Latest news with #US20
The Advertiser
10 hours ago
- Business
- The Advertiser
Trump cuts off trade talks with Canada over digital tax
US President Donald Trump has abruptly cut off trade talks with Canada over its tax targeting US technology firms, calling it a "blatant attack" and saying that he would set a new tariff rate on Canadian goods within the next week. The move plunges US relations with its second-largest trading partner back into chaos after a period of relative calm. It also came just hours after Treasury Secretary Scott Bessent struck an upbeat tone on trade, touting progress had been made with China on reviving the flow of critical minerals for the US manufacturing sector and in other key tariff negotiations. The often-chaotic rollout of Trump's import levies since his return to office this year have frequently whipsawed financial markets, and have begun to weigh on consumer spending, the bedrock of the US economy. US stocks were briefly batted lower by his broadside against Canada but managed to close out the week at record highs for the S&P 500 and Nasdaq. Trump's action comes ahead of Canada's plans to begin collecting on Monday a longstanding digital services tax on US technology firms including Amazon, Meta, Alphabet's Google and Apple among others. The tax is 3.0 per cent of the digital services revenue a firm takes in from Canadian users above $US20 million ($A31 million) in a calendar year, and payments will be retroactive to 2022. Trump, in a post on his Truth Social media platform, called the tax "a direct and blatant attack on our country" and said Canada was a "very difficult country to TRADE with". "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said. "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." Canada is the second-largest US trading partner after Mexico, buying $US349.4 billion of US goods last year and exporting $US412.7 billion to the US, according to US Census Bureau data. Canadian Prime Minister Mark Carney had said on June 16 he and Trump agreed to try to wrap up a new economic and security deal within 30 days. "The Canadian government will continue to engage in these complex negotiations with the United States in the best interests of Canadian workers and businesses," Carney's office said in a statement. Earlier on Friday, Bessent said the Trump administration's various trade deals with other countries could be done by the September 1 Labor Day holiday, citing talks with 18 top trade partners and another revision to a deal with China to reopen the flow of rare earth minerals and magnets. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or see tariffs spike higher but has previously said that countries negotiating in good faith could get deals. But Trump told reporters at the White House that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. US President Donald Trump has abruptly cut off trade talks with Canada over its tax targeting US technology firms, calling it a "blatant attack" and saying that he would set a new tariff rate on Canadian goods within the next week. The move plunges US relations with its second-largest trading partner back into chaos after a period of relative calm. It also came just hours after Treasury Secretary Scott Bessent struck an upbeat tone on trade, touting progress had been made with China on reviving the flow of critical minerals for the US manufacturing sector and in other key tariff negotiations. The often-chaotic rollout of Trump's import levies since his return to office this year have frequently whipsawed financial markets, and have begun to weigh on consumer spending, the bedrock of the US economy. US stocks were briefly batted lower by his broadside against Canada but managed to close out the week at record highs for the S&P 500 and Nasdaq. Trump's action comes ahead of Canada's plans to begin collecting on Monday a longstanding digital services tax on US technology firms including Amazon, Meta, Alphabet's Google and Apple among others. The tax is 3.0 per cent of the digital services revenue a firm takes in from Canadian users above $US20 million ($A31 million) in a calendar year, and payments will be retroactive to 2022. Trump, in a post on his Truth Social media platform, called the tax "a direct and blatant attack on our country" and said Canada was a "very difficult country to TRADE with". "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said. "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." Canada is the second-largest US trading partner after Mexico, buying $US349.4 billion of US goods last year and exporting $US412.7 billion to the US, according to US Census Bureau data. Canadian Prime Minister Mark Carney had said on June 16 he and Trump agreed to try to wrap up a new economic and security deal within 30 days. "The Canadian government will continue to engage in these complex negotiations with the United States in the best interests of Canadian workers and businesses," Carney's office said in a statement. Earlier on Friday, Bessent said the Trump administration's various trade deals with other countries could be done by the September 1 Labor Day holiday, citing talks with 18 top trade partners and another revision to a deal with China to reopen the flow of rare earth minerals and magnets. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or see tariffs spike higher but has previously said that countries negotiating in good faith could get deals. But Trump told reporters at the White House that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. US President Donald Trump has abruptly cut off trade talks with Canada over its tax targeting US technology firms, calling it a "blatant attack" and saying that he would set a new tariff rate on Canadian goods within the next week. The move plunges US relations with its second-largest trading partner back into chaos after a period of relative calm. It also came just hours after Treasury Secretary Scott Bessent struck an upbeat tone on trade, touting progress had been made with China on reviving the flow of critical minerals for the US manufacturing sector and in other key tariff negotiations. The often-chaotic rollout of Trump's import levies since his return to office this year have frequently whipsawed financial markets, and have begun to weigh on consumer spending, the bedrock of the US economy. US stocks were briefly batted lower by his broadside against Canada but managed to close out the week at record highs for the S&P 500 and Nasdaq. Trump's action comes ahead of Canada's plans to begin collecting on Monday a longstanding digital services tax on US technology firms including Amazon, Meta, Alphabet's Google and Apple among others. The tax is 3.0 per cent of the digital services revenue a firm takes in from Canadian users above $US20 million ($A31 million) in a calendar year, and payments will be retroactive to 2022. Trump, in a post on his Truth Social media platform, called the tax "a direct and blatant attack on our country" and said Canada was a "very difficult country to TRADE with". "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said. "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." Canada is the second-largest US trading partner after Mexico, buying $US349.4 billion of US goods last year and exporting $US412.7 billion to the US, according to US Census Bureau data. Canadian Prime Minister Mark Carney had said on June 16 he and Trump agreed to try to wrap up a new economic and security deal within 30 days. "The Canadian government will continue to engage in these complex negotiations with the United States in the best interests of Canadian workers and businesses," Carney's office said in a statement. Earlier on Friday, Bessent said the Trump administration's various trade deals with other countries could be done by the September 1 Labor Day holiday, citing talks with 18 top trade partners and another revision to a deal with China to reopen the flow of rare earth minerals and magnets. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or see tariffs spike higher but has previously said that countries negotiating in good faith could get deals. But Trump told reporters at the White House that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. US President Donald Trump has abruptly cut off trade talks with Canada over its tax targeting US technology firms, calling it a "blatant attack" and saying that he would set a new tariff rate on Canadian goods within the next week. The move plunges US relations with its second-largest trading partner back into chaos after a period of relative calm. It also came just hours after Treasury Secretary Scott Bessent struck an upbeat tone on trade, touting progress had been made with China on reviving the flow of critical minerals for the US manufacturing sector and in other key tariff negotiations. The often-chaotic rollout of Trump's import levies since his return to office this year have frequently whipsawed financial markets, and have begun to weigh on consumer spending, the bedrock of the US economy. US stocks were briefly batted lower by his broadside against Canada but managed to close out the week at record highs for the S&P 500 and Nasdaq. Trump's action comes ahead of Canada's plans to begin collecting on Monday a longstanding digital services tax on US technology firms including Amazon, Meta, Alphabet's Google and Apple among others. The tax is 3.0 per cent of the digital services revenue a firm takes in from Canadian users above $US20 million ($A31 million) in a calendar year, and payments will be retroactive to 2022. Trump, in a post on his Truth Social media platform, called the tax "a direct and blatant attack on our country" and said Canada was a "very difficult country to TRADE with". "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said. "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." Canada is the second-largest US trading partner after Mexico, buying $US349.4 billion of US goods last year and exporting $US412.7 billion to the US, according to US Census Bureau data. Canadian Prime Minister Mark Carney had said on June 16 he and Trump agreed to try to wrap up a new economic and security deal within 30 days. "The Canadian government will continue to engage in these complex negotiations with the United States in the best interests of Canadian workers and businesses," Carney's office said in a statement. Earlier on Friday, Bessent said the Trump administration's various trade deals with other countries could be done by the September 1 Labor Day holiday, citing talks with 18 top trade partners and another revision to a deal with China to reopen the flow of rare earth minerals and magnets. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or see tariffs spike higher but has previously said that countries negotiating in good faith could get deals. But Trump told reporters at the White House that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths.
The Advertiser
18 hours ago
- Entertainment
- The Advertiser
Diddy's lawyer says charges 'badly exaggerated'
Sean "Diddy" Combs has been portrayed in his lawyer's closing argument as the victim of an overzealous prosecution that tried to turn the recreational use of drugs and a swinger lifestyle into a racketeering conspiracy that could put the music mogul behind bars for life. Lawyer Marc Angifilo mocked the government's case against Combs and belittled the agents who seized hundreds of bottles of Astroglide lubricant and baby oil at the hip hop impresario's properties. "Way to go, fellas," Agnifilo said as he began a presentation expected to last several hours. He said prosecutors had "badly exaggerated" evidence of the swinger lifestyle and threesomes to combine it with recreational drug use and call it a racketeering conspiracy. "He did not do the things he's charged with. He didn't do racketeering conspiracy and sex trafficking," the lawyer said. Agnifilo also called Combs' prosecution a "fake trial" and ridiculed the notion that he engaged in racketeering. "Are you kidding me? Are you kidding me?" Agnifilo asked. "Did any witness get on that witness stand and say yes, I was part of a racketeering enterprise - I engaged in racketeering?" No, Agnifilo argued, telling jurors that those accusations were a figment of the prosecution's imagination. Combs' family, including six of his children and his mother, were in the audience for the closing. All his life Combs has taken care of people, Agnifilo said, including the ex-girlfriend who testified under the pseudonym Jane, whose rent he is paying. "I don't know what Jane is doing today," Agnifilo said. "But she's doing it in a house he's paying for." Referring to lawsuits filed by Combs' accusers, he said: "This isn't about crime. It's about money. This is about money." He noted that Combs' girlfriend of nearly 11 years - Casandra "Cassie" Ventura - sued him in a lawsuit that was settled for $US20 million ($A31 million) in a day in November 2023, triggering a federal probe the following day. "If you had to pick a winner in this whole thing, it's hard not to pick Cassie," Agnifilo said. Cassie and Jane both testified during the trial that they were coerced repeatedly by Combs to perform in drug-fuelled days-long sex marathons with male sex workers while Combs watched and sometimes filmed the encounters. If convicted, Combs could face a mandatory minimum of 15 years in prison and a maximum of life. He did not testify during the trial that is in its seventh week. After Agnifilo completes his closing, Assistant US Attorney Maurene Comey was expected to deliver a rebuttal summation before the judge reads the law to the jury, which is not expected to begin deliberations until Monday. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028 Sean "Diddy" Combs has been portrayed in his lawyer's closing argument as the victim of an overzealous prosecution that tried to turn the recreational use of drugs and a swinger lifestyle into a racketeering conspiracy that could put the music mogul behind bars for life. Lawyer Marc Angifilo mocked the government's case against Combs and belittled the agents who seized hundreds of bottles of Astroglide lubricant and baby oil at the hip hop impresario's properties. "Way to go, fellas," Agnifilo said as he began a presentation expected to last several hours. He said prosecutors had "badly exaggerated" evidence of the swinger lifestyle and threesomes to combine it with recreational drug use and call it a racketeering conspiracy. "He did not do the things he's charged with. He didn't do racketeering conspiracy and sex trafficking," the lawyer said. Agnifilo also called Combs' prosecution a "fake trial" and ridiculed the notion that he engaged in racketeering. "Are you kidding me? Are you kidding me?" Agnifilo asked. "Did any witness get on that witness stand and say yes, I was part of a racketeering enterprise - I engaged in racketeering?" No, Agnifilo argued, telling jurors that those accusations were a figment of the prosecution's imagination. Combs' family, including six of his children and his mother, were in the audience for the closing. All his life Combs has taken care of people, Agnifilo said, including the ex-girlfriend who testified under the pseudonym Jane, whose rent he is paying. "I don't know what Jane is doing today," Agnifilo said. "But she's doing it in a house he's paying for." Referring to lawsuits filed by Combs' accusers, he said: "This isn't about crime. It's about money. This is about money." He noted that Combs' girlfriend of nearly 11 years - Casandra "Cassie" Ventura - sued him in a lawsuit that was settled for $US20 million ($A31 million) in a day in November 2023, triggering a federal probe the following day. "If you had to pick a winner in this whole thing, it's hard not to pick Cassie," Agnifilo said. Cassie and Jane both testified during the trial that they were coerced repeatedly by Combs to perform in drug-fuelled days-long sex marathons with male sex workers while Combs watched and sometimes filmed the encounters. If convicted, Combs could face a mandatory minimum of 15 years in prison and a maximum of life. He did not testify during the trial that is in its seventh week. After Agnifilo completes his closing, Assistant US Attorney Maurene Comey was expected to deliver a rebuttal summation before the judge reads the law to the jury, which is not expected to begin deliberations until Monday. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028 Sean "Diddy" Combs has been portrayed in his lawyer's closing argument as the victim of an overzealous prosecution that tried to turn the recreational use of drugs and a swinger lifestyle into a racketeering conspiracy that could put the music mogul behind bars for life. Lawyer Marc Angifilo mocked the government's case against Combs and belittled the agents who seized hundreds of bottles of Astroglide lubricant and baby oil at the hip hop impresario's properties. "Way to go, fellas," Agnifilo said as he began a presentation expected to last several hours. He said prosecutors had "badly exaggerated" evidence of the swinger lifestyle and threesomes to combine it with recreational drug use and call it a racketeering conspiracy. "He did not do the things he's charged with. He didn't do racketeering conspiracy and sex trafficking," the lawyer said. Agnifilo also called Combs' prosecution a "fake trial" and ridiculed the notion that he engaged in racketeering. "Are you kidding me? Are you kidding me?" Agnifilo asked. "Did any witness get on that witness stand and say yes, I was part of a racketeering enterprise - I engaged in racketeering?" No, Agnifilo argued, telling jurors that those accusations were a figment of the prosecution's imagination. Combs' family, including six of his children and his mother, were in the audience for the closing. All his life Combs has taken care of people, Agnifilo said, including the ex-girlfriend who testified under the pseudonym Jane, whose rent he is paying. "I don't know what Jane is doing today," Agnifilo said. "But she's doing it in a house he's paying for." Referring to lawsuits filed by Combs' accusers, he said: "This isn't about crime. It's about money. This is about money." He noted that Combs' girlfriend of nearly 11 years - Casandra "Cassie" Ventura - sued him in a lawsuit that was settled for $US20 million ($A31 million) in a day in November 2023, triggering a federal probe the following day. "If you had to pick a winner in this whole thing, it's hard not to pick Cassie," Agnifilo said. Cassie and Jane both testified during the trial that they were coerced repeatedly by Combs to perform in drug-fuelled days-long sex marathons with male sex workers while Combs watched and sometimes filmed the encounters. If convicted, Combs could face a mandatory minimum of 15 years in prison and a maximum of life. He did not testify during the trial that is in its seventh week. After Agnifilo completes his closing, Assistant US Attorney Maurene Comey was expected to deliver a rebuttal summation before the judge reads the law to the jury, which is not expected to begin deliberations until Monday. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028 Sean "Diddy" Combs has been portrayed in his lawyer's closing argument as the victim of an overzealous prosecution that tried to turn the recreational use of drugs and a swinger lifestyle into a racketeering conspiracy that could put the music mogul behind bars for life. Lawyer Marc Angifilo mocked the government's case against Combs and belittled the agents who seized hundreds of bottles of Astroglide lubricant and baby oil at the hip hop impresario's properties. "Way to go, fellas," Agnifilo said as he began a presentation expected to last several hours. He said prosecutors had "badly exaggerated" evidence of the swinger lifestyle and threesomes to combine it with recreational drug use and call it a racketeering conspiracy. "He did not do the things he's charged with. He didn't do racketeering conspiracy and sex trafficking," the lawyer said. Agnifilo also called Combs' prosecution a "fake trial" and ridiculed the notion that he engaged in racketeering. "Are you kidding me? Are you kidding me?" Agnifilo asked. "Did any witness get on that witness stand and say yes, I was part of a racketeering enterprise - I engaged in racketeering?" No, Agnifilo argued, telling jurors that those accusations were a figment of the prosecution's imagination. Combs' family, including six of his children and his mother, were in the audience for the closing. All his life Combs has taken care of people, Agnifilo said, including the ex-girlfriend who testified under the pseudonym Jane, whose rent he is paying. "I don't know what Jane is doing today," Agnifilo said. "But she's doing it in a house he's paying for." Referring to lawsuits filed by Combs' accusers, he said: "This isn't about crime. It's about money. This is about money." He noted that Combs' girlfriend of nearly 11 years - Casandra "Cassie" Ventura - sued him in a lawsuit that was settled for $US20 million ($A31 million) in a day in November 2023, triggering a federal probe the following day. "If you had to pick a winner in this whole thing, it's hard not to pick Cassie," Agnifilo said. Cassie and Jane both testified during the trial that they were coerced repeatedly by Combs to perform in drug-fuelled days-long sex marathons with male sex workers while Combs watched and sometimes filmed the encounters. If convicted, Combs could face a mandatory minimum of 15 years in prison and a maximum of life. He did not testify during the trial that is in its seventh week. After Agnifilo completes his closing, Assistant US Attorney Maurene Comey was expected to deliver a rebuttal summation before the judge reads the law to the jury, which is not expected to begin deliberations until Monday. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028
Perth Now
19 hours ago
- Entertainment
- Perth Now
Diddy's lawyer says charges 'badly exaggerated'
Sean "Diddy" Combs has been portrayed in his lawyer's closing argument as the victim of an overzealous prosecution that tried to turn the recreational use of drugs and a swinger lifestyle into a racketeering conspiracy that could put the music mogul behind bars for life. Lawyer Marc Angifilo mocked the government's case against Combs and belittled the agents who seized hundreds of bottles of Astroglide lubricant and baby oil at the hip hop impresario's properties. "Way to go, fellas," Agnifilo said as he began a presentation expected to last several hours. He said prosecutors had "badly exaggerated" evidence of the swinger lifestyle and threesomes to combine it with recreational drug use and call it a racketeering conspiracy. "He did not do the things he's charged with. He didn't do racketeering conspiracy and sex trafficking," the lawyer said. Agnifilo also called Combs' prosecution a "fake trial" and ridiculed the notion that he engaged in racketeering. "Are you kidding me? Are you kidding me?" Agnifilo asked. "Did any witness get on that witness stand and say yes, I was part of a racketeering enterprise - I engaged in racketeering?" No, Agnifilo argued, telling jurors that those accusations were a figment of the prosecution's imagination. Combs' family, including six of his children and his mother, were in the audience for the closing. All his life Combs has taken care of people, Agnifilo said, including the ex-girlfriend who testified under the pseudonym Jane, whose rent he is paying. "I don't know what Jane is doing today," Agnifilo said. "But she's doing it in a house he's paying for." Referring to lawsuits filed by Combs' accusers, he said: "This isn't about crime. It's about money. This is about money." He noted that Combs' girlfriend of nearly 11 years - Casandra "Cassie" Ventura - sued him in a lawsuit that was settled for $US20 million ($A31 million) in a day in November 2023, triggering a federal probe the following day. "If you had to pick a winner in this whole thing, it's hard not to pick Cassie," Agnifilo said. Cassie and Jane both testified during the trial that they were coerced repeatedly by Combs to perform in drug-fuelled days-long sex marathons with male sex workers while Combs watched and sometimes filmed the encounters. If convicted, Combs could face a mandatory minimum of 15 years in prison and a maximum of life. He did not testify during the trial that is in its seventh week. After Agnifilo completes his closing, Assistant US Attorney Maurene Comey was expected to deliver a rebuttal summation before the judge reads the law to the jury, which is not expected to begin deliberations until Monday. 1800 RESPECT (1800 737 732) National Sexual Abuse and Redress Support Service 1800 211 028
West Australian
a day ago
- Business
- West Australian
Macquarie's latest nickel downgrade further dampens hopes of revival for BHP's suspended Nickel West
Macquarie Group has again downgraded its prognosis for nickel and by virtue increased the probability BHP's idle Nickel West is going to shut permanently. The Australian investment bank published its quarterly commodities price forecasts on Friday, which casts even more doubt on the ability of Western Australia's largest nickel mining and refining operation — Nickel West — to come back to life. Macquarie is predicting a tonne of nickel will now be $US14,500 by the end of this year, compared to the $US15,500/t price it had anticipated in a previous update three months ago. The medium and longer-term forecasts for the battery metal have also taken another whack. Nickel is slated to average $US14,625/t in 2026, then $US16,500/t in 2027, $US17,500/t in 2028 and $US19,000/t in 2029. In its March update, Macquarie projected $US16,500/t, $US17,000/t, $US19,000/t and $US20,000/t over the next four years. Macquarie in December was pencilling in $US20,000 for 2028, which has now been slashed to $US17,500/t. Macquarie — known colloquially as the 'millionaires factory' for the huge pay packets its legion of investment bankers receive — stated its repeated nickel downgrades reflect 'a likely structural over-supply' of nickel from new refineries in China and Indonesia. 'The pace of growth in class 1 production remains high, fed by ongoing rises in production of Indonesian low-cost MHP (mixed hydroxide precipitate),' it stated. 'Over-supply has led to the closure of over 500,000 tonnes per annum of non-Indonesian production since 2020 and pressure for further closures remains, but prices may have to have one final push to the downside to induce that. 'The overall market is closer to balance due to large scale production cuts.' BHP in July last year announced its WA Nickel arm, which sustained 3000 jobs and counted the Nickel West mining operations as its centrepiece, would be put into care and maintenance. The Big Australian will decide whether to shut the operation for good by February 2027. When BHP made its care and maintenance decision Nickel West's break-even cost was about $US20,000/t. BHP Australia boss Geraldine Slattery said the mining giant had 'sufficient conviction' the nickel prices would stage a comeback towards the end of the decade and beyond, implying a predicted price materially above $US20,000/t. Nickel has dropped from $US17,100/t to $US15,200/t over the past year, heaping more pressure on WA's last major nickel operation — Glencore's Murrin Murrin. 'Virtually all the world's laterite ores now come from just three countries, Indonesia, the Philippines and New Caledonia,' Macquarie stated on Friday.
The Age
3 days ago
- Business
- The Age
It's not just Labubu dolls. Chinese brands are booming
Labubu dolls are hard to come by. Even at the giant flagship store of their maker, Pop Mart, in Shanghai, throngs of customers are told they need to wait a week or longer. The grimacing elvish creatures, which come in ' blind boxes ' that keep buyers in suspense over which one they might get, sell for as little as $US20 (about $31). But a rare variety sold for $US150,000 (about $231,000) at an auction on June 10. It is not just Chinese children trying to get their hands on the dolls; celebrities including David Beckham, a British football player, and Rihanna, an American pop star, have recently gone public with their appreciation. The Labubu craze has sent Pop Mart's shares up by 170 per cent since the start of the year. It is one of a growing cohort of Chinese consumer brands whose popularity is surging. For decades, Chinese shoppers tended to look overseas for the latest trends in cosmetics, fashion, hospitality and more. Now they are flocking to local luxury firms, high-end make-up brands and milk-tea shops. What is more, many of these brands are gaining a devoted following abroad. Western brands should be worried. It is an odd time for a boom among Chinese consumer products. Sputtering economic growth has caused household spending to weaken. Yet, the strain on Chinese shoppers' wallets is one of the factors propelling local brands. As consumers have become more price-sensitive, cheap but decent quality homegrown brands have thrived. Many urban Chinese coffee drinkers, for example, have found local chains such as Cotti or Luckin just as good as Starbucks, an American company, but often half as expensive. Laopu Gold, a Chinese maker of luxury jewellery, has found success selling elegant bracelets and earrings that tend to be cheaper than those offered by Tiffany & Co, another American stalwart. Songmont, a local handbag brand, has launched a costly advertising campaign in airports across the country pitting itself against foreign competitors that are often twice as expensive, or more. Part of Pop Mart's success with Labubu dolls has come from targeting frugal spenders with high-quality, 'emotive' products, says Lina Yan of HSBC, a bank.
