Indonesia Looking at Levy on Coal Exports to Boost State Coffers
The tariff would only be collected from miners when coal prices are high, with authorities still determining what level that would be, Energy and Mineral Resources Minister Bahlil Lahadalia told reporters after a parliamentary hearing in Jakarta on Monday. He also said a similar levy on gold exports was being considered.
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Yahoo
39 minutes ago
- Yahoo
Trump's Japan 'investment vehicle' could become trade talk template — even if nobody is sure what it is
A closely watched piece of a trade deal announced with Japan this past week is a plan for a "new Japanese/USA investment vehicle" that Trump and his team said will put $550 billion aside for the president to personally deploy to finance new investments in the US. Observers are watching this unusual provision closely amid a growing expectation it will serve as a template of sorts for remaining trade talks — even as conflicts grow over exactly what was agreed to, especially a disagreement on how profits might be split. It's just one of the questions that cropped up immediately after the president's announcement Tuesday — and appears to have only grown in the days since. Trump and his team have deployed a range of metaphors to describe this part of the deal, from a "signing bonus for the country" (Trump) to a "national security sovereign fund" (Commerce Secretary Howard Lutnick) to a "blank check" (trade adviser Peter Navarro). The Japanese are describing things very differently, suggesting that the provision is more akin to a non-legally binding agreement to look for joint investment opportunities for both US and Japanese companies. "There are a lot of details that need to be worked out here," former trade negotiator Wendy Cutler, now at the Asia Society Policy Institute, noted on Yahoo Finance on Friday. She added that the very different accounts from different sides at the very least "does not bode well for smooth implementation." Yet the bumpiness has done little to slow momentum for the idea in Trump's orbit, with a sense that similar provisions could be part of any possible deal with South Korea and perhaps Taiwan. Trump also appeared to suggest Friday that it may be what's needed to close a deal with the European Union. As he left for Scotland, the president described a deal with the EU as far from a sure thing, adding that what might push talks over the line is a pact "where they buy down their tariffs." Trump officials, for their part, stand by their side's version of the deal with Japan and often note they have an easy way to make sure things work out to their liking: the constant threat of re-raising tariffs. A White House spokesperson declined to offer further details Friday on exactly how the investment vehicle would work and what Trump meant with Friday's comments around EU negotiations, which are set to continue this Sunday while the president is in Scotland. Read more: What Trump's tariffs mean for the economy and your wallet 'Hardly the operation of the free market' What is known about the investment portion of the deal has come under growing criticism. Iain Murray, a vice president at the Competitive Enterprise Institute, called the outline "hardly the operation of the free market in action." He added that the government-run process to direct funds could quickly become messy, with "all the usual problems of state-directed, industrial policy." This piece of the deal was one that was clearly hammered out quickly and late in the negotiating process. A social media post by White House deputy chief of staff Dan Scavino earlier this week showed the president sitting across from Japan's chief negotiator Ryosei Akazawa. Before him was a paper outlining the deal, with $400 billion crossed out and replaced in pen with $500 billion. The final agreement of $550 billion was then subsequently announced. The full text of the trade agreement has not been released, but a White House fact sheet describes the plan as for "a new Japanese/USA investment vehicle" that will be "over $550 billion." "At President Trump's direction, these funds will be targeted toward the revitalization of America's strategic industrial base," the document adds, listing energy, semiconductors, critical minerals, pharmaceuticals, and shipbuilding as the five areas of focus. It's a provision Trump has likened to "a $550 billion signing bonus for the country," adding of the money, "We control the whole lot of it and it's really been great." Lutnick has gone further and described this part of the deal as "literally the government of Japan giving Donald Trump and the American people $550 billion to invest, at his direction, on things that are important to America and national security." Mounting disagreements around the deal The Japanese appear to disagree fundamentally. Japan's top trade negotiator told Reuters this week that "some people are saying Japan is simply handing over $550 billion, but such claims are completely off the mark." It all could complicate the overall pact that is set to reduce "reciprocal" and automotive tariffs on Japanese imports to the US from previously threatened levels of 25% to 15%. Murray of the Competitive Enterprise Institute added that the deal, depending on how much power the president ultimately has to direct funds, "has all the sorts of things that the founders were worried about about presidential power: the power of patronage, the capacity for corruption." It all adds up to a potential "end run around constitutional checks and balances," according to Murray. And as financial writer James Surowiecki put it on social media: "Trump and his people are pure, top-down central planners. They're just convinced they can allocate capital better than the market." Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
Business Insider
an hour ago
- Business Insider
Ghana adds two non-African countries to visa-free list in push for global ties
In a major diplomatic move, Ghana's Parliament has approved visa-free agreements with four countries - Mozambique, São Tomé and Príncipe, Colombia, and the Commonwealth of Dominica marking an expansion of the country's visa-free travel regime. Notably, the inclusion of non-African countries - Colombia and the Commonwealth of Dominica signals Ghana's deepening push to build global partnerships beyond the African continent. Ghana's Parliament approved visa waiver agreements with Mozambique, São Tomé and Príncipe, Colombia, and the Commonwealth of Dominica. The visa waivers apply to holders of diplomatic, service, and ordinary passports and aim to foster developmental partnerships. The policy aligns with Ghana's continuing commitment to regional and global integration and mobility enhancements. The visa-free agreements, as presented on the floor of Parliament by the Chairman of the Foreign Affairs and Regional Integration Committee, Alfred Okoe Vanderpuije, apply to holders of diplomatic, service, and ordinary passports. According to Vanderpuije's presentation, the waiver is expected to boost partnerships in key sectors such as education, energy, trade, tourism, and agriculture. The announcement signals Ghana's ongoing efforts to strengthen multilateral ties through enhanced mobility and cooperation. Also speaking before Parliament, Minister for Foreign Affairs and Regional Integration, Samuel Okudzeto Ablakwa, stated that the visa waivers will not lead to immediate or direct revenue losses. While acknowledging that visa fees will be waived, Ablakwa noted that the broader economic benefits, particularly in trade and tourism, are expected to significantly outweigh any potential fiscal impact. He described the initiative as part of a long-term strategy to deepen bilateral cooperation and unlock shared socio-economic advantages. Ghana's move to enable visa free travel Just before leaving office, Ghana's former President, Nana Addo Dankwa Akufo-Addo, approved visa-free entry for all African nationals making Ghana the fifth African country to remove visa requirements for holders of African passports. The decision marked a significant step toward regional integration, aligning with the African Union's goal of free movement across the continent. Since assuming office in January 2025, President John Dramani Mahama's administration has not only embraced this legacy but moved to deepen Ghana's commitment to open-border diplomacy. In a bold expansion of the visa-free policy, the Mahama-led government recently extended visa-free access to non-African countries which includes São Tomé and Príncipe, Colombia, and the Commonwealth of Dominica. This strategic outreach reflects Ghana's ambition to position itself as a gateway to Africa, while also strengthening South-South cooperation and economic diplomacy beyond the continent. The inclusion of these countries—two from Latin America and two from Africa signals Accra's broader vision to foster global partnerships, boost tourism and trade, and enhance Ghana's soft power on the world stage. Officials close to the policy suggest that more countries may be added in the coming months, especially those with strong bilateral ties or mutual trade interests with Ghana. The move is also expected to encourage reciprocal agreements, allowing Ghanaian travelers greater ease of movement globally. Together, these efforts position Ghana as a leader in Africa's mobility agenda—championing integration not only within the continent but also building new bridges with emerging partners across the Global South.
Yahoo
an hour ago
- Yahoo
In his 20s, the boss of this 4,100-employee Fortune 500 company tried to refuse a promotion to CEO—his advice to new grads is stay ‘humble'
EXCLUSIVE: Tony Cheng rose up the corporate ladder at Reinsurance Group of America by embracing challenging roles early and credits his steady, decades-long career growth to continual learning, humility, and a willingness to take on responsibility. His leadership helped expand RGA's presence in Asia and beyond, encouraging individuals looking to lead companies to always be open to continued growth. It's rare to be offered a big promotion and turn it down, but it's even rarer to warn superiors you don't feel prepared for the role and be appointed anyway. Yet that's precisely what happened to Reinsurance Group of America boss, Tony Cheng, in his early years with the business. Cheng has worked his way up the ranks of RGA over the past three decades, helping grow the company to its current position of $3.9 trillion of reinsurance covering active policyholders. In 2025, RGA announced a landmark $1.5 billion deal with Equitable to reinsure $32 billion worth of life insurance policies, securing its place as an industry leader and expected to boost earnings for quarters come. Sitting down for an exclusive interview with Fortune this summer, Cheng reflected on that all-important promotion to CEO, and the value of staying humble even in the C-suite. The following has been condensed and edited for clarity. Tony, in an era where job-hopping is often seen as the fast track to career growth, you've chosen a different tactic—working up through RGA since 1997. Where did your work ethic come from, and what's inspired your long-standing commitment to the company? I was born in Hong Kong, and my parents—both teachers—felt for the future of their four kids (of which I was the youngest) Australia would provide the Western education they wanted. So I grew up in Australia from nine months to the age of 20 and didn't travel overseas much. My parents worked incredibly hard. Mom looked after the four kids and Dad unfortunately had to give up his love for teaching because it just wouldn't pay the bills. Eventually they opened up small businesses and then we, the four kids, on the weekend would go work there—12 hour days—and didn't think otherwise. That really bred in the sacrifice of the parents, the hard work, all things I'd wish to pass onto my kids. Growing up as many of us in a Western country but very Asian family do, I think I went to Asia once in my life, so [I took] an opportunity to join RGA in 1997 in Malaysia. Between 1999 and 2002 you returned to the States to earn an MBA while working for RGA, before leaving to head up the Hong Kong office. When you arrived, you had a team of 10. The Asia Pacific region now has more than 1,000 employees and revenues of $4 billion. Are there untapped career opportunities in emerging markets as opposed to progressing in established regions? We had a very small operation, but we were actually covering about 500 million people. It was Hong Kong and Southeast Asia so Malaysia, Thailand, all those countries. I went there as the actuary, and a year and a half later they promoted me to be the CEO of that business. It was daunting, right? The first time I was asked to take it by my boss, I sort of said, 'No, I'm too young.' At the time I was 29. He ignored that. The equation in my mind was I've probably got a 10% chance of success—and that would be great—or a 90% chance of failure, but hey, I'm gonna learn a hell of a lot. I had no mortgage, no kids, so just wanted to learn. Maybe that instinct, that desire and drive to keep learning was from my parents being teachers. In its latest financial results RGA reported revenues of $22.1 billion. How has the start-up mentality you learned in Asia helped grow the business globally? We built that business up with incredible hard work. I'd joke internally that once every month or so pest control would come in, and that meant we could go home at 5 o'clock because what else were we going to do with ourselves? That was the spirit. In the early days, you solve problems. I'd say to the team: 'Let's just try. We know it's really hard, but let's just try.' In the U.S., people usually don't create new products or create new things because the market's so big, a lot of it's already played out and it's been created. Any good idea has been thought of, and that's truly okay. It's actually more connecting the dots in the U.S., but with a drive to not just settle on: 'Hey, here's the market, we want a share of it' it's a drive to create new things or a new combination of things so that we [can] increase the pie and share in that greater value creation. That's always been in the company spirit, it was just really about bringing that out again to the forefront. Like a lot of other Fortune 500 CEOs we speak to, you clearly have a love for learning. In a world where AI is expected to disrupt the labor market, what are the skills you're looking for in new talent? I can only think of what I advise my son, who's in his second year of college. As the younger generation already knows, AI is gonna accelerate, and therefore number one they've absolutely got to be able to use it and partner with it. Ultimately AI, one would think, is gonna replace whatever is mathematically easier to replace. Had a conversation at one of the town halls with some risk professionals in the U.S. last week and I said all those soft skills really matter, you've still got to learn the hard skills, you've got to understand your subject matter expertise regardless of technology, but increasingly all those abilities to interact, to communicate, to join the dots, to be able to understand information, communicate it, and just put those dots together is the stuff that's gonna be obviously harder for AI to replicate. Maybe it will one day, but then you've just got to keep elevating yourself. So, what is that a lesson of? It is a lesson of continually adapting, continually learning, a bit like a sports person. When they've lost their passion to play and fight, it's time to retire. For me, when I've lost that passion to learn and grow, you're probably not gonna give it your full go, hence maybe the learning really just keeps me going. It's not like I ever said, 'Hey, I want to be the CEO of the company.' I was so far away, I just wanted to be treated right and enjoy the journey and the growth, So the lesson to individuals is you've just got to keep learning, you've got to be humble. If you're not humble, you're not gonna listen to yourself or your failings, you're gonna blame them on something else as opposed to, 'Well, what was my role in that?' so I can learn. This story was originally featured on 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
