French government blamed as €33bn deal to create world’s third largest carmaker stalls
The proposed €33bn merger of Fiat Chrysler and Renault has collapsed after an intervention from the French government, Renault’s biggest shareholder.
Fiat Chrysler, an Italian-American company, withdrew from a 50-50 merger proposal for its French rival after a board meeting on Wednesday. A deal would have created the world’s third-largest carmaker behind Volkswagen and Toyota.
Continue reading...Officials say language classes and recreation programs for immigrant children staying in federal shelters ‘not directly necessary’
Vice President Mike Pence will meet Wednesday with top Mexican officials who are seeking to head off the administration’s threatened tariffs, the Hill reports.
Mexican Foreign Minister Marcelo Ebrard is representing his country at the talks and expected to argue Mexico is already taking steps to prevent migrants from crossing the US-Mexico border.
Rep. Alexandria Ocasio-Cortez says Paul Manafort should not be held in solitary confinement, and nor should anyone else. Manafort, Donald Trump’s former campaign chair, is reportedly heading for Rikers Island where he’s likely to be held in solitary while awaiting trial on New York state charges.
Yes - released from solitary.
NYT used the term solitary confinement, & that’s what I am commenting on.
“Protective custody” IS a separate practice, but does not necessarily exclude solitary. If he is in fact not being held in solitary, great. Release everyone else from it too.
Italy’s debt amounts to 132% and servicing it costs more than annual education budget
The EU is poised to punish Italy over its “snowballing” spending and borrowing, putting Brussels on a collision course with the populist government in Rome.
In a move expected to raise tensions with Italy, the European commission paved the way for an initial fine of as much as €3.5bn (£3.1bn) on Wednesday after advising the country had met the threshold for disciplinary action.
Continue reading...Christine Lagarde says world must avoid the ‘self-inflicted wounds’ of a tit-for-tat wrangle
The International Monetary Fund has called for a speedy end to the deepening trade war between the United States and China after calculating that the tit-for-tat tariffs will cost $455bn (£357.5bn) in lost output next year – more than the size of South Africa’s economy.
Christine Lagarde, the IMF’s managing director, underlined her organisation’s growing concern at the most serious outbreak of trade tension since the 1930s and said “self-inflicted wounds” had to be avoided.
Continue reading...Brexit and trade disputes push bank’s policy uncertainty index to record high, says report
Donald Trump’s trade wars with China, Mexico and Europe have sent global investment tumbling, according to a World Bank report that forecasts worldwide growth this year will slip back to levels not seen since 2016.
The Washington-based lender to developing world countries said in its half-yearly global health check that spiralling political uncertainty was to blame for a slowdown in trade and a collapse in investment spending that will push down GDP growth to 2.6% this year “before inching up to 2.7% in 2020”.
Continue reading...Airlines told to check aircraft as affected components may be at risk of premature failure
Safety regulators in the US have identified a further problem in Boeing’s grounded 737 Max model and the generation of planes that preceded it.
The Federal Aviation Administration has told airlines to check more than 300 737 aircraft, including 179 of the Max model, for improperly manufactured parts.
Continue reading...Research shows only four of biggest companies in £17bn industry said they conducted due diligence specifically to uncover abuses
The world’s biggest canned tuna brands are failing to tackle modern slavery in their Pacific supply chains, leaving thousands of workers at sea under threat of human rights abuses, a report has found.
According to findings published on Monday by the Business & Human Rights Resource Centre (BHRRC), an international corporate watchdog, only four of the world’s 35 largest tuna retail brands said they conducted due diligence with the specific aim of uncovering modern slavery in their supply chains.
Continue reading...Rolling coverage of the latest economic and financial news, as City investors fear the US-China trade war is intensifying
The UK factory sector was buffeted by ongoing Brexit uncertainty again in May, says Rob Dobson, dragging the PMI to a near three-year low.
He also fears that British manufacturing could continue to shrink in the comping months.
The trend in output weakened and, based on its relationship with official ONS data, is pointing to a renewed downturn of production.
“New order inflows declined from both domestic and overseas markets, as already high stock levels at manufacturers and their clients led to difficulties in sustaining output levels and getting agreement on new contracts.
Newsflash: Britain’s factory sector has suffered its worst contraction since the EU referendum almost three years ago.
Data firm Markit reports that new orders and employment both declined last month, hit by Brexit uncertainty and the knock-on impact of the US-China trade war.
New order inflows deteriorated from both domestic and overseas sources. New export business fell for the second month running and at the quickest pace in over four-and-a- half years. Manufacturers reported lower demand from Asia and Europe.
There was also mention of Brexit uncertainty, including clients diverting supply chains away from the UK, leading to lower demand from within the EU.
Continue reading...International Life Sciences Institute used by corporate backers to counter public health policies, says study
An institute whose experts have occupied key positions on EU and UN regulatory panels is, in reality, an industry lobby group that masquerades as a scientific health charity, according to a peer-reviewed study.
The Washington-based International Life Sciences Institute (ILSI) describes its mission as “pursuing objectivity, clarity and reproducibility” to “benefit the public good”.
Continue reading...Democrats are turning a president enraged at the blocking of his border wall into an unhinged beast
Donald Trump’s threats of higher import tariffs against Mexican goods can be better understood not as an escalation of his trade war with the rest of the world, but as the act of a desperate man, prepared to upset most US business leaders to achieve his aim of building a border wall with the country’s southern neighbour.
His anger, which he will bring with him on a state visit to London on Monday, is not so much with Andrés Manuel López Obrador’s administration in Mexico City as with Congress, which has blocked the border wall, or at least restricted funding to such an extent that its completion is unlikely before the next presidential race gets under way.
Continue reading...US president to use state visit to promote House of Trump as he doubles down on Brexit bet
Donald Trump’s state visit this week to the UK is being promoted as a celebration of a close alliance tempered through war.
It could be more accurately described as a personal lap of victory for the US president, performed largely at the expense of his hosts.
Continue reading...Mexico’s president hinted on Saturday that his country could tighten migration controls in order to defuse Donald Trump’s threat to impose tariffs on Mexican goods. Andrés Manuel López Obrador also said he expected “good results” from talks in Washington next week.
Related: 'No idea too lunatic': how Trump's shock troops attack US democracy
Continue reading...Two decades of public health improvements have stalled, says IPPR thinktank
More than 130,000 deaths in the UK since 2012 could have been prevented if improvements in public health policy had not stalled as a direct result of austerity cuts, according to a hard-hitting analysis to be published this week.
The study by the Institute for Public Policy Research (IPPR) thinktank finds that, after two decades in which preventable diseases were reduced as a result of spending on better education and prevention, there has been a seven-year “perfect storm” in which state provision has been pared back because of budget cuts, while harmful behaviours among people of all ages have increased.
Continue reading...Arizona authorities accuse Arcadia mogul of repeatedly touching instructor inappropriately – claims Green denies
Sir Philip Green has been charged with four counts of misdemeanour assault in the US after a pilates instructor alleged he repeatedly touched her inappropriately, Arizona authorities have said.
Lauren Deakin, a deputy county attorney in Pima county, said Green had been formally charged with four counts of “knowingly touching another person with the intent to injure, insult or provoke”.
Continue reading...Analysis finds 169 peers working as advisers and 15 paid by foreign governments
One in five members of the House of Lords are working as consultants or advisers to private businesses at the same time as serving in parliament, the Guardian can reveal.
An analysis of the Register of Lords’ Interests shows 169 peers reported working as advisers earlier this year, with more than a dozen registering that they were also paid by foreign governments on top of the expenses they are entitled to as peers.
Continue reading...After 5% tariff announced, president tweets ‘Mexico has taken advantage of the US for decades’
Donald Trump has defended his decision to impose new tariffs on Mexico as stock markets worldwide were rattled by fears of an escalation in trade tensions.
“Mexico has taken advantage of the United States for decades,” Trump tweeted. “Because of the Dems, our Immigration Laws are BAD. Mexico makes a FORTUNE from the U.S., have for decades, they can easily fix this problem. Time for them to finally do what must be done!”
Continue reading...Migrants working in areas supplying Philip Morris, British American Tobacco and Imperial Brands allege abuses including low pay and illegal contracts
Three of the world’s largest tobacco manufacturers, Philip Morris, British American Tobacco and Imperial Brands, are buying leaves that could have been picked by exploited African migrants working in Italy’s multi-million euro industry.
Workers including children, said they were forced to work up to 12 hours a day without contracts or sufficient health and safety equipment in Campania, a region that produces more than a third of Italy’s tobacco. Some workers said they were paid about three euros an hour.
Continue reading...Coordinator general releases decision to approve the coal mine’s management plan for bird
The Queensland government has signed off on Adani’s black-throated finch management plan, one of two state approvals the company needs to begin preparatory construction for its Adani coalmine.
Queensland’s coordinator general published the decision on Friday morning.
Continue reading...Senior official says China is ‘not afraid’ of a trade war as Beijing signals potential restrictions on rare-earth exports
Provoking trade disputes is “naked economic terrorism“, a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the US amid a bitter trade war that shows no signs of ending soon.
Zhang Hanhui, China’s vice foreign minister told reporters in Beijing China opposed the use of “big sticks” such as trade sanctions, tariffs and protectionism.
Continue reading...Dow Jones slumps after Beijing signals readiness to restrict exports of rare-earth elements
Financial markets around the world have sold off sharply after Beijing signalled a readiness to strike back at Washington in their escalating trade war by restricting exports of rare-earth elements.
Wall Street recorded steep losses on Wednesday as the Dow Jones slumped to the lowest level in almost four months, losing about 200 points to trade at 25,149. The S&P 500 index also fell to a two-month low, sliding by 18 points to 2,784.
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