Audi employees in Germany to the company: Audi cannot build a factory in America without ...
In an emailed statement to Bloomberg, Schlagbauer, said, 'We are not refusing to discuss the matter, but for capacity reasons we do not see any need to build a plant in the US at present.' Schlagbauer is also Audi's deputy board chairman. He added, 'If we need a plant in the US for political reasons, it cannot be at the expense of employees and capacity utilization in Germany.'
In March this year, Audi reportedly reached an agreement with employee representatives to cut 7,500 German positions by 2029 via buyouts and early retirement. This agreement was in exchange for extending job security guarantees for remaining employees till 2033. Audi is reported to be in the process of informing employees about the offers, though so far 'no significant staff reductions' have taken place, a labor spokesperson said.
Donald Trump's tariff war on European car makers
In early 2025, President Donald Trump imposed a 25% tariff on European car imports, significantly impacting the EU's automotive industry, which exports €56 billion in vehicles to the U.S. annually. German carmakers like Volkswagen, BMW, and Mercedes-Benz, accounting for 73% of the 820,000 EU cars exported to the U.S., face severe financial strain. Porsche, reliant entirely on imports, could lose €3.4 billion in earnings by 2026, while Stellantis reported a €2.3 billion net loss in the first half of 2025. The tariffs, effective April 3, 2025, aim to bolster U.S. manufacturing but disrupt global supply chains, raising vehicle prices by an estimated $3,000.
A subsequent trade deal reduced tariffs to 15% from August 1, offering relief but still exceeding the pre-2024 2.5% rate. European automakers, already grappling with declining sales in China and EV transition costs, may pass costs to consumers or shift production to the U.S., as Volvo plans for its XC60. The EU is considering retaliatory tariffs, risking a broader trade war.
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Economic Times
3 minutes ago
- Economic Times
India scours the globe for more oil ahead of Trump-Putin summit
India's refiners are diversifying crude oil sources amid potential US pressure to curb Russian imports, spurred by President Trump's demands and tariff hikes. State processors are actively purchasing non-Russian crude from various global markets for September-October delivery. While private refiners may continue Russian imports, concerns over secondary sanctions are pushing some to explore alternative payment methods and smaller banks. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Refiners in India, the world's top importer of seaborne Russian crude, are scouring the globe for alternative supplies, hedging their bets ahead of a summit between the US and Russian Donald Trump, eager to gain traction in talks with Vladimir Putin, has demanded that India stop purchases of cut-price crude that fuels the Kremlin's 'the war machine,' and last week doubled tariffs on the country's goods as punishment. The move left refiners in the world's third-largest oil consumer looking to switch up their procurement state processors have bought large volumes of non-Russian crude this week for prompt September-October delivery, extending a buying spree spurred by an early threat by Washington. Indian Oil Corp . and Bharat Petroleum Corp . have taken cargoes from all corners of the market including the US, but also Brazil and the Middle spot market purchases comes on top of supplies from long-term sellers like Saudi Arabia, which is set to send about 22.5 million barrels of crude to India for September loading, traders said. India's monthly imports from Saudi last exceeded that level in September 2024, according to data from analytics firm meeting between Trump and Putin in Alaska on Friday will be closely watched by the industry, eager for clues as to whether the US will ease pressure on Russian sales — or crank it up. India has long had close ties to Russia and Foreign Affairs Minister S. Jaishankar will be traveling to Moscow next week with a delegation that's likely to include Petroleum Secretary Pankaj Jain, the most senior bureaucrat in the oil will hold talks with his Russian counterpart Sergei Lavrov on Aug. 21, according to a post on X by Russia's Ministry of Foreign Affairs on India has not been a significant importer of Russian crude, depending more heavily on the Middle East. All that changed in 2022, after the invasion of Ukraine and a $60-per-barrel price cap imposed by the Group of Seven nations that aimed to limit the Kremlin's oil revenues while keeping supplies flowing imports amounted to about 1.7 million barrels a day, or nearly 37% of the nation's overseas purchases, in mid-2025. They were mostly of Urals crude, a medium-density grade that can be interchanged with barrels from across the Middle East. While the total volume that India would need to find as replacement is significant, the task has been made less challenging in a market awash with oil after the return of OPEC+ barrels and softer demand from major economies such as now, Indian private refiners such as Reliance Industries Ltd. and Nayara Energy are still expected to continue buying Russian crude, some of which is procured via term contracts, even as state refiners hold back on spot purchases for loading in producers have already started to tout Urals more aggressively to Chinese buyers in response to the potential shift. Prices have been cut for offers of Urals for delivery in September to October, suggesting some of the oil was diverted from Indian importers who still want to take Russian crude are being met with hesitation from banking and logistics partners worried about the prospect of Trump's threat of so-called secondary sanctions on those supporting the trade. In light of such reservations, traders said some private players may increasingly look at buying more Russian crude using smaller banks, Chinese yuan and dark-fleet has warned he would impose 'very severe consequences' if Putin doesn't agree to a deal later this week, a threat that the oil market will struggle to fully quantify and prepare for. Oil-market observers have said that the Chinese may be wary of piling in on Russian crude — taking supplies that it doesn't desperately need due to ample flows from Iran — to avoid Washington's wrath.
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First Post
6 minutes ago
- First Post
Can Russia occupy parts of Ukraine the way Israel occupies West Bank?
Russia has reportedly proposed taking military and economic control of areas it has occupied in Ukraine – a scheme that would mirror Israel's approach to the West Bank. The proposal was put forth in a meeting between US envoy Steve Witkoff and Russian representatives. But what do we know about such a plan? Russian President Vladimir Putin welcomes US President Donald Trump's Special Envoy Steve Witkoff during a meeting in Moscow, Russia. The proposal was said to be made in meeting between Witoff and Russian officials. Reuters Is Russia planning to emulate Israel's plan in the West Bank? There are reports that Russia has proposed doing so to the United States in a meeting between US envoy Steve Witkoff and Russian representatives. The report comes ahead of the meeting between US President Donald Trump and Vladimir Putin in Alaska on Friday. It also comes after Trump held a call with several European leaders including Ukrainian President Volodymyr Zelenskyy, who will not take part in the summit. STORY CONTINUES BELOW THIS AD But what do we know about the proposal? Let's take a closer look: What we know about proposal Russia's proposal mirrors Israel's plan in the West Bank. Moscow under this scheme would take military and economic control of areas it has occupied in Ukraine. However, these areas would be run by a separate governing body. 'The answer to Ukraine's territorial question is already in the constitution of Ukraine,' the Ukrainian president said in a Saturday video statement on Telegram. 'Ukrainians will not gift their land to the occupier.' However, such a plan would theoretically allow Ukraine to retain its formal sovereignty – thereby providing a legal workaround to Ukraine's Constitution, which mandates holding a national referendum when it comes to ceding territory. Witkoff, who is also Trump's envoy to West Asia, is said to back this plan. Thus far, Trump has been focused on a 'land swap' as a way of resolving the war – on which he has received pushback from Ukrainian President Vladimir Zelenskyy and European leaders. 'It'll just be like Israel occupies the West Bank,' an unnamed source with ties to the US National Security Council (NSC) told The Times. STORY CONTINUES BELOW THIS AD 'With a governor, with an economic situation that goes into Russia, not Ukraine. But it'll still be Ukraine, because … Ukraine will never give up its sovereignty. But the reality is it'll be occupied territory and the model is Palestine,' the source added. It remains unclear if the plan calls for Ukraine to get back the territory at some point. The Trump administration has decried this report as fake news. 'This is total fake news and sloppy reporting by The Times, which clearly has terrible sources. Nothing of the sort was discussed with anyone at any point,' White House deputy press secretary Anna Kelly said. Volodymyr Zelenskyy has previously said that there is no question of Ukraine handing over its territory to Russia. However, their previous words point to something else entirely. The Trump administration has repeatedly said that Ukraine expecting to get back its land from Russia is 'unrealistic'. US Defence Secretary Pete Hegseth in February said, 'We must start by recognising that returning to Ukraine's pre-2014 borders is an unrealistic objective. Chasing this illusionary goal will only prolong the war and cause more suffering'. STORY CONTINUES BELOW THIS AD In May, US Senior Director for Counterterrorism Sebastian Gorka, said 'the Trump administration lives in the real world.' 'We recognise the reality on the ground,' he added. 'No. 1, that's the beginning because we're not utopianists and we're not human engineers. We're not some kind of pie-in-the-sky believers in utopia.' 'We recognize the reality on the ground and we have one priority above all else, whether it's the Middle East or whether it's Ukraine. It's to stop the bloodshed. Everything else comes after the bloodshed has been halted.' However, European leaders have repeatedly said that Ukraine needs to be part of any peace process and no talks about land being handed over can occur for a ceasefire without Kyiv. A number of European leaders during the call yesterday with Trump and Zelenskyy said the goal was to get a ceasefire between Russia and the Ukraine. They said the ceasefire is simply a first step and that Ukraine needs to play any part in a peace deal. They also said Europe's concerns must be taken into account. STORY CONTINUES BELOW THIS AD 'We have made it clear that Ukraine will be at the table as soon as there is a follow-up meeting,' German Chancellor Friedrich Merz told reporters in Berlin alongside Zelenskyy. ' President Trump wants to make a ceasefire a priority,' he added. Any territorial exchange in Ukraine 'must only be discussed with Ukraine', French President Macron added after the call. 'Trump was very clear on the fact that the US wants to obtain a ceasefire at this meeting in Alaska,' Macron said. 'We must continue to support Ukraine, and when I say 'we', I mean Europeans and Americans,' he added. 'We remain committed to the principle that international borders must not be changed by force,' the leaders said in a statement on Saturday. 'The current line of contact should be the starting point of negotiations.' The West Bank Israel seized the West Bank from Jordan during the 1967 war – also known as the Six- Day War when it fought and defeated its neighbours Egypt, Syria, and Jordan. The land lies to Israel's east – on the West Bank of the River Jordan from which it gets its name – spans 5,628 square kilometres. STORY CONTINUES BELOW THIS AD It is surrounded by Israel to its north, west and south. It also borders Jerusalem – which houses sites sacred to Muslims, Christians and Jews and is a flashpoint for internal violence. While the West Bank is home to millions of Palestinians, it is also home to nearly half a million Israeli Jews. Israel over the years has built 'settlements' on the West Bank. Many of these have sprung up under the Benjamin Netanyahu regime, which has made their construction 'a priority'. Israel seized the West Bank from Jordan during the 1967 war – also known as the Six- Day War when it fought and defeated its neighbours Egypt, Syria, and Jordan. AFP However, the settlements remain illegal under international law. Even the United States, a staunch ally of Israel, does not recognise the legality of these settlements. The International Court of Justice ruled in July that the occupation of the West Bank was illegal and said that it violated Palestinians' right to self-determination. It said Israeli policy in the territories constituted 'systemic discrimination' based on religion, race or ethnic origin, and that Israel had already effectively annexed large parts of the territory. STORY CONTINUES BELOW THIS AD With inputs from agencies
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Business Standard
6 minutes ago
- Business Standard
India's forex to rise despite RBI support, swap maturity, say economists
India's foreign exchange reserves are expected to have risen in the week through August 8, according to economists calculations based on the Reserve Bank of India's weekly reserve money release. A $5 billion dollar/rupee swap by the RBI matured that week, with bankers saying the central bank delivered the swap, a move that is a drain on reserves. Further, the RBI intervened in both the onshore spot and non-deliverable forward markets that week to prevent the rupee from slipping past its all-time low of 87.95 after US President Donald Trump imposed additional tariffs on Indian goods over the country's purchase of Russian oil. This drain on reserves was balanced out by revaluation effects, economists said. "The rise in FX reserves was fuelled by a revaluation boost of $9.8 billion, reflecting higher gold prices and a weaker dollar," said Gaura Sen Gupta, economist at IDFC First Bank. She estimated that India's reserves rose by more than $4 billion during the week. The official figures will be released on Friday. When RBI sells dollar in the spot market to support the rupee it directly reduces FX reserves, while NDF interventions influence offshore sentiment without an immediate reserves impact. The net dollar selling by RBI in that week was $5.6 billion, which includes maturity of $5 billion swap, Sen Gupta said, which she noted implied spot intervention in the week was less and that the RBI would have relied on NDF. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
