Dundee Precious Agrees to Buy Adriatic Metals for $1.25 Billion
The cash and share offer values Adriatic at 268 pence, which is a premium of about 51% to where the company's stock was trading before takeover talks were announced last month, Dundee said in a statement on Friday.
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Yahoo
12 hours ago
- Yahoo
Foreign governments bet big to lobby Trump on tariffs. Most came up empty.
Countries across the globe have dropped tens of millions this year on lobbyists with ties to President Donald Trump as they rushed to stave off tariffs that could cripple their economies. In most cases, the spending has gotten them nowhere. As Trump has taken a scattershot approach to setting tariff rates — crafting trade agreements that set a 15 percent tariff on major trading partners while imposing rates that vary between 10 and 41 percent on the rest of the world — traditional lobbying tactics in Washington appear to have had little influence. At least 30 nations hired new lobbyists with connections to Trump since the election. They include major trading partners like South Korea and Japan as well as smaller countries like Bosnia and Ecuador. But employing those lobbyists appeared to bear little relation to whether the countries were able to avoid the most punishing tariffs. 'I think the current leadership in Washington seems to be disrupting the traditional way of doing things. It's not just about the business part, it's about diplomacy, it's about dealing with other nations,' said Mukesh Aghi, the CEO of the U.S. India Strategic Partnership Forum. 'I think the whole old model of trying to influence does not seem to work.' The new model is punishing India. After bringing longtime Trump adviser Jason Miller on board in April, the nation has nonetheless been walloped by Trump over the past two weeks. Tariffs for India are now set to rise to 50 percent, after the country failed to secure a trade agreement and Trump decided to jack up tariffs in response to its purchase of Russian oil. India inked a yearlong contract with Miller worth $1.8 million in exchange for 'strategic counsel, tactical planning and government relations assistance' as well as perception management and public relations, according to documents filed with the Justice Department. He did not respond to a request for comment. The experiences of Canada and Mexico stand out. Canada's provinces stocked up on lobbyists and the country has still been hammered by Trump. Mexico didn't and relied instead on President Claudia Sheinbaum's personal relationship with Trump — a direct approach that worked better. Five of Canada's 10 provinces brought on new lobbying or public relations help in the last year, amid a federal leadership vacuum as the country prepared to elect a new prime minister. Capitol Counsel lobbyists representing Ontario and Alberta set up meetings and calls for provincial officials with more than a dozen Republican members of Congress as well as Oklahoma Gov. Kevin Stitt. Meanwhile, lobbyists at HBW Resources worked to create inroads with Louisiana Gov. Jeff Landry on behalf of energy-heavy Saskatchewan and Alberta, DOJ filings show. In February, a federation of Canadian premiers and territorial leaders hired Checkmate Government Relations for assistance arranging a trade mission to Washington. The firm is led by Ches McDowell, a hunting buddy of Donald Trump Jr., and employs the son of Trump's 2024 campaign co-chair. For $85,000, Checkmate got the premiers a meeting at the White House with deputy chief of staff James Blair and director of presidential personnel Sergio Gor. Less than a month later, Canada's D.C. Embassy hired the public affairs firm Signal Group for a crash course and media training on messaging on right-wing media. It included a 'right-wing message analysis' of the Canadian ambassador's recent TV interviews and breakdown of Maslow's hierarchy of needs for the MAGA set. Mexico, by contrast, has just a single lobbying firm, Pillsbury Winthrop Shaw Pittman, on retainer, to provide legal services on trade issues. Yet despite Mexico playing a more direct role in the flow of fentanyl — a top concern of Trump — it was the neighbor to the north that ultimately faced steeper tariffs. Canada now has a 35 percent tariff on its goods, while Mexico has stayed at 25 percent, even though most products are exempt under an existing free trade agreement. Mexico appeared to benefit from what one Mexican official described as personal ties between Trump and Sheinbaum. A Republican lobbyist working on Trump's tariffs suggested that making headway with the president requires a shift in thinking. 'I think what's happened with some of these countries is they felt entitled to the status quo,' the lobbyist argued. 'And they were offended that anyone, even the U.S. president, would suggest changing it at all.' The lobbyist pointed to the success that Sheinbaum has had in wooing Trump. Instead of taking a combative stand, 'the better approach is to look at it from the perspective of: The president wants to redefine the trade relationship between the two countries, and that's his goal, and you have to deal with him on those terms,' the person said. Leader-to-leader calls were particularly valuable in helping countries make their case directly to Trump. 'From my perspective, the best way to lobby President Trump is for the leader to face-to-face lobby him,' Tami Overby, a partner at DGA Group Government who focuses on trade in South Korea. 'It seems President Trump, he always talks about his relationships with other leaders. You know, whether we're in a good spot with that country or not [depending] if he feels like he's got a good relationship. And he sees himself as a deal maker.' Many of the firms enlisted to represent foreign governments before the Trump administration are mainstays of the D.C. lobbying scene, and plenty of countries already had veteran trade lobbyists or lobbyists with ties to Trump on their payrolls before the election. They include Mercury Public Affairs, the former K Street home of White House chief of staff Susie Wiles which signed five new foreign governments since November, including South Korea, Ecuador and Libya. And while South Korea reached an agreement with the White House to set its tariffs to 15 percent in exchange for investments in the U.S. and lower trade barriers, tariff rates increased between April and August for both Ecuador and Libya. In Ecuador's case, it went from being ignored in Trump's first threats of 'reciprocal' tariffs, to facing a 15 percent tariff in August. Mercury also lobbies for the Japanese government, which maintains a roster of more than two dozen lobbying and public relations firms in the U.S. Japan was among the first major trading partners to strike a trade agreement — setting its tariffs at 15 percent, down from a threatened 25 percent. Ballard Partners, the previous home to Wiles and Attorney General Pam Bondi, helped broker a phone call between Trump and Prime Minister Shigeru Ishiba the day after the election, according to documents filed with DOJ under the Foreign Agents Registration Act. Another Trump-linked lobbying firm, BGR Group, has signed six new foreign governments since Trump's win last year. It previously employed Transportation Secretary Sean Duffy and is home to Trump adviser David Urban. Some of its foreign clients, like Angola and South Korea, saw their tariff rates drop between April and August. But the firm also lobbies for the Indian government, which paid BGR $300,000 from December through May, though much of that work was related to flaring tensions with Pakistan. Several Southeast Asian economies that have hired help in Washington fared better, with many of them receiving lower rates compared to the initial duties unveiled in April. Their wins were relative, though: The countries' tariff rates are higher than before, and broadly higher than much of the world. In other words, lobbyists might have succeeded in helping their clients avoid the worst case, but the outcomes could hardly be considered triumphs. Countries hired U.S.-based lobbying firms to strengthen ties with the Trump administration, and worked with business groups with ties to lower-level Trump administration officials across the Departments of Commerce and Treasury. Cambodia and Indonesia had their tariff cut to 19 percent, substantially lower compared to rates initially outlined by the president in April. DOJ filings show that Akin Gump Strauss Hauer & Feld reached out to U.S. Trade Representative's Office chief of staff Sam Mulopulos on behalf of the Cambodian government on the same day that Trump announced his so-called reciprocal tariffs. The firm sent Mulopulos multiple follow-up texts over the next few months to coordinate meetings with Cambodia's negotiators and check for updates on the status of tariff negotiations, and organized meetings on the Hill with lawmakers including Rep. Adrian Smith (R-Neb.), according to the filings. In the end, Cambodia saw one of the largest tariff rate declines of any country between April and May, dropping from a threatened 49 percent duty. The Trump administration for its part has portrayed the countries with the most significant declines as cooperative partners that were willing to make the greatest concessions to the president's terms. One former diplomat who worked with governments across Southeast Asia said representatives from Vietnam arranged more than two dozen meetings with government officials, which ramped up days after Trump outlined his April rates. The country secured a modest win as its tariff rate was cut from 46 to 20 percent — though the final figure remains higher than what Vietnam officials say was originally agreed to. One Asian diplomat credited lobbying efforts by countries in the region with helping shift the Trump administration away from its original trade strategy, which aimed to pull regional economies out of China's orbit and prioritize crackdowns on Chinese transshipment and other enforcement measures. 'Some countries need the access that lobbyists can give and an intermediary for backdoor and informal talks,' they said. A number of countries turned to first-time foreign lobbyists who are cashing in on their ties to Trump or his circle. The Pakistani government brought on seven new lobbying firms this year, including Trump's former bodyman Keith Schiller and George Sorial, the Trump Organization's former compliance chief. Neither of them had ever registered as foreign agents before, but Pakistan agreed to pay their firm $50,000 per month, according to a copy of the contract filed with DOJ. Islamabad managed to have its 'reciprocal' tariff rate lowered from 29 percent to 19 percent — a contrast to Pakistan's rival next door, India. Among the foreign governments that signed Continental Strategy this spring were Guyana — which is paying the firm $50,000 per month and saw its tariff rate plunge from 38 percent in April to 15 percent in August — and Japan, which is paying the firm $37,500, DOJ filings show. Continental Strategy is led by Carlos Trujillo, a diplomat who served in Trump's first administration, and Alberto Martinez, a top former aide to Secretary of State Marco Rubio. Some countries and industries that have been successful in swaying Trump have later had those advantages neutralized. The 'Big Three' American auto companies — Ford, General Motors and Stellantis — helped convince the administration to create a rebate program, aiding auto producers that rely on the North American supply chain. But as Trump set about crafting trade deals, that advantage was quickly neutralized. Japan, South Korea and the European Union — all trading partners with large auto industries — were able to secure a 15 percent tariff on cars and car parts, undermining the efforts of U.S. automakers to build domestically. Even after this week's tariff implementation kickoff, countries and lobbyists are still holding out hope that they can win exceptions or other helpful provisions. That possibility is sure to keep business booming on K Street, despite its lackluster performance. 'A lot of clients are like, 'Well, is it done? Can we still get our thing in there?'' the Republican lobbyist noted. 'The framework is there, but there's still a lot of blank spaces, and that's where we're seeing a lot of activity.
Yahoo
18 hours ago
- Yahoo
Aon company NFP buys UK-based Bspoke Insurance Group
NFP, part of Aon, has acquired Bspoke Insurance Group, a company that operates in the niche market of managing general agents and underwriters. Financial terms have not been disclosed. With its headquarters in Leeds, Bspoke has a network of offices across the UK, including locations in Shropshire, Gloucestershire, Essex, Liverpool and London. The group was established in 2022 following the merger of Precision Partnership with UK General Insurance Group. Bspoke offers insurance products to sectors such as commercial enterprises, haulage and transportation, high-net-worth individuals, leisure, lifestyle, property and trades. Bspoke's operational model, which emphasises IT and data, allows it to function in a similar way to a virtual insurer, encompassing capabilities from sales and underwriting to pricing and business intelligence. Bspoke will retain its operational independence, with its management team integrating into NFP's European structure under the leadership of NFP Europe president Matt Pawley. The existing brands within Bspoke will continue to operate without changes to their identities. Pawley said: 'I am excited to welcome the talented team at Bspoke to NFP. With their industry experience, diverse range of specialist solutions and customer-centric approach, they have driven exceptional growth and client retention. 'The Bspoke team will strengthen our existing suite of insurance solutions while expanding our technical underwriting expertise and specialist product knowledge.' Bspoke founder Tim Smyth stated: 'NFP offers Bspoke a fantastic opportunity to build on the platform we have developed over the past two years. 'With NFP's support, we can drive strong organic growth, attract top talent and pursue further acquisition opportunities to sustain Bspoke as a leading niche and specialist player with a relentless focus on meeting dynamic client needs.' Last month, NFP acquired US-based Levine Group, which provides insurance and investment management. "Aon company NFP buys UK-based Bspoke Insurance Group " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
Peace in Northern Ireland to inspire high-level summit on Western Balkans
It is hoped Northern Ireland's peace process will inspire lasting reconciliation in the Western Balkans during a high-level summit later this year. Foreign Secretary David Lammy will host 15 European ministers at Hillsborough Castle for talks as the region faces growing threats from instability, corruption and criminal gangs which also compromise UK security. The local legacy of peace-building will be drawn on to champion diplomacy and reconciliation among Western Balkans countries. The castle previously played host to vital moments in UK and Irish politics, including intense negotiations which salvaged peace talks from the brink of collapse, forging the way for the Belfast/Good Friday Agreement in 1998. Mr Lammy said Hillsborough Castle was a poignant reminder of the power of diplomacy to transform conflict and division into long-term peace and co-operation. 'By harnessing Northern Ireland's experience, we hope to support partners in the Western Balkans to overcome the challenges of the past through meaningful reconciliation and help build a safe and prosperous future,' he said. 'As part of the plan for change, this Government is committed to strengthening partnerships with Europe, ensuring strong foundations of economic stability, secure borders and national security.' Secretary of State for Northern Ireland Hilary Benn said the region was a legacy of hope. 'Northern Ireland's experience of securing peace through the Good Friday Agreement after decades of conflict has set a powerful example of reconciliation to the world,' he said. 'This provides a legacy of hope as well as practical experience which I believe will prove invaluable to our Western Balkans partners as they travel a similar path to peace and prosperity. 'As a long-standing forum for peace-building and politics, it is fitting that Hillsborough Castle has been chosen to host this significant international event.' Laura McCorry, head of Hillsborough Castle, added: 'For centuries, Hillsborough Castle has been a place where people come together to shape a shared future. 'The castle stands as a living testament to the power of dialogue and reconciliation in a place where peace has been hard won. 'We hope it will provide an inspiring setting for the meeting and look forward to hosting the ministers this autumn.' The summit will take place while the UK continues a role in security in Kosovo where it has maintained a presence through Nato's KFOR mission since 1999. Since the election last year, the UK has stepped up engagement with Western Balkans countries to deliver on the plan for change, including breaking people smuggling networks exploiting the region as a gateway to Europe. According to the Government, during 2024 alone, more than 55,000 people were trafficked to other countries along routes through the Western Balkans. A joint agreement on organised immigration crime was signed with Serbia during Mr Lammy's visit to the region in April, when he also visited Kosovo. The Foreign Secretary also visited Bosnia and Herzegovina in May amid political instability in the country, part of the UK's increased activity and engagement in the Western Balkans.
