are to be put up for a vote Wednesday. They will be approved unless a majority of 15 EU member states representing 65% or more of the EU population votes against them. The law would be implemented in two phases, the first on April 15, and the second a month after. Ursula von der Leyen, the President of the Commission, will hold separate discussions with the chief executives of the steel and automotive sectors on Monday and Tuesday to assess the tariff impact and decide what to do. ($1 = 0.9102 euros)
Chevron earnings slide, Hess merger arbitration drags out
Chevron Corp on Friday posted greatly weaker second-quarter earnings and the oil major's CEO marked down the possibility to close a $53 billion acquisition of Hess Corp. before mid-2025, sending shares down 3%.
Shares were off 9% since Wednesday following company. declarations stating a Hess deal closing could well be pressed back. by another year, if not blocked entirely.
Chevron is depending on the Hess acquisition to establish. a grip in Guyana, home to the biggest oil discovery in. almost twenty years. It also hopes the offer will alleviate dangers. connected with the company's performance-challenged oil. jobs in Australia and Kazakhstan, where functional issues. once again struck production, pressing upkeep work into the 3rd. quarter.
The business had actually cautioned oil output this quarter would slip. along with refining margins, but investors were shocked at the. magnitude of the declines.
Quarterly profits fell 19% to $2.55 per share, well below a. year ago and 38 cents below Wall Street's agreement price quote.
This quarter was a little light due to some functional and. other discrete products that impacted results, CEO Michael Wirth. informed experts.
The company's plan to enter Guyana's profitable overseas oil. fields was shaken by an obstacle from Exxon Mobil. A sluggish. arbitration process looks to drag the offer closing well into. 2025.
Asked by experts about the possibility of a compromise with. Exxon, CEO Wirth stated the concept would be practical and that. Chevron had pursued it, without success. It doesn't appear that. is how this is going to wind up, he stated.
Exxon declares its joint operating arrangement with Hess and. China's CNOOC Ltd offers it the right of first refusal to Hess'. Guyana properties.
Chevron reported revenues fell greatly to $4.4 billion, or. $ 2.43 per share, in the quarter, from $6 billion a year before.
It reported adjusted revenues of $4.7 billion, or $2.55 per. share, below $5.8 billion, or $3.08 per share, a year back. On the other hand, Exxon beat Wall Street estimates on strong oil. production in U.S. shale and Guyana's oil field.
Chevron's incomes from pumping oil and gas fell 9.4% on. weakness outside the U.S. Earnings from fuels and chemical. operations tumbled about 60%. Refining struggled with weak. margins that also struck rivals Exxon and Shell.
Oil refiners overall made less money offering gasoline in the. 2nd quarter, as need softened after production had actually skyrocketed. previously this year. Business had two years of excellent revenues. after increase production in the travel boom after COVID-19. shut-ins dissipated.
Despite recent operational downtime and softer margins, we. stay poised to provide substantial long-term incomes and money. circulation growth, CEO Wirth stated.
HESS DEAL HOLD-UP
On Wednesday, Chevron stated an arbitration panel that will. examine Exxon's difficulty to its Hess acquisition must have a. decision between June and August 2025. Exxon's Chief Financial. Officer Kathryn Mikells told Reuters she anticipates a hearing in. late May and a choice on the conflict by September 2025.
Up until previously this week, Chevron anticipated to seal the deal. by the end of the year.
CALIFORNIA
Chevron stated it would move its head office to Texas. from California, continuing an exodus of oil companies from the. state due to higher taxes, stricter climate policies and. depleting oil fields.
Chevron anticipates all business functions to move to. Houston over the next 5 years. Positions in support of its. California operations, that includes oil fields and two. refineries, will stay in San Ramon.
Chevron CEO Wirth and Vice Chairman Mark Nelson will transfer to. Houston before completion of 2024, the business said.
Chevron presently has roughly 7,000 workers in the Houston. location and about 2,000 staff members in San Ramon.
(source: Reuters)