Latest news with #Reuters
Business Insider
33 minutes ago
- Business
- Business Insider
Stock Market News Review: SPY, QQQ Resilient as U.S.-Canada Trade Talks End, Inflation Rises
Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) secured new intraday all-time highs on Friday, although some of the gains were erased after President Trump said that the U.S. had terminated its trade talks with Canada. Confident Investing Starts Here: Following Canada's decision to proceed with its digital services tax on U.S. technology companies, Trump announced a halt to all U.S.-Canada trade discussions. The tax charges a 3% fee on all U.S. tech revenue above C$20 million, or about $14.6 million, collected from Canadian users. 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,' said Trump on Truth Social. Trump also said that the U.S. would no longer consider removing sanctions on Iran following a speech from Iranian Supreme Leader Ayatollah Ali Khamenei. Khamenei downplayed the damage of the U.S. strikes on three of Iran's nuclear sites and said that the country had delivered a 'slap to America's face.' Meanwhile, the core personal consumption expenditures (PCE) index, the Fed's preferred gauge of inflation, showed a monthly rise of 0.2% and a yearly rise of 2.7%. Economists were expecting growth of 0.1% and 2.6%, respectively. Furthermore, April's core PCE was revised upward to 2.6% from 2.5%. Core PCE excludes food and energy prices from the regular PCE index given their volatility. Shifting gears to more optimistic news, Trump is preparing executive orders to support AI development, according to Reuters. The orders could include green-lighting the construction of AI data centers on federal land and easier grid access for new energy projects, said sources close to the matter. What's more, consumer sentiment could be in the early stages of a recovery. The June Index of Consumer Sentiment rose by 16% month-over-month to 60.7, reversing six consecutive months of declines. Economists were expecting 60.5, with a higher figure representing a more positive economic outlook. At the same time, fears over tariff-driven inflation and economic uncertainty still persist. 'Despite June's gains, however, sentiment remains about 18% below December 2024, right after the election; consumer views are still broadly consistent with an economic slowdown and an increase in inflation to come,' said Survey of Consumers Director Joanne Hsu.
AsiaOne
an hour ago
- Entertainment
- AsiaOne
Bezos and Sanchez head to wedding ceremony in star-studded Venice, World News
VENICE - Amazon founder Jeff Bezos and journalist Lauren Sanchez left their luxury hotel on Venice's Grand Canal on Friday (June 27) to head to their wedding ceremony, the centrepiece of a three-day gala featuring dozens of stars but also protests by local activists. Sanchez, 55, waved and blew kisses to onlookers as she boarded a sleek motor boat outside the Aman hotel wearing short-sleeved, cream, fitted skirt suit, with shades and a head scarf to protect her from the blistering summer sun. Around two hours later Bezos, 61, wearing a black tuxedo and bow tie over a white shirt, made the same short trip across the lagoon to the small island of San Giorgio where the couple will exchange rings, accompanied by singing from Matteo Bocelli, son of Italian tenor Andrea Bocelli. The evening ceremony will have no legal status under Italian law, a senior city hall official told Reuters, suggesting the couple may have already legally wed in the United States, avoiding the bureaucracy associated with an Italian marriage. The festivities, estimated to cost around $50 million (S$63 million), culminate on Saturday with a party in a former medieval shipyard where media outlets say Lady Gaga and Elton John are set to perform. Bill Gates, Leonardo DiCaprio, Orlando Bloom, Tom Brady, the queen of Jordan, Oprah Winfrey, Kris Jenner and Kim and Khloe Kardashian as well as Ivanka Trump and Jared Kushner and Domenico Dolce from Dolce & Gabbana are among the 200-250 guests. Amid tight security, there have been glimpses of the celebrities moving around town, the women in summer dresses and high heels stepping somewhat gingerly off boats ferrying them around the city's canals. Celebrations began on Thursday evening in the cloisters of Madonna dell'Orto, a medieval church in the central district of Cannaregio that hosts masterpieces by 16th-century painter Tintoretto. "This magical place has gifted us unforgettable memories," the bride and groom said on their wedding invitation, in which they asked for "no gifts" and pledged charity donations for three Venetian institutions. Their donations are worth 3 million euros (S$4.4 million). Protest movement Businesses have welcomed the glitz and glamour but it is opposed by a local protest movement whose members resent what they see as Venice being gift-wrapped for ultra-rich outsiders. Bezos is No 4 on Forbes' global billionaires list. Giulia Cacopardo, a 28-year-old representative of the "No Space for Bezos" movement, complained that the needs of ordinary people were being neglected in a city that is a tourist magnet and fast depopulating largely due to the soaring cost of living. [[nid:719535]] Venice's city centre has less than 50,000 residents, compared to almost 100,000 in the late 1970s. "When you empty a city of its inhabitants, you can turn it into a stage for big events," Cacopardo told Reuters. "(But) the money that Bezos spends on this wedding does not end up in the pockets of Venetians. The owners of luxury hotels are not Venetians." Cacopardo was one of 30-40 activists who staged a protest in St Mark's Square on Thursday, chanting "We are the 99 per cent" as a masked couple posed as bride and groom and one man climbed a pole to unfurl a banner reading "The 1 per cent ruins the world". Police intervened, forcibly removing the protesters. The anti-Bezos front is planning a march on Saturday, and their activities have already led authorities to step up security and move the location of the closing party to a more secluded part of Venice, the Arsenale former shipyard. Charlotte Perkins, an Australian tourist, said she could understand the locals' resentment at their city being treated as a celebrity playground. "I'd probably feel the same if I lived here," she said. But politicians, hoteliers and some other Venice residents are happy about the wedding, saying such events do more to support the local economy than the multitudes of day-trippers who normally overrun the city. "We are happy and honoured to welcome Jeff Bezos and his consort Lauren Sanchez," said Mayor Luigi Brugnaro, who sent white roses to the bride and a maxi-bottle of Amarone luxury red wine to the groom. A study by Italy's tourism ministry estimated the overall economic impact of the wedding at 957 million euros, with an 896 million euro boost from "media visibility", and the rest coming from direct or indirect spending related to the event. Bezos, Amazon's executive chair, got engaged to Sanchez in 2023, four years after the collapse of his 25-year marriage to MacKenzie Scott.
RTHK
an hour ago
- Politics
- RTHK
Iran condemns Trump's comments on Khamenei
Iran condemns Trump's comments on Khamenei Donald Trump claims that he had been working on the possible removal of sanctions against Iran. Photo: Reuters Iranian Foreign Minister Abbas Araghchi condemned on Saturday the "disrespectful and unacceptable" comments from Donald Trump, after the US president claimed to have saved Iran's Ayatollah Ali Khamenei from an "ugly and ignominious death". "If President Trump is genuine about wanting a deal, he should put aside the disrespectful and unacceptable tone towards Iran's Supreme Leader, Grand Ayatollah Khamenei, and stop hurting his millions of heartfelt supporters," Araghchi posted on his account on social media platform X. "The Great and Powerful Iranian People, who showed the world that the Israeli regime had NO CHOICE but to RUN to 'Daddy' to avoid being flattened by our Missiles, do not take kindly to Threats and Insults," the foreign minister said. The United States carried out strikes on three Iranian nuclear sites last weekend, with no consensus as to how effective they were. With those strikes, Washington joined Israel's bombardments of Iran's nuclear programme in the 12-day conflict launched on June 13. The foreign minister's condemnation on Saturday came after Trump said on his Truth Social platform that he had saved the Iranian leader from assassination, accusing Khamenei of ingratitude. "I knew EXACTLY where he was sheltered, and would not let Israel, or the U.S. Armed Forces, by far the Greatest and Most Powerful in the World, terminate his life," Trump posted. "I SAVED HIM FROM A VERY UGLY AND IGNOMINIOUS DEATH, and he does not have to say, 'THANK YOU, PRESIDENT TRUMP!'" Trump also said that he had been working in recent days on the possible removal of sanctions against Iran, one of Tehran's main demands. "But no, instead I get hit with a statement of anger, hatred, and disgust, and immediately dropped all work on sanction relief, and more," Trump added, exhorting Iran to return to the negotiating table. Iran has denied it is set to resume nuclear talks with the United States, after Trump said that negotiations would begin again next week. (AFP)
Mint
an hour ago
- Politics
- Mint
Putin compliments Trump for progress in US-Russia relations, US President says 'nice'
Russian President Vladimir Putin lauded US President Donald Trump for progress in US-Russia relations. Emphasising that the relations between Russia and the United States were beginning to improve and stabilise, Putin credited Donald Trump for this progress. The 72-year-old Russian President praised Donald Trump for his efforts to end the war in Ukraine and improve ties with Russia and called him a 'very courageous person" who 'survived two assassination attempts." While addressing a press conference in Minsk, Vladimir Putin expressed gratitude and said, "In general, thanks to President Trump, relations between Russia and the United States are beginning to level out in some ways," Reuters reported. Reiterating that he had "great respect" for the US President and declaring his willingness to meet Trump, Putin said that the meeting was "quite possible" but would require careful preparation. Vladimir Putin added, "Not everything has been decided in the sphere of diplomatic relations, but the first steps have been taken and we are moving forward." This follows Putin's interest in fresh round of direct peace talks in Istanbul on Russia and Ukraine conflict. During the upcoming meeting, the terms of a potential ceasefire are expected to be on the agenda, Putin said while speaking to reporters during a visit to Belarus. 'Putin made some very nice statements today,' Reuters quoted Donald Trump as saying. After Vladimir Putin lauded the 47th United States President, Trump said, 'Putin respects our country." He further noted that leaders of other US adversaries respect the US, including Chinese President Xi Jinping and North Korean leader Kim Jong Un, AP reported.
AsiaOne
an hour ago
- Business
- AsiaOne
Berlin to simplify rules in bid to speed up defence surge, draft law says, World News
BERLIN - The German government seeks to speed up defence procurement by simplifying legal procedures, fostering European co-operation and facilitating orders to start-ups to make its military combat-ready, according to a draft law seen by Reuters late on Friday (June 27). The speedy surge of the German military's capabilities "must not fail due to overly complex procurement procedures or lengthy authorisation processes", the document said, while warning of signs that Moscow's war objectives reach beyond Ukraine. "The time factor is crucial." At a Nato summit in The Hague, leaders on Wednesday agreed to hike the alliance's defence spending target to 5 per cent of national GDP, with 3.5 per cent dedicated to core defence and 1.5 per cent to related security issues. German Chancellor Friedrich Merz's government on Tuesday approved a budget framework which is expected to see Berlin's total military spending rise from 95 billion euros (S$142 billion) in 2025 to 162 billion euros in 2029, equalling 3.5 per cent of GDP. The new defence procurement law is part of efforts to speed up military purchases that in the past have been plagued by lengthy delays, project failures and cost overshoots. The draft law determines that all procurement that contributes to Europe and Natos military readiness inherently touches upon vital national security, which constitutes a basis to invoke an exemption under European public procurement law. That would amplify a trend that Berlin has been following for some time by more often making use of a national security clause under EU law to prioritize domestic procurement, while also seeking to minimise delays caused by legal challenges. The hurdles for cash-strapped start-ups and innovative companies to join competitions are to be lowered by enabling advance payment to these firms, according to the draft, dated June 25. Fostering joint European procurement The paper also makes provisions for a future simplification of European defence procurement rules, something now under discussion at the EU level, by stating that the German law should not be tougher than European law but facilitate joint European defence procurement across the board. [[nid:719514]] The law will entitle contracting entities to limit tenders to bidders inside the European Union or the European Economic Area, and to determine that a certain share of the contracted goods or services must originate in the EU, according to the document. The draft law does not, however, attempt to change the rule that all defence purchases with a volume of 25 million euros or more must be approved by parliament, a requirement seen by many experts as a major hurdle against speeding up procurement. At the start of June, Defence Minister Boris Pistorius said Germany would need up to 60,000 additional troops under the new Nato targets for weapons and personnel, effectively expanding the military to some 260,000 troops. The Bundeswehr has not yet met a target of 203,000 troops set in 2018, and it is currently short-staffed by some 20,000 regular troops, according to defence ministry data.
