Microsoft subsidiary in Russia set to file for bankruptcy, database shows
Francisco Blanch of Bank of America predicted Trump's tariffs would disrupt commodities...
A subsidiary of Microsoft based in Russia is preparing to file for bankruptcy, according...
The owners of four Eddie Rockets franchises who have alleged their bookkeeper wrongly...
Duties paid on imports rose by C$546 million (€349.6 million) to C$1.95 billion...
German inflation eased in May, bringing it closer to the 2 per cent target set by...
Donald Trump has accused China of violating its two-week-old tariff truce with the...
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RTÉ News
43 minutes ago
- RTÉ News
EU-US trade deal brings 'temporary stability' but 'unbalanced'
A trade deal clinched by the United States and the European Union will provide temporary stability but is "unbalanced," a French minister has said. The deal reached yesterday in talks between US President Donald Trump and EU chief Ursula von der Leyen in Scotland "will provide temporary stability... but it is unbalanced," Benjamin Haddad, the French minister for Europe, wrote on X. The agreement will see EU exports taxed at 15% in a bid to resolve a transatlantic tariff stand-off that threatened to explode into a full-blown trade war. US President Donald Trump emerged from a high-stakes meeting with European Commission President Ursula von der Leyen at his golf resort in Scotland, describing the deal as the "biggest ever". The moment Trump and von der Leyen announce EU-US trade deal The deal, which the leaders struck in around an hour, came as the clock ticked down on a 1 August deadline to avoid an across-the-board US levy of 30% on European goods. "We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," said Mr Trump. Mr Trump said a baseline tariff of 15% would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. As part of the deal, Mr Trump said the 27-nation EU bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. Ms Von der Leyen said the "significant" purchases of US liquefied natural gas, oil and nuclear fuels would come over three years, as part of the bloc's bid to diversify away from Russian sources. Negotiating on behalf of the EU's 27 countries, Ms von der Leyen had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and services. "It's a good deal," the EU chief told reporters. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic," she said. She added that bilateral tariff exemptions had been agreed on a number of "strategic products", notably aircraft, certain chemicals, some agricultural products and critical raw materials. Ms Von der Leyen said the EU still hoped to secure further so-called "zero-for-zero" agreements, notably for alcohol, which she hoped to be "sorted out" in coming days. Mr Trump also said EU countries - which recently pledged to ramp up their defence spending within NATO - would be purchasing "hundreds of billions of dollars worth of military equipment". 'Best we could get' The EU has been hit by multiple waves of tariffs since Mr Trump reclaimed the White House. It is currently subject to a 25% levy on cars, 50% on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatened to hike to 30 percent in a no-deal scenario. The bloc had been pushing hard for tariff carve-outs for critical industries from aircraft to spirits, and its auto industry, crucial for France and Germany, is already reeling from the levies imposed so far. "15% is not to be underestimated, but it is the best we could get," acknowledged Ms von der Leyen. Any deal will need to be approved by EU member states - whose ambassadors, on a visit to Greenland, were updated by the commission yesterday morning. They were set to meet again after the deal struck in Scotland. Taoiseach Micheál Martin said the agreement will "help protect many jobs in Ireland". The Department of Foreign Affairs welcomed the deal for bringing "a measure of much-needed certainty", but that it "regrets" the baseline tariff. German Chancellor Friedrich Merz rapidly hailed the deal, saying it avoided "needless escalation in transatlantic trade relations". But German exporters were less enthusiastic. The powerful BDI federation of industrial groups said the accord would have "considerable negative repercussions" while the country's VCI chemical trade association said the accord left rates "too high". The EU had pushed for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. Mr Trump appeared to rule that out, saying steel was "staying the way it is", but the EU chief insisted later that "tariffs will be cut and a quota system will be put in place" for steel. 'The big one' While 15% is much higher than pre-existing US tariffs on European goods, which average around 4.8%, it mirrors the status quo, with companies currently facing an additional flat rate of 10%. Had the talks failed, EU states had greenlit counter tariffs on $109 billion (€93 billion) of US goods, including aircraft and cars to take effect in stages from 7 August. Mr Trump has embarked on a campaign to reshape US trade with the world and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by 1 August.
Irish Times
43 minutes ago
- Irish Times
Trump, Starmer to meet in Scotland, with trade and Gaza on agenda
US president Donald Trump will host British prime minister Keir Starmer at his golf resort in western Scotland on Monday for talks expected to range from their recent trade deal to the worsening hunger crisis in Gaza , the two governments said. Mr Trump, boosted by the announcement of a trade agreement with the European Union late on Sunday, said he expected Mr Starmer would also be pleased. 'The prime minister of the UK, while he's not involved in this, will be very happy because you know, there's a certain unity that's been brought there, too,' Mr Trump said. 'He's going to be very happy to see what we did.' Mr Starmer had hoped to negotiate a drop in US steel and aluminum tariffs as part of the discussions, but Mr Trump on Sunday ruled out any changes in the 50 per cent duties for the EU and has said the trade deal with Britain has been 'concluded.' The two men are expected to travel from Mr Trump's golf resort in Turnberry, on Scotland's west coast, to a second sprawling estate owned by Mr Trump in the east, near Aberdeen. Mr Starmer was heading to Scotland from Switzerland, where England won the Women's European Championship final on Sunday. Casting a shadow over their visit has been the deepening crisis in the war-torn Gaza enclave, where images of starving Palestinians have alarmed the world. Mr Starmer has recalled his ministers from their summer recess for a cabinet meeting, a UK government source said on Sunday, most likely to discuss the situation in Gaza as pressure grows at home and abroad to recognise a Palestinian state. The British leader on Friday said his country would recognise a Palestinian state only as part of a negotiated peace deal, disappointing many in his Labour Party who want him to follow France in taking swifter action. Mr Trump on Friday dismissed French president Emmanuel Macron's plan to recognise a Palestinian state, an intention that also drew strong condemnation from Israel, after similar moves from Spain, Norway and Ireland last year. Mr Trump said he understood Mr Starmer wanted to discuss Israel, adding that while the US would increase its aid to Gaza, it wanted others to join the effort. Ukraine will also be on the agenda. Dozens of Gazans have died of malnutrition in recent weeks, according to the Gaza Health Ministry in the Hamas-run enclave, with aid groups warning of mass hunger among Gaza's 2.2 million people. The war began on October 7th, 2023, when Hamas -led fighters stormed southern Israel, killing 1,200 people, mostly civilians, and taking 251 hostages back to Gaza, according to Israeli tallies. Since then, Israel's offensive has killed nearly 60,000 people in Gaza, mostly civilians, according to Gaza health officials. It has reduced much of the enclave to ruins and displaced nearly the entire population. - Reuters (c) Copyright Thomson Reuters 2025
Irish Times
2 hours ago
- Irish Times
Top seven tech firms' earnings put AI divide in sharp focus
It's a blockbuster week for the Magnificent Seven stocks. By Thursday, six of the seven tech titans will have reported earnings, with only Nvidia keeping its powder dry until August. Google parent Alphabet and Tesla have already shown their cards. Next up: Microsoft, Meta, Amazon and Apple. Together, they account for a combined market value of over $11 trillion (€9.4 trillion) and a disproportionate share of investor attention. Yet, the group no longer moves as one. Tesla and Apple have suffered double-digit declines in 2025. Alphabet and Amazon have flatlined. Nvidia, Meta and Microsoft, meanwhile, are each up 20 per cent or more. READ MORE The AI boom remains the dominant story. Meta, Microsoft and Amazon are racing to expand capacity after bumping against infrastructure limits. Apple, by contrast, has yet to convince anyone it's in the race. Tariffs, cloud margins, and retail resilience will all feature. For tech's biggest names, however, AI is the dividing line between leading and lagging.
