Broadcom's $61 Billion VMware Buyout Hit by EU Court Challenge
The Cloud Infrastructure Services Providers in Europe, or CISPE, filed a legal complaint at the EU General Court on Thursday, arguing the European Commission failed to impose any conditions to prevent Broadcom abusing its market power.
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20 minutes ago
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Trump news at a glance: president unleashes slew of new tariff rates for trading partners
Donald Trump has signed an executive order placing tariffs on dozens of US trading partners just hours before the 1 August deadline he set for deals to be done. The new tariffs, the next step in his trade agenda that will test the global economy, are set to go into effect in seven days. The extension reflects the government's need for more time to harmonize the tariff rates, AP reports, according to a senior official who spoke to reporters on condition of anonymity. The order applies to 68 countries and the 27-member European Union. Rates were set at 25% for India's US-bound exports, 20% for Taiwan, 19% for Thailand and 15% for South Korea. Trump also increased duties on Canadian goods to 35% from 25% for all products not covered by the US-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal. Trump had threatened on Wednesday that Ottawa's move to recognise a Palestinian state would make agreeing a trade deal 'very hard'. Asian shares fell on Friday after the tariffs announcement. Read on for more on tariffs and other key US politics news of the day: Trump imposes tariffs of 10% to 41% on dozens of countries, hours before deadline US president Donald Trump has signed an executive order imposing reciprocal tariffs ranging from 10% to 41% on imports from dozens of countries and foreign locations, as he extended the deadline for a tariff deal with Mexico by another 90 days. Rates were set at 25% for India's US-bound exports, 20% for Taiwan and 30% for South Africa ahead of Trump's self-imposed deadline to strike trade deals with countries around the world by 1 August. Brazil's tariff rate was set at 10%, but a previous order signed by Trump placed a 40% tariff on some Brazilian goods, to punish the country for prosecuting its former president, Jair Bolsonaro, for trying to overturn an election he lost and inspiring his supporters to storm the seat of government. Separately, the White House announced that Canadian imports will face tariffs of 35%, not the current 25%. Trump had threatened on Wednesday that Ottawa's move to recognise a Palestinian state would make agreeing a trade deal 'very hard'. Read the full story Trump signs order increasing tariffs on Canadian goods from 25% to 35% Donald Trump signed an executive order on Thursday increasing tariffs on Canadian goods imported to the United States from 25% to 35%. The new import tax rates goes into effect on Friday, according to a White House factsheet. The tariff would cover all products not covered by the US-Mexico-Canada trade agreement. Goods transshipped to another country to evade the new tariffs would be subject to a transshipment levy of 40%. The decision comes after months of tariff threats from the Trump administration, and escalating trade tensions that have sowed anger in Canada. Read the full story Trump threatens drug giants with crackdown over prices Donald Trump has threatened to use 'every tool in our arsenal' to crack down on pharmaceutical companies if they fail to cut drug prices for Americans within 60 days. The president wrote to executives at 17 companies on Thursday, demanding they match their US prices for prescription drugs with the lowest price offered in other developed nations. Read the full story Executive order brings back presidential fitness test in schools Donald Trump signed an executive order on Thursday to bring back the presidential fitness test, a series of physical tests for schoolchildren in the US that was in place for decades but suspended 12 years ago to focus less on competition and more on healthy lifestyles. Read the full story Hegseth aides used polygraphs against colleagues Senior aides to the defense secretary, Pete Hegseth, conducted polygraphs on their own colleagues this spring, in some cases as part of an effort to flush out anyone who leaked to the media and apparently to undercut rivals in others, according to four people familiar with the matter. Read the full story Fema denies grants to Kentucky counties ravaged by storms The Federal Emergency Management Agency (Fema) denied requests for three Kentucky counties affected by severe storms last spring, and deemed the state ineligible for hazard mitigation grants that would help prepare for future disasters. Read the full story Trump to build 'beautiful' $200m ballroom at White House The White House will soon begin construction of a new $200m ballroom to be ready before Donald Trump's term ends in early 2029. Press secretary Karoline Leavitt said the building will be 90,000 sq ft and will hold up to 650 seats. It will be the latest change introduced to what's known as 'the People's House' since the Republican president returned to office in January. It also will be the first structural change to the executive mansion itself since the addition of the Truman Balcony in 1948. Read the full story What else happened today: British singer Jess Glynne says she feels 'sick' that the Trump administration was using her music to promote immigration deportations. originally sent to the state by the Trump administration to deal with protests over its immigration policies. Donald Trump evaded the question when asked if he agrees with Marjorie Taylor Greene that 'what is occurring [in Gaza] is a genocide'. Trump replied: 'Oh it's terrible what's occurring there, yeah', before repeating his complaint that 'nobody said thank you' when the US donated money to feed the people of Gaza, and his false claim that the recent donation of $30m was $60m. Reuters reports the Trump administration to Harvard informing the university it has referred been referred to the Department of Justice, to address allegations of antisemitic discrimination. Catching up? Here's what happened 30 July 2025.
Yahoo
2 hours ago
- Yahoo
Germany's Merz: will negotiate steel export quotas with US
BERLIN (Reuters) -German Chancellor Friedrich Merz on Friday said the European Union will negotiate with the United States on steel, focusing on quotas that can be exported without too high tariffs, after the two sides struck a trade deal last month. The EU's trade deal with Trump in July was greeted with a mix of relief and anger, with tariffs set at 15% for most products but negotiations continuing for certain sectors, including steel and aluminium, which carries tariffs of 50%. The task now is to work out the "fine print," Merz said in the city of Saarbruecken. "This will particularly concern quotas that we can then export without being burdened with excessive tariffs." Merz described the agreement as "painful" for the entire European industry but said the EU was not in a position to trigger a full-blown trade dispute. "There would have been only losers, and the biggest losers would probably have been us, the Europeans." Sign in to access your portfolio
Yahoo
2 hours ago
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Glenfiddich and the Balvenie's Parent Company Reports a Nearly 30% Profit Drop in 2024
It seems that tough times continues to hound the spirits industry, and scotch whisky is one category that is feeling the pain. Late last week, the family-owned company William Grant & Sons (owner of major whisky distilleries Glenfiddich and the Balvenie, as well as Milagro Tequila and Sailor Jerry Rum) reported a significant decrease in profits by nearly 30 percent in 2024. It remains to be seen how this year will play out, but that's a lot of ground to make up. According to a recent article in The Herald, WGS, which is owned by the billionaire Grant family, reported that its profits dropped by about a third in the year ending in December of 2024, and revenue was down by 6.5 percent. 'In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking,' said a rep for the company in a statement. 'Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation. This was demonstrated by the announcement of Glenfiddich's multi-year partnership with the Aston Martin Formula One team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence.' More from Robb Report A Brand-New Pebble Beach Compound Overlooking Spyglass Hill's 11th Fairway Lists for $10.9 Million One of America's Biggest Whiskey Distilleries Has Seen Its Sales Plummet Ex-Google CEO Eric Schmidt Just Dropped $110 Million on Aaron Spelling's Former L.A. Mansion Despite these challenges, Glenfiddich and the Balvenie remain in the list of top five best-selling single malts (rounded out by the Macallan, the Glenlivet, and Glenmorangie). And WGS completed the purchase of Naked Malt and the Famous Grouse this month; the latter is the best-selling blended scotch in the U.K., so presumably that will help sales figures. On the other hand, the company decided to partially pause production at its Tullamore D.E.W. distillery in Ireland this past spring, part of an ongoing trend in the whisky industry. (The company said production will resume this summer.) Of course, we are only halfway through 2025, so it remains to be seen whether these losses will continue or the course will be reversed, although the recent negotiation between the Trump administration and the E.U. resulting in a 15 percent tariff likely won't help. In the U.K., politicians are pressing him to ease the current 10 percent tariff on scotch that has been levied against the industry to the tune of about £4 million per week, according to the Independent. The situation remains fluid, but we will report back with any significant updates. Best of Robb Report Why a Heritage Turkey Is the Best Thanksgiving Bird—and How to Get One 9 Stellar West Coast Pinot Noirs to Drink Right Now The 10 Best Wines to Pair With Steak, From Cabernet to Malbec Click here to read the full article. 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
