India's GST reform ‘much needed' but can't offset Trump's 50% tariffs, warns Saurabh Mukherjea
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Boeing in Talks to Sell as Many as 500 Planes to China
(Bloomberg) -- Boeing Co. is heading closer toward finalizing a deal with China to sell as many as 500 aircraft, according to people familiar with the matter, a transaction that would end a sales drought that stretches back to US President Donald Trump's last visit in 2017. The two sides are still hammering out terms of the complex aircraft sale, including the types and volume of jet models and delivery timetables, according to one of the people, who asked not to be identified discussing confidential matters. Why New York City Has a Fleet of New EVs From a Dead Carmaker Trump Takes Second Swing at Cutting Housing Assistance for Immigrants Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone Neom's Desert Ski Resort Strains Saudi Prince's $1.5 Trillion Plan The mega sale to China, years in the making, is contingent on the two nations defusing the trade hostilities that hark back to Trump's first term in office — and could still fall apart, they said. Chinese officials have already started consulting domestic airlines about how many Boeing aircraft they'll need, the people said. The transaction taking shape is similar in scope to the order for as many as 500 jets that China's central planners have struck with Airbus SE, but haven't yet announced, they added. The Boeing order is expected to be the centerpiece of a trade agreement that would benefit both Trump and China's President Xi Jinping, the culmination of long-running and sometimes contentious negotiations. The nation's leaders were close to a similar announcement in 2023, but then-President Joe Biden and Xi left a San Francisco summit without consummating an aircraft sale. Complicating matters for Boeing is a leadership void in China. Alvin Liu, its top executive in China and a fluent Mandarin-speaker with extensive government contacts, left the company in recent weeks. Carol Shen has been named interim president of Boeing China, said people familiar with the matter. Boeing declined to comment on any potential deal or management changes. Shares of the US planemaker advanced less than 1% in New York on Thursday following Bloomberg's report, as most members of the Dow Jones Industrial Average declined. The stock had risen 27% this year amid a turnaround under Chief Executive Officer Kelly Ortberg. Aircraft orders for Boeing have figured large in US diplomacy since Trump returned to the White House in January, with nations touting new, tentative and existing deals for airplanes, which are as expensive as skyscrapers, to narrow trade imbalances with the US. The US and China have engaged in several rounds of talks since de-escalating tit-for-tat tariffs that soared to as high as 145%, but have yet to reach a final trade deal. Earlier in the summer, Xi, in a phone call, invited Trump to China at an unspecified date. One opportunity for the pair to meet is in late October, ahead of the Asia-Pacific Economic Cooperation summit in South Korea. For China, the deal would secure aircraft delivery slots that are hard to come by at both Boeing and Airbus, which are largely sold out into the 2030s. The world's second largest aviation market is expected to more than double its commercial fleet to 9,755 airplanes over the next 20 years, by Boeing's estimation, far more than China's homegrown planemaker Comac could manufacture. While Boeing slots are scarce, the company likely has some flexibility in its delivery schedule to accommodate strategic customers, Jefferies analyst Sheila Kahyaoglu said in a research note. The country's top economic planning agency, the National Development and Reform Commission, recently sought input from Chinese carriers about how many jets they want, one of the people said. Talks centered on the 737 Max series of aircraft, Boeing's popular single-aisle jet, in a sign Beijing is laying the groundwork for a major order. Boeing's last Chinese deal was unveiled in November 2017 during Trump's first state visit to China. The deal amounted to orders and commitments for 300 single-aisle and twin-aisle planes valued at $37 billion at the time. The next year, Boeing's China deliveries peaked, when a quarter of its jets ended up in the mainland. Airbus has dominated sales and deliveries to China since 2019, when the nation's regulators were the first to ground the 737 Max after two fatal accidents. Boeing has notched only 30 orders with Chinese carriers and leasing companies since the start of 2019, according to the company's website. In an interview with Bloomberg in January, CEO Ortberg was optimistic that years of talks with Beijing would finally pay off. 'We certainly hope that there's an opportunity for some additional orders in the next year with China,' he said. --With assistance from Jenni Marsh. (Updates with Jefferies comment in 12th paragraph) Foreigners Are Buying US Homes Again While Americans Get Sidelined Volkswagen EVs Outsell Tesla in Europe a Decade After Dieselgate What Declining Cardboard Box Sales Tell Us About the US Economy Survived Bankruptcy. Next Up: Cultural Relevance? Women's Earnings Never Really Recover After They Have Children ©2025 Bloomberg L.P. Sign in to access your portfolio
San Francisco Chronicle
14 minutes ago
- San Francisco Chronicle
Appeals court throws out massive civil fraud penalty against President Donald Trump
NEW YORK (AP) — An appeals court has thrown out the massive civil fraud penalty against President Donald Trump, ruling Thursday in New York state's lawsuit accusing him of exaggerating his wealth. The decision came seven months after the Republican returned to the White House. A panel of five judges in New York's mid-level Appellate Division said the verdict, which stood to cost Trump more than $515 million and rock his real estate empire, was 'excessive.' After finding that Trump engaged in fraud by flagrantly padding financial statements that went to lenders and insurers, Judge Arthur Engoron ordered him last year to pay $355 million in penalties. With interest, the sum has topped $515 million. The total — combined with penalties levied on some other Trump Organization executives, including Trump's sons Eric and Donald Jr. — now exceeds $527 million, with interest. 'While the injunctive relief ordered by the court is well crafted to curb defendants' business culture, the court's disgorgement order, which directs that defendants pay nearly half a billion dollars to the State of New York, is an excessive fine that violates the Eighth Amendment of the United States Constitution,' Judges Dianne T. Renwick and Peter H. Moulton wrote in one of several opinions shaping the appeals court's ruling. Engoron also imposed other punishments, such as banning Trump and his two eldest sons from serving in corporate leadership for a few years. Those provisions have been on pause during Trump's appeal, and he was able to hold off collection of the money by posting a $175 million bond. The court, which was split on the merits of the lawsuit and the lower court's fraud finding, dismissed the penalty Engoron imposed in its entirety while also leaving a pathway for further appeals to the state's highest court, the Court of Appeals. The appeals court, the Appellate Division of the state's trial court, took an unusually long time to rule, weighing Trump's appeal for nearly 11 months after oral arguments last fall. Normally, appeals are decided in a matter of weeks or a few months. New York Attorney General Letitia James, who brought the suit on the state's behalf, has said the businessman-turned-politician engaged in 'lying, cheating, and staggering fraud.' Trump and his co-defendants denied wrongdoing. In a six-minute summation of sorts after a monthslong trial, Trump proclaimed in January 2024 that he was 'an innocent man' and the case was a 'fraud on me.' He has repeatedly maintained that the case and verdict were political moves by James and Engoron, who are both Democrats. Trump's Justice Department has subpoenaed James for records related to the lawsuit, among other documents, as part of an investigation into whether she violated the president's civil rights. James' personal attorney, Abbe D. Lowell, has said that investigating the fraud case is 'the most blatant and desperate example of this administration carrying out the president's political retribution campaign.' Trump and his lawyers said his financial statements weren't deceptive, since they came with disclaimers noting they weren't audited. The defense also noted that bankers and insurers independently evaluated the numbers, and the loans were repaid. Despite such discrepancies as tripling the size of his Trump Tower penthouse, he said the financial statements were, if anything, lowball estimates of his fortune. During an appellate court hearing in September, Trump's lawyers argued that many of the case's allegations were too old, an assertion they made unsuccessfully before trial. The defense also contends that James misused a consumer-protection law to sue Trump and improperly policed private business transactions that were satisfactory to those involved. State attorneys said the law in question applies to fraudulent or illegal business conduct, whether it targets everyday consumers or big corporations. Though Trump insists no one was harmed by the financial statements, the state contends that the numbers led lenders to make riskier loans than they knew, and that honest borrowers lose out when others game their net-worth numbers. The state has argued that the verdict rests on ample evidence and that the scale of the penalty comports with Trump's gains, including his profits on properties financed with the loans and the interest he saved by getting favorable terms offered to wealthy borrowers. The civil fraud case was just one of several legal obstacles for Trump as he campaigned, won and segued to a second term as president. On Jan. 10, he was sentenced in his criminal hush money case to what's known as an unconditional discharge, leaving his conviction on the books but sparing him jail, probation, a fine or other punishment. He is appealing the conviction. And in December, a federal appeals court upheld a jury's finding that Trump sexually abused writer E. Jean Carroll in the mid-1990s and later defamed her, affirming a $5 million judgment against him. The appeals court declined in June to reconsider; he still can try to get the Supreme Court to hear his appeal. ___
New York Post
14 minutes ago
- New York Post
Trump vows US ban on wind and solar projects as energy bills soar: ‘Days of stupidity are over'
President Donald Trump declared war on renewable energy Tuesday, vowing the federal government will block new wind and solar projects while electricity bills across America skyrocket at twice the rate of inflation. 'Any State that has built and relied on WINDMILLS and SOLAR for power are seeing RECORD BREAKING INCREASES IN ELECTRICITY AND ENERGY COSTS. THE SCAM OF THE CENTURY!' Trump wrote in a Truth Social post. 'We will not approve wind or farmer destroying Solar. The days of stupidity are over in the USA!!! MAGA'. Advertisement 4 Trump declared war on renewable energy, vowing the federal government will block new wind and solar projects. He didn't mention that surging electricity demand from AI and data centers is a key driver behind soaring bills. AFP via Getty Images 4 'We will not approve wind or farmer destroying Solar. The days of stupidity are over in the USA!!! MAGA,' Trump wrote on Truth Social. @realDonaldTrump/TruthSocial The fiery proclamation comes as American households face brutal electricity price hikes. So far this year, electricity prices have risen between 5% and 9% — with some states and metro areas facing even higher increases. Advertisement Maine residents saw bills explode 36.3% higher, while Connecticut ratepayers absorbed an 18.4% spike and Utah families faced a 15.2% increases. The Energy Information Administration forecasts electricity prices will climb 13% from 2022 to 2025 — the fastest pace in decades. The average American household's annual bill is expected to rise by about $219 in 2025 versus 2022, to around $1,900/year. Advertisement Surging electricity demand from AI and data centers is a key driver behind soaring bills, along with aging grid infrastructure that utilities are modernizing and passing costs to consumers. Rising natural gas prices — used for power generation — add more upward pressure on rates. 4 Trump didn't mention that surging electricity demand from AI and data centers is a key driver behind soaring bills. Soonthorn – Trump's renewable energy crackdown has already delivered devastating blows to the industry. Advertisement On July 4, he signed into law the 'One Big Beautiful Bill' that kills the popular 30% federal solar tax credit for homeowners. The newly enacted law gives Americans just months to install residential solar systems before losing thousands in tax breaks. His administration also froze the $7 billion Solar for All program, a Biden-era initiative that sought to make solar power accessible to low-income Americans. Trump also slammed the brakes on new wind and solar permits on federal land. Offshore wind leasing got the axe entirely. Trump's Commerce Department escalated the renewable energy offensive in August by extending and increasing tariffs on wind turbines and components. Wind turbines now face a punishing 50% tariff rate across 407 new categories. 4 Trump also slammed the brakes on new wind and solar permits on federal land. Offshore wind leasing got the axe entirely. Thomas – Advertisement The administration has also imposed strict new permitting requirements for wind farms, causing delays, permit freezes and outright project cancellations. High-profile casualties include Idaho's Lava Ridge Wind Project and New Jersey's Atlantic Shores development. Projects that already received approval can still be reviewed or revoked under the new rules. Advertisement Trump consistently brands wind and solar as 'expensive' and 'unreliable,' arguing government subsidies burden taxpayers and drive up energy costs. But the renewable energy industry warns these policy reversals threaten thousands of jobs and could slow clean energy growth just as demand explodes from data centers, electric vehicles and artificial intelligence.
