Comments come a week after Trump claimed talks were already taking place
Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way.
China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”
Continue reading...Goods worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase
At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, the US president said on Wednesday. “We put an end to it.”
Continue reading...Government stake reduced to under 2% as bank’s profit of £1.8bn beats analyst forecasts by £200m
NatWest has reported a 36% increase in profits in the first three months of this year as the government reduced its stake in the bank to less than 2%, paving a return to fully private ownership after 17 years.
The bank reported operating profit before tax of £1.8bn, up from £1.3bn in the same period last year, beating analyst consensus forecasts by £200m.
Continue reading...After Europe’s biggest blackout in over 20 years, experts warn that while such incidents are rare, no grid is infallible
Europe’s biggest blackout in over 20 years on the Iberian peninsula unleashed hours of chaos for people in Spain, Portugal and parts of France earlier this week. But in the aftermath it has raised a common question for governments across the continent: could the same happen here?
Europe’s political leaders and energy system operators have given assurances that such blackouts are extraordinarily rare, and that European power grids are some of the most stable in the world.
Continue reading...Decline in output and new orders in April allied with rising uncertainty is prompting layoffs, survey finds
Britain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years.
Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month.
Continue reading...Shares rise on promises to return £2bn to investors through buybacks and dividends, and more hotel openings
Profits at the Premier Inn owner Whitbread have fallen after it was hit by higher costs and a drop in UK bookings, but shares rose on the promise of a share buyback and more hotel openings.
Britain’s largest hotel group, which owns 852 hotels in the UK and 61 in Germany, reported a 14% fall in adjusted pre-tax profit to £483m for the year to 27 February. Revenues dipped by 1% to £2.9bn, as revenue per available room in the UK was down by 2%.
Continue reading...Exclusive: Britain is key financial hub for destructive fossil fuel mega-projects, according to research
Banks in the City of London have poured more than $100bn (£75bn) into companies developing “carbon bombs” – huge oil, gas and coal projects that would drive the climate past internationally agreed temperature limits with catastrophic global consequences – according to a study.
Nine London-based banks, including HSBC, NatWest, Barclays and Lloyds are involved in financing companies responsible for at least 117 carbon bomb projects in 28 countries between 2016 – the year after the landmark Paris agreement was signed – and 2023, according to the study.
Continue reading...Many countries impose a form of inheritance tax on deceased estates, but does Albanese’s policy fit the bill?
Peter Dutton has described Labor’s plan to reduce tax breaks on superannuation balances larger than $3m as a “quasi inheritance tax”.
The description was made days out from polling day, as the major parties tore apart their opponent’s policies in a last-ditch effort to win votes.
Sign up for the Afternoon Update: Election 2025 email newsletter
Continue reading...Coalition claims it will save $10bn more over four years compared with Labor. Follow today’s news live
Good morning and welcome to our live election blog. I’m Martin Farrer with the top overnight stories and then Krishani Dhanji will take over.
Our top story this morning is on the “handshake” deal by the Nationals to move One Nation up its preference list that could help win the New South Wales electorate of Hunter. The deal has been made despite Pauline Hanson’s candidate being known for calling public health officials “little Hitlers” and promoting a conspiracy theory that the climate crisis has been used to control every aspect of people’s lives.
Continue reading...Company has beaten Wall Street expectations in each of its previous three quarterly earnings reports
Microsoft will report its earnings for the third quarter of the fiscal year after the stock market closes on Wednesday. Analysts have predicted that revenue would grow by 10.6% year-over-year to $68.4bn, even as the company plows tens of billions into artificial intelligence as well as earnings-per-share of $3.22. The company has beaten Wall Street’s expectations on each of its previous three quarterly earnings reports.
Analysts said they view the earnings report as a temperature check on Microsoft’s artificial intelligence business, which has announced it will invest around $80bn in this fiscal year alone, though it has also terminated some data center leases in recent months. The company has invested billions in OpenAI in recent years, giving it a large stake in the ChatGPT developer.
Continue reading...Wall Street is projecting the company will post $41.36bn in revenue on $5.21 in earnings per share
Meta is set to report its first quarter earnings on Wednesday after the bell, and investors will be looking for news on whether the company met its quarterly revenue goals of somewhere between $39.5bn and $41.8bn.
Wall Street is projecting the company will post $41.36bn in revenue on $5.21 in earnings per share.
Continue reading...Temu and Shein among fast-fashion sites affected by drop in first three months of this year but sales in rise to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased.
Official Chinese data showed its total e-commerce shipping to the US dropped 65% by volume in the first three months of the year, but rose by 28% in Europe.
Continue reading...Norway’s state energy company’s $2.5bn project off coast of New York was almost a third finished
Norway’s state energy company may take Donald Trump’s administration to court after it ordered an “unprecedented” halt to a $2.5bn (£1.87bn) windfarm project off the coast of New York.
Equinor is considering its legal options after the US interior secretary, Doug Burgum, ordered the company to “immediately halt all construction activities” on an offshore windfarm last month.
Continue reading...Leaked documents indicate Harita, owner of key nickel mine in Indonesia, did not reveal water contamination
One of Indonesia’s largest nickel-mining companies, which supplies a mineral critical to the global electric car industry, did not tell the public that local drinking water was polluted, according to documents seen by the Guardian.
Indonesia has become the world’s biggest producer of nickel, used in the production of wind turbines, solar panels and electric vehicle batteries. But observers have voiced concerns that regulatory oversight in the country has failed to keep up with the rush to develop mines to satisfy booming global demand.
Continue reading...Index of activity drops to lowest reading since December 2023 as a result of ‘sharp changes’ in international trading
China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States.
Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs.
Continue reading...Growing numbers of older people are creating enterprises in everything from baking to biodiversity – but does the freedom make up for the graft?
Kari Johnston felt ready to retire after 45 years in nursing when, at 63 years old, she decided to launch her own business – a professional decluttering and organising service.
She had read about decluttering and, fascinated, quickly created a website and advertised. Her first clients were friends. Three-and-a-half years later, Johnston, from St Monans in Fife, is now fully retired from nursing, and feels delighted with the success of her new venture.
Continue reading...New outlet due to welcome shoppers on Thursday regarded as key to helping revive famous London thoroughfare
The UK boss of Ikea has backed calls to pedestrianise Oxford Street as the world’s largest furniture retailer finally opens its delayed store in London’s prime shopping destination.
The Swedish company’s three-floor shop in the building that used to be Topshop’s former flagship store, with a mix of meatballs, lampshades and kitchen design assistance, opens on Thursday, 18 months later than planned.
Continue reading...UK-based bank warns that trade tensions will lead to lower investment, consumer spending and GDP growth
HSBC has sounded the alarm about the impact of higher trade tariffs on economic growth, unemployment and inflation around the world, as it set aside more money to cover bad debts and reported lower profits.
The UK-based bank reported a $200m (£149m) rise in expected credit losses to $900m in the first quarter, as it increased allowances to “reflect heightened uncertainty and deterioration in the forward economic outlook due to geopolitical tensions and higher trade tariffs”.
Continue reading...Company says consumer confidence could deteriorate further as countries face risk of recession
Shares in the owner of Primark fell after the budget clothing chain posted a sharp drop in UK sales and lost market share, as the company warned that consumer confidence was likely to worsen further amid Donald Trump’s trade wars.
Associated British Foods (ABF), which also owns a sugar business and food brands such as Ryvita and Kingsmill, said several countries could slide into recession as a result of US trade policy.
Continue reading...Company had strong first quarter but says it cannot raise outlook for this year owing to tariffs uncertainty
Adidas has said the price of its popular trainers, including the Samba and Campus models, is likely to rise as a result of Donald Trump’s tariffs.
The German group said the uncertainty around US import tariffs had prevented it from raising its outlook for sales and profit this year despite reporting strong first-quarter results.
Continue reading...