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Hans India
28 minutes ago
- Hans India
Singapore-based Surbana Jurong eyes AP housing projects
Singapore: Chief Minister N Chandrababu Naidu held a series of back-to-back meetings on the first day of his Singapore visit, successfully engaging global investors and inviting them to capitalise on AP's burgeoning growth opportunities. Among the key developments, leading urban infrastructure company Surbana Jurong expressed keen interest in investing in the state's housing sector, while Malaysian construction giant Eversendai proposed setting up a significant manufacturing factory. Representatives from Singapore-based Surbana Jurong, a prominent urban and infrastructure consulting firm, met Chief Minister Naidu. The Chief Minister extended an invitation to Surbana Jurong to actively invest in large-scale housing construction projects across Andhra Pradesh, encouraging their participation in the state's ambitious 'Housing for All' initiative. Chief Minister Naidu elaborated on Andhra Pradesh's strong focus on infrastructure development, highlighting plans for the development of 20 ports and 15 airports. He emphasised the state's strategic positioning as a major logistics hub and outlined the government's vision to transform these regions into thriving industrial townships. He urged Surbana Jurong to explore the extensive investment opportunities available in these areas. Tan Sri Dato' A K Nathan, chairman and managing director of Eversendai Engineering, a leading Malaysian construction company renowned for its iconic projects, also held discussions with Chief Minister Chandrababu Naidu. The primary focus of their meeting was Eversendai's proposal to establish a state-of-the-art manufacturing factory and an integrated training center in Andhra Pradesh. The Eversendai chairman indicated that Visakhapatnam or Krishnapatnam are being considered as potential locations for this facility, which would facilitate nationwide distribution of its products. The proposed manufacturing unit is projected to span approximately two lakh square meters. This substantial investment is anticipated to significantly boost industrial growth and create large-scale employment opportunities within the state. Eversendai also conveyed its interest in investing in infrastructure projects related to the development of Amaravati, the state capital. Furthermore, Chairman Nathan discussed the establishment of a Structural Engineering Training Center in collaboration with premier institutions such as IIT-Tirupati and IIIT Sri City, underscoring a commitment to skill development. Eversendai highlighted its impressive track record, which includes contributions to landmark global projects such as the Burj Khalifa, Petronas Towers, DLF Downtown Taramani in Chennai, and the Statue of Unity in Gujarat, showcasing their expertise and capacity for large-scale development.
Mint
28 minutes ago
- Mint
US-EU trade deal: Winners, losers, and what's missing? Who benefits and what new deal mean?
US President Donald Trump and European Commission President Ursula von der Leyen have unveiled a broad trade agreement that sets 15% tariffs on most European imports. This averts Trump's earlier warning of a 30% rate if a deal isn't struck by 1 August. These tariffs, import taxes applied to European goods bought by Americans, could raise prices for US consumers and reduce profits for European businesses and their US partners. Here are some things to know about the trade deal between the United States and the European Union: Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on 'the vast majority' of European goods brought into the US, including cars, computer chips and pharmaceuticals. it's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of 'strategic' goods-Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides 'would keep working' to add more products to the list. Additionally, the EU side would purchase what Trump said was USD 750 billion worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional USD 600 billion in the US. Trump said the 50% US tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas, that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's deal. Where the USD 600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. The 15% rate removes Trump's threat of a 30% tariff. It's still much higher than the average tariff before Trump came into office, of around 1%, and higher than Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers, risking loss of market share or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the US market and providing 'stability and predictability for companies on both sides.' German Chancellor Friedrich Merz welcomed the deal, which avoided 'an unnecessary escalation in transatlantic trade relations" and said that 'we were able to preserve our core interests,' while adding that 'I would have very much wished for further relief in transatlantic trade.' The Federation of German Industries was blunter. "Even a 15% tariff rate will have immense negative effects on export-oriented German industry," said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Brzeski said. 'This risk seems to have been avoided.' When asked whether European carmakers could still compete under the new 15% tariff, von der Leyen noted that the rate is significantly lower than the previous 27.5% which included Trump's 25% tariff on foreign cars, along with the existing 2.5% U.S. car import duty. The effect on some companies is expected to be considerable. Automaker Volkswagen, for instance, reported a $1.5 billion loss in profit during the first half of the year due to the higher tariffs. Mercedes-Benz dealers in the US have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in the coming years. Before Trump returned to office, the US and the EU maintained relatively low tariff rates within the world's largest bilateral trading relationship, totalling around $2 trillion annually. Combined, the U.S. and EU account for 44% of the global economy. According to the Brussels-based Bruegel think tank, the average U.S. tariff on European goods was 1.47%, while the EU's average tariff on American products stood at 1.35%. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for US-made cars. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the US market. Even a 15% tariff rate will have immense negative effects on export-oriented German industry. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank.
Time of India
41 minutes ago
- Time of India
US-EU trade deal wards off further escalation but will raise costs for companies and consumers
President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Management Artificial Intelligence Cybersecurity Data Analytics MCA Digital Marketing Product Management healthcare PGDM Leadership others Others Finance CXO Healthcare Technology Data Science Operations Management Degree MBA Project Management Public Policy Data Science Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Here are some things to know about the trade deal between the United States and the European Union: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pirates Climb Aboard Cargo Ship - Watch What The Captain Did Next Tips and Tricks Undo Many details remain to be decided Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on "the vast majority" of European goods brought into the U.S., including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Live Events Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of "strategic" goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides "would keep working" to add more products to the list. Additionally, the EU side would purchase what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional $600 billion (511 billion euros) in the U.S. 50% U.S. tariff on steel stays and others might, too Trump said the 50% U.S. tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas - that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was "on a separate sheet of paper" from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that "there were tariffs that could not be lowered," without specifying which products. The 15% rate is higher than in the past The 15% rate removes Trump's threat of a 30% tariff. It's still much higher than the average tariff before Trump came into office of around 1%, and higher than Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers - risking loss of market share - or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Von der Leyen said the 15% rate was "the best we could do" and credited the deal with maintaining access to the U.S. market and providing "stability and predictability for companies on both sides." The reaction is tentative German Chancellor Friedrich Merz welcomed the deal which avoided "an unnecessary escalation in transatlantic trade relations" and said that "we were able to preserve our core interests," while adding that "I would have very much wished for further relief in transatlantic trade." The Federation of German Industries was blunter. "Even a 15% tariff rate will have immense negative effects on export-oriented German industry," said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank . "With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Brzeski said. "This risk seems to have been avoided." Car companies expect higher prices Asked if European carmakers could still sell cars at 15%, von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Trump's 25% tariff on cars from all countries, plus the preexisting U.S. car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a 1.3 billion euro ($1.5 billion) hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices "until further notice." The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo "significant increases" in coming years. Trump had cited the trade gap with Europe Before Trump returned to office, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some 1.7 trillion euros ($2 trillion) in annual trade. Together the U.S. and the EU have 44% of the global economy. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for U.S.-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank .
