Spain Blocks Key Measures on Electricity System After Blackout
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Spain's Parliament blocked a set of key rules approved by the government following the nationwide blackout in April.
The rules gave the country's competition authority, CNMC, more powers to supervise private operators' management of electricity voltage. They also included resilience measures, with a budget of €750 million ($881 million) and an estimated annual savings of €200 million once implemented.
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Yahoo
6 minutes ago
- Yahoo
US, China to launch new talks on tariff truce extension, easing path for Trump-Xi meeting
By David Lawder STOCKHOLM (Reuters) -Top U.S. and Chinese economic officials will resume talks in Stockholm on Monday to try to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies, aiming to extend a truce by three months and keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. The Stockholm talks come hot on the heels of Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the U.S., including autos. The bloc will also buy $750 billion worth of American energy and make $600 billion worth of U.S. investments in coming years. No similar breakthrough is expected in the U.S.-China talks but trade analysts said that another 90-day extension of a tariff and export control truce struck in mid-May was likely. An extension of that length would prevent further escalation and facilitate planning for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November. A U.S. Treasury spokesperson declined comment on a South China Morning Post report quoting unnamed sources as saying the two sides would refrain from introducing new tariffs or other steps that could escalate the trade war for another 90 days. Trump's administration is poised to impose new sectoral tariffs that will impact China within weeks, including on semiconductors, pharmaceuticals, ship-to-shore cranes and other products. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters on Sunday before European Commission President Ursula von der Leyen struck their tariff deal. DEEPER ISSUES Previous U.S.-China trade talks in Geneva and London in May and June focused on bringing U.S. and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include U.S. complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that U.S. national security export controls on tech goods seek to stunt Chinese growth. "Geneva and London were really just about trying to get the relationship back on track so that they could, at some point, actually negotiate about the issues which animate the disagreement between the countries in the first place," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. "I'd be surprised if there is an early harvest on some of these things but an extension of the ceasefire for another 90 days seems to be the most likely outcome," Kennedy said. U.S. Treasury Secretary Scott Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption -- a decades-long goal for U.S. policymakers. Analysts say the U.S.-China negotiations are far more complex than those with other Asian countries and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on U.S. industries. TRUMP-XI MEETING? In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon on a landmark trip to China, and a new flare-up of tariffs and export controls would likely derail planning. Sun Chenghao, a fellow at Tsinghua University's Center for International Security and Strategy in Beijing, said that a Trump-Xi summit would be an opportunity for the U.S. to lower the 20% tariffs on Chinese goods related to fentanyl. In exchange, he said the Chinese side could make good on its 2020 pledge to increase purchases of U.S. farm products and other goods. "The future prospect of the heads of state summit is very beneficial to the negotiations because everyone wants to reach an agreement or pave the way in advance," Sun said. Still, China will likely request a reduction of multi-layered U.S. tariffs totaling 55% on most goods and further easing of U.S. high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the U.S. trade deficit with China, which reached $295.5 billion in 2024. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 minutes ago
- Yahoo
SM Lee: Electing more opposition MPs to check Govt is 'wrong direction'; More teen births in 2024, gradual increase from 2022: Singapore live news
Senior Minister Lee Hsien Loong acknowledged on 26 July that the opposition is now a permanent feature of Singapore politics. He said the growing number of opposition Members of Parliament (MP) reflects a growing public desire for alternative voices in Parliament, a sentiment he described as "quite natural" and "quite understandable." He cautioned that this shift could lower the quality of governance and jeopardise Singapore's future. SM Lee said, "You can elect more opposition MPs to check the Government... but once you are set on that path, you are heading in the wrong direction." More teenagers in Singapore are becoming mothers, marking a reversal of a steady decline in teen births in the past 20 years, according to the Report on Registration of Births and Deaths 2024 released by the Immigration and Checkpoints Authority. In 2024, 244 babies were born to teens aged 19 or younger, up 7 per cent from 228 in 2023. There were 218 teen births in 2022. The Health Ministry also noted that in the past five years, the average age of pregnant teens was 18. Read more in our live blog below, including the latest local and international news and updates. More teen births in 2024, gradual increase from 2022 More teenagers in Singapore are becoming mothers, marking a reversal of a steady decline in teen births in the past 20 years, according to the Report on Registration of Births and Deaths 2024 released by the Immigration and Checkpoints Authority. In 2024, 244 babies were born to teens aged 19 or younger, up 7 per cent from 228 in 2023. There were 218 teen births in 2022. The Health Ministry also noted that in the past five years, the average age of pregnant teens was 18. Ms Melisa Wong, executive director at Babes Pregnancy Crisis Support, cited multiple factors behind the rise. She said that during the Covid-19 pandemic, many teens felt isolated or struggled with other negative emotions, and some may have engaged in unprotected sex to seek connection or to cope with whatever they were going through. Ms Wong added that while teens are exploring relationships at younger age, some may not use contraceptives for various reasons. She also pointed out that part of the increase in teen births may also be due to a decline in abortions. For more on Singapore's teen pregnancy stats, read here. SM Lee: Electing more opposition MPs to check Govt is 'wrong direction' Senior Minister Lee Hsien Loong acknowledged on 26 July that the opposition is now a permanent feature of Singapore politics. He said the growing number of opposition Members of Parliament (MP) reflects a growing public desire for alternative voices in Parliament, a sentiment he described as "quite natural" and "quite understandable." Despite the rise in opposition presence, the ruling People's Action Party (PAP) must continue to perform well and earn voter support to ensure the country's continued success, he said at a National Day dinner in Serangoon. Following the 2025 General Election, the 15th Parliament will have 12 opposition MPs, including two Non-Constituency MPs – the same number as in the 2020 General Election. SM Lee stated, "The opposition is here to stay in Singapore politics. But in order for Singapore to keep on doing well, the Government has to continue to hold its own, and to win votes and to win seats in elections." If the ruling party weakens, it could become more difficult to form teams, govern well, and garner support for policies, he warned. He cautioned that this shift could lower the quality of governance and jeopardise Singapore's future. SM Lee said, "You can elect more opposition MPs to check the Government... but once you are set on that path, you are heading in the wrong direction." SM Lee urged called for striking the right balance between having stronger alternative voices in government, and supporting and electing an effective government that can make tough, long-term decisions in the nation's interest. He stressed that the country needs a capable government to maintain high standards and navigate challenges, especially given global uncertainties. SM Lee concluded by saying he was heartened that Singaporeans recognised the importance of strong leadership and had given the PAP a firm mandate in the May election, where it received 65.57 per cent of the popular vote – up from 61.24 per cent in 2020. For more on SM Lee's National Day dinner remarks, read here. More teen births in 2024, gradual increase from 2022 More teenagers in Singapore are becoming mothers, marking a reversal of a steady decline in teen births in the past 20 years, according to the Report on Registration of Births and Deaths 2024 released by the Immigration and Checkpoints Authority. In 2024, 244 babies were born to teens aged 19 or younger, up 7 per cent from 228 in 2023. There were 218 teen births in 2022. The Health Ministry also noted that in the past five years, the average age of pregnant teens was 18. Ms Melisa Wong, executive director at Babes Pregnancy Crisis Support, cited multiple factors behind the rise. She said that during the Covid-19 pandemic, many teens felt isolated or struggled with other negative emotions, and some may have engaged in unprotected sex to seek connection or to cope with whatever they were going through. Ms Wong added that while teens are exploring relationships at younger age, some may not use contraceptives for various reasons. She also pointed out that part of the increase in teen births may also be due to a decline in abortions. For more on Singapore's teen pregnancy stats, read here. More teenagers in Singapore are becoming mothers, marking a reversal of a steady decline in teen births in the past 20 years, according to the Report on Registration of Births and Deaths 2024 released by the Immigration and Checkpoints Authority. In 2024, 244 babies were born to teens aged 19 or younger, up 7 per cent from 228 in 2023. There were 218 teen births in 2022. The Health Ministry also noted that in the past five years, the average age of pregnant teens was 18. Ms Melisa Wong, executive director at Babes Pregnancy Crisis Support, cited multiple factors behind the rise. She said that during the Covid-19 pandemic, many teens felt isolated or struggled with other negative emotions, and some may have engaged in unprotected sex to seek connection or to cope with whatever they were going through. Ms Wong added that while teens are exploring relationships at younger age, some may not use contraceptives for various reasons. She also pointed out that part of the increase in teen births may also be due to a decline in abortions. For more on Singapore's teen pregnancy stats, read here. SM Lee: Electing more opposition MPs to check Govt is 'wrong direction' Senior Minister Lee Hsien Loong acknowledged on 26 July that the opposition is now a permanent feature of Singapore politics. He said the growing number of opposition Members of Parliament (MP) reflects a growing public desire for alternative voices in Parliament, a sentiment he described as "quite natural" and "quite understandable." Despite the rise in opposition presence, the ruling People's Action Party (PAP) must continue to perform well and earn voter support to ensure the country's continued success, he said at a National Day dinner in Serangoon. Following the 2025 General Election, the 15th Parliament will have 12 opposition MPs, including two Non-Constituency MPs – the same number as in the 2020 General Election. SM Lee stated, "The opposition is here to stay in Singapore politics. But in order for Singapore to keep on doing well, the Government has to continue to hold its own, and to win votes and to win seats in elections." If the ruling party weakens, it could become more difficult to form teams, govern well, and garner support for policies, he warned. He cautioned that this shift could lower the quality of governance and jeopardise Singapore's future. SM Lee said, "You can elect more opposition MPs to check the Government... but once you are set on that path, you are heading in the wrong direction." SM Lee urged called for striking the right balance between having stronger alternative voices in government, and supporting and electing an effective government that can make tough, long-term decisions in the nation's interest. He stressed that the country needs a capable government to maintain high standards and navigate challenges, especially given global uncertainties. SM Lee concluded by saying he was heartened that Singaporeans recognised the importance of strong leadership and had given the PAP a firm mandate in the May election, where it received 65.57 per cent of the popular vote – up from 61.24 per cent in 2020. For more on SM Lee's National Day dinner remarks, read here. Senior Minister Lee Hsien Loong acknowledged on 26 July that the opposition is now a permanent feature of Singapore politics. He said the growing number of opposition Members of Parliament (MP) reflects a growing public desire for alternative voices in Parliament, a sentiment he described as "quite natural" and "quite understandable." Despite the rise in opposition presence, the ruling People's Action Party (PAP) must continue to perform well and earn voter support to ensure the country's continued success, he said at a National Day dinner in Serangoon. Following the 2025 General Election, the 15th Parliament will have 12 opposition MPs, including two Non-Constituency MPs – the same number as in the 2020 General Election. SM Lee stated, "The opposition is here to stay in Singapore politics. But in order for Singapore to keep on doing well, the Government has to continue to hold its own, and to win votes and to win seats in elections." If the ruling party weakens, it could become more difficult to form teams, govern well, and garner support for policies, he warned. He cautioned that this shift could lower the quality of governance and jeopardise Singapore's future. SM Lee said, "You can elect more opposition MPs to check the Government... but once you are set on that path, you are heading in the wrong direction." SM Lee urged called for striking the right balance between having stronger alternative voices in government, and supporting and electing an effective government that can make tough, long-term decisions in the nation's interest. He stressed that the country needs a capable government to maintain high standards and navigate challenges, especially given global uncertainties. SM Lee concluded by saying he was heartened that Singaporeans recognised the importance of strong leadership and had given the PAP a firm mandate in the May election, where it received 65.57 per cent of the popular vote – up from 61.24 per cent in 2020. For more on SM Lee's National Day dinner remarks, read here.
Bloomberg
8 minutes ago
- Bloomberg
New Zealand to Ban Surcharges on In-Store Electronic Payments
New Zealand will ban surcharges applied to in-store electronic payments from next year, Commerce Minister Scott Simpson said. The government will introduce the Retail Payment System (Ban on Surcharges) Amendment Bill by the end of this year and the ban will be in place by May 2026 at the latest, Simpson said in a statement Monday in Wellington.
