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The National
6 hours ago
- The National
Wall Street lifted by upbeat US jobs report and Tesla rebound
Wall Street closed higher on Friday, buoyed by a better-than-expected US jobs report and a rebound in Tesla Motors shares, although concern about the Federal Reserve's rates policy remained. The Labour Department reported on Friday that the American economy added 139,000 jobs in May, slower than previous months but beating analyst estimates, with the unemployment rate holding steady at 4.2 per cent. It also indicated that wages grew at a solid pace, which may mean the Fed is unlikely to cut interest rates – something that US President Donald Trump has demanded from the US central bank. Mr Trump on Thursday increased the pressure on Fed chairman Jerome Powell, urging him to cut interest rates by a full percentage point. Mr Powell so far has resisted the calls from the White House and maintains that policy decisions will be data dependent. He met Mr Trump at the White House last week and was firm that rate decisions will be made 'as required by law'. 'The labour market's resilience puts the Fed in a difficult spot: inflation pressures remain sticky and the cooling many expected simply hasn't materialised in the data that matters most,' said Nigel Green, chief executive of Dubai-based financial services firm deVere Group. 'This report puts another nail in the coffin for any talk of rate cuts in the summer. The Fed has said time and again it needs to see weakness in the labour market to move. This isn't weakness. It's strength with staying power.' Investors also continue to monitor the tariff situation between the US and China. After imposing substantial tit-for-tat levies on imports, the world's two biggest economies agreed to a detente on their trade war on May 12. Talks appear to be progressing: Mr Trump on Thursday spoke with Chinese President Xi Jinping, and on Friday Mr Trump said trade officials from Washington and Beijing will meet in London on Monday to resume discussions. 'Investors couldn't care less. Dips in equity markets are still seen as opportunities to buy cheaper. And while the data is fun to watch, it remains secondary to the blind bullishness,' said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. 'That's the takeaway from the post – April 2 rally: the world may be wobbling, but markets march on,' she added, referring to the day Mr Trump announced his sweeping global tariffs programme. On Wall Street, the S&P 500 and Dow Jones Industrial Average both settled 1 per cent higher, while the tech-heavy Nasdaq Composite gained 1.2 per cent. Tesla, whose stock plummeted 14 per cent on Thursday in response chief executive Elon Musk's escalating public feud with Mr Trump, rebounded to close 3.7 per cent higher. The Texas-based company's shares rose by as much as 6 per cent. For the week, the S&P was up 1.5 per cent, the Dow added 1.2 per cent and the Nasdaq rose 2.2 per cent. Year-to-date, the indices are up 2 per cent, 0.5 per cent and 1.1 per cent, respectively. In Europe, markets were mostly up after the US jobs report eased fears of an economic slowdown. London's FTSE 100 closed up 0.3 per cent, boosted by banking stocks. Paris' CAC 40 added 0.2 per cent, while Frankfurt's DAX retreated 0.1 per cent. Earlier in Asia, major indices were mixed, with Tokyo's Nikkei 225 adding 0.5 per cent, Hong Kong's Hang Seng index declining 0.5 per cent and the Shanghai Composite closing flat. In commodities, oil prices jumped nearly 2 per cent on Friday to post their first weekly gain in three weeks amid hopes for a US-China deal on tariffs and the jobs report. Brent rose 1.73 per cent to settle at $66.47 a barrel, while West Texas Intermediate closed 1.91 per cent higher at $64.58 a barrel. Gold, meanwhile, fell more than 1 per cent on investor concerns that the US jobs report won't sway the Fed to cut rates soon. The precious metal, a hedge against inflation, declined nearly 1.3 per cent to $3,311.70 an ounce.
The National
9 hours ago
- The National
iOS 26 and counting: What to expect at Apple's WWDC event next week
Apple is expected to change the numbering of its operating systems at its annual Worldwide Developers Conference next week, among other big announcements. The tech major's next iOS will bear the '26" suffix, to reflect the 'season' they will be used in – in this case, 2025-2026 – according to a recent Bloomberg report. The new version of the iOS is typically released with the next generation of iPhones, which are expected in September. The WWDC, Apple's main event for software, is also expected to introduce new iterations of its operating systems for the iPhone, iPad, Mac, Watch, TV and Vision Pro. We look at what to expect at the Cupertino-based company's software showcase. From 18 to 26 The renaming of Apple's operating system would mean that instead of iOS 19, iPadOS 19, macOS 16, tvOS 19, watchOS 12 and visionOS 3, we can expect '26" on all of them. The move won't make a major impact, but from a consistency standpoint, it makes sense. Apple's move is also reminiscent of when Samsung Electronics' flagship Galaxy S phone model leapt from S10 to S20 in time for the year 2020. Apple Intelligence boost The company's generative AI service, Apple Intelligence, has garnered mostly positive reviews, centred on it being seamless across the Apple ecosystem. At the WWDC, Apple is expected to build on its existing features and introduce new ones, but it remains unclear what those will be. Reports suggest that the main Apple Intelligence update will be focused on the Health app. That would mean enhanced insights and, possibly, better integration in sharing health reports to medical professionals and more collaboration with health care companies and providers. It would not be a surprise to see Apple aligning with more health-orientated entities as it has done so with other segments, including fitness and gaming. The company had made it clear even before the release of Apple Intelligence that its services would be rolled out in phases. That typical of Apple – test the waters and make the necessary adjustments. We can also expect a smarter Siri. Live translation on AirPods Pro 2 Another possibility that has been floating around for a while is live translation on the AirPods Pro 2 – a tool that would come in handy for those who travel a lot. Apple already has a Translate app on iPhones and iPads, supporting spoken and written inputs in 21 languages. The Translate app provides convenience – but being able to get through language barriers without having to whip out your device would be a welcome addition. Biggest design update in a dozen years Multiple reports have suggested that iOS 26 will bear an all-new look, which would be the biggest design upgrade – 'one of the most dramatic', Bloomberg says – since iOS 7 in 2013. Changes are expected on icons, interfaces and fonts to transform the user experience. Apple already did a good job on iOS 18, introducing a new look by giving icons light, dark and tinted appearances. We wouldn't mind some new emojis, either taking Apple's total towards the 4,000 mark. Any hardware? Though typically a software event, Apple has, in recent years, introduced new devices at the WWDC. That seems unlikely this year, as iPhones and Apple Watches traditionally come in September, while iPads and Macs have been updated in phases in recent months. If Apple is to unveil new hardware, it will most likely be AirPods, specifically a new Pro model, which was last updated in 2022. This would sit comfortably alongside possibility of live translation. As for Macs, the only plausible update would be for the Mac Pro, although given the time since the last version it is highly unlikely; the last Mac Pro update was released at WWDC 2023. And it wouldn't be a WWDC without the usual developer software updates – ARKit, HealthKit, Metal, etc – to power Apple's vast hardware line-up.
Zawya
12 hours ago
- Zawya
$3 Billion to Buy U.S. Agricultural Commodities: Vietnam Seeks a Good Deal of Reciprocal Trade Agreement with the U.S.
WASHINGTON D.C, US - Media OutReach Newswire - 7 June 2025 - Vietnam's Minister of Agriculture and Environment Do Duc Duy led a delegation of nearly 50 agencies, agribusinesses, and associations to the United States from June 2–6, 2025, to promote trade and increase imports of agricultural and timber products. The delegation held business dialogues in Iowa, Ohio, Maryland and Washington, D.C. The visit aimed to boost two-way trade and open new opportunities for Vietnam to import more U.S. agrifood and timber, contributing to a more balanced trade relationship. Beyond trade, the delegation also sought access to new technologies to enhance the competitiveness of Vietnam's agricultural value chains. Minister Duy noted that while both countries have strong agricultural sectors, their strengths are complementary rather than competitive. "With strong support from both governments, agriculture in Vietnam and the U.S. is becoming more interconnected. We now share parts of the same supply chains, which helps increase our competitiveness and benefits producers and consumers in both countries," the Minister stated. "Vietnamese agribusinesses are working closely with the government to increase purchases of US agrifood and timber products. This effort supports trade balance and strengthens the supply chain between our two countries, hence contributing to global food security". He emphasized that this initiative also reflects Vietnam's commitment to deepening trust and advancing the Comprehensive Strategic Partnership as the two countries celebrate 30 years of diplomatic relations. During the trip, Vietnamese businesses signed 20 MoUs, worth a total of $3 billion to buy U.S. agricultural commodities. These agreements highlight the strong commitment and goodwill of Vietnam's business community and government to promote balanced trade with the U.S., and to encourage the Trump Administration to reconsider high reciprocal tariffs on Vietnamese goods. The visit was warmly welcomed and highly valued by U.S. partners. Iowa Governor Kim Reynolds immediately shared her appreciation on X following her meeting with Minister Do Duc Duy:"Excited to welcome Vietnam's Minister of Agriculture and Environment, Do Duc Duy, and the whole Vietnamese delegation to Iowa and celebrate the signing of MOUs and purchase agreements for Iowa commodities. The agreements today will help our farmers and strengthen the agricultural supply chain between Vietnam and Iowa". Following the Governor, Mike Naig, Secretary of Iowa Department of Agriculture, put on X: "Yesterday, I met with Vietnam's ag minister and a major trade delegation working to strengthen ties with U.S. ag producers. Of the $2B in new MOUs signed, $800M is tied to Iowa". Brian Baldridge, Ohio Secretary of Agriculture, emphasized during his meeting with Minister Duy that Vietnam and the US, especially Vietnam and Ohio, have complementary strengths, particularly in agricultural trade. Ohio sees strong potentials in Vietnam and recognizes the opportunities to expand bilateral trade. He noted that stakeholders from both sides should explore new ways for farmers, agribusinesses, and associations to collaborate and build strong, integrated supply chains. To support this, both governments should work to remove barriers to agricultural trade. Following the signing of MoUs with Vietnamese partners to purchase more than $600 million worth of animal feed from Ohio, Patty Mann, Chair of the Ohio Corn Checkoff, stated:"These agreements represent a major win for Ohio corn farmers. Vietnam continues to be a growing and reliable export market, and partnerships like this help ensure we can keep delivering high-quality, Ohio-grown products to the world". This was elaborated further by Wendy Osborn, Director of Market Development, Ohio Corn and Wheat: "The MOUs signed today represent potential commitments of significant volumes of agricultural commodities and strategic partnerships that will support Vietnam's growing agricultural sector while providing sustainable markets for Ohio's farm families. These agreements build upon the strong foundation established through years of relationship-building. May these agreements serve as a foundation for many years of continued collaboration and mutual prosperity". During a roundtable with the US-ASEAN Business Council (USABC) in Washington D.C, Ted Osius, President and CEO of USABC, expressed strong support for Vietnam's agricultural development:"Rapid changes in U.S. tariff policies have created a challenging trade environment. We're encouraged that Vietnam is considering increasing imports of agricultural goods to help reduce its trade deficit with the U.S. USABC and its member companies remain committed to supporting the growth of Vietnam's food and agriculture sector". In response to the USABC President, Minister Duy reaffirmed the Vietnam government's strong commitment to continuing institutional reforms, improving administrative efficiency, upgrading infrastructure, and creating the most favorable environment for international businesses, including U.S. enterprises, to expand trade and investment with Vietnam in a long-term and effective manner. During the meeting with Minister Duy, the Chairs of the Agriculture Committees of both the U.S. Senate and House of Representatives expressed enthusiasm and optimism about the remarkable outcomes of the Vietnamese delegation's visit to Iowa, Ohio, and Washington, D.C. Senator John Boozman was particularly impressed by Vietnam's robust economic growth and the strong potential for long-term cooperation between the two countries. He highlighted Vietnam's role as a dynamic and reliable economic partner in the Asia-Pacific region. The Senator expressed support for efforts to achieve a fair tariff agreement and pledged to fully convey Vietnam's recommendations to relevant US authorities. Representative Glenn Thompson showed special interest in the high-value deals for US agricultural commodities secured during the Minister's visit. He expressed confidence in the prospects for deeper cooperation between the two agricultural sectors and emphasized the need for the US government to promptly address concerns over the high reciprocal tariffs that may be applied to Vietnam exports. He welcomed Vietnam's decision to commercialize biotechnology-based agricultural products imported from the US, calling it a clear signal of Vietnam's determination to modernize its agriculture and integrate more closely with the US supply chains. Businesses and associations from both countries expressed hope that the Vietnamese and US governments would continue to support bilateral trade and strengthen links across their complementary agricultural supply chains. Their shared goal is to bring tangible benefits to millions of farmers, consumers, and businesses in both countries. As such, businesses on both sides are urging the removal of the reciprocal tariffs imposed by the Trump Administration on Vietnam. The 46% tariff has been reported to harm not only Vietnamese exporters but also U.S. businesses and consumers. Since agrifood is a staple commodity, higher price would place a considerable burden on average-income American households. Moreover, such measures could disrupt the supply chains that both governments and the private sector have worked hard to establish in recent years. Businesses wish for a trade agreement between the U.S. and Vietnam soonly concluded, thereby lowering tariffs on agricultural commodities, reinforcing shared supply chains and contributing to the prosperity of both countries under the Comprehensive Strategic Partnership. Hashtag: #MAE The issuer is solely responsible for the content of this announcement. MAE (Vietnam's Ministry of Agriculture and Environment)
