Carbon Border Taxes Put South Africa Exports at Risk, Study Says
About 422,000 South African jobs are supported by exports to countries with active or incoming carbon border adjustment mechanisms, Net Zero Tracker's researchers wrote in the report, released Monday CET.
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Navitas' GaN Power ICs Gaining Traction: What's Fueling It?
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BRICS Aspires to Occupy Ground Vacated by US Under Trump
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The concluding language is unlikely to directly cite the US. But the group is sending an unmistakable signal to the Trump administration on the eve of the July 9 deadline for his levies to take effect. BRICS members all agree that 'these tariffs are not productive,' Ambassador Xolisa Mabhongo, South Africa's lead negotiator, or sherpa, said in an interview. 'They are not good for the world economy. They are not good for development.' As Trump alienates traditional allies and pursues his America First agenda, BRICS is seeking to occupy the ground the US leader has ceded. The upshot is that the group long presumed to be forging an alternative to the US-led world order is now projecting itself as defender of those same core values, including free trade and multilateralism. 'Multilateralism is going through its worst moment since the World War II,' Lula said Friday during a meeting of the New Development Bank, the financing arm of the BRICS. China will work with member states to 'strengthen the BRICS strategic partnership and safeguard multilateralism,' Foreign Ministry spokesperson Mao Ning said in a briefing in Beijing on Wednesday. Even with Trump providing some elements of a unity of purpose, the BRICS grouping is still likely to fall far short of wielding the global influence its members have long sought. Chinese President Xi Jinping, who held a state visit to Brasilia in November and is expected to attend the COP30 climate summit in Brazil later this year, is skipping the BRICS meeting. Vladimir Putin of Russia will stay away to avoid putting Brazil's government in the uncomfortable position of having to arrest a president wanted for war crimes in Ukraine. Founded in 2009, the original BRICS group has long suffered from a lack of shared values among members who have little in common beyond their status as large, emerging economies that wanted a voice in global affairs dominated by Washington and the West. Its rapid expansion to include Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates bolstered its representation — the new BRICS accounts for about 40% of global GDP and roughly half the planet's population — but threatens to make it even less coherent. What Bloomberg Economics Says The group is held together primarily by a shared sense that emerging markets should have a louder voice in the global order and a desire to build a multipolar world. In the absence of a clearer shared agenda, though, the group's geopolitical gravitas will probably continue to increase only gradually, in line with its economic heft or, potentially, its further expansion. —Jimena Zuniga, Latin America geoeconomics analyst Read the full report here. Notably, the bloc is divided on references to war, with Russia and China against any significant mention, according to several delegations. Egypt is pushing for a mention of peace and security in the Middle East, by which it mainly means resolving the war on its border in Gaza, according to a person familiar with the matter. Trump's aggression offers the bloc something of a dilemma. While his tariffs push gives it a degree of shared resolve, some members are keen to maintain balanced relations with both the US and China. Paradoxically, Trump's threat to slap 100% levies on the bloc if it ditches the dollar in bilateral trade has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations. The idea of abandoning the dollar isn't under discussion, according to Brazilian officials. Trade among the five original BRICS nations grew 40% between 2021 and 2024 to $740 billion a year, according to International Monetary Fund data. 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Indian Prime Minister Narendra Modi is undertaking a state visit in Brazil after the Rio gathering ends. Lula will also welcome Indonesia's President Prabowo Subianto and South African President Cyril Ramaphosa in back to back pageantry. Yet divisions among BRICS members — and especially between its old guard and new arrivals — could still surface. Egypt and Ethiopia had balked at supporting South Africa for a permanent seat on the UN Security Council, something that had been one of the bloc's few unifying themes. There are also simmering tensions between the group's two largest economies. China and India both vie to lead the BRICS and the Global South as a whole. Modi will stake his claim as leader when he takes over the BRICS presidency for 2026, just three years after Xi skipped India's G-20 summit. At a time when BRICS is trying to prove it's more than just a catchy acronym, another snub from Xi wouldn't be a good look. --With assistance from Mirette Magdy, Sudhi Ranjan Sen and Jing Li. (Updates with comment from Lula in sixth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target How to Steal a House Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Daimler, partners with Senegal and GTS to establish local truck assembly plant
Daimler Truck has partnered with the government of Senegal and Global Truck Systems (GTS) to establish a truck assembly plant in the country. The collaboration, formalised through a letter of intent, will see Daimler Truck provide vehicle component sets for local assembly, with operations slated to begin in 2026. Daimler will be the exclusive supplier of completely knocked down (CKD) kits for the assembly of the trucks. To implement the project, a joint venture was formed by the government and GTS, and they will operate the truck's assembly on-site. Mercedes-Benz truck model series is planned for assembly, which will cater for the use in the private sector as well as for the Ministry of Defense, the fire brigades, and the police. Mercedes-Benz Special Trucks CEO Franziska Cusumano said: "With this project, our vehicles will enter the Senegalese market in close coordination with the German Federal Government. "The delivery of CKD kits for on-site assembly, the transfer of know-how and comprehensive technical advice are our contributions to a successful, partnership-based cooperation." The Foreign Office of the Federal Republic of Germany is backing the assembly plant project. The Senegalese government's contribution to the project includes providing industrial land, tax and customs relief for CKD imports, and supporting local specialist training. This initiative is in line with the country's industrial policy and is a significant step toward establishing a locally anchored automotive production in West Africa. Apart from vehicle sales, GTS is tasked with the project's economic, technical, and industrial implementation. This also includes local recruitment, personnel training, production facility planning, and the assembly of vehicles from CKD kits, along with the addition of specific equipment such as container frames and cranes. Daimler Truck Middle East/Africa CEO Michael Dietz said: "By signing this letter of intent, we are sending out a strong signal of our long-term commitment to West Africa. We are pleased to officially start industrial cooperation together with the government of Senegal and Global Truck System. 'With the relocation of the assembly plant, the creation of qualified jobs and the transfer of technological competences, we will be able to make a joint contribution to economic value creation in the region." Last month, Daimler Truck collaborated with DHL Group and hylane to incorporate fully electric trucks into DHL's fleet. "Daimler, partners with Senegal and GTS to establish local truck assembly plant" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
