Xi Jinping wages war on price wars
W hen firms raise prices, 'gouging' their customers, many governments complain. Some cannot resist intervening. But in today's China, the opposite is happening. In May the state reprimanded carmakers not for raising prices, but for cutting them. 'There are no winners in this price war,' it said, blithely ignoring the happy customers who can now buy a zippy electric car for less than $8,000. Xi Jinping China Finance & economics
Across the rich world, governments are splashing the cash. What could go wrong?
Pity Tommy Norris. And his real-world equivalents
It involves the use of an obscure, French programming language
Not that American investors need a guide—a booming industry is doing the job for them
Polymarket and Kalshi are soaring in popularity. With a few tweaks, they could really take off
Across the West the number of new arrivals is plummeting
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The Guardian
2 hours ago
- The Guardian
Trump to start TikTok sale talks with China, he says, with deal ‘pretty much' reached
Donald Trump has said he will start talking to China on Monday or Tuesday about a possible TikTok deal. The United States president said the US 'pretty much' had a deal on the sale of the TikTok short-video app. 'I think we're gonna start Monday or Tuesday ... talking to China – perhaps President Xi or one of his representatives – but we would, we pretty much have a deal,' Trump told reporters on Air Force One on Friday. Trump also said he might visit Xi Jinping in China or the Chinese leader may visit the US. The two leaders last month invited each other to visit their respective countries. Trump last month also extended a deadline to 17 September for China-based ByteDance to divest the US assets of TikTok, a social media app with 170 million users in the US. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said on Friday the US would probably have to get a deal approved by China. Asked how confident he was that Beijing would agree to a deal, he said: 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.' Trump's June extension was his third executive order to delay the ban or sale of TikTok and gave ByteDance another 90 days to find a buyer or be banned in the US. Trump's first executive order giving TikTok a reprieve came on his first day in office – just three days after the supreme court ruled to uphold the ban. Trump issued the second executive order in April. The deadline for the sale or ban was then set for 19 June. Now, TikTok has until September. In a statement issued the same day, TikTok thanked Trump and JD Vance. 'We are grateful for President Trump's leadership', the statement said, and TikTok would 'continue to work with Vice President Vance's Office' to come to an agreement. Democratic senator Mark Warner, vice-chair of the Senate intelligence committee, accused Trump of sidestepping the law with an executive order. With reporting by Dara Kerr
Telegraph
11 hours ago
- Telegraph
Putin and Xi's plot to topple the US dollar is dead
As the 17th Brics Summit kicks off in Rio de Janeiro, Brazil, this weekend, leaders of two of the most important founding nations will be conspicuous by their absence. Chinese president Xi Jinping will skip the meeting, for the first time in more than a decade, sending Premier Li Qiang in his stead. Russia's Vladimir Putin is also sitting this one out. Foreign minister Sergei Lavrov will represent Russia, in light of the outstanding International Criminal Court (ICC) arrest warrant against the Russian president, which Brazil would be obliged to enforce. But there may be more to their decision to avoid the summit than meets the eye. The Brics has been on Donald Trump's target list ever since he won the 2024 election. In January, 10 days after he started his second term as president, Trump issued a statement on Truth Social. 'We are going to require a commitment from these seemingly hostile Countries that they will neither create a new Brics Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs'. Formally founded in 2009 by Brazil, Russia, India, and China, the Brics – which South Africa joined a year later – has since expanded to include 10 countries, with Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia all now members. Effectively created to act as a counterweight to perceived US and Western dominance in international institutions, it has since become far more than just a talking-shop for emerging economies. The group has expressed an interest in challenging the hegemony of the US dollar, ending its role as the preferred currency for conducting international transactions. This ambition will have been driven in part by fears among the member nations – many of which are governed by authoritarian regimes – of financial sanctions, should the US seek to punish them for behaviour contrary to international norms. The concept of creating a Brics currency, as an alternative to the dollar, gained additional momentum in the aftermath of Russia's invasion of Ukraine, which saw Moscow hit with significant US and European sanctions, Russian banks removed from the SWIFT payment system, and Russian international currency reserves frozen. But since the beginning of the year, Trump's threats against the Brics have escalated. 'There is no chance that Brics will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!' he said in January. In February, as he was heading out to meet with Narendra Modi, the prime minister of India, Trump pronounced the Brics 'dead,' adding that 'if they want to play games with the dollar, they're going to be hit with a 100 per cent tariff'. In April, Trump's tariff blitzkrieg sent shockwaves across the Brics nations, prompting foreign ministers from the member countries, led by Brazilian ambassador Mauricio Lyrio, to begin coordinating a response criticising 'unilateral measures of any origin'. The planned joint declaration fell through, however, due to internal disagreements. Failing to reach consensus, the joint statement was replaced with a 'chair statement', containing generic language that did not name the US.
Scottish Sun
12 hours ago
- Scottish Sun
Legendary restaurant chain announces huge UK comeback after being saved from administration with 35 closures
Diners will also see a new menu with exciting new flavours OPEN WIDE Legendary restaurant chain announces huge UK comeback after being saved from administration with 35 closures Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A LEGENDARY restaurant chain has announced a huge UK comeback after being saved from administration. With a new menu and a plan to revitalise restaurants, the chain secured a rescue deal last year but made a string of closures. Sign up for Scottish Sun newsletter Sign up 3 TGI Fridays has announced a "comeback" with a new menu after the UK chain was rescued Credit: Alamy 3 It comes after over 35 restaurants were forced to close last year Credit: Alamy TGI Fridays, the US-themed eatery and cocktail bar, said it had undergone a significant transformation since being bought out of administration in October. Bosses are describing the comeback campaign as a "full brand reset". This will see half of its dishes updated and 70% of the grill items reworked, promising new flavours and more customisation. There are also plans to revive the brand's "Americana" influence and theatre theme. Some locations have already reintroduced photo booths and candyfloss machines. TGI Fridays said it was launching a comeback offer to mark the relaunch and to encourage more diners to return. Diners who order from the menu across Independence Weekend - the US holiday celebrated between July 4-6 - will receive a voucher for a free return meal. This will be valid on weekdays for the rest of the month. The restaurant first opened in New York in 1965 with a party-led theme and continues to operate a string of restaurants across the US. Private equity firm Breal Capital and Calveton UK acquired 51 restaurants after the previous UK operator fell into administration. But while the deal secured the future of the chain, it led to 35 restaurant closures with around 1,000 staff made redundant. Without a buyer the brand could have disappeared for good from UK high streets, where it's been a familiar sight since 1986. Since its debut in Birmingham that year, TGI Fridays quickly expanded nationwide, winning over diners with its casual American bistro-style experience. TGI Fridays now say it operates 49 restaurants and has about 2,500 members of staff. Inside England Lionesses' luxury Euro 2025 hotel with butler service, stunning pool and 2 Michelin star restaurant Restructuring efforts since the takeover have resulted in a leaner and more streamlined business, it said on Friday. It also highlighted an improvement in sales since the start of 2025. Prior to the takeover, TGI faced falling sales in the UK against a backdrop of wider struggles for the casual dining sector and weaker consumer spending. Julie McEwan, chief executive of TGI Fridays UK, said: "This is an exciting moment for TGI Fridays - a full brand reset that reinforces everything people have always loved about us. "TGI Fridays has a rich heritage of bold flavour, high-energy hospitality and unforgettable celebrations - and we've gone back to those roots to bring that magic into a new era. "Over the past eight months, we've restructured the business, invested in our incredible team, and rebuilt our offer around quality, value and experience."
