Trump Is Losing Patience With Russia— Here's What He Could Do If He Feels 'Played' By Putin: Analyst
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Ryanair plotting to use UK-US trade deal to escape Brussels tariffs
Ryanair is plotting to bypass tit-for-tat tariffs between Donald Trump and Brussels by diverting an order of Boeing jets to Britain. Neil Sorahan, Ryanair's chief financial officer, said the airline was exploring 'plans A, B and C' for the delivery of the US-made planes as Mr Trump threatens to trigger a trade war with the EU within weeks. The US president has set an Aug 1 deadline to conclude a trade deal with Brussels, promising tariffs as high as 30pc if no agreement can be reached. The EU has drawn up its own range of possible retaliation measures in response, including tariffs on US goods. Tariffs threaten to adds millions of euros to the cost 737 Max jets ordered by Dublin-based Ryanair if Brussels decides to target aerospace. The airline is currently expecting the delivery of 29 planes by next summer. However, the carrier has a separate British division, which runs its own fleet, and Mr Sorahan suggested Ryanair could sidestep the impact by diverting orders to the UK. The UK-US trade agreement announced by Mr Trump and Sir Keir Starmer in May included a carve-out for aviation and aerospace that made aircraft and parts exempt from reciprocal tariffs. Mr Sorahan said: 'We have five airlines, including one in the UK. Under the UK-US agreement that was signed recently aircraft are exempt, and we've seen that BA are taking Boeings into the UK that are exempt. So I wouldn't rule it out.' British Airways announced a deal for 32 Boeing 787s worth £13bn in the immediate wake of the UK-US agreement. Mr Sorahan said: 'We will look and see if there are other ways of taking the aircraft. We may have to say we are not taking the aircraft in the short term, or we may look at other jurisdictions.' The UK-US trade deal was made possible by Brexit. Ryanair may benefit despite the fact that Michael O'Leary, the airline's chief executive, was one of the most vocal overseas critics of Britain's decision to break from Brussels, which he has labelled a 'car crash' and an 'abject failure.' Just 15 or Ryanair's 618 aircraft are currently registered in the UK, even though Britain is one of its biggest markets. Mr Sorahan said that if there is no US-EU deal within 10 days 'hard conversations will start,' which may include telling Boeing to keep the aircraft. Six of the planes are due for delivery next month. He said: 'We have a fixed price agreed with Boeing and if the tariffs come to pass, it's a Boeing issue. We will work with them to help them mitigate the impact of those tariffs, but we've been very clear that it's not on us. 'We don't need those aircraft until next summer. The extra aircraft coming in are to deliver growth in the summer of 2026. 'We are just accommodating Boeing by taking those aircraft early. If we did not get them until January, February, March of next year I wouldn't lose a wink of sleep.' Ryanair is especially aggrieved at the situation because the 29 planes should already have been delivered. The order has been delayed by a production slowdown at Boeing, triggered by the mid-air blowout of a door panel from a 737 Max in January last year. Mr Sorahan said that while the outcome of trade talks was 'still hugely uncertain,' he was hopeful that aircraft would be exempted from any tariffs on safety grounds. This has been the case since an international agreement in 1979. Ryanair's profit for the three months through June more than doubled to €820m (£710m), spurred by a 21pc jump in ticket prices after a slump last year. 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
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Japan's Ishiba Tries to Buy Time After Historic Election Setback
(Bloomberg) -- Japanese Prime Minister Shigeru Ishiba sought to buy time in office following a second election setback in less than a year. But whether he stays days, weeks or even months, Sunday's vote made clear that his Liberal Democratic Party needs an overhaul to stay relevant. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Ishiba on Monday vowed to remain in his job even though his LDP-led coalition finished Sunday running a government without a majority in both chambers of parliament for the first time since the party's founding seven decades ago. While it has ruled Japan for most of that period, younger voters are increasingly turning toward populist smaller parties as rising prices fuel discontent. 'The LDP is a fatigued party and it has a brand problem,' said David Boling, director at the Eurasia Group covering Japan and Asia Trade, former negotiator at the USTR. 'To be blunt I think many Japanese and many Japanese voters see it as a party of old men who are out of touch.' Although the outcome on Sunday wasn't as bad as some of the early exit polls suggested, Ishiba still failed to clear the low bar he set of retaining a majority in the upper house. That leaves him at risk of becoming yet another footnote in the revolving door of Japanese prime ministers that only managed to last for a year or so. For now, Ishiba can lean into the fact that he needs to stay on to negotiate a trade deal with the US to help Japan avoid a steep increase in tariffs from Donald Trump's administration. He cited those talks and other pressing issues at his briefing on Monday. 'I plan to put all of my efforts into finding a solution to the urgent issues we face, including the US tariffs, inflation, natural disasters, and the most complex and severe security environment since the war,' Ishiba said. Still, it looks like his days are numbered — even if he has no obvious successor right now. 'We'll see in the next day or two if the dissenters are able to gather enough people to push him out, but this can't go on,' said Tobias Harris, founder of Japan Foresight, adding that none of the opposition parties want to join a coalition with him. 'It all looks like you've got a political crisis.' Harris cited four key points a replacement would need for success: bringing back right-wing voters, appealing to a younger demographic, matching Trump at the negotiation table and rebuilding a governing coalition that can win at the ballot box. Few of the familiar names in the LDP check all four boxes, he said. The timing of any move may depend on the success of the trade talks. Ishiba said he wanted to speak with Trump and obtain tangible results in the negotiations soon. His long-time right-hand man Ryosei Akazawa is already on his way to Washington for an eighth attempt to gain traction with his counterparts in the US. Among the key sticking points is the sectoral tariff on cars and auto parts that is sending profit hit shockwaves through Japan's auto sector. Within the LDP there is already unhappiness about Ishiba's relatively neutral response to Trump's abrupt letter stipulating higher across-the-board duties of 25% from the beginning of August. 'If Ishiba has no concrete results by then the voices calling for his resignation will likely get louder,' said Katsuyuki Yakushiji, professor emeritus at Toyo University and writer of multiple books on Japanese politics. He indicated that August would likely be the make-or-break month for the prime minister. The last three LDP prime ministers who lost an upper house majority stepped down within two months, including Shinzo Abe in 2007 during his first stint as premier. Abe's departure then, may provide a rough time frame for Ishiba now. Abe lost the majority in July, tried a cabinet reshuffle in August to regain momentum then stepped down in September. That month is a common post-summer timing for the LDP to appoint and try to rally around a new leader. At the time, Ishiba was one of the LDP's fiercest voices calling on Abe to resign unless he could justify a reason for staying on. Ishiba was reminded of this comment on Monday and said he clearly remembered asking Abe to explain himself to the public as well as the party. Fast forward 18 years and it's Ishiba taking the heat. The same names in the news, a generation later. The opposition gains in the election show voters are wanting something different. Ishiba is the leader the LDP chose, but he's not the choice of most members of the public. And they seek a sales tax cut to ease the pain of inflation they never asked for either. While the Constitutional Democratic Party came second as the biggest opposition party offering to address the tax issue, many younger voters opted for the Democratic Party for the People's and its pledge of more take-home pay for working age people. Harder conservatives drifted to Sanseito and its 'Japanese First' message, though support remained highly localized around areas with high concentrations of foreigners or as a kind of protest vote in the proportional representation segment of the election. Former Prime Minister Fumio Kishida is among the LDP members who might check a couple of the check boxes cited by Harris, while Sanae Takaichi, the policy hawk who lost out to Ishiba in last year's party shootout, might seem an obvious choice to win back right-wingers. But both would give the impression of looking at the rear-view mirror. Takaichi would likely more look like Abenomics II, than a move forward. Instead the party should look at younger guns such as conservative former Economic Security Minister Takayuki Kobayashi or Shinjiro Koizumi, the 'rice minister' whose quick action has helped cool prices of the nation's staple, according to Eurasia's Boling. In Koizumi's case, he also inherits some reformist cache from his father Junichiro, a party maverick who helped re-brand the party a quarter century ago, something the party needs to do again now. 'I think that brand needs to be a face of a younger LDP member. Is that Kobayashi? Is that Koizumi?' said Boling. 'I think it's probably more Koizumi than Kobayashi.' --With assistance from Yuko Takeo. (Adds analyst comments.) 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Alcoa halts Canada growth projects amid US tariffs pressure
US-based aluminium company Alcoa has halted growth projects in Canada citing the impact of US tariffs, reported Bloomberg. The negotiation deadline for a new economic and security deal between the countries is 1 August. Alcoa is contemplating requesting aid from the Canadian Government to sustain its aluminium operations in Quebec. CEO Bill Oplinger said in an interview: "The profitability of Quebec is severely impacted. 'The longer this goes, the more damage it will do to the competitiveness of the Quebec assets – and the Canadian Government understands that.' The tariffs, aimed at bolstering US manufacturing, are paradoxically undermining Alcoa, a significant US aluminium producer with substantial Canadian operations. Despite the company's robust domestic production, Alcoa relies on its three smelting and casting facilities in Quebec to meet US demand. However, the tariffs have forced the company to redirect shipments intended for the US to other markets. "We are doing everything we possibly can to ship tons that are normally destined for the US to other parts of the world," added Oplinger. Following an earnings report that showed an additional $115m in tariff-related costs for the second quarter, Alcoa is considering lobbying for support from both the Canadian federal and Quebec governments. The trade turbulence has affected numerous metal producers since the US import tariffs on steel and aluminium were increased, with Rio Tinto also reporting significant tariff-induced costs. Alcoa's executives are now scrutinising capital investments in Quebec, with growth projects on hold pending tariff resolution. The company is also preparing for potential tariff costs from Brazil, where it sources alumina, by considering alternative supply options. "Alcoa halts Canada growth projects amid US tariffs pressure" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
