Global stock markets have edged higher and cryptocurrencies rebounded amid signs that a new front in the US-China trade war may not be as severe as first feared. Tensions between Washington and Beijing escalated again on Friday and over the weekend, as Donald Trump threatened to impose additional US tariffs of 100% on China starting next month. The US president accused the country of “very hostile” moves to restrict exports of rare-earth minerals needed for American industry. Beijing said it would retaliate if Trump did not back down. However, Trump…
Tag: Commodities
Asian stocks tumble on fresh US-China trade spat; Chinese exports top forecasts – business live
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The IMF boss is right to say ‘buckle up’ – the global economy is facing multiple menaces
Little more than 48 hours passed last week between a warning from the IMF chief, Kristalina Georgieva, that “uncertainty is the new normal” and Donald Trump’s latest tariff onslaught – this time aimed at China. Markets plunged on Friday after Trump threatened to levy punitive additional tariffs of 100% on Chinese goods in retaliation for Beijing’s blocks on exports of rare earth minerals. The world’s finance ministers and central bankers will meet in Washington this week for the annual meetings of the IMF and World Bank. In her curtain-raiser speech…
The Guardian view on Donald Trump’s Ukraine strategy: talking tough and doing very little isn’t working | Editorial
Back in January, with Donald Trump’s campaign promises to end the war in Ukraine “within 24 hours” still fresh in the memory, there was genuine unease in Moscow over the US president’s intentions. When Mr Trump mused that “high levels of Taxes, Tariffs, and Sanctions” on Russia might be necessary, one high-profile and pro-war Moscow commentator wrote: “It’s better to prepare for the worst. Soon, we’ll look back on Biden’s term with nostalgia, like a thaw.” How wrong can you be? Since then, the US president has repeatedly talked the talk…
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"682c18208f08d37c78c1d264","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. ","elementId":"23b79db8-98e7-4fa4-a88c-ff2c0221bb75"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China’s and Australia’s central banks have both cut interest rates to stimulate their economies and cushion the impact of US trade tariffs. ","elementId":"652d1f9c-abc2-427e-b10d-3503711900a8"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" China cut its benchmark lending rates for the first time since October, following Beijing’s sweeping monetary easing measures. The People’s Bank of China reduced the one-year loan prime rate by 10 basis points to 3.0%, and the five-year loan prime rate was cut by…
China criticises UK-US trade deal; Aviva’s £3.7bn acquisition of Direct Line faces competition probe – business live
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UK watchdog secures changes from Asos, Boohoo, Asda on green claims; Xi Jinping meets US CEOs – business live
From 31m ago UK watchdog secures changes from Asos, Boohoo, Asda on green claims Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said. The Competition and Markets Authority (CMA) said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials. The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an…
‘Breakthrough battery’ from Sweden may cut dependency on China
Europe’s energy and electric vehicle industries could reduce their dependency on scarce raw materials from China after the launch of a “breakthrough” sodium-ion battery, according to its Swedish developer. Northvolt, Europe’s only large homegrown electric battery maker, has said it has made a lower cost, more sustainable battery designed to store electricity which does not use lithium, nickel, graphite and cobalt. Britain and Europe’s electric battery industry is reliant on raw materials, or completed batteries, sourced from China and other Asian nations. Northvolt said its new battery, which has an…
Banks pumped more than $150bn in to companies running ‘carbon bomb’ projects in 2022
Banks pumped more than $150bn last year into companies whose giant “carbon bomb” projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal. The carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – cumulatively hold enough coal, oil and gas to burn through the rapidly dwindling carbon budget four times over. Between 2016 and 2022, banks mainly in the US, China and Europe gave $1.8tn in financing to the companies…
Finland recovers ship’s anchor close to damaged Baltic Sea pipeline
Finnish investigators have recovered a large ship’s anchor from near the spot where a Baltic Sea gas pipeline was extensively damaged and are seeking to establish whether it came from a Chinese container vessel. Finland’s central criminal police (KRP) said on Tuesday that the anchor, weighing 6 tonnes and missing one of its prongs, had been lifted from the seabed using a navy crane. Deep drag marks were found on both sides of the fractured pipeline. The country’s National Bureau of Investigation (NBI), which last week said inquiries were focused…