Japan's May aluminium stocks rise 3.3% m/m, Marubeni says
Aluminium stocks at three major Japanese ports rose to 331,000 metric tons at the end of May, up 3.3% from the previous month, Marubeni Corp said on Friday.
UAE seeks US trade deal to roll back Trump's steel and aluminium tariffs
Marubeni collects data from the ports of Yokohama, Nagoya and Osaka.
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Business Recorder
2 hours ago
- Business Recorder
Dollar gains against euro and yen
NEW YORK: The US dollar gained against major currencies, including the euro and yen, on Friday as markets sought safe-haven assets amid rising geopolitical tensions following an Israeli attack on Iran. Israel launched a barrage of strikes across Iran on Friday, attacking nuclear facilities and missile factories and killing a swath of military commanders. Israel said about 100 drones had been launched towards Israeli territory in retaliation, although an Iranian source denied this. US President Donald Trump, Israel's main ally, urged Iran to reach a deal on its nuclear program, suggesting that Tehran had brought the attack on itself by resisting a US ultimatum in talks to restrict its uranium enrichment. The dollar gained 0.46% to 144.14 against the Japanese yen and rose 0.23% to 0.812 against the Swiss franc , with the greenback on track to snap two straight sessions of losses against safe-haven currencies. The dollar, however, is still poised for a weekly loss against both the yen and the franc, with markets worried about Trump's tariffs. Juan Perez, director of trading at Monex USA in Washington, said the US dollar tends to gain in times of physical uncertainty and chaos including the Israel-Iran conflict, although tariffs remain the main concern among investors. 'This (Israel-Iran conflict) just landed on us but the main concern remains tariffs and obstacles to global trade,' Perez said. 'When you actually have a physical situation and potential for armed conflict to be prolonged and to escalate, the US dollar and gold jump into safe-haven assets. It's a bit of a psychological reaction.' The euro was down 0.35% at $1.1543, on track to snap four straight sessions of gains. It is on track, however, for the second consecutive weekly gain against the dollar. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.52% to 98.19, snapping two straight sessions of losses. It is still set for a second consecutive week of losses. Gold prices jumped amid safe-haven demand. Spot gold rose 1.26% to $3,425.20 an ounce. Oil prices jumped to multi-month highs, buoyed by the Israeli-Iran conflict. Brent rose 5.62% to $73.27 per barrel. US consumer sentiment improved for the first time in six months in June. The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index jumped to 60.5 this month, exceeding a Reuters poll of economist expectations. 'It's difficult to fix every single item that we are facing this year that has crushed the market's ability to believe in the US dollar,' Perez added. 'But at the same time, when it comes to the military and physical aggression or armed conflict, it seems like globally there's still a consensus that you should jump towards historically the safest assets, which is the US dollar as a currency and gold as a commodity to hold on to.'
Business Recorder
2 hours ago
- Business Recorder
Reviving growth in an age of uncertainty
EDITORIAL: Since the onset of the second Trump presidency, the global economy has been contending with the far-reaching consequences of the White House's impulsive and poorly calibrated trade policies, epitomised by the abrupt imposition of steep tariffs on major trading partners in a misguided effort to shrink the US trade deficit. The immediate aftermath saw stock markets falter, businesses brace for instability, and currency and bond markets reel from heightened volatility. Yet beyond the initial shock, one could argue that the deeper and more enduring damage stemmed from the erosion of policy predictability and a collapse in confidence in coherent governance. This climate of uncertainty has become a tangible drag on global economic growth, as underscored by last week's Organisation for Economic Cooperation and Development's (OECD) Economic Outlook report, which revised its projections downward — from 3.3 percent global growth in 2023 to an anticipated 2.9 percent through 2025 and 2026. These figures represent a notable downgrade from the organisation's March forecast — 3.1 percent for this year and three percent for next year — reflecting deteriorating confidence in the international economic landscape. The OECD has warned that this trajectory could darken further should protectionist tendencies intensify, risking higher inflation, fractured supply chains and financial market instability. We have already witnessed this dynamic in action. When the US first imposed its tariffs, several affected nations responded in kind, unleashing a damaging cycle of economic tit-for-tat. So what began as an aggressive unilateral strategy soon spiralled into a broader crisis of uncertainty, deterring investment, paralysing supply networks and casting a shadow over global markets that still hasn't abated. Beyond the turbulence caused by erratic trade policies, the OECD has sounded another urgent alarm regarding the growing strain on public finances worldwide. With government debt already at precarious levels, nations now face rising demands on other fronts: military expenditures, green energy investments and the mounting costs of aging populations, particularly in developed countries. Additionally, rising interest rates have sent debt servicing costs soaring, squeezing budgets already stretched thin. The strain is most acute for developing economies, many of which face looming debt refinancing needs amid tightening global financial conditions. Meanwhile, inflated equity valuations in major markets have left financial systems vulnerable to sudden shocks. Together, these fiscal headwinds threaten to further dampen an already faltering global recovery, transforming what might have been temporary challenges into entrenched structural weaknesses. In its report, the OECD has provided a policy roadmap for restoring economic stability, which emphasises four critical interventions. Firstly, it has advocated for a return to cooperative trade relations, with a concerted effort to reduce tariffs and ease tensions. Avoiding further trade fragmentation is paramount as this would provide the surest foundation for recovery. Secondly, central banks should remain vigilant against inflation while preparing to ease policy rates once conditions permit, provided trade tensions don't escalate and inflation expectations remain stable. Thirdly, on the fiscal front, governments must ensure that public debt remains on a sustainable path. They must demonstrate the political courage to implement credible medium-term plans, streamlining inefficient expenditures, improving tax systems and targeting support where it matters most. Without such reforms, many nations risk being unprepared when the next crisis strikes. Finally, the OECD has called for boosting investment levels as that will be instrumental to reviving economies and improving public finances. Chronic underinvestment has proved to be a structural drag on growth, so coordinated efforts to remove barriers to both private capital formation and public infrastructure development have become essential. Ultimately, what's needed is collaborative global action on trade, disciplined fiscal stewardship and a return to pragmatic, data-driven policymaking. Ideological rigidity and protectionist impulses will only exacerbate current challenges and delay meaningful recovery. Copyright Business Recorder, 2025
Express Tribune
6 hours ago
- Express Tribune
Trump and ancient Chinese wisdom
The writer heads the independent Centre for Research and Security Studies, Islamabad. He is currently a visiting Research Fellow at Fudan University, Shanghai Listen to article Is Donald Trump the present day manifestation of the ancient Chinese businessman who enjoyed the least of respect in society? A direct comparison may sound unfair to the president, but his fixation on tariffs – seemingly rooted in arrogant nationalism – has prompted many in China to recall how ancient Chinese emperors and philosophers viewed businessmen. The falling out of Trump and Elon Musk – two powerful businessmen – also perhaps offers the latest illustration of that Chinese wisdom on businessmen's propensity to be self-righteous, arrogant and self-serving when the situation so demands. When Trump, a businessman turned politician, intensified his pursuit of increased tax revenues by imposing customs duties on a wide range of US imports from various global sources, he elicited a reaction from even the most esteemed traditional partners, such as the European Union and India. While Trump's intentions to revitalise the US economy and achieve 'Make-America-Great-Again' resonated with many, his actions evoked a comparison in China to the behaviour of ancient Chinese businessmen. These individuals were renowned for their unwavering pursuit of personal gain, often disregarding societal norms and values. This is how businessmen were viewed in general. Within the traditional Chinese cultural hierarchy, the Emperor of course stood above everybody else, with the absolute authority. All others – the citizens of the empire – however, were divided into four distinct classes. While businessmen were respected for their wealth and success, their primary focus on profit was perceived as less noble than their contributions to society through learning or government service. The most esteemed members of this class were the wisemen, scholars, advisors and officials. Their invaluable contributions to the Emperor's governance were recognised through their knowledge, virtue and intellectual pursuits. Their writings and intellectual endeavours were highly valued and contributed to the state's development. The second most respected class consisted of farmers, who were responsible for cultivating crops and providing food for the population. They were regarded as the foundation of the economy, ensuring the sustenance of the entire population. Artisans, technicians, engineers and construction experts, who possessed specialised skills, were the third most esteemed class. Their contributions were instrumental in developing technical tools and facilitating daily life. The business community, comprising merchants, held a lowly position in society, regarded as the least respected class. The Emperor held a disdain for businessmen, believing they prioritised money over morality and would resort to any means, ethical or immoral, to achieve financial gain. Consequently, few businessmen sought proximity to the Emperor. While there were methods to evade the Emperor's disdain, businessmen were generally the least welcomed and least respected members of the royal court due to their perceived greed for wealth. However, this perception has shifted over time, not only in China but also in other parts of the world. Businessmen have played a pivotal role in the country's economic growth, exemplified by the billionaire founder of Ali Baba, Jack Ma. The concept of 'Chinese businessman wisdom' has emerged, referring to the practical, astute, and often pragmatic approach to business that is highly esteemed by both Chinese and international audiences. The traditional hierarchical structure has undergone a gradual softening, and various professions, including business, are now recognised for their unique contributions to society. The contemporary emphasis on economic development has fostered a more positive attitude towards business and entrepreneurship. The government actively encourages entrepreneurship and private enterprise, acknowledging the indispensable role of businesses in the nation's development. Nevertheless, certain actions are considered unacceptable and should not be crossed. Jack Ma's conduct a few years ago prompted many to draw upon ancient wisdom and draw parallels between the past and the present. His interactions with the central bank invariably drew comparisons to the past and often served as an example of a businessman attempting to exert control over the central bank. The context involved technical difficulties experienced by Ali-Pay, a digital payment system, in conjunction with the central bank. Upon making his public complaint, Jack Ma faced significant repercussions from the Chinese authorities. His passing remark about China's finance system was interpreted as a mockery by the Beijing authorities, leading to questions about his intentions. They expressed concern that Jack Ma might intend to control the finance system through Ali-Pay. As a result, Jack Ma encountered substantial opposition from the authorities. They argued that the Central Bank is a trusted institution – in fact a public Trust – that efficiently manages and looks after the interests of the people. If allowed to operate like a Western capital institution, entities such as Ali-Pay could potentially disrupt the system and harm the interests of the Chinese people. The official backlash compelled Jack Ma to take a break from business – a sort of sabbatical. However, he recently resurfaced with more empathetic views on China's financial system – more aligned with the national ethos as projected by the leadership. A Chinese friend described him as helpful and engaged in significant philanthropic activities – something expected of every affluent Chinese who are expected to pay back after benefitting under the system, which rests on a national spirit and ethos that keep citizens at the centre. The citizen, says the ancient Chinese philosophy, is central to a state's stability, and hence his/her welfare is paramount for the political economy. All indicators suggest the Chinese Communist Party continues to follow that golden philosophy. It's yet to be seen how much the Trump-Musk acrimony hurts the people. There couldn't have been a better validation of the Chinese definition of a businessman than the mutual public trolling both Trump and Musk indulged in following the implosion of their alliance.
