Fish Farmer Grieg Exits Canada in $990 Million Deal With Cermaq
After divesting the operations in Finnmark and Canada, on a cash and debt-free basis, Bergen, Norway-based Grieg will maintain its 'strong position' in Rogaland with a guided harvest volume in 2025 of 30,000 gutted weight tonnes, it said on Thursday. It aims to drive further growth in the region through its post-smolt strategy, where young fish are added to the sea when they are more mature than is normally done in fish farming.
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Yahoo
23 minutes ago
- Yahoo
Morning bid: 'Tariffs - use this version, please'
A look at the day ahead in European and global markets from Stella Qiu: It is tariff deadline day and President Donald Trump delivered by slapping fresh levies on imports from dozens of countries, including those that do not have a trade deal yet. Rates were set at 35% for Canada, 25% for India, 20% for Taiwan and 19% for Thailand. Switzerland got a whopping 39% -- one of the steepest -- raising the question: what's Trump got against the Swiss? Not buying enough American chocolate or watches? The big day comes after months of posturing, meetings, delays and truces, which prompted some investors to question what was a real threat and what was a bluff. Indeed, there is still much to be resolved. Arguably, most levies are lower than those threatened on April 2, which back then sent markets into a tailspin. Plus the big trade deals with Japan and the European Union have been reached while talks with China and Mexico are still ongoing. That is probably why market reaction this time has been much more muted. Sure, most Asian shares fell, but only modestly. South Korea is an exception, tumbling over 3%, in part due to domestic tax cuts being rolled back. Taiwan's president said the 20% levy is only temporary and is expected to be reduced further when a deal is reached. Wall Street and European shares did not seem to be too bothered by the tariff news. EUROSTOXX 50 futures slipped 0.3%. Both Nasdaq futures and S&P 500 futures fell 0.2%, thanks to a 6% tumble in Amazon after its earnings failed to meet lofty expectations. Now, with the tariff news out of the way, euro zone flash CPI is due later in the day and expectations are for a slight easing to 1.9% in July from 2.0% in annual terms. Markets have only priced in half a cut from the European Central Bank by early next year. And then it's all about waiting for payrolls, which will be pivotal for hopes for a rate cut from the Federal Reserve in September, which is now priced at just 40%, way off 75% a month ago. Forecasts are centred on a 110,000 rise in July, while the jobless rate likely ticked up to 4.2% from 4.1%. Any upside surprises could price out the chance of a move next month, giving dollar bulls another reason to rally. The greenback is headed for the best week - with a gain of 2.5% against its peers - in nearly three years, solidifying its recent uptrend from a three-year low. It has found support from a hawkish Fed that has held off policy easing on tariff risks. And indeed, the Fed's preferred gauge of inflation came in a tad hotter overnight, showing some tariff impact. Key developments that could influence markets on Friday: -- Euro zone flash CPI for July -- U.S. payrolls for July, ISM Manufacturing survey Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
CNBC
26 minutes ago
- CNBC
Gold heads for weekly loss on stronger dollar
Gold prices traded flat on Friday, but were on track for a weekly loss as pressure from a stronger dollar outweighed support from trade uncertainty caused by U.S. tariffs. Spot gold was steady at $3,287.65 per ounce, as of 0242 GMT. Bullion is down 1.5% so far this week. U.S. gold futures eased 0.3% to $3,337.20. The dollar index hit its highest level since May 29, making gold more expensive for other currency holders. "Gold has been in a $3,250 to $3,450 range for about two months now and we see it heading towards the bottom end of the range and perhaps breaking it," said Marex analyst Edward Meir, adding that the dollar's strength was driven by the Federal Reserve's hawkish stance, which also weighed on the bullion. The Fed held interest rates steady in the 4.25%-4.50% range on Wednesday and dampened hopes for a September rate cut. Trump signed an executive order on Thursday imposing "reciprocal" tariffs ranging from 10% to 41% on imports from dozens of countries and foreign locations ahead of a Friday trade deal deadline. He increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve to negotiate a broader deal. "If various countries cannot renegotiate these tariff rates lower, we could see prices move higher again if trade tensions increase," Meir said. Meanwhile, U.S. inflation increased in June as tariffs on imports started raising the cost of some goods. Focus now shifts to U.S. jobs data due later in the day for more cues on Federal Reserve's rate-cut path. Gold thrives in a low-interest rate environment as it is a non-yielding asset. Spot silver fell 0.6% to $36.53 per ounce, platinum was down 0.2% to $1,291.55 and palladium held steady at $1,191.95. All three metals were headed for weekly losses.
New York Times
26 minutes ago
- New York Times
Trump Gives Mexico a Reprieve but Slams Canada With Higher Tariffs
As President Trump rolled out his latest round of tariffs on Thursday, he fell again into what has become a familiar, if surprising, pattern — favoring Mexico and stiffing Canada. Even as he announced sweeping tariffs for much of the world, Mr. Trump offered Mexico a 90-day reprieve, pending further negotiations. Then for Canada, America's largest export market, he raised general tariffs to 35 percent from 25 percent. Even worse for Canada, its new rate went into effect shortly after midnight, while new tariffs against other nations will take effect in a week. The reasons for the imbalance in the president's treatment of America's two closest trading partners was not immediately apparent. But many Canadians believe that it is part of Mr. Trump's campaign to force Canada's annexation as the 51st state through economic chaos. Prime Minister Mark Carney of Canada was conspicuously silent on Thursday after Mr. Trump signed the executive order implementing tariffs. But the president's decision to go ahead with higher tariffs on Canada is a blow to the Canadian leader, a political neophyte who was elected to office for the first time just over three months ago. In June, when Mr. Carney hosted the meeting of leaders of industrialized nations known as the Group of 7, he announced that a trade deal would be reached with Mr. Trump by July 21. And not just any deal. Mr. Carney said that his objective was to eliminate all U.S. tariffs against Canada and return to the free-trade system created by the United States, Mexico and Canada in an agreement Mr. Trump signed during his first term as president. Want all of The Times? Subscribe.
