World Business Report Trump signs order hiking steel tariffs
The global steel industry is again braced to be impacted by Donald Trump's implementation of a 50% tariff, which he vowed last week in front of a crowd of steel workers in Pennsylvania.
In South Korea, the liberal candidate, Lee Jae-myung, has been confirmed as the clear winner of the presidential election.
The Dutch government has collapsed after Geert Wilders withdrew his far-right party from the governing coalition following a row over proposed legislation to restrict migration. However, some business owners say the lack of a functioning government in the Netherlands is affecting their ability to do business because key issues are not being addressed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
37 minutes ago
- BBC News
The World Tonight No sign of reconciliation between Trump and Musk
US President Donald Trump is "not particularly interested" in speaking to Elon Musk after the tech billionaire and former close political ally turned on him in a bitter and public war of words. Initial reports that the pair had scheduled a phone call came to nothing. With some among the MAGA branch of Trump's supporters rounding on Musk, we explored the factional infighting and what impact it might have on the Big Beautiful Bill which Trump wants the Senate to pass, but which Musk opposes. Also on the programme, can supporters of the European Convention on Human Rights head off criticism by adapting the treaty? That's what the Secretary General of the Council of Europe seems to suggest. We hear from former Attorney General Dominic Grieve. And we speak to the Hollywood actor turned cryptocurrency sceptic about his new documentary on the phenomenon, premiering at the SXSW festival in London.
BBC News
39 minutes ago
- BBC News
India leads in remittances - but Trump's tax could deal a blow
A study by Center for Global Development, a Washington-based think tank, suggests the proposed tax could sharply cut formal transfers, with Mexico facing the biggest hit - over $2.6bn annually. Other major losers include India, China, Vietnam and several Latin American nations like Guatemala, the Dominican Republic and El Salvador. To be sure, there's still some confusion surrounding the tax, and final approval is pending Senate action and the President's signature. "The tax applies to all non-citizens and even embassy and UN/World Bank staff. But those who pay taxes can claim a tax credit. Thus, the remittance tax would apply only to those migrants who do not pay taxes. That would mostly include unauthorised migrants (and diplomats)," Dilip Ratha, the World Bank lead economist for migration and remittances, told the BBC. Dr Ratha wrote in a note on LinkedIn that migrants would try to cut remittance costs by turning to informal methods - hand-carrying cash, sending money through friends, couriers, bus drivers or airline staff, arranging local currency payouts via friends in the US, or using hawala, hundi and cryptocurrencies. "Will the proposed tax deter unauthorised immigration to the US? Will it encourage unauthorised migrants to return home?" wonders Dr Ratha. Not quite, he says. A minimum wage job in the US earns over $24,000 a year - roughly four to 30 times more than in many developing countries. Migrants typically send home between $1,800 and $48,000 annually, estimates Dr Ratha. "A 3.5% tax is unlikely to deter these remittances. After all the main motivation for migration - migrants trying to cross oceans and rivers and mountains - is to send money home to help helpless family members."
Reuters
an hour ago
- Reuters
North Korea internet hit by a major outage, analyst says
SEOUL, June 7 (Reuters) - North Korea's internet is experiencing a major outage on Saturday, said a UK-based researcher, adding that the cause may be may be internal rather than a cyberattack. North Korea's main news web sites and its Foreign Ministry internet site were inaccessible on Saturday morning, according to checks by Reuters. "A major outage is currently occurring on North Korea's internet - affecting all routes whether they come in via China or Russia," said Junade Ali, a U.K.-based researcher who monitors the North Korean internet. North Korea's entire internet infrastructure is not showing up on systems that can monitor internet activities, he said. "Hard to say if this is intentional or accidental - but seems like this is internal rather than an attack," he said. Officials at South Korea's Police cyber terror response centre which monitors North Korea's cyber activities could not be reached for comment.
