CK Hutchison confirms period expired for talks with BlackRock consortium
The group, however, remains in discussions with members of the consortium, it said, with a view of inviting a major strategic investor from China to join as a member of the consortium.
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Reuters
11 minutes ago
- Reuters
Trump says US, India still negotiating after 25% US tariff threat
WASHINGTON/NEW DELHI, July 30 (Reuters) - President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. will impose a 25% tariff on goods imported from the country starting on Friday. The 25% tariff, as well as an unspecified penalty announced by Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. "They have one of the highest tariffs in the world now, they're willing to cut it very substantially," Trump told reporters. "We're talking to India now - we'll see what happens ... You'll know by the end of this week." The 25% figure would single out India more severely than other major trading partners, and threatens to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. The White House had previously warned India about its high average applied tariffs - nearly 39% on agricultural products - with rates climbing to 45% on vegetable oils and around 50% on apples and corn. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote in a Truth Social post. "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!" In response, the Indian government said in a statement that it was studying the implications of Trump's announcements and remained dedicated to securing a fair trade deal with the U.S. "India and the U.S. have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective," it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35% of overall supplies. The United States, the world's largest economy, currently has a $45.7-billion trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Trump has been frustrated with the progress of trade talks with India and believed the 25% tariff announcement would help the situation. Hassett said more information on an additional penalty would be made "shortly." The new U.S. tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. Vietnam's tariff is set at 20% and Indonesia's at 19%, while the levy for Japan and the European Union is 15%. "This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25% tariff will render them uncompetitive against rivals from Vietnam and China," said S.C. Ralhan, president of the Federation of Indian Export Organisation. U.S. and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for U.S. agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. "The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements," it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024. Since India's short but deadly conflict with arch South Asian rival Pakistan, New Delhi has been unhappy about Trump's closeness with Islamabad and has protested, which cast a shadow over trade talks. "Politically, the relationship is in its toughest spot since the mid-1990s," said Ashok Malik, partner at advisory firm The Asia Group. "Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the U.S.-India partnership in both capitals." Besides farm products access, the U.S. had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the U.S., estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals.
Reuters
an hour ago
- Reuters
China calls for more engagement with US, warns against confrontation
BEIJING, July 30 (Reuters) - China's Foreign Minister Wang Yi on Wednesday called for more engagement with the United States, and warned against confrontations between the two global powers, according to a statement from the Chinese foreign ministry. Wang made the comments during a meeting in Beijing with a delegation of U.S. businesses that include executives from Goldman Sachs, Boeing (BA.N), opens new tab and Apple (AAPL.O), opens new tab, the ministry said. "China is willing to enhance engagement with the U.S., avoid misjudgment, manage differences, and explore cooperation," Wang was quoted as saying. His remarks came a day after top Chinese and U.S. negotiators wrapped up a latest round of trade talks in Stockholm, with both sides agreeing to seek an extension of their 90-day tariff truce struck in May. Wang said that China-U.S. relations are affected by global developments and exert a "profound impact" on international dynamics. "China and the U.S. need to establish more channels of communication and consultation, view each other objectively, rationally, and pragmatically, and foster a correct strategic perception," he said, urging both countries to reject "unilateralism and bullying". He encouraged U.S. companies to maintain confidence in the Chinese market, and welcomed them to continue to invest in China, the ministry statement said. A high-level delegation of U.S. executives is visiting China this week and has also met with China's commerce and industry ministers. The trip comes as Beijing and Washington work towards a summit between the two countries' leaders later this year, probably around the time of the APEC forum in South Korea from October 26 to November 1, sources previously told Reuters. U.S. President Donald Trump said on Tuesday he thinks he will meet with Chinese President Xi Jinping before the end of the year, but did not elaborate.
The Guardian
2 hours ago
- The Guardian
The rapid rise of Luckin coffee: is this the end of the Starbucks supremacy?
Name: Luckin. Age: Seven – it was founded in October 2017. Appearance: 20,000 locations and counting. Locations doing what? Serving coffee. It's a giant coffee chain. Oh yeah? If it's so giant, how come I've never heard of it? Because it started in China. Isn't China better known for tea? Yes, but they have drunk a lot more coffee since Starbucks opened its first outlets there in 1999. Luckin overtook Starbucks as China's biggest coffee chain in 2023. If Chinese people want Chinese coffee, so be it. It's a big world. Luckin knows that, which is why it has just opened up two outlets in New York City, on Starbucks' doorstep. It's aiming for global domination? It certainly looks like it. 'This is just the beginning,' Luckin posted on Instagram. 'NYC, we're here.' But why would I go to Luckin when I can go to Starbucks? For a largely frictionless technological experience. It has an app-based ordering system, no cashiers and hardly any seats. You just grab your latte and go. Is the coffee any better? If you really cared about coffee, you wouldn't go to either of these places. But Starbucks is home of the caramel macchiato, the pumpkin spice latte … Luckin is known for bestsellers like the coconut latte, the velvet latte and apple fizzy americano. Apple what? That's apple juice, fizzy water and coffee, over ice. What is Starbucks doing to fend off the Luckin threat? It is closing a bunch of stores. A bold strategy, if a little counterintuitive. The company plans to phase out its 90 or so 'mobile-order-only' locations in the US, to concentrate on 'community coffee houses' and a more personal customer experience. So it's going in the exact opposite direction to Luckin. It seems so. It has plans to refurbish existing locations, and it is going back to writing your name on the cup. A warm, friendly, welcoming atmosphere versus zero human interaction? I'm torn. If it helps you make up your mind, Luckin is also engaging in furious promotional discounting, selling $1.99 coffees in a city where a $6 cappuccino is not uncommon. Starbucks is doomed. That's a little premature. Luckin reported $4.7bn in sales last year, compared with $36.2bn net revenue for Starbucks. Still, a remarkable rise for the Chinese upstart. All the more remarkable after a 2020 false accounting scandal caused its stock price to collapse, driving the company into bankruptcy in the US. It emerged from bankruptcy in 2022, having replaced its top brass and received huge cash injections from a private equity firm. Do say: 'Good morning, young barista. One of your legendary handcrafted flat whites, please.' Don't say: 'You know what I miss? Vending machines.'
