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The Hidden Cost of Norway's $2 Trillion Fortune

The Hidden Cost of Norway's $2 Trillion Fortune

Bloomberg5 days ago
A new book argues wealth is making Norway complacent, an Austrian heiress extracts herself from the 1%, and Australia's former PM talks Trump.
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Welcome to the weekend!
Donald Trump's tariffs continue to pose challenges for manufacturers, including YKK, the world's largest supplier of a product introduced in 1893 with the name 'clasp-locker.' What product is it? Find out with this week's Pointed quiz.
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HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New Zealand
HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New Zealand

Yahoo

time18 minutes ago

  • Yahoo

HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New Zealand

HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New Zealand EROAD to launch first-ever vehicle-aware navigation application in Oceania, powered by HERE's advanced platform and vehicle-specific data. Partnership addresses critical challenges in the freight sector, including safety, productivity and compliance. Australia – HERE Technologies, a global leader in digital mapping and location data, is expanding its collaboration with EROAD, a leading provider of fleet management and telematics solutions, to power EROAD's first vehicle-aware navigation application for Oceania. The solution will be available in Australia and New Zealand and is designed to enhance driver safety, fleet efficiency and regulatory compliance. The new solution will be built on the HERE platform, leveraging advanced routing services and truck-specific data. This deepened partnership reflects both companies' shared commitment to delivering innovative transport solutions tailored to the needs of commercial vehicle and fleet operators globally. By combining HERE's location intelligence with EROAD's operational expertise, the partnership aims to improve delivery accuracy, simplify route planning, and elevate the day-to-day experience for both drivers and fleet managers. Built for Fleets, Designed for Drivers EROAD's new vehicle-aware navigation application draws on key capabilities from HERE WeGo Pro, a mobile-first, professional-grade application that transforms centrally planned routes into real-time, turn-by-turn guidance. Designed specifically for commercial fleets, the new solution offers: Truck-specific routing that considers vehicle dimensions, cargo type and road restrictions. Real-time traffic updates are refreshed every five minutes across the entire road network. Multi-stop tour planning and predictive ETAs for SLA-compliant deliveries. Offline functionality for uninterrupted service in remote areas. Driver-centric design that reduces stress and supports retention. 'Our partnership with EROAD is critical in shaping the future of truck-specific navigation in the region,' said Deon Newman, Senior Vice President and General Manager for Asia Pacific at HERE Technologies. 'With the HERE platform at its core, the vehicle-aware navigation application enables fleets to gain real-time insights, optimised truck routes, and critical alerts to prevent incidents like bridge strikes. It also helps operators remain compliant with road regulations, avoid costly fines and reduce operational risks. This level of intelligent navigation empowers fleets to operate more efficiently while enhancing safety and elevating the driver experience.' Growing Demand in Oceania for Smarter, Connected Vehicle Technologies The launch comes at a critical time for Australia and New Zealand's transport and logistics sector. According to a recent report by the installed base of fleet management systems in ANZ is projected to reach 2.7 million units by 20281, reflecting the growing demand for smarter, more connected vehicle technologies. Meanwhile, the industry faces mounting pressure from a looming driver shortage. A report by The International Road Transport Union highlights that 47% of Australia's truck drivers are over the age of 55, with more than 21% expected to retire by 20292. The country is already short nearly 28,000 heavy vehicle drivers, underscoring the urgent need for tools that can support both new and experienced drivers on the road. 'Oceania's transport and logistics sector is under immense pressure - from driver shortages to rising delivery demands and increasingly complex compliance requirements,' said Mark Davidson, Chief Product Officer at EROAD. 'With our expanded partnership with HERE, we're equipping our customers with a solution that not only helps them navigate these challenges, but also positions them to operate more safely, efficiently, and competitively in a rapidly evolving market.' To learn more about HERE's truck-optimised navigation capabilities, visit Media Contacts EROADRich Llewellyn027 523 2362 richard@ HERE TechnologiesVanessa Lee+65 9188 EROAD EROAD (NZX/ASX: ERD) is a hardware-enabled SaaS company delivering safety, compliance, sustainability and efficiency solutions for complex connected platform is used by commercial and government operators across New Zealand, Australia and North America to manage vehicles, assets and drivers with greater visibility and control. EROAD supports demanding, highly regulated fleet operations, including those moving food, concrete and aggregates, enabling them to operate smarter, safer and more sustainably. EROAD's platform is built on a foundation of regulatory expertise, having delivered the world's first GPS-based road user charging system in New Zealand, where it remains the market leader HERE TechnologiesHERE has been a pioneer in mapping and location technology for 40 years. Today, HERE's location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at 1 Fleet Management in Australia and New Zealand - 9th Edition2 Global Truck Driver Shortage Report 2024 Attachment HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New ZealandError 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

PM Carney says trade talks with U.S. may not end by Aug. 1 deadline
PM Carney says trade talks with U.S. may not end by Aug. 1 deadline

Yahoo

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PM Carney says trade talks with U.S. may not end by Aug. 1 deadline

WASHINGTON — Prime Minister Mark Carney said on Wednesday that Canada's negotiations with the United States might not conclude by Donald Trump's Aug. 1 deadline as the president added new trade measures that could further hinder some Canadian businesses. Carney said talks have been complex, comprehensive and constructive. He also said they are ongoing and cover "a broad variety of topics." "There are many areas for co-operation between Canada and the United States, including defence spending, security spending, investments, which is one of the reasons why we're having these broader discussions," Carney said at a news conference in Ottawa. Trump sent a letter to Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by Friday. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade, better known as CUSMA. The Canadian economy is also being slammed by Trump's Section 232 tariffs on steel, aluminum and automobiles. Trump on Wednesday signed executive orders for 50 per cent tariffs on semi-finished copper products starting Friday. The president, however, didn't include imports of the refined metal in his order, leaving many in the Canadian copper industry feeling relieved. In a separate order, Trump suspended de minimis exemptions — which had allowed packages worth $800 or less to ship to the United States to avoid tariffs. As part of his reasoning for the change, Trump cited the flow of fentanyl into the United States. Canadian Federation of Independent Business President and CEO Dan Kelly said suspending the de minimis exemption "is bad news for many Canadian small businesses." The federation's data shows about one-third of small Canadian exporters used the exemption to ship to U.S. consumers duty free, Kelly said in a post on social media. Pascal Chan, the vice president of strategic policy and supply chains at the Canadian Chamber of Commerce, said it adds "another layer of uncertainty for Canadian businesses exporting to the U.S.," particularly small- and medium-sized businesses. "Any increase in compliance costs and delivery delays will only serve to compound the pressure on the cross-border supply chains that have long fuelled our shared economic prosperity," Chan said in a statement. The latest trade changes comes as countries around the world are set to face staggering tariffs when Trump's deadline to make deals passes. Trump announced a deal with South Korea Wednesday which will see the country slapped with a 15 per cent tariff. The president said South Korea "will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. In apost on social media Trump said South Korea will also "purchase $100 Billion Dollars of LNG, or other Energy products." In a separate post the president also said he "concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves" but Trump didn't provide details of a tariff rate. Frameworks of deals have previously been announced for the European Union, Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — with all nations facing some level of baseline tariff. Not all the details of the deals are clear but Trump has said countries can "buy down" the tariff rate and most agreements have come with announcements of billion-dollar investments. Trump on Wednesday also escalated his threats against Brazil — which will be hit a 50 per cent duty — and India — which will face a 25 per cent tariff, plus an additional import tax because of India purchases Russian oil. Trump has been dismissive of conversations with Canada, saying it is not a priority for his administration. The president said Wednesday that America's northern neighbour is a high-tariff nation, misrepresenting Canadian duties for agriculture imports. "They've been charging our farmers 200 per cent, 300 per cent, 400 per cent for years and nobody did anything about it," Trump told reporters. Carney met virtually with his cabinet earlier Wednesday for a meeting focused largely on the situation in the Middle East. Carney said Canada is seeking the best deal for Canadians and that negotiations will continue until that is achieved. He said Dominic LeBlanc, the minister responsible for Canada-U.S. trade, will remain in Washington with senior officials "in pursuit of that goal." — With files from Catherine Morrison This report by The Canadian Press was first published July 30, 2025. Kelly Geraldine Malone, The Canadian Press 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

Trump announces trade deal with South Korea, setting tariffs at 15%
Trump announces trade deal with South Korea, setting tariffs at 15%

CNBC

time20 minutes ago

  • CNBC

Trump announces trade deal with South Korea, setting tariffs at 15%

U.S. President Donald Trump on Wednesday announced that Washington had reached a "Full and Complete" trade deal with Seoul, setting blanket tariffs on the country's exports to U.S. at 15%. Trump also said in a post on social media platform Truth Social that South Korea will "will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President." South Korea's President Lee Jae-myung said in a Facebook post that his country had concluded the tariff negotiations with the United States after "gathering diverse opinions and refining our strategies," according to a Google translation of his statement in Korean. Lee said the $350 billion fund "will play a role in facilitating the active entry of Korean companies into the US market in industries where we have strengths, such as shipbuilding, semiconductors, secondary batteries, biotechnology, and energy."

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