
Philippine annual inflation at 1.4% in June
Economists in a Reuters poll had expected annual inflation of 1.5 % last month, within the central bank's forecast range of 1.1 to 1.9%.
Core inflation, which strips out volatile food and energy prices, was unchanged at 2.2% in June.
Inflation in the first half of the year averaged 1.8%, within the central bank's 2% to 4% target for the year.
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Reuters
2 hours ago
- Reuters
Indonesia offers to buy U.S. aircraft, wheat in tariff negotiations
JAKARTA, July 4 (Reuters) - Indonesia will offer to step up purchases of aircraft by state carrier Garuda Indonesia ( opens new tab and wheat by instant noodle giant Indofood ( opens new tab, in tariff talks with the United States, its chief economics minister told Reuters. Airlangga Hartarto, who is also the Southeast Asian nation's lead negotiator, said the government has also offered near-zero tariffs on key American exports, including agriculture products, which he said pay tariffs of between 0% and 5%. Jakarta is facing a 32% tariff in U.S. markets. It previously said it would sign a $34 billion pact with U.S. partners next week, which includes commitments to buy more U.S. goods as well as investment by Indonesian companies in the United States. "It will be near zero (tariffs for U.S. main exports), but it will depend as well on how much the tariffs we get from U.S.," Airlangga said. Garuda's CEO has said it is in discussions with U.S. Boeing (BA.N), opens new tab to buy up to 75 units of aircraft. Garuda and Indofood group did not immediately respond to requests for comment. The U.S. goods trade deficit with Indonesia was $17.9 billion in 2024, according to the U.S. Trade Representative. U.S. exports to Indonesia include soybeans, petroleum gases and aircraft, Indonesian government data showed. When asked whether the trade talks include military deals, Airlangga said they were "not part of the negotiation". Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters that in return, Jakarta has asked the United States for preferential tariffs on its main exports, including electronics, textiles and footwear. "We want them to lower the tariffs (for those goods) as low as possible," he added. Indonesia has also offered the United States opportunities to invest in critical minerals projects, including in its abundant resources of copper, nickel and bauxite.


Scottish Sun
4 hours ago
- Scottish Sun
Homeowners will be able to build WIND FARMS in their back garden under new green energy government plans
YOUR neighbour could soon have a turbine in their garden in a green energy shake-up GOING GREEN Homeowners will be able to build WIND FARMS in their back garden under new green energy government plans Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HOMEOWNERS may be able to build wind farms in their back garden under new green energy government plans. Energy secretary Ed Miliband has revealed plans to launch a consultation on shaking up rules for building wind farms on personal property. Sign up for Scottish Sun newsletter Sign up 2 Government plans could see it easier to build wind farms in gardens Credit: Getty 2 Wind farms can help to reduce your energy bills but have been slammed as being an eyesore Credit: Reuters It could mean wind turbines on rooftops and in people's gardens could be easier to build. Wind farms can help to reduce energy bills, because it can be a cheaper way of generating electricity. A consultation will be launched at the end of the year. The shake-up was set out as part of the government's big push on doubling onshore wind farms across England by 2030. Other plans include building up a skilled workforce to build farms and creating 45,000 jobs by the end of the decade and repowering old turbines. The government said local communities who agree to have wind farms built in the area could get extra money for new facilities like football pitches and libraries. Households could even get cheaper energy bills through discount schemes. The government estimated that £70 million of community funding will be unlocked under its plans. Mr Miliband said: "The reality is that every turbine we build helps protect families, businesses and the public finances from future fossil fuel shocks.' However, the Conservatives pushed back against the strategy, accusing the energy secretary of making the country's energy 'unreliable and expensive' through his 'obsession with climate targets'. This is the latest push from the government to boost wind power so that the UK does not rely on other countries - especially Russia - for gas supply. Families were told that they could save £45 on their energy bills every year under plans to build wind and solar farms near energy-guzzling towns and cities. However, the push on wind farms have been slammed by local residents with turbines planned near them. Locals said they were considering moving out of the area because of plans for a wind farm project at Cabrach. What else can you do to lower bills If you live near a wind farm, you could benefit from cheaper energy bills. But there are other ways to save money if you don't live near one. If you are struggling with your energy bills, get in touch with your local council to enquire about the Household Support Fund. The programme is designed to help struggling families with rising food and energy costs. The amount you can get varies from council to council. No matter how happy you are with your current energy supplier, they may not be providing you with the best deals, especially if you've let a fixed-rate contract expire without arranging a new one. If you haven't browsed any alternative tariffs lately, then you may not be aware that there are better options out there. Little tricks like defrosting your freezer to help it run more efficiently and cutting your shower time can also add up to big savings over the year.


Reuters
6 hours ago
- Reuters
Morning Bid: Market focus shifts to Trump tariff countdown
A look at the day ahead in European and global markets from Kevin Buckland U.S. investors may have been feeling good going into the long Independence Day weekend, but those vibes failed to carry through to Asia. Optimism over the resilience of the U.S. economy, after much more robust than expected monthly payrolls figures, has been quickly overshadowed by a cloud of uncertainty as U.S. President Donald Trump's deadline for higher tariff rates looms on July 9. Despite initial confidence from Trump and his team that there would be a flurry of deals, an agreement with Vietnam announced on Wednesday takes the total so far to just three, including framework agreements with Britain and China. Trump's approach on tariffs has shifted accordingly: He said letters will start going out to trading partners on Friday with the duties they will pay on trade with the United States. Treasury Secretary Scott Bessent has said a deal with India is close, but talks with Japan and South Korea - which had been touted as likely early successes - have been stalled for weeks. The deal with Vietnam also risks irking China, with its stipulation of 40% levies on so-called trans-shipments of products basically made elsewhere (i.e., China) in order to receive a "Made in Vietnam" sticker. Some Asian countries may be hoping they've done enough to address U.S. concerns, and will receive just the baseline 10% tariff in their letters. Thailand, for example, said today it "hopes there will be good news" following trade talks with Washington. The EU is pushing for an "agreement in principle" ahead of July 9 but, as might be expected from such a sprawling economic bloc, pleasing all parties will be difficult. Brussels is bracing for any outcome, including a return to tit-for-tat tariff escalation. One point on which European diplomats seem aligned is that tariff relief needs to be immediate, or any deal is off. Traders and investors also need to mull the broad and long-term impact of Trump's sweeping tax-cut bill, now about to become law, and its potential to swell the deficit by $3.4 trillion by some estimates. Global equities, led by Wall Street, may be trading at all-time peaks, but that could mean there's plenty of room for a drop back to earth if Trump's trade war turns ugly again. Key developments that could influence markets on Friday: - U.S. Independence Day holiday - Germany industrial orders (May) - France, Italy, Spain industrial output (all May) - Germany, France, Italy construction PMIs (all June) Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.