China auto industry group publication corrects report on 'zero-mileage' crackdown plans
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
5 hours ago
- South China Morning Post
Trump, EU chief strike 15 per cent trade deal in transatlantic stand-off
The United States has struck a framework trade deal with Europe, US President Donald Trump announced on Sunday, averting a spiralling row between two allies who account for almost a third of global trade. Advertisement 'We have reached a deal. It's a good deal for everybody,' Trump told reporters following a high-stakes meeting with European Commission President Ursula von der Leyen at his golf resort in Turnberry, Ayrshire, Scotland. The deal, that includes a 15 per cent tariff on EU goods entering the US and significant EU purchases of American energy and military equipment, will bring welcome clarity for EU companies. However, the baseline 15 per cent tariff will be seen by many in Europe as a poor outcome compared with the initial European ambition of a zero-for-zero tariff deal, although it is better than the threatened 30 per cent rate. The announcement came after Von der Leyen travelled to Scotland for talks with Trump to push a hard-fought deal over the line. Advertisement Trump told reporters the deal involved a baseline levy of 15 per cent on EU exports to the United States – the same level secured by Japan – including for the bloc's crucial car sector, which is currently being taxed at 25 per cent.
South China Morning Post
16 hours ago
- South China Morning Post
Could Lionel Messi finish career in Italy? Indonesian billionaires eye ‘dream' transfer
The president of ambitious Serie A side Como has said signing Lionel Messi would be a 'dream'. The Argentina captain's contract with Inter Miami runs until the end of the 2025 Major League Soccer season and is reportedly in negotiations. Como have the richest owners in Italy in billionaire Indonesian brothers Robert and Michael Hartono, who have ambitious plans. With Cesc Fabregas as manager, they shocked many by finishing 10th following their promotion to the top flight. And club president Mirwan Suwarso, also from Indonesia, outlined the club's vision. 'The brand here is Lake Como and with that, we hope to attract Hollywood stars,' he told La Stampa. 'It's not us who invite them; they come to Como on holiday and ask us if they can come to watch a match.' Cesc Fabregas shouts instructions during Como's friendly against Lille. Photo: AP Keira Knightley, Adrien Brody and Hugh Grant are just some of the A-list Hollywood actors who came to watch Como live last season, while Messi's wife Antonela Roccuzzo was spotted with their three children during the Italian side's pre-season clash with Lille last weekend.
South China Morning Post
a day ago
- South China Morning Post
Economies are left looking for safety as animal spirits run wild
The time has come to cease speculating over whether we are due for another stock market crash – it's almost certain that we are. Instead, we should give serious thought to the need for fundamental change in the way savings are collected and invested in crash-prone market economies. Where does safety lie? The answer to this excellent question is that the only way to avoid another systemic financial crisis – in equity markets especially – is through systemic reforms. There is something almost absurd about the way in which stock markets continue to power higher almost daily despite the fractured and fractious state of the global economy. It is as though investors are focusing only on keeping up with the proverbial thundering herd as they all head towards the edge of a cliff. Their apparent reluctance to face reality and acknowledge that the bull market in stocks is unsustainable could be ascribed to a dawning realisation among asset managers that reform could involve removing them from the process of turning savings into investment. After all, why would the industry contribute to its own destruction? The global asset management industry reached a record size of US$128 trillion in assets under management in 2024, according to Boston Consulting Group. This represents a 12 per cent increase from the previous year. How imminent is the risk of another major stock market crash, rather than a mere correction? It is a matter of concentration of risk more than anything else. As Reuters' Jamie McGeever wrote in a commentary this week, 'Wall Street's concentration in the red-hot tech sector is, by some measures, greater than it has ever been, eclipsing levels hit during the 1990s dotcom bubble'.
