Trump organisation plans to build tower block in Romanian capital
"Trump Tower Bucharest will be developed in the heart of Romania's capital, one of Europe's most vibrant and dynamic emerging markets, bringing premium residences under the Trump brand to the region," the companies said in a statement.
They did not specify the location or start date for work on the tower block, which is being branded as luxury residential apartments in Romania, the region's second-biggest economy.
Romania's economy stalled in the first quarter amid a drawn-out political crisis and worries about a potential downturn, underperforming most of its peers in central and eastern Europe.
Romania, a European Union and NATO member state, has found itself at the centre of a dispute between Europe and the Trump administration over democratic principles after the constitutional court in December cancelled an ongoing presidential vote due to suspicions of Russian meddling, denied by Moscow. U.S. Vice President JD Vance has said Romania's decision to cancel the election in which a far-right, pro-Russian candidate was the frontrunner based on what he called "flimsy evidence" meant Bucharest did not share American values.
The country re-ran its presidential ballot in May and centrist President Nicusor Dan won, with Trump later congratulating him on his victory.
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Business Standard
17 minutes ago
- Business Standard
Daunted by trade war, US firms in China report record-low investment plans
American companies in China are reporting record-low new investment plans for this year and declining confidence in their profitability, with uncertainty in US-China relations and President Donald Trump's tariffs their top concerns, according to a new survey. The companies are also challenged by China's slowing economy, where weak domestic demand and overcapacity in local industries are eroding profitability for the Americans. Businesses in China are less profitable now than they were years ago, but risks, including reputational risk, regulatory risk, and political risk, are increasing, said Sean Stein, the president of the US-China Business Council, a Washington-based group that represents American companies doing business in China, including major multinationals. The survey, conducted between March and May and drawing from 130 member companies, was released Wednesday. It came as the two countries clash over tariffs and non-tariff measures, including export controls on critical products such as rare-earth magnets and advanced computer chips. Following high-level talks in Geneva and London, US and Chinese officials agreed to pull back from sky-high tariffs and restrictions on exports, but uncertainty persists as the two sides are yet to hammer out a more permanent trade deal. Kyle Sullivan, vice president of business advisory services at the USCBC, said more than half of the companies in the survey indicated they do not have new investment plans in China at all this year. "That's a record high, Sullivan said, noting that it is a new development that we have not observed in previous surveys. Around 40 per cent of companies reported negative effects from US export control measures, with many experiencing lost sales, severed customer relationships, and reputational damage from being unreliable suppliers, according to the survey. Citing national security, the US government has banned exports to China of high-tech products, such as the most advanced chips, which could help boost China's military capabilities. Stein argued that export controls must be very carefully targeted, because businesses from Europe or Japan, or local businesses in China would immediately fill the void left by American companies. Silicon Valley chipmaker Nvidia won approval from the Trump administration to resume sales to China of its advanced H20 chips used to develop artificial intelligence, its CEO Jensen Huang announced on Monday, though the company's most powerful chips remain under US export control rules. While 82% of US companies reported profits in 2024, fewer than half are optimistic about the future in China, reflecting concerns over tariffs, deflation, and policy uncertainty, according to the survey. Also, a record high number of American businesses plan to relocate their business operations outside of China, Sullivan said, as 27% of the members indicated so, up from 19 per cent the year before. In a departure from past surveys, concerns over China's regulatory environment, including risks of intellectual property misuse and lack of market access, didn't make it to the top five concerns this year. That's likely a first, and not for a good reason, Stein said. It is not because things got dramatically better on the Chinese side, but the new challenges, often coming from the US, are now posing as much of a challenge, Stein said. Almost all the American companies said they cannot remain globally competitive without their Chinese operations. A survey from the European Union Chamber of Commerce in China in May found that European companies were cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices.
Time of India
17 minutes ago
- Time of India
India unfazed by Trump's secondary tariff threats: Hardeep Singh Puri on threat to Russian oil imports
Hardeep Singh Puri stated India is not worried about potential US sanctions. He believes oil markets are well-supplied and prices will decrease. India is diversifying its oil sources, including purchases from Argentina and Brazil. This comes after the US threatened tariffs on Russian imports and countries trading with Russia if a peace deal isn't reached. Tired of too many ads? Remove Ads Petroleum and Natural Gas of India Hardeep Singh Puri on Thursday said India is unfazed by US sanction threats as oil markets remain well supplied, adding that the prices will come said that India is currently buying crude oil from Argentina and will buy more from Brazil. The comments came while answering a question on US President Donald Trump's secondary tariffs threat at Urja Varta 2025 Trump, on Tuesday, had announced 100 per cent tariffs on Russian imports, including oil. Additionally, the US president also introduced equivalent secondary tariffs on countries importing from Russia, including on India. He wanred that the tariffs would be imposed if Russia did not arrive at a peace deal within 50 days. When asked about the secondary tariff warning, Puri said at the Thursday event that right now he does not have 'any pressure' in his oil refiners have been getting Russian oil at discounted rates since 2022, while while the West has moved away from Russia by imposing sanctions. Russia currently accounts for a third of India's oil imports, compared to less than 1 per cent before the war.A secondary tariff would affect Indian refiners with them having to switch to western countries for oil for a higher cost.
Mint
17 minutes ago
- Mint
This new missile-defense system is challenging the Patriot
The Patriot air-defense system is lauded by militaries around the world for its ability to shoot down deadly drones and missiles. Now, a new version of a European weapon is set to challenge its dominance and test whether the region can wean itself off U.S. arms. Europe's so-called Samp/T has long been in the shadow of its American rival, which has secured far more orders and has proved itself on the battlefield. The system's Franco-Italian maker says its next-generation model is better equipped to battle for orders. The launch comes as Europe works to bolster its defense capabilities and debates whether it should be so dependent on U.S. weapons. U.S. support for Ukraine has at times been uncertain under President Trump, who has called on Europe to look after its own security. Front and center is air defense, which has proven essential for both Israel and Ukraine in defending against attacks by Iran and Russia, respectively. The new Samp/T will take on the Patriot at a time when the U.S. system has been struggling more in Ukraine as Russia introduces more maneuverable ballistic missiles, according to a Ukrainian official. Governments across Europe are assessing their air-defense capabilities. Denmark, which has been angered by Trump's desire to annex Greenland, has said it plans to decide what system to buy later this year. Defense executives also expect Belgium, Portugal and the U.K. to soon upgrade air defenses. At stake is billions of dollars in trade—and European pride. During a recent air show in Paris, Eric Tabacchi pointed at the Samp/T's new radar as it rotated once a second, peering more than 220 miles into the sky. 'The Patriot has nothing like that," said Tabacchi, a military consultant at Eurosam, which makes the system. Eurosam is a joint venture of missile maker MBDA and France's Thales. The original Samp/T has so far been sold only to Italy and France—the nations that make it—as well as a modified version for Singapore. Since entering service in 2011, it has logged 18 full orders. By contrast, the U.S.-made Patriot has secured more than 240 orders from 19 countries. The Patriot's dominance was cemented in Ukraine, where it has been feted for taking out Russia's ballistic and hypersonic missiles. In recent months, though, more maneuverable Russian ballistic missiles have been able to avoid its radar, the Ukrainian official said. RTX, the Patriot's main contractor, said the system is continuously updated based on real-world engagements. The Patriot air-defense system has been indispensable to Ukraine. Meanwhile, Ukrainian forces have separately said the Samp/T struggled to destroy ballistic missiles from the start. An Italian defense official said they had received 'positive feedback" on the system from Kyiv. The next-generation version of the Samp/T has several features that its makers say will now trump the Patriot. Those include a new radar that can monitor a full 360-degrees of the surrounding skies and canisters that rise to a vertical rather than slanted position, allowing it to fire missiles in all directions. MBDA has also completely redesigned the missile that the Samp/T fires. The new Aster B1NT has a range of more than 90 miles, up from about 62 miles. Both systems consist of three main distinct parts: a radar, a control unit and a launcher that fires interceptor missiles. The entire Samp/T system can be set up by as few as 15 people, he said. The U.S. Army currently uses about 90 soldiers for a Patriot battery. It isn't clear what the minimum number would be. RTX said the Patriot has been proven many times in combat and that a new radar—the so-called Lower Tier Air and Missile Defense Sensor—will give the system 360-degree coverage. The new radar is being tested and will be fielded in operational units in fiscal year 2029, according to a U.S. Army spokesman. Key to winning future orders is being able to supply enough missiles. Ukraine has now run out of missiles for its two Samp/T systems, the Ukrainian official said. Last year, MBDA was taking so long to make its Aster missiles that the French government threatened to nationalize production. The company has since pledged to invest billions of dollars to bolster its manufacturing base, including increasing output of Asters by 50% by 2026, compared with 2022 levels. U.S. officials have previously raised concerns about the availability of the interceptor missiles fired by the Patriot, given the huge demand for them. The Trump administration's recent decision to withhold Patriot interceptors and other weapons was in part to bolster U.S. stocks. Trump has since said the U.S. would resume providing Ukraine with arms to defend itself—including sending more Patriots, paid for by European nations. The Patriot's interceptors are made by Lockheed Martin, which says it will soon be able to produce 600 a year—up from 550 previously. The process still takes longer than the company would like, said Tim Cahill, who runs Lockheed's missile business. If successful, Europe's efforts to develop and sell homegrown alternatives to top-selling U.S. weapons could hurt what has become a lucrative market for American defense companies. European countries' recent pledge to increase military spending to 3.5% of gross domestic product from 2% could bring an additional $330 billion of annual spending, much of which will go for equipment, investment bank Bernstein calculates. The U.S. dominates the global arms trade. It accounted for 43% of global weapons exports over the past five years, up from 35% in the previous five-year period, according to data from the Stockholm International Peace Research Institute, a think tank. Europe makes its own ships and submarines and is a big player in armored vehicles, artillery and military helicopters. But the region is a major buyer of U.S. missiles, top-end drones and jet fighters like the F-35—widely considered the world's most sophisticated. U.S. defense-industry executives say they have so far seen no evidence of Europeans cooling on their products. The U.K., for example, recently announced an order of F-35s. Some European lawmakers, though, have suggested they could. Nine years ago, Danish lawmaker Rasmus Jarlov encouraged his country to order a fleet of F-35s. Now, he says he would push for a European option for aircraft, air-defense and other key military equipment. 'We want an air-defense system from a stable and reliable ally and not one that threatens us and [other] allied countries," Jarlov said.
