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Minerva Foods flags potential $300m-plus revenue impact from US tariffs
Minerva Foods, one of Brazil's largest meat processors, has quantified the potential impact on revenue from President Donald Trump's tariffs. Trump exercised his pledge made in July on Wednesday (6 August) to raise import tariffs on Brazilian goods to 50% from 10%, prompting President Luiz Inacio Lula da Silva to request talks with the World Trade Organization. While some Brazilian products are exempt from the US import levies, meat, poultry and coffee are not. The same day those increased tariffs went into effect, Minerva Foods issued its second-quarter fiscal 2025 results. The meat giant said in an accompanying presentation that the impact would amount to an estimated 5% of its net revenue, which based on the full-year 2024 results would equate to around 1.71bn reais ($314.6m), in historical terms. Minerva Foods booked revenue in 2024 of 34.1bn reais. 'Based on the results of the last 12 months, the company's consolidated exposure to the US market accounted for approximately 16% of revenue, with Brazil representing around 30% of that exposure,' the company said on Wednesday. 'Therefore, Brazilian exports subject to the new tariff policy may have a maximum potential impact estimated 5% of net revenue.' However, Minerva Foods explained it may have a certain element of leverage due to its geographical diversity in meat supply to the US. 'The company hereby announces that it accesses the US market through its operations in Brazil, Argentina, Paraguay, Uruguay and Australia. 'It is worth noting that, in line with our geographic diversification strategy, exposure to the US market also takes place through our operations in Argentina, Paraguay, Uruguay, and Australia, allowing the company to maximise its ability to arbitrate between markets, reduce risks, leverage opportunities, and respond efficiently to scenario changes such as this one.' The Brazilian president said in an interview with Reuters on Wednesday that 'he saw no room for direct talks' with Trump at present, in what would amount to a "humiliation". Lula described US-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demands for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election, Reuters reported. Meanwhile, Minerva Foods said it posted revenue in the second quarter of fiscal 2025 of 13.9bn reais, an 81.6% increase from a year earlier. The company confirmed in its results presentation that it concluded the acquisition in October of assets in Brazil, Argentina and Chile from meat rival Marfrig Global Foods. It included 11 plants and a distribution centre in Brazil, a facility in Argentina, and a factory in Chile for a total consideration of 7.5bn reais. When the proposed asset deal with Marfrig was first announced in 2023, three plants in Uruguay were also included. However, that part of the transaction was subsequently blocked by Uruguay's competition regulator, La Comisión de Promoción y Defensa de la Competencia (Coprodec), in May last year. Minerva Foods then submitted a revised proposal with the antitrust authority in February this year, with the provision to sell one of the factories post conclusion of the deal. The company said in the second-quarter results presentation that it is still awaiting a response from Coprodec. Elsewhere in the latest results, Minerva Foods' EBITDA print almost doubled to 1.3bn reais from 744.6m reais a year earlier, although the margin dipped to 9.4% from 9.7%. Based on an almost 40% increase in meat volumes, net income surged to 458.3m reais from 95.4m reais. 'Minerva Foods' strong international footprint remains one of the key pillars of our performance. In 2Q-25, approximately 60% of consolidated gross revenue came from international markets, underscoring our export-oriented strategy and the competitiveness of our South American assets,' it said. "Minerva Foods flags potential $300m-plus revenue impact from US tariffs" was originally created and published by Just Food, 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. 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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Germany suspends arms sales to Israel
Germany has suspended the sale of weapons to Israel that could be used in Gaza, Friedrich Merz has announced. The German chancellor said it was 'increasingly difficult to understand' how Israel's operations in the Strip, which now include seizing Gaza City, would help achieve its aims. The European nation had been one of Israel's strongest backers until the decision by the Israeli security council on Thursday to approve Benjamin Netanyahu's plan to expand the military's control of the war-shattered enclave. 'Under these circumstances, the German government will not authorise any exports of military equipment that could be used in the Gaza Strip until further notice,' Chancellor Merz said. Israel's decision has been widely condemned by the international community, including Sir Keir Starmer, who said the move would 'only bring more bloodshed' and urged Mr Netanyahu to 'reconsider immediately'. Hamas also warned Israel that launching its new offensive would amount to 'sacrificing' the remaining hostages, most of whom are being held by the terror group in Gaza City. Mr Netanyahu, defending his government's decision, said that ordering troops into the remaining 25 per cent of the territory not currently controlled by the IDF was the only way to ensure Israel's security and finally wipe out Hamas. The move came despite a growing global outcry to end the war and protests by many in Israel who are fearful for the remaining hostages. Fighting is expected to close in on the captives' locations, a move previously considered unthinkable by Israelis. Tens of thousands of Palestinians are now bracing to be forced from their homes once again. Berlin had previously stopped short of tougher lines taken by some of its European Union allies against Israel's government and its decision is likely to further isolate Israel. Merz's government did not join announcements by Emmanuel Macron and Sir Keir Starmer that they plan to formally recognize a Palestinian state in September. Ursula von der Leyen, head of the European Commission, demanded on Friday that Israel reverse its plan for extending the military's control and the 'immediate and unhindered access' to humanitarian aid in Gaza. 'A ceasefire is needed now,' she added in a statement. The bloc has struggled to take action over the conflict in Gaza as it is split between staunch supporters of Israel - which had included Germany - and those more favourable to the Palestinians, such as Spain. But the tone now appears to be shifting in Brussels. Teresa Ribera, vice-president of the European Commission, said that Israel's approach towrads Gaza 'looks very much' like a genocide, in comments to Politico on Thursday. Belgium also announced on Friday that it was summoning the Israeli ambassador to express its 'total disapproval' of Israel's plans to take military control of Gaza. 03:16 PM BST Thanks for following our live coverage Thank you for following our live coverage of the war in Gaza. It has now ended. Here's a reminder of what happened today: The Israeli army 'will prepare to take control of Gaza City while distributing humanitarian assistance to the civilian population outside combat zones', Benjamin Netanyahu's office said in a statement early this morning Australia urged Israel 'not to go down this path' after Mr Netanyahu announced it intended to take military control of Gaza Israel's opposition leader described Mr Netanyahu's decision to take over Gaza City as a 'disaster' Sir Keir Starmer urged Israel to reconsider its plan to take over Gaza City, saying it is 'wrong' and will 'only bring more bloodshed' The Hostages and Missing Families Forum condemned Israel's plan to take over Gaza City, saying it 'only further endangers those still held in Gaza's tunnels' Germany suspended arms sales to Israel for use in Gaza We'll be back soon with more updates and analysis. 02:57 PM BST Israeli strikes target a home in Gaza City Credit: Anadolu via Reuters 02:46 PM BST Ceasefire negotiations continue Negotiators from Egypt and Qatar are working on a new deal that would involve Hamas releasing all hostages – dead or alive – in return for an end to the war in Gaza, according to reports. Israeli forces would also fully withdraw from the Palestinian territory, an anonymous source told the Associated Press. The negotiations are backed by the majority of Arab Gulf monarchies, which includes Saudi Arabia, Qatar, and the United Arab Emirates. It remains unclear what Hamas would do with its weapons. It has previously refused to disarm, which Israel insists must be a condition for ending the war. 02:27 PM BST Saudi Arabia accuses Israel of 'ethnic cleansing' Saudi Arabia has rejected Israel's plan to take over Gaza city, lambasting it for the 'starvation' and 'ethnic cleansing' of Palestinians. Riyadh said it 'condemns in the strongest and most forceful terms the decision of the Israeli occupation authorities to occupy the Gaza Strip', in a foreign ministry statement on X. It added that it 'categorically condemns its persistence in committing crimes of starvation, brutal practices, and ethnic cleansing against the brotherly Palestinian people'. 02:15 PM BST Starmer urges Netanyahu to 'reconsider' Israeli offensive Sir Keir Starmer has urged Benjamin Netanyahu to 'reconsider immediately' his plan to fully occupy Gaza. The Prime Minister said the decision to expand the Israeli military operation was 'wrong' and warned it would 'only bring more bloodshed'. He also said the move would 'do nothing to bring an end to this conflict or to help secure the release of the hostages'. Mr Netanyahu's plan to fully occupy Gaza has been approved by Israel's security cabinet. The Israeli prime minister said ordering troops into the remaining 25 per cent of the enclave not currently controlled by the IDF was the only way to ensure Israel's security and finally wipe out Hamas. 02:02 PM BST 'Palestinian Pele' killed in Israeli attack while waiting for aid A footballer dubbed the 'Palestinian Pele' has been killed in an Israeli attaack while waiting for aid in Gaza, the Palestinian Football Association has said. Suleiman al Obeid, who was born in Gaza City was killed when Israeli forces 'targeted people waiting for humanitarian aid in the southern Gaza Strip', the PFA said. He scored more than 100 goals, making him one of the most highly-rated players, the association added. He was married and had five children. 01:43 PM BST Israeli strike kills Palestinian official in Lebanon An Israeli airstrike on eastern Lebanon killed a number of people, including a senior member of a Palestinian group and his bodyguard as they were on their way to Syria, according to reports. The Thursday afternoon airstrike near the Lebanese border crossing of Masnaa killed Mohammed Wishah, a member of the central committee of the Popular Front for the Liberation of Palestine, the group said in a statement. There was no immediate comment from Israel. Senior PFLP official Marwan Abdel-Al mourned in a post on social media the death of Wishah and his bodyguard, Mufid Hussein. 'We have lost two of the most loyal comrades who gave their precious souls to freedom,' Abdel-Al wrote. 01:18 PM BST Germany is second largest exporter of weapons to Israel Germany is a major supplier of arms to Israel, along with the United States, with Berlin providing ammunition, military trucks and armoured vehicles. The two countries combined provided 99 per cent of all arms exported to Israel from 2019 to 2023, according to analysis of sales figures by German broadcaster Deutsche Welle. But the US contribution is far, far bigger than Germany's. The German part of that 99 per cent figure accounts for only around 30 per cent of arms exports, whereas the United States provides nearly 70 per cent. In other words, this decision is significant but it is not a catastrophic move, in terms of Israeli arms procurement: the Americans already provide Israel with most of their weapons. 01:02 PM BST EU chief urges Israel to reconsider Gaza control plan Ursula von der Leyen has urged Israel to reconsider its plan to take control of Gaza City, adding to growing international condemnation. 'The Israeli government's decision to further extend its military operation in Gaza must be reconsidered,' the EU chief said in a statement. 12:38 PM BST Pictured: Displaced Palestinians shelter in Gaza City 12:30 PM BST Analysis: Merz sends a strong signal to Netanyahu Germany has imposed a partial ban on arms exports to Israel in the strongest sign yet that Berlin is growing uneasy with Benjamin Netanyahu's war strategy. It is not the first time that a German government has curbed arms exports to Israel since the Gaza war began, with the previous Olaf Scholz-led coalition discreetly slowing sales in 2024. But this was a public announcement from Mr Merz, who no doubt wants to send a sign that Germany opposes Mr Netanyahu's new goal of fully occupying the Gaza Strip, which was announced last night. Germany, mindful of its own role in the Holocaust, has been extremely reluctant to criticise the Jewish state's actions in the war so far, despite the spiralling scale of civilian deaths. But Mr Merz now appears to be concerned that there is no end in sight to this war: 'The even tougher military action by the Israeli army in the Gaza Strip, approved by the Israeli Cabinet last night, makes it increasingly difficult for the German government to see how these goals will be achieved,' Mr Merz said on Friday. Berlin's embargo will only apply to exports of arms intended to be used in the Gaza Strip, which on the surface of things may seem like a de facto total ban on weapons. In practice, Israeli military forces are also heavily deployed in the occupied West Bank, suggesting that arms sales for operations there will continue. 12:11 PM BST Hamas warns Israel is 'sacrificing' hostages Hamas has warned Israel that seizing control of Gaza City would amount to 'sacrificing' the hostages that are still being held capital by the terror group. 'The decision to occupy Gaza confirms that the criminal Benjamin Netanyahu and his Nazi government do not care about the fate of their captives,' the group said in a statement. 'They understand that expanding the aggression means sacrificing them.' The Israeli military is expected to push into central areas of the Palestinian territory where the remaining hostages are still being held by Hamas. 11:52 AM BST Hamas labels Gaza offensive a 'new war crime' Hamas slammed the Israeli government's plan to take control of Gaza City as a 'new war crime', warning the operation would cost it 'dearly'. 'The Zionist cabinet's approval of plans to occupy Gaza City and evacuate its residents constitutes a new war crime that the occupation army intends to commit against the city,' the group said in a statement. 'We warn the criminal occupation that this criminal adventure will cost it dearly and will not be an easy journey.' 11:40 AM BST How many weapons does Germany sell to Israel? Germany's decision to suspend all arms sales to Israel comes after the government already halved its exports to the country last year. Export approvals for Israel dropped to 161 million euros in 2024, coinciding with a legal challenge by human rights groups concerned about the potential use of weapons in the Gaza war. In 2023, Germany approved arms exports to Israel worth 326.5 million euros, including military equipment and war weapons, a 10-fold increase from 2022. 11:36 AM BST Starmer: Gaza occupation plan will 'only bring more bloodshed' Sir Keir Starmer has urged Israel to reconsider its plan to take over Gaza City, saying it will 'only bring more bloodshed'. The Prime Minister was speaking after Benjamin Netanyahu's plan to fully occupy the Palestinian enclave was approved by Israel's security cabinet. 'The Israeli Government's decision to further escalate its offensive in Gaza is wrong, and we urge it to reconsider immediately,' Sir Keir said this morning. 'This action will do nothing to bring an end to this conflict or to help secure the release of the hostages. It will only bring more bloodshed,' he continued. It comes amid growing tensions between the UK and Israel over Sir Keir's threat to recognise Palestine unless the country agrees to a ceasefire. Israel is reportedly considering cutting security ties with the UK should Sir Keir press ahead with recognition at the United Nations next month. 11:27 AM BST Germany suspends arms sales to Israel for use in Gaza Germany has suspended arms sales to Israel for use in Gaza. Friedrich Merz, the German chancellor, said this morning he was 'deeply concerned' about the 'continued suffering of the civilian population' in the war-torn strip. 11:07 AM BST Your views... 10:48 AM BST IDF's control of Gaza The plan approved by Israel's security cabinet overnight involves seizing Gaza City, though it heavily hints at taking over the entire Strip. Israel already controls large portions of land in the war-torn enclave, as highlighted in the map below. 10:25 AM BST Israel will 'erase the Palestinian state', says Smotrich Israel plans to erase the Palestinian state by re-establishing settlements in the West Bank, an Israeli minister has said. Bezalel Smotrich, Israel's finance minister, told the Religious Zionism party's Ofek newspaper that he plans to re-establish the former Israeli settlements of Ganim and Kadim in the northern West Bank, which were dismantled as part of the 2005 disengagement. 'The people of Israel are correcting the sin of Gaza,' he told the newspaper, adding that his plans for the West Bank are intended to 'erase the Palestinian state'. 10:10 AM BST 'Fake news': Netanyahu denies he was shouted at by Trump Earlier we reported that Donald Trump had shouted at Benjamin Netanyahu over his claims that pictures of starving Palestinian children were 'fake' (see 7.36am post). Mr Netanyahu's office has now hit back at those reports, claiming they are 'complete fake news'. 'The claim that there was supposedly a 'shouting match' between Prime Minister Netanyahu and President Trump is complete fake news,' the prime minister's office said in a statement. 09:53 AM BST Lib Dems demand sanctions on Netanyahu The Liberal Democrats demanded Sir Keir Starmer impose sanctions on Benjamin Netanyahu in response to his plan to take control of the whole of Gaza. Sir Ed Davey, the Lib Dem leader, claimed it was 'increasingly clear' that the Israeli prime minister's 'goal is ethnic cleansing'. He said: 'Netanyahu's plans to occupy the whole of Gaza are utterly abhorrent - and it's increasingly clear that his goal is ethnic cleansing. 'This plan will only serve to wreak more devastation on the lives of millions of Gazans - whose homes and communities have already been destroyed - while endangering the lives of those hostages still held by Hamas. 'Rather than sitting on its hands and issuing strongly worded statements, the UK Government needs to take decisive action. Keir Starmer needs to stop the export of all UK arms to Israel - today - and sanction Netanyahu and his cabinet.' 09:48 AM BST China expresses 'serious concern' over Israel plan to control Gaza China has expressed 'serious concerns' over Israel's plan to take control of Gaza City, urging it to 'immediately cease its dangerous actions'. 'Gaza belongs to the Palestinian people and is an inseparable part of Palestinian territory,' a foreign ministry spokesperson said. 09:32 AM BST If you're just joining us... To recap: Israel's security cabinet has ordered the full occupation of Gaza City, and strongly indicated that it will follow suit for the rest of the Strip. It comes after Benjamin Netanyahu said he intended the IDF to conquer every last bit of territory in the enclave. Here are the main developments since last night's announcement: Palestinian civilians will be given until Oct 7 to evacuate Gaza City. That is two months from now, and, of course, the anniversary of the Hamas massacre which started this war. According to the US ambassador to Israel, Mike Huckabee, the Gaza Humanitarian Foundation will increase the number of its aid distribution sites from three to 16. The UN claims that more than 1,000 Palestinians have been killed by Israeli forces while collecting aid since the GHF started operating in May. Opposition politicians have come out against the plan. They have described it as a 'disaster for the generations' and a 'death sentence' to the hostages. The Hostage Families Forum, the main group representing loved-ones of the abducted, say the government has now 'formally abandoned' the hostages. Bezalel Smotrich, Israel's ultra-nationalist finance minister, does not seem phased by Mr Netanyahu's pledge to hand over Gaza to Arab forces once Hamas is defeated. He said in an interview that Israel was righting the 'sin' of removing its Jewish settlements from the Strip two decades ago. 09:27 AM BST Gaza escalation will led to 'colossal catastrophe', says hostages forum The Hostages and Missing Families Forum has condemned Israel's plan to take over Gaza City, saying it 'only further endangers those still held in Gaza's tunnels'. The forum, which supports the family and friends of those taken by Hamas on Oct 7, accused the Israeli security cabinet of ignoring 'repeated warnings from military leadership and the clear will of the majority of the Israeli public'. In its statement this morning, the forum said Israeli government was 'leading us toward a colossal catastrophe for both the hostages and our soldiers'. 09:06 AM BST Analysis: Netanyahu's monumental gamble Defying mounting domestic opposition, international opprobrium and reportedly the advice of his own military chiefs, Benjamin Netanyahu has pushed through a plan to expand the war in Gaza. It is a monumental gamble, whether or not he is fully serious about it. It is conceivable that the Israeli security cabinet's decision to seize Gaza City, possibly as a prelude to occupying the full strip, is a tactic rather than a genuine demonstration of intent. Escalating to de-escalate is a common strategy employed by superior military forces looking to end a conflict on their own terms. Hamas is defiant but a shadow of its former self. Mr Netanyahu may be banking on a last show of strength to force it to submit to concessions it might not otherwise countenance, such as agreeing to the exile of its leadership and disarmament of its foot soldiers. Even if this is a ruse to force through an 'all-or-nothing' deal, there are clear risks. Hamas may not fold, forcing Israel's exhausted soldiers to fight on for months in a grim attritional war fought against the background of a worsening humanitarian calamity. It could also endanger the lives of the remaining hostages. Of course, Mr Netanyahu may have decided to fight on out of choice, believing that only by seizing all Gaza can he inflict the decisive victory over Hamas he craves. Israel already controls three-quarters of the territory and hardliners in his cabinet believe one more push will give them the rest. Mr Netanyahu insists he has no intention of Israel governing Gaza — but if he is genuine about conquering it in order to establish a new civilian administration, he may be committing his forces to years more military action. It could take months before the IDF has full control of the strip — and potentially five more years of combat operations before an effective governance system is in place to pacify Gaza, according to Israeli military estimates. Mr Netanyahu and his fellow hawks may have the stomach for such a fight but with opinion polls now suggesting that a clear majority of his people support a deal to end the war, it is far from clear the Israeli public does. Nor, for that matter, is it clear that he has fully convinced his own ministers. After ten hours of deliberations over Mr Netanyahu's proposal to take all Gaza, a majority of his security cabinet authorised an operation against Gaza City but said nothing about taking control of the full territory, which the Israeli prime minister had earlier said was his intention. That approval may follow, but it is clear that Mr Netanyahu has his work to do if he is to convince Israel's growing number of sceptics to stay with him as he embarks on yet another chapter of a war that is now so widely questioned. 08:53 AM BST UN: Gaza occupation must be halted The UN's human rights chief has said that 'the Israeli Government's plan for a complete military takeover of the occupied Gaza Strip must be immediately halted'. 'It runs contrary to the ruling of the International Court of Justice that Israel must bring its occupation to an end as soon as possible, to the realisation of the agreed two-State solution and to the right of Palestinians to self-determination,' Volker Turk said in a statement. 08:46 AM BST Pictured: Palestinians flock for humanitarian aid in Gaza 08:27 AM BST Starmer's ceasefire plan is 'wishful thinking', claim Tories Kevin Hollinrake, the chairman of the Conservative Party, said Sir Keir Starmer's plan for a ceasefire and to recognise the state of Palestine was 'unworkable'. He told GB News: 'It is just wishful thinking, isn't it, to think that could happen. It is a desperate situation. We are shocked by what we see on our TV screens. 'But the reality of this is that Israel is fighting for survival in that region. Hamas still runs Gaza. 'If there was an unconditional ceasefire which is what the UK Government has called for then what possible situation could come about where Hamas would lay down its weapons and simply leave that territory and no longer plan any part in Gaza? 'It is an intractable situation, it is incredibly difficult. Of course we want to see a minimisation of civilian casualties and loss of life both in Gaza and in the West Bank. 'But there is no easy answer to this and an unconditional ceasefire or indeed a recognition of Palestine in the situation it is in here today is simply unworkable and I think the Prime Minister knows it and I think he is simply trying to please his backbenchers.' 08:18 AM BST Watch: Netanyhau says he wants to take control of Gaza Credit: FOX News Channel's Bill Hemmer 08:02 AM BST Starmer: Israeli offensive will only bring more bloodshed Sir Keir Starmer has urged Israel to reconsider its plan to take over Gaza City, saying it is 'wrong' and will 'only bring more bloodshed'. 'The Israeli Government's decision to further escalate its offensive in Gaza is wrong, and we urge it to reconsider immediately. This action will do nothing to bring an end to this conflict or to help secure the release of the hostages. It will only bring more bloodshed,' the Prime Minister said. 'Every day the humanitarian crisis in Gaza worsens and hostages taken by Hamas are being held in appalling and inhuman conditions. What we need is a ceasefire, a surge in humanitarian aid, the release of all hostages by Hamas and a negotiated solution. Hamas can play no part in the future of Gaza and must leave as well as disarm. 'Together with our allies, we are working on a long-term plan to secure peace in the region as part of a two-state solution, and ultimately achieve a brighter future for Palestinians and Israelis. 'But without both sides engaging in good faith in negotiations, that prospect is vanishing before our eyes. Our message is clear: a diplomatic solution is possible, but both parties must step away from the path of destruction.' 08:00 AM BST Israel could cut UK security ties if Starmer recognises Palestine Israel is considering cutting security ties with the UK if Sir Keir Starmer recognises Palestine next month, according to reports. Diplomatic sources told The Times that it is one of a number of options being considered by Benjamin Netanyahu's government. 'London needs to be careful because Bibi [Netanyahu] and his ministers have cards they could play too,' a source told the newspaper. 'Israel values its partnership with the UK but recent decisions mean it is coming under pressure and the UK has a lot to lose if Israel's government decides to take steps in response.' Sir Keir revealed last month that he would recognise a Palestinian state at the United Nations in September unless Israel agreed to a ceasefire. 07:36 AM BST Trump 'shouted at Netanyahu over Gaza starvation' Donald Trump started shouting at Benjamin Netanyahu on the phone when he tried to say reports of children starving in Gaza were fake, NBC News has reported. The US president, who was at his golf course in Scotland at the time, had publicly undermined Mr Netanyahu, saying he was 'not particularly convinced' that images of starving children were fake. 'You can't fake that,' he said. Mr Netanyahu demanded a phone call with Mr Trump, which took place hours later. The conversation was 'a direct, mostly one-way conversation about the status of humanitarian aid' in which the US president 'was doing most of the talking,' a former US official said. When Mr Netanyahu tried to say images of starving children were not real, Mr Trump interrupted and started shouting, saying he didn't want to see them labelled 'fake'. 07:14 AM BST UK calls on Israel to reconsider Gaza City takeover A junior minister has said the UK Government hopes Israel reconsiders its plan to take over Gaza City. 'We think that decision is the wrong decision, and we hope that the Israeli government will reconsider it,' Miatta Fahnbulleh, a junior energy minister, said on Times Radio. 'It risks escalating an already intolerable and atrocious situation.' She said later on Sky News: 'There's no one that can see what is happening and unfolding in Gaza that isn't horrified by it. 'Our priority is, in order to try and get a ceasefire, we've got to get parties around the table. 'I know it feels incredibly hard given the current situation, but it has to be the priority.' 06:43 AM BST 'A disaster for generations': Israeli opposition leader condemns plan Israel's opposition leader has described Mr Netanyahu's decision to take over Gaza City as a 'disaster'. Yair Lapid accused far-right ministers Itamar Ben Gvir and Bezalel Smotrich of dragging Mr Netanyahu into the plan, which he said leaves the military 'trapped in the field without a goal'. 'The cabinet's decision tonight is a disaster that will lead to many more disasters,' Mr Lapid said in a statement. 'In complete contradiction to the opinion of the military and security ranks, without considering the erosion and exhaustion of the fighting forces, Ben Gvir and Smotrich dragged Netanyahu into a move that will take months, lead to the death of the hostages, the killing of many soldiers, cost tens of billions to the Israeli taxpayer, and lead to a political collapse. 'This is exactly what Hamas wanted: for Israel to be trapped in the field without a goal, without defining the picture of the day after, in a useless occupation that no one understands where it is leading.' 06:31 AM BST In pictures: Protesters rally outside Netanyahu's office 06:15 AM BST Israel adopts 'five principles for ending the war' Overnight, Israel's security cabinet also approved five principles for concluding the war, they include: The disarming of Hamas The return of all hostages - living and dead The demilitarisation of the Gaza Strip Israeli security control in the Gaza Strip The establishment of an alternative civil administration that is neither Hamas nor the Palestinian Authority 'A decisive majority of security cabinet ministers believed that the alternative plan that had been submitted to the security cabinet would neither achieve the defeat of Hamas nor the return of the hostages,' a statement from Mr Netanyahu's office added, without giving further details. 06:11 AM BST Concern for hostages sparks protests Mr Netanyahu's plan to fully occupy Gaza City has been met with criticism and concern, particularly in relation to what it means for the remaining hostages. As the cabinet meeting kicked off, hundreds of protesters rallied near the prime minister's office in Jerusalem, calling for a deal to free the hostages. 'The only way to bring the hostages home is to halt the war and end the suffering of the hostages and all those living through this terrible conflict,' protester Sharon Kangasa-Cohen said. In Gaza, fears grew over what an expansion of Israeli operations would entail. 'Ground operations mean more destruction and death,' Ahmad Salem said. 05:57 AM BST Australia urges Israel 'not to go down this path' Australia urged Israel 'not to go down this path' after Mr Netanyahu announced it intended to take military control of Gaza. 'Australia calls on Israel to not go down this path, which will only worsen the humanitarian catastrophe in Gaza,' Penny Wong, the country's foreign minister, said in a statement this morning.. Ms Wong said permanent forced displacement was a violation of international law and repeated calls for a ceasefire, aid to flow unimpeded and for Hamas to return the hostages taken in October 2023. 'A two-state solution is the only pathway to secure an enduring peace – a Palestinian state and the State of Israel, living side-by-side in peace and security within internationally-recognised borders,' she added. 05:49 AM BST Israeli army will 'take control' of Gaza City The Israeli army 'will prepare to take control of Gaza City while distributing humanitarian assistance to the civilian population outside combat zones', Mr Netanyahu's office said in a statement on Friday. As Israel's security cabinet convened on Thursday night, Mr Netanyahu said he planned to fully occupy Gaza, but he did not intend to govern it. The Israeli prime minister told Fox News that a full occupation would be the only way to ensure Israel's security and wipe out Hamas. He added Israel did not want 'to keep' the Gaza Strip, and that he would prefer to hand the Palestinian territory to 'Arab forces that will govern it properly without threatening us and giving Gazans a good life'. 'That's not possible with Hamas.' 05:42 AM BST Welcome to our live coverage In breaking news overnight, Israel's security cabinet approved a plan proposed by Benjamin Netanyahu, the prime minister, for the military to 'take control' of Gaza City. We will be bringing you the latest developments throughout the day. Solve the daily Crossword
Fast Company
19 minutes ago
- Fast Company
Oil prices are projected to continue sliding. Here's why
Oil prices edged higher on Friday but was poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin. Brent crude futures were up 52 cents, or 0.78%, at $66.95 a barrel by 1104 GMT. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.67%, to $64.31. Brent was on track to be down 3.9% over the week while WTI was set to finish 4.5% lower than last Friday's close. Higher U.S. tariffs against a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil, ANZ Bank analysts said in a note. The latest tariffs arrive against a backdrop of an already weaker than expected U.S. labour market and Thursday's announcement by the Kremlin that Putin and Trump would meet in the coming days as trade tensions rise between the U.S. and Russia's oil customers. Trump this week threatened to increase tariffs on India if it kept buying Russian oil, which the market viewed as putting further pressure on Russia to reach a deal with the U.S., said independent analyst Tina Teng. Trump also said China, the largest buyer of Russian crude, could be hit with tariffs similar to those levied against Indian imports. The potential meeting raises expectations of a diplomatic end to the war in Ukraine, which could lead to eased sanctions on Russia, with Russian stocks rallying after the news. 'There could be a meeting between Trump and Putin in the near future, which could indicate that Trump is adopting a wait-and-see approach with regard to further sanctions against Russia and its allies,' Commerzbank analysts said in a note. However, some analysts remain cautious. 'The Russian leader is expected to insist on having his territorial demands granted, a hard sell for the invaded country, while his U.S. counterpart will push for a ceasefire,' said PVM analyst Tamas Varga. 'No breakthrough is anticipated, and the U.S. following through on its threat to impose secondary sanctions on those dealing in Russian energy — including China and India — remains a possibility.'
