BRICS group condemns increase of tariffs in summit overshadowed by Middle East tensions
The two-day summit was marked by the absences of two of its most powerful members. China's President Xi Jinping did not attend a BRICS summit for the first time since he became his country's leader in 2012. Russian President Vladimir Putin, who spoke via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.
In an indirect swipe at the U.S., the group's declaration raised 'serious concerns' about the rise of tariffs which it said were 'inconsistent with WTO (World Trade Organization) rules.' The BRICS added that those restrictions 'threaten to reduce global trade, disrupt global supply chains, and introduce uncertainty.'
Trump, in a post on his social media platform late Sunday, said any country that aligns itself with what he termed 'the Anti-American policies of BRICS' would be levied an added 10% tariff.
Brazil's President Luiz Inácio Lula da Silva, who hosted the summit, criticized NATO's decision to hike military spending by 5% of GDP annually by 2035. That sentiment was later echoed in the group's declaration.
'It is always easier to invest in war than in peace,' Lula said at the opening of the summit, which is scheduled to continue on Monday.
Iranian President Masoud Pezeshkian, who was expected to attend the summit before the attacks on his country in June, sent his foreign minister Abbas Araghchi to the meeting in Rio.
The group's declaration criticized the attacks on Iran without mentioning the U.S. or Israel, the two nations that conducted them.
In his speech, Araghchi told leaders he had pushed for every member of the United Nations to condemn Israel strongly. He added Israel and the U.S. should be accountable for rights violations. The Iranian foreign minister said the aftermath of the war 'will not be limited' to one country.
'The entire region and beyond will be damaged,' Araghchi said.
BRICS leaders expressed 'grave concern' for the humanitarian situation in Gaza, called for the release of all hostages, a return to the negotiating table and reaffirmed their commitment to the two-state solution.
Later, Iran's Araghchi said in a separate statement on messaging app Telegram that his government had expressed its reservation regarding a two-state solution in a note, saying it will not work 'just as it has not worked in the past.'
Also on Telegram, Russia's foreign ministry in another statement named the U.S. and Israel, and condemned the 'unprovoked military strikes' against Iran.
The group's 31-page declaration mentions Ukraine just once, while condemning 'in the strongest terms' recent Ukrainian attacks on Russia.
'We recall our national positions concerning the conflict in Ukraine as expressed in the appropriate fora, including the U.N. Security Council and the U.N. General Assembly,' the group said.
João Alfredo Nyegray, an international business and geopolitics professor at the Pontifical Catholic University in Parana, said the summit could have played a role in showing an alternative to an unstable world, but won't do so.
'The withdrawal of Egypt's President Abdel Fattah al-Sisi and the uncertainty about the level of representation for countries like Iran, Saudi Arabia and the UAE are confirming the difficulty for the BRICS to establish themselves as a cohesive pole of global leadership,' Nyegray said. 'This moment demands high level articulation, but we are actually seeing dispersion.'
While Lula advocated on Sunday for the reform of Western-led global institutions, Brazil aimed to avoid becoming the target of higher tariffs.
Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia's invasion of Ukraine in February 2022
Brazil decided to focus on less controversial issues in the summit, such as promoting trade relations between members and global health, after Trump returned to the White House, said Ana Garcia, a professor at the Rio de Janeiro Federal Rural University.
'Brazil wants the least amount of damage possible and to avoid drawing the attention of the Trump administration to prevent any type of risk to the Brazilian economy,' Garcia said.
BRICS was founded by Brazil, Russia, India, China and South Africa, but the group last year expanded to include Indonesia, Iran, Egypt, Ethiopia, and the United Arab Emirates.
As well as new members, the bloc has 10 strategic partner countries, a category created at last year's summit that includes Belarus, Cuba and Vietnam.
That rapid expansion led Brazil to put housekeeping issues — officially termed institutional development — on the agenda to better integrate new members and boost internal cohesion.
Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Trump's tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo's BRICS study group.
'The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships,' Scheidl said.
Earlier on Sunday, a pro-Israel non-profit placed dozens of rainbow flags on Ipanema beach to protest Iran's policies regarding LGBT+ people. On Saturday, human rights group Amnesty International protested Brazil's plans for offshore oil drilling near the mouth of the Amazon River.
For Lula, the summit is a welcome pause from a difficult domestic scenario, marked by a drop in popularity and conflict with Congress.
The meeting was also an opportunity to advance climate negotiations and commitments on protecting the environment before November's COP 30 climate talks in the Amazonian city of Belem.
Savarese and Hughes write for the Associated Press.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
40 minutes ago
- Yahoo
The Latest: Brazilian President Lula threatens to suspend economic deals over Trump's 50% tariffs
Brazilian President Luiz Inácio Lula da Silva said Wednesday that the 50% tariffs announced by U.S. President Donald Trump would trigger the country's economic reciprocity law. That allows trade, investment and intellectual property agreements to be suspended for countries that harm the South American nation's competitiveness. 'Brazil is a sovereign country with independent institutions that will not accept being taken for granted by anyone,' Lula said. In a forceful statement, he defended the country's legal system and said the U.S. has had a trade surplus of more than $410 billion with Brazil over the past 15 years. Donald Trump cited what he called unfair treatment of Brazilian former President Jair Bolsonaro, who is on trial accused of trying to overturn his 2022 election loss, as he announced the new 50% duties on import goods from the South American nation, showing that personal grudges rather than simply economics are sometimes driving his use of tariffs. The Latest: The biggest gender-affirming care center for trans kids in the US is closing, prompting protests Growing up, Sage Sol Pitchenik wanted to hide. 'I hated my body,' the nonbinary 16-year-old said. 'I hated looking at it.' When therapy didn't help, Pitchenik, who uses the pronoun they, started going to the Center for Transyouth Health and Development at Children's Hospital Los Angeles, the country's biggest public provider of gender-affirming care for children and teens. It changed their life. But in response to the Trump administration's threat to cut federal funds to places that offer gender-affirming care to minors, the center is to close its doors July 22. Pitchenik has been among the scores of protesters who have demonstrated regularly outside the hospital to keep it open. In operation for three decades, the facility is among the longest-running trans youth centers in the country and has served thousands of young people on public insurance. Advocates have emphasized the lifesaving impact of the center's care and its importance to the community. ▶ Read more about the center, its planned closure and the protests US official says Ukraine weapons were reviewed, not paused A White House official said Wednesday that the Pentagon never announced a 'pause' in shipments of weapons to Ukraine but rather a review to ensure U.S. military support aligns with its defense strategy. The official was not authorized to address the matter publicly and spoke on condition of anonymity. Earlier Wednesday two U.S. officials said Trump administration has resumed sending some weapons to Ukraine, a week after the Pentagon directed that some deliveries be paused. The officials also spoke on condition of anonymity, to provide details that had not been announced publicly. In a briefing with reporters last week, Pentagon chief spokesman Sean Parnell said he could not 'go into detail about what weapons were paused and when and what we're providing and when. Ultimately, the president and the secretary will make those decisions about what happens with those weapon systems.' — Tara Copp Trump taps transportation secretary as interim NASA administrator Secretary of Transportation Sean Duffy will temporarily add that to his duties after the president withdrew the nomination of tech billionaire Jared Isaacman, an Elon Musk associate. Trump made the announcement Wednesday on his Truth Social platform, saying Duffy will be 'a fantastic leader of the ever more important Space Agency, even if only for a short period of time.' Trump withdrew Isaacman's nomination in May, citing a review of his 'prior associations.' In a public rebuke of Musk on social media on Sunday, Trump said he was surprised to find that Isaacman was a 'blue blooded Democrat' who never contributed to a Republican. Trump adds 50% tariff on copper imports The president said he plans to impose the 50% tax in hopes of boosting U.S. production of the crucial metal. Trump announced the tariff Wednesday on his Truth Social platform and noted that copper is needed for semiconductors, aircraft and batteries and is the second most used material by the Department of Defense. 'America will, once again, build a DOMINANT Copper Industry,' he said. Trump floated a copper tariff in a February presidential action warning that China dominates global copper refining, which he called a threat to national security. The tariff is to take effect Aug. 1 on top of existing 50% tariffs on steel and aluminum. Southern California bishop suspends Mass obligation due to immigration fears San Bernardino Bishop Alberto Rojas, who leads more than 1.5 million Catholics, has formally excused parishioners from their weekly obligation to attend Mass following immigration detentions on two parish properties in the diocese. The dispensation is a move usually reserved for extenuating circumstances, like the height of the COVID-19 pandemic. But Rojas says it's necessary because of people's fears of possible detention and deportation. 'There is a real fear gripping many in our parish communities that if they venture out into any kind of public setting they will be arrested by immigration officers,' Rojas said Wednesday in a statement. 'Sadly, that includes attending Mass. The recent apprehension of individuals at two of our Catholic parishes has only intensified that fear. I want our immigrant communities to know that their Church stands with them and walks with them through this trying time.' In early June the Trump administration significantly ramped up immigration arrests and raids in Southern California, with federal agents conducting sweeps in workplaces and public spaces and apprehending hundreds. ▶ Read more about the bishop's suspension of the Mass obligation Brazil president says Trump tariffs would trigger economic response President Luiz Inácio Lula da Silva responded in a forceful statement that said the president's 50% tariffs on goods from Brazil would trigger the country's economic reciprocity law. The law allows trade, investment and intellectual property agreements to be suspended for countries that harm the South American nation's competitiveness. Lula noted that the U.S. has had a trade surplus of more than $410 billion with Brazil over the past 15 years. 'Brazil is a sovereign country with independent institutions that will not accept being taken for granted by anyone,' Lula said. A surprise IRS move on political endorsements divides faith leaders and legal experts The move, which would let pastors back political candidates from the pulpit without losing their organization's tax-exempt status, is drawing praise from conservatives and even some progressive religious groups but concern from other faith leaders, along with tax and legal experts. A 1954 tax code provision, the Johnson Amendment, says churches and other nonprofits can lose their exempt status if they participate or intervene in any political campaign on behalf of or in opposition to any candidate for public office. The rule was rarely enforced. The IRS did not go as far as calling for its repeal but said in court documents that good-faith communication by a church to its flock does not amount to 'intervening' or affecting a campaign outcome. Speaking to reporters Wednesday, Trump called the IRS' assessment 'terrific.' While some congregations see a new freedom to speak candidly about candidates, others see openings for campaign finance corruption, new pressures on religious leaders and entanglement between church and state. ▶ Read more about the IRS' move House Republicans urge US universities to cut ties with China-backed scholarship program The institutions are asked to sever ties with what the lawmakers allege is a 'nefarious mechanism' to steal technology for Beijing. In letters to the universities, leaders of the House Select Committee on the Chinese Communist Party raised concerns about their partnerships with the China Scholarship Council, which sponsors hundreds of graduate students every year in the U.S. After graduating they are required to return to China for two years. In the letters, Republicans called it a national security threat. 'CSC purports to be a joint scholarship program between U.S. and Chinese institutions; however, in reality it is a CCP-managed technology transfer effort that exploits U.S. institutions and directly supports China's military and scientific growth,' committee chair Rep. John Moolenaar wrote. The Trump administration and House Republicans have stepped up scrutiny of Chinese students. In May, Secretary of State Marco Rubio said the U.S. would revoke visas from some who were studying in 'critical fields.' The Chinese Embassy did not immediately respond to a request for comment. Why Brazilian former President Bolsonaro is facing trial over an alleged coup plot Jair Bolsonaro was charged in February, along with 33 allies, accused of plotting to remain in power and overturn his loss in the 2022 election. The plot allegedly included plans to poison his successor, current President Luiz Inácio Lula da Silva, and kill a Supreme Court judge. The charges stem from a riot Jan. 8, 2023, in the capital, Brasilia, when the Supreme Court, Congress and the Presidential Palace were stormed by thousands of Bolsonaro supporters. Police called it an attempt to force military intervention and oust the new leader. Bolsonaro, whose trial is ongoing, has repeatedly denied the allegations and said he is the target of political persecution. Trump has described Bolsonaro as a friend and said Wednesday on social media, 'This Trial should not be taking place.' Trump may feel a connection with Bolsonaro; in 2023 he was indicted for his efforts to overturn the results of the 2020 presidential election, which he lost to Joe Biden. ▶ Read more about what happens next in Brazil's trial FACT FOCUS: Trump misrepresented facts about wind power During a Cabinet meeting Tuesday, the president called wind power an expensive form of energy that 'smart' countries don't use. His comments contained false and misleading information and came on the heels of an executive order signed Monday that would end 'green' energy subsidies. CLAIM: 'Wind is a very expensive form of energy.' THE FACTS: Onshore wind is one of the cheapest sources of electricity generation, with new wind farms expected to produce electricity around $30 per megawatt hour. This compares with a new natural gas plant, around $65 per megawatt hour, or a new advanced nuclear reactor, which runs over $80, according to estimates from the Energy Information Administration. Onshore wind farms cost less to build and operate than natural gas plants on average in most regions of the United States, even without tax credits. Though natural gas plants are available to produce electricity at any time of the day, unlike wind. Offshore wind is among the sources of new power generation that will cost the most to build and operate, at $88 per megawatt hour, according to the EIA. ▶ Read more about Trump's claims and the facts behind wind power Supreme Court keeps hold on Florida immigration law The high court refused Wednesday to allow Florida to enforce the law, which makes it a misdemeanor crime for people living in the U.S. illegally to enter the state. The decision will keep the law on hold while a legal challenge continues. The court did not explain its decision, and no justice noted a dissent. Gov. Ron DeSantis signed the legislation in February in support of Trump's crackdown on illegal immigration. Immigrants rights groups sued, arguing that immigration is a federal issue beyond the power of the states. Florida Attorney General James Uthmeier's appeal to the Supreme Court said the state has a right to protect itself from the 'irreparable harm' of illegal immigration. In June a judge held Uthmeier in contempt for instructing officers to continue enforcing the law despite judicial orders to stop. 'If being held in contempt is what it costs to defend the rule of law and stand firmly behind President Trump's agenda on illegal immigration, so be it,' Uthmeier said on social media. Brazil VP sees 'no reason' for Trump to hike tariffs on the South American nation 'I think he has been misinformed,' Vice President Geraldo Alckmin said. He noted that current President Luiz Inácio Lula da Silva 'was jailed for almost two years. No one questioned the judiciary. No one questioned what the country had done. This is a matter for our judiciary branch.' In singling out Brazil for tariffs of 50% on Wednesday, Trump cited its treatment of former President Jair Bolsonaro, who has been charged with trying to overturn his 2022 election loss. Trump has described Bolsonaro as a friend and hosted him at his Mar-a-Lago resort when both were in power in 2020. 'This Trial should not be taking place,' Trump wrote in a letter posted on his social media platform. 'It is a Witch Hunt that should end IMMEDIATELY!' Analyst: White House meeting highlights new transactional nature of relationship between US and Africa Trump said the leaders he met with Wednesday hail from 'very vibrant places with very valuable land, great minerals, great oil deposits and wonderful people.' Beverly Ochieng, an analyst at security consulting firm Control Risks, said: 'We are likely to see a trend where African countries will seek to leverage resources such as critical minerals, or infrastructure such as ports, to attract US commercial entities in order to maintain favourable relations with the current US administration.' 'Each of the African leaders sought to leverage natural resources in exchange for US financial and security investments, and appeared to view the U.S. intervention in the Democratic Republic of Congo as a model to further cooperation,' Ochieng added. Trump administration sues California over transgender athlete policies The lawsuit filed Wednesday alleges that letting transgender girls compete on girls' sports teams violates Title IX, the federal law banning sex-based discrimination in education. The Justice Department says California's rules 'are not only illegal and unfair but also demeaning, signaling to girls that their opportunities and achievements are secondary to accommodating boys.' U.S. Attorney General Pam Bondi warned other states that they could also face challenges by the federal government. 'If you do not comply, you're next,' she said in a video posted on social media. The complaint names as defendants the state Education Department and the California Interscholastic Federation, the governing body for high school sports. The two entities declined to comment on pending litigation. Democratic Gov. Gavin Newsom's office called the administration's attacks on the state's transgender athlete policies 'a cynical attempt' to distract from federal withholding of funds for after-school and summer programs. Senate confirms new Federal Aviation Administration chief amid concerns over safety Bryan Bedford will head up the FAA at a precarious time for the airline industry after recent accidents, including a January collision near Washington that killed 67 people. He was confirmed on a near-party-line vote, 53-43. Republicans and industry leaders lauded the nomination, citing Bedford's experience as CEO of regional airline Republic Airways since 1999. Sen. Ted Cruz, the chairman of the Commerce Committee, called Bedford a 'steady leader with executive experience.' Democrats and flight safety advocates opposed Bedfore, citing a lack of commitment to a 1,500-hour training requirement for pilots that was put in place by Congress after a 2009 crash in New York. Bedford declined during his hearing to commit to the rule, saying only that he would not 'have anything that will reduce safety.' Sen. Maria Cantwell, the committee's top Democrat, accused him of wanting 'to roll back safety reforms and unravel the regulatory framework that made the United States the gold standard' in aviation safety. Trump administration resumes sending some weapons to Ukraine after Pentagon pause The resumption comes a week after the Pentagon directed that some deliveries be paused. The weapons now moving into Ukraine include 155 mm munitions and precision-guided rockets known as GMLRS, two U.S. officials told The Associated Press. It is unclear exactly when the weapons started moving. Defense Secretary Pete Hegseth directed the pause last week to allow the Pentagon to assess its weapons stockpiles, a move that caught the White House by surprise. The Pentagon has denied that Hegseth acted without consulting the president. The officials spoke on condition of anonymity to provide details that have not been announced publicly. — Tara Copp Trump sets 50% tariff on goods from Brazil over treatment of Bolsonaro Trump called the South American country an 'international disgrace' for the treatment of its former president, Jair Bolsonaro. Trump singled out Brazil Wednesday in a letter shared on his Truth Social platform, accusing Brazil of waging a 'witch hunt' against Bolsonaro, whom Trump described him as a 'Highly Respected Leader.' The former president is charged with trying to overturn his 2022 election loss. The fiery language in Trump's letter stood out from the standard form letters sent to other trading partners on Wednesday. Brazil's top exports to the U.S. include crude oil, aircraft, coffee, cellulose and beef. Chinese-born crypto entrepreneur pledges a $100M investment in Trump's meme coin Justin Sun 's announcement Wednesday came as the team behind the $TRUMP meme coin said it will become available on Tron, the cryptocurrency platform founded by Sun. '$TRUMP on #TRON is the currency of #MAGA!' Sun said in a social media post. After an initial spike in price when it was launched just before he took office, the value of Trump's meme coin has fallen nearly 90% from its all-time high. Meme coins are often created as a joke, with no real utility, and are prone to wild price swings that tend to enrich a few insiders at the expense of less sophisticated investors. Sun is also a major investor in World Liberty Financial, another Trump family crypto enterprise. The Securities and Exchange Commission has accused Sun of fraud, but the case against him has been paused since Trump took office. GOP leader says the Russia sanctions bill is moving closer toward Senate votes Senate Majority Leader John Thune says he hopes to bring forward the measure, which would impose steep sanctions on Russia over its war with Ukraine, before Congress goes on recess in August. While the sanctions bill led by Sen. Lindsey Graham, R-S.C. has 'tremendous' bipartisan support, Thune acknowledged it's still a work in progress as the White House engages with the process. 'We are working with the administration, with the House to try and get it in a form where it's ready,' he said. Whether that happens in the next few weeks is still 'a bit of an open question,' he said. 'But I'm hopeful we can.' Netanyahu says he and Trump 'share a common strategy' ahead of a meeting with Senate leaders Israeli Prime Minister Benjamin Netanyahu says he and Trump agree on how to secure the release of Israeli hostages and end Hamas' rule in Gaza. 'Trump wants a deal, but not at any price,' Netanyahu told reporters. 'I want a deal, but not at any price. Israel has security requirements and other requirements and we are working together to try to achieve it.' Netanyahu is meeting Wednesday with Senate Majority Leader John Thune, R-S.D., and Democratic Leader Chuck Schumer, D-N.Y. and other senators at the U.S. Capitol. Netanyahu met with Trump at the White House and House Speaker Mike Johnson, R-La., in the Capitol on Tuesday. Trump calls Democrats' efforts to unmask ICE agents 'deranged' He told reporters Wednesday that exposing Immigrations and Customs Enforcement agents would 'put them in great danger.' 'They've become somewhat deranged,' Trump said of Democrats. 'I want to do whatever's necessary to protect our great law enforcement people.' Senate Democrats introduced a bill Tuesday aiming to ban officers from concealing their identities during immigration raids after masked immigration agents in unmarked vehicles been detaining people in the streets. First Amendment advocacy groups, Democratic lawmakers and protesters say the masks allow ICE agents to escape accountability and intimidate immigrants. Many have also pointed to what they call a double standard: Trump has called for the arrest of masked protesters, even those confronted by officers with their faces covered. High school student athletes sue Oregon over state policy allowing transgender girl competitors The three track-and-field athletes want Oregon to remove records set by transgender girl athletes and prevent them from participating in girls sporting events. In their federal complaint filed Monday, the students argue that state policy prohibiting schools from excluding student athletes from events that align with their gender identity violates Title IX, and has harmed them through loss of competition, placements, and opportunities to advance to higher-level events. The 1972 Title IX law bars sex discrimination in education. The U.S. Department of Education has opened investigations into Portland Public Schools and the Oregon Schools Activities Association over alleged violations of Title IX in girls high school sports. The Trump administration has been using the law to push back against schools that provide accommodations for transgender students. Sen. Thom Tillis signals support for Emil Bove's judicial nomination Tillis said he plans to vote in favor of the nomination of the Justice Department official and former Trump criminal defense attorney to a seat on the 3rd U.S. Circuit Court of Appeals. It's a key endorsement as Bove awaits confirmation by the Senate Judiciary Committee. Bove has faced scrutiny after a former Justice Department lawyer alleged he said during a meeting that the Trump administration might need to ignore judicial commands. Tillis — who is not seeking reelection next year — is seen as a pivotal vote on the panel. Earlier this year, he opposed Trump's pick for top federal prosecutor in Washington, Ed Martin, prompting the president to withdraw the nomination. Tillis told the Associated Press on Wednesday that he's a 'presumptive yes' on the confirmation vote. The State Department sanctions the UN official investigating human rights abuses in Gaza and the West Bank It's the latest effort by the Trump administration to punish critics of Israel's 20-month war in Gaza. The State Department's decision to sanction Francesca Albanese, the U.N. special rapporteur for the West Bank and Gaza, comes after a recent U.S. pressure campaign to force the international body to remove her from her post failed. Albanese, a human rights lawyer, has been vocal about what she describes as the 'genocide' that Israel is waging against Palestinians in Gaza. Both Israel and the U.S. have vehemently denied that claim. In recent weeks, she has issued a series of letters urging other countries to pressure Israel — including through sanctions — to end its deadly bombardment of the Gaza Strip. Trump again avoids answering questions about who approved Ukraine weapons pause The president isn't offering any clarity on who gave last week's order to pause the delivery of some critical weapons shipments to Ukraine. Questions on the change came during the public portion of Trump's lunch with leaders of five West African nations. Trump announced Monday that the U.S. would continue to deliver weapons to Ukraine as it tries to repel increasingly intense air assaults from Russia, effectively reversing the pause that the White House and Pentagon announced less than a week earlier. 'I would know if a decision is made. I will know,' Trump told reporters Wednesday, when asked who ordered the pause. 'I will be the first to know. In fact, most likely I'd give the order but I haven't done that yet.' Trump also sidestepped questions about who ordered the pause in an exchange with reporters on Tuesday. 'I don't know. Why don't you tell me?' the president said. But Trump privately expressed frustration that Pentagon officials announced the pause, because he felt they didn't properly coordinate with the White House, according to three people familiar with the matter who were not authorized to comment publicly. Trump's question-and-answer session with the media ends Trump has asked the media to leave, concluding the public portion of his lunch with African leaders. The president delivered opening remarks, listened as each of the invited leaders spoke, then took questions from reporters. The session lasted about an hour. After lengthy comments, Trump thanked the press and had reporters hustled out of the room so his lunch with visiting African leaders could continue in private. Trump says Gaza ceasefire agreement could be reached 'this week or next' Trump says his meetings this week with Israeli Prime Minister Benjamin Netanyahu have been focused 'on Gaza for the most part.' The president said of a possible negotiated ceasefire that could end the fighting in Israel's war with Hamas: 'I think we have a chance this week, or next week.' But he added, 'not definitely,' saying there was nothing certain about war or the situation in Gaza. Administration officials have repeatedly suggested a ceasefire could be reached during Netanyahu's current visit to Washington. He was at the White House on Monday and Tuesday. If an agreement isn't reached until next week, the process is taking much longer than previously believed. Trump praises IRS decision allowing pastors to endorse candidates The president said he thinks 'it's great' and 'terrific' that the IRS has ruled pastors can endorse political candidates without losing their tax-exempt status. 'We have a lot of respect for the people that lead the church,' the president said. Trump says he's open to making an Africa trip, but offers no firm commitment Asked by a reporter if he'll visit the continent, Trump said, 'At some point, I would like to go to Africa.' But he added that he'd 'have to see what the schedule looks like.' Trump's predecessor, President Joe Biden, promised to go to Africa in 2023. But he only made good on that commitment by visiting Angola in December 2024, just weeks before he left office. Trump gushes about Liberian president's command of English, the West African country's official language After President Joseph Boakai wrapped his brief remarks at the start of the White House meeting, Trump asked the Liberian leader where he learned to speak so 'beautifully.' Trump seemed surprised when Boakai responded he learned in Liberia. 'I have people at this table can't speak nearly as well,' Trump added. Leaders pitch their countries, cooperation with the US and Trump's favorite sport The West African leaders, speaking one at a time, praised Trump for his efforts to try to foster peace deals around the world. They also spoke of their hopes for economic development between their nations and the U.S., and touted abundant natural resources in their countries, especially needed minerals. Senegal's President Bassirou Diomaye Faye suggested his country also offered investment opportunities for tourism, including a golf course. Faye said the course would only be a six-hour flight from New York and suggested Trump could visit to show off his skills.
Yahoo
41 minutes ago
- Yahoo
Are Robust Financials Driving The Recent Rally In Tower Limited's (NZSE:TWR) Stock?
Tower's (NZSE:TWR) stock is up by a considerable 16% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study Tower's ROE in this article. Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. The formula for return on equity is: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Tower is: 26% = NZ$88m ÷ NZ$343m (Based on the trailing twelve months to March 2025). The 'return' is the profit over the last twelve months. So, this means that for every NZ$1 of its shareholder's investments, the company generates a profit of NZ$0.26. See our latest analysis for Tower So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics. First thing first, we like that Tower has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 17% also doesn't go unnoticed by us. So, the substantial 45% net income growth seen by Tower over the past five years isn't overly surprising. Next, on comparing with the industry net income growth, we found that Tower's growth is quite high when compared to the industry average growth of 20% in the same period, which is great to see. The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Tower fairly valued compared to other companies? These 3 valuation measures might help you decide. The high three-year median payout ratio of 60% (implying that it keeps only 40% of profits) for Tower suggests that the company's growth wasn't really hampered despite it returning most of the earnings to its shareholders. Moreover, Tower is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 72% over the next three years. Consequently, the higher expected payout ratio explains the decline in the company's expected ROE (to 18%) over the same period. On the whole, we feel that Tower's performance has been quite good. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 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
Bloomberg
an hour ago
- Bloomberg
All Eyes on Tata Consultancy Services as India's Earnings Season Begins
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Alex Gabriel Simon, an equities reporter in Mumbai. Nifty futures indicate a weak opening today, with regional markets showing minimal support. Investors are weighing the impact of US President Donald Trump's latest trade move, a 50% tariff on copper and new tariff warning letters. Meanwhile, software giant Tata Consultancy Services takes center stage, kicking off India's earnings season on Thursday.
