Renault Takes $11 Billion Non-Cash Loss in Nissan Account Change
The new accounting method — which will align the value of the stake with Nissan's share price — has no cash impact and won't affect the calculation of Renault's dividend, the French automaker said Tuesday. Nissan's shares have slumped 38% in the 12 months.
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Fox News
a minute ago
- Fox News
EU trade deal a 'homerun' for Trump and American people, Republican strategist says
A 'Fox News Live' political panel reacts to President Donald Trump's announcement of a trade deal with the European Union.
News24
a minute ago
- News24
Trump and EU's Von der Leyen announce deal hours before deadline
US President Trump and EU chief Von der Leyen announced an agreement just before the 1 August deadline that would have triggered across-the-board 30% US tariffs on EU goods. The deal sets a uniform 15% tariff on EU exports to the US. As part of the agreement, the EU committed to purchasing $750 billion worth of US energy and investing an additional $600 billion in America. US President Donald Trump and EU chief Ursula von der Leyen on Sunday announced they had reached a deal to end a transatlantic tariffs standoff and avert a full-blown trade war. The agreement came as the clock ticked down on an 1 August deadline for the European Union to strike a deal with Washington - or face an across-the-board US levy of 30%. 'We have reached a deal. It's a good deal for everybody,' Trump told reporters following a high-stakes meeting with Von der Leyen at his golf resort in Turnberry, Scotland. Trump told reporters the deal involved a baseline levy of 15% on EU exports to the United States - the same level secured by Japan - including for the bloc's crucial auto sector, which is currently being taxed at 25%. 'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15%,' Trump said. READ | Trump complains EU not offering fair trade deal, Japan being 'tough' too He also said the bloc had agreed to purchase '$750 billion worth of energy' from the United States, as well as $600 billion more in additional investments in the country. Negotiating on behalf of the EU's 27 countries, Von der Leyen's European Commission had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and services. 'It's a good deal,' the EU chief told reporters, sitting alongside Trump following their hour-long talks. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic,' she said. No carve-outs The EU has been hit by multiple waves of tariffs since Trump reclaimed the White House. It is currently subject to a 25% levy on cars, 50% on steel and aluminium, and an across-the-board tariff of 10%, which Washington threatens to hike to 30 in a no-deal scenario. Brussels has been focused on getting a deal to avoid sweeping tariffs that would further harm its sluggish economy - with retaliation held out as a last resort. But the deal, as outlined by Trump, appeared to fall short of EU expectations. The bloc had been pushing hard for tariff carve-outs for critical industries from aircraft to spirits, and its auto industry, crucial for France and Germany, is already reeling from the levies imposed so far. Any deal will also need to be approved by EU member states - whose ambassadors, on a visit to Greenland, were updated by the commission on Sunday morning. They were set to meet again after the deal struck in Scotland. Trump said pharmaceuticals - a key export for Ireland, which the bloc has lobbied to shield - 'won't be part of' any deal. 'We have to have them built, made in the United States,' the president said. This month, Trump suggested the possibility of a 200% tariff on drugs imported into the United States, which would deal a crushing blow to the sector in Europe. The EU had also hoped for a compromise on steel that could allow a certain quota into the United States before tariffs would apply, but Trump ruled that out, saying steel was 'staying the way it is'. Auto sector While 15% would be much higher than pre-existing US tariffs on European goods, which average around 4.8%, it would mirror the status quo, with companies currently facing an additional flat rate of 10%. Had the talks failed, EU states had greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from 7 August. Brussels was also drawing up a list of US services to potentially target. Beyond that, countries including France say Brussels should not be afraid to deploy a so-called trade 'bazooka' - EU legislation designed to counter coercion that can involve restricting access to its market and public contracts. Trump has embarked on a campaign to reshape US trade with the world, and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by 1 August. US commerce secretary Howard Lutnick had said on Sunday the 1 August deadline was firm and there will be 'no extensions, no more grace periods'.
Associated Press
3 minutes ago
- Associated Press
Delayed start at Belgian Grand Prix highlights Formula 1's challenge with racing in the rain
Of all the thousands of pieces of equipment that Formula 1 hauls around the world, few are used less often than the full wet tire. They stayed piled up in stacks, not on the cars, on Sunday as drivers sat out a rain delay of more than an hour to the start of the Belgian Grand Prix. It wasn't because F1 cars lack grip in heavy rain. Manufacturer Pirelli says the full wet tires can cope with that. The problem is that drivers behind can't see through the spray, and the first attempt to start Sunday's race on time illustrated the problem. Even crawling around at formation lap pace with only Lando Norris and the safety car ahead, eventual winner Oscar Piastri said he 'couldn't see a thing,' adding, 'you can only imagine what it's like for the guys at the back.' When the race started, it was behind the safety car at low speed before the all-clear to go racing. Like all of the drivers, Piastri was using the intermediate tires, which are recommended for light rain or a drying track, when he eventually passed Norris for the win. 'The past few years, particularly here, we've given the (governing body) FIA feedback that we would much rather be on the safe side than risk anything,' Piastri said. 'If you were to be picky, maybe we could have done one less formation lap (behind the safety car), but in the grand scheme of things, if that's one lap too early, is it worth it? No.' Visibility is a particular concern at Spa, a fast track with a history of serious accidents. They include Anthoine Hubert's death in a Formula 2 crash in dry conditions in 2019 and another fatal accident claiming the life of Dutch teenage driver Dilano van 't Hoff in a junior series in the rain in 2023. 'I have to say that on a track like this, with what happened historically, I think you cannot forget about it. For that reason I would rather be safe than (start) too early,' said Charles Leclerc, who finished third Sunday and who was friends with Hubert since childhood. Under the current F1 design regulations in place since 2022, cars have ground-effect aerodynamics which use the floor to generate grip but can also throw up more spray. If there's enough rain for the full wet tires to be faster than the intermediates, it's likely the race will be stopped because of poor visibility anyway. There was a reminder of the importance of visibility this month at the British Grand Prix when Isack Hadjar collided with Kimi Antonelli's car from behind while driving in the Italian's trail of spray. 'I didn't see him,' Hadjar said. 'He just appeared out of nowhere, man. Oh my God.' ___ AP auto racing:
