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26 minutes ago
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Former UK PM Johnson rejects China's bullying of Taiwan, calls for deeper ties with West
TAIPEI (Reuters) -Former British prime minister Boris Johnson said on Tuesday that Taiwan did not deserve to be bullied by China and urged the West to build economic and political relations with Taipei in the face of Beijing's campaign against the democratic island. Johnson is the third former British prime minister to visit Taiwan, after Liz Truss in 2023 and Margaret Thatcher in the 1990s, and his trip comes at a time when Britain and China are seeking to further stabilise ties as Prime Minister Keir Starmer is expected to visit Beijing later this year. Britain, like most countries, has no formal diplomatic ties with Taiwan but the two governments have close economic and culture exchanges. Beijing has in recent years ramped up military and diplomatic pressure campaigns against Taiwan, including daily military activities near the island, to assert territorial claims the government in Taipei strongly rejects. "In very difficult and intense times, this is the moment for all western countries to build economic and political relations with Taiwan, not to tiptoe away from Taiwan at the pressure from any other country," Johnson told Taiwan President Lai Ching-te in the presidential office in Taipei. "There's absolutely no case for the current Chinese bullying of Taiwan. This is a free, peaceful society. It does not deserve to be intimidated in this way. There's no point in it and I hope it stops as soon as possible," Johnson said in video footage by Lai's office. China's Taiwan Affairs Office did not immediately respond to a Reuters request for comment. Beijing has previously condemned visits by British lawmakers to Taiwan for what it calls interference in China's internal affairs. Johnson was invited to deliver a speech at a security forum by Taipei-based think tank, the Prospect Foundation, which was also attended by Lai earlier on Tuesday. At the forum, Lai vowed to build a "democratic supply chain" with allies by deepening economic cooperation and said he would boost Taiwan's defence spending to more than 3% of its GDP next year. "I'm confident that if democracies can join hands in creating more robust, more resilient global democratic supply chains, we can spur even more economic prosperity and further consolidate our democracy," Lai said. A British Royal Navy patrol vessel sailed through the sensitive Taiwan Strait in June. (Reporting By Yimou Lee, Angie Teo and Yi-chin Lee; additional reporting by Ryan Woo; Editing by Michael Perry)
Yahoo
26 minutes ago
- Yahoo
U.S. tariff of 15% on EU goods is all-inclusive
BRUSSELS (Reuters) -The 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the U.S., an EU official said on Tuesday. The 15% rate applies to all goods, except for steel, aluminium, the official said. Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the U.S. 232 investigations, the tariff will be no higher than 15% as well. This 15% ceiling also applies to cars and car parts. There are no quotas or limits on cars and car parts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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Hugo Boss' cost cuts help it report profit beat despite weak sentiment
By Linda Pasquini (Reuters) -Cost measures helped Hugo Boss report a slightly better than expected quarterly operating profit and confirm its outlook for 2025, the German fashion group said on Tuesday, while warning of weak consumer sentiment globally. Earnings before interest and taxes rose 15% to 81 million euros ($93.5 million) in the second quarter, beating analysts' forecast of 77 million euros in a company-provided poll, aided by cost-cutting measures as a stronger euro weighed on sales. When converted into euros, Hugo Boss' revenue fell 1% to 1 billion euros in the quarter, roughly in line with a market forecast of 998 million euros. "The second quarter of 2025 was once again marked by a challenging macroeconomic and industry environment, with global consumer confidence remaining at a low level," CEO Daniel Grieder said in a statement. Hugo Boss confirmed its sales and profit guidance for the year, but said it now expected sales in reporting currency in the Americas to remain at around last year's level, dragged by a weaker U.S. dollar against the euro. It had initially expected low single-digit percentage growth in the region. The company will keep monitoring macroeconomic developments and tariff talks, while focusing on controlling costs and strengthening its profitability, Grieder said. Demand in the U.S. strengthened in the quarter compared to a weaker start to the year, resulting in modest revenue growth, the company said. Demand in China remained subdued, leading to a 5% currency-adjusted decline in its Asia-Pacific sales. Germany and France drove a 3% currency-adjusted sales rise in the Europe, Middle East and Africa region, despite a slight decline in Britain, it added. Hugo Boss' shares were up 1.5% in early Frankfurt trade. ($1 = 0.8663 euros)
