Three States of Guernsey companies to be commercialised
Deputy Parkinson said that the incorporated businesses have also been able to support "the States' wider economic, social and environmental policy objectives".The arrangement has been in place for Guernsey Electricity and Guernsey Post for the past 20 years.According to the States of Guernsey's latest budget report, external, unincorporated trading entities should raise sufficient revenues to fund all of their expenditure.Guernsey Water is due to be the first of the three businesses to be incorporated, with the target being the start of 2028.The STSB has been directed to report back to the States by the end of next year with more detailed proposals.
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Reuters
31 minutes ago
- Reuters
Rwanda, Congo hold first meeting of joint oversight committee under peace deal
July 31 (Reuters) - Rwanda and the Democratic Republic of Congo held the first meeting of a joint oversight committee on Thursday, taking a step toward implementing a peace deal agreed last month in Washington even as other commitments are yet to be fulfilled. The African Union, Qatar and the United States joined the meeting of the committee in Washington, which was established as a forum to deal with implementation and dispute resolution of the peace agreement. The deal in June between Rwanda and Congo marked a breakthrough in talks held by U.S. President Donald Trump's administration, which aims to bring an end to fighting that has killed thousands and attracted billions of dollars of Western investment to a region rich in tantalum, gold, cobalt, copper, lithium and other minerals. In the Washington agreement, the two African countries pledged to implement a 2024 deal that would see Rwandan troops withdraw from eastern Congo within 90 days. It also said Congo and Rwanda would form a joint security coordination mechanism within 30 days and implement a plan agreed last year to monitor and verify the withdrawal of Rwandan soldiers within three months. Congolese military operations targeting the Democratic Forces for the Liberation of Rwanda (FDLR), a Congo-based armed group that includes remnants of Rwanda's former army and militias that carried out a 1994 genocide, are meant to conclude over the same timeframe. But 30 days from the signing has passed without a meeting of the joint security coordination mechanism, and operations targeting the FDLR and the withdrawal of Rwandan soldiers have yet to begin. The joint oversight committee meeting, due to meet within 45 days of the signing, was on schedule. Trump's senior Africa adviser, Massad Boulos, told reporters on Wednesday that the deal was not off track, adding that a meeting of the security mechanism was due to be announced in coming days. Asked about lack of progress on operations against the FDLR and withdrawal of Rwandan soldiers, Boulos said: "There was no timeline for that... if you look at the chronology of what we've been able to do since April, it's been extensive, and it's been very much on point and very much in line with our aspirations. So it's not off track in any way." But sources with knowledge of the negotiations recognised delays in the implementation of the deal, but added it was not yet threatening the deal as a whole. Military and diplomatic sources told Reuters that the parties in conflict, including armed groups as M23 and militia fighters known as Wazalendo, have strengthened their military presence on the front lines.
Auto Blog
an hour ago
- Auto Blog
A Surprising Number of Drivers Are Underwater on New-Vehicle Trade-Ins
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Do you live in one of the most expensive states for car insurance for 2025? Negative auto loan equity hits a four-year peak in Q2 2025 Shocking Q2 data has revealed that one in four new vehicle trade-ins had negative equity, a four-year high since Q1 2021, when 31.9% of new trade-ins were upside down. Edmunds' report states that 26.6% of trade-ins toward new-car purchases in Q2 were worth less than what a driver owed, up from 26.1% in Q1 and 23.9% in Q2 2024. To make matters worse, the amount of debt drivers are carrying on underwater loans is significant at $6,754. While this amount is down from Q1's $6,880, it's up from Q2 2024's $6,255. A whopping 32.6% of upside-down trade-ins during Q2 had between $5,000 and $10,000 in negative equity, compared to 31.9% in Q1 and 30.2% in Q2 2024. Owing more than $10,000 during Q2 wasn't uncommon at 23.4%, down slightly from Q1's 24.5%, but up from Q2 2024's 20.7%. Edmunds reports that those owing $15,000 or more during Q2 were limited to 7.7%, an improvement from Q1's 8.4%, but up from Q2's 6.8%. 0:03 / 0:09 10,000 miles in the best $100K sports car you can buy. Watch More Ivan Drury, Edmunds' director of insights, said: 'Affordability pressures, from elevated vehicle prices to higher interest rates, are compounding the negative effects of decisions like trading in too early or rolling debt into a new loan, even if those choices may have felt manageable in years past. And as buyers take on new loans with much higher interest rates than those from just a few years ago, even potential tax deductions can't meaningfully offset the thousands more they'll pay in interest.' A Land Rover Defender for sale in Tucson, Arizona — Source: Getty The study found that the average monthly car payment for buyers who rolled negative equity into a new auto loan was $915 during Q2, Edmunds' highest-ever figure for this group and well above the industry average of $756. New vehicle buyers also financed $12,145 less on average than those rolling negative equity into a new loan. Abby VandenBerg, who works in Maple Hill Auto Group's HR department, notes that the high number of drivers underwater on car loans was influenced by dealership choices around 2020, CBS affiliate WWMT reports. According to VandenBerg, dealerships were regularly charging over sticker value, sometimes by $10,000 to $20,000, setting the stage for negative equity today, but Maple Hill said they didn't participate in this trend. High vehicle prices and interest rates are compounding the issue The average price of a new car in June was $48,907, and interest rates remain high. At the end of its July meeting, the Federal Reserve determined that interest rates would stay the same due to uncertainty regarding potential inflation from President Trump's tariff agenda. The federal funds rate is one of the most significant factors influencing auto loan interest rates. In June, the average interest rate for a new vehicle was 7.3%, approaching a record high, according to Edmunds. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. New vehicles for sale at a Toyota dealership in El Centro, California — Source: Getty Final thoughts Dealership trends that appeared during the COVID-19 pandemic and higher interest rates have played roles in one in four new vehicle trade-ins being underwater, a four-year high since Q1 2021. Since auto loans are front-loaded with interest, early payments don't significantly lower principal, and a vehicle's simultaneous value loss results in more drivers being upside down on financing if they trade in after a few years. Buyers generally need to hold onto a car for five to seven years to avoid rolling escalating debt into new loans, as those who trade in after three or four years are now facing average monthly payments on their new vehicle of $915. You can compare your car loan's payoff amount to its current trade-in value to see if you're upside down. About the Author Cody Carlson View Profile
The Guardian
3 hours ago
- The Guardian
The Guardian view on Trump's tariffs: both a political and an economic threat
Donald Trump's 1 August tariffs deadline did what it was always intended to do. It kept the markets and the nations guessing amid last-minute uncertainty. It attempted to reassert the global heft of the United States economy to take on and master all comers. And it placed President Trump at the centre of the media story, where he always insists on being. In the event, there were some last-minute agreements struck this week, few of them fair or rational in trade terms, most of them motivated by the desire to generate some commercial order. Some conflicts are still in the balance. There were 11th-hour court challenges too, disputing the president's very right to play the trade war game in this way. Even now, no one, probably including Mr Trump himself, knows whether this is his administration's last word on US tariffs. Almost certainly not. That's because Mr Trump's love of tariffs is always more about the assertion of political clout rather than economic power. Mr Trump's antipathy towards the European Union drives one example. The pact agreed by Ursula von der Leyen in Scotland last weekend underlines that the EU's aspirations as a global economic superpower exceed its actual clout. The EU could not prevent Mr Trump making European goods 15% more expensive if they sell on US markets. Nor could it stop Mr Trump getting EU tariffs on US goods withdrawn. Equally eloquent about the global balance of economic power is that Mr Trump has not been able to force China to bend the knee in the manner of the EU. China has responded aggressively to Trump's tariff threats, retaliating with tariffs of its own and blocking the sale of commodities, including rare-earth minerals, that the US most covets. Unsurprisingly, this standoff has not produced one of Mr Trump's so-called deals. Friday's deadline has been reset for later in the month. It would be no surprise if it was eventually pushed back further. Mr Trump is not imposing tariffs on the rest of the world in order to promote global trade or even to boost the US economy. He is doing it, in part, because Congress has delegated this power to him, allowing the president to impose or waive tariffs at will. He uses this power for many purposes. These include raising government income without congressional oversight and also, because tariffs are regressive, shifting the tax burden away from the very rich, like Mr Trump himself, on to the middle and working class. But economics also comes way down the field in the list of reasons why Mr Trump is wielding the tariff weapon internationally. US talks with Brazil – with which the US runs a trade surplus, not a deficit – have been hijacked by Mr Trump's grievance over the prosecution of its former president Jair Bolsonaro for trying to overturn his 2022 election defeat. Talks with India are deadlocked because Mr Trump wants to penalise Delhi for buying energy and weapons from Russia. Those with Canada have been hit by Mr Trump's objections to Ottawa's plan to recognise Palestine. The ultimate test of the policy, however, will indeed be economic. For now, financial markets appear to have decided that Mr Trump's tariffs are manageable. If tariffs now raise the cost of goods on US high streets, slowing growth and feeding inflation, as they may, the wider market response could change quickly. In that event, the mood among American voters might even shift too. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.
