Latest news with #ACI
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First Post
2 hours ago
- Business
- First Post
No Taco for Europe as it prepares to hit back, taking Trump's new tariff threat seriously
More than half a dozen EU members have backed the French-led charge of deploying an 'anti-coercion instrument (ACI)' in case talks between the two parties fail ahead of the August 1 deadline read more As the European Union inches closer to securing a trade deal with the US, the bloc is planning to put all its cards on the table, including activating its most powerful trade tools against America. More than half a dozen EU members have backed the French-led charge of deploying an 'anti-coercion instrument (ACI)' in case talks between the two parties fail ahead of the August 1 deadline of lifting the pause on reciprocal tariffs. Trump has threatened a 30 per cent tariff rate on the bloc, which is its largest trading partner. STORY CONTINUES BELOW THIS AD If all member states agree, the European Union would use the ACI for the first time ever, which could possibly unleash a wider transatlantic trade war, at a time when Trump tariffs have already kept the world economy on the edge. Talking to Bloomberg, Benjamin Haddad, France's minister for European affairs, said, 'In this negotiation, you need to show strength, you need to show force, unity and resolve. He added that the bloc could 'go further' than the countermeasures previously announced by it, targeting almost €100 billion worth of US trade under the ACI. While France is resolved to unravel the potential of ACI, some EU members have expressed scepticism with the chief, Ursula von der Leyen, saying that 'the ACI is created for extraordinary situations' and 'we are not there yet.' Talks between the US and EU have continued, even after Trump threatened in a letter over the weekend to impose a 30 per cent tariff on most of the bloc's exports starting next month, in addition to the existing 25 per cent duties on cars and car parts and 50 per cent tariffs on steel and aluminium. STORY CONTINUES BELOW THIS AD Meanwhile, EU Commissioner Michael McGrath told Bloomberg that the bloc is expecting to reach a deal with the US by August 1, although leaders were 'surprised and disappointed' to receive Trump's letter. The EU's top trade negotiator, Maros Sefcovic, left for Washington on Wednesday for talks with his US counterparts. 'Sefcovic is flying to DC this afternoon, for separate in-person meetings' with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, said European Commission trade spokesman Olof Gill.


Arab Times
12 hours ago
- Business
- Arab Times
Kuwait's real-time payment scheme WAMD surpasses 1 mln accounts in first yea
KUAWIT CITY, July 16: ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company 'KNET', the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait's real-time payment system, recorded significant growth in the number of transactions executed since its launch in June of 2024, making WAMD one of the world's most rapidly adopted real-time payment initiatives. KNET utilized ACI's Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank's mobile app or internet banking service by using a phone number. WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation. Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country's banks now on board with WAMD, this extraordinary growth in real-time payments is expected to continue. 'As real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, real-time payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET's primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,' said Esam Alkheshnam, KNET's Chief Executive Officer. Alkheshnam added that 'IPS in Kuwait was given the name 'WAMD,' which translates to lightning flash – an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start, with one million registered users during the first quarter of its launch of WAMD. 'As soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one. Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.' Aligned with KNET's mission of supporting Kuwait's national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait's fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the 'Request to Pay' service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait's evolution into a real-time payment powerhouse is set to further propel the Middle East's position as a leader in payments modernization. According to ACI's Prime Time for Real-Time 2024 report, which tracks global real-time payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years. Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI's Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. 'Kuwait's rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe. The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers' evolving expectations,' commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide.'Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global real-time payments revolution.' ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs, and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and currently powers 26 domestic and pan-regional real-time schemes across six continents, including 11 central infrastructures. Globally, ACI serves all 10 of the world's largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily.


Time of India
13 hours ago
- Business
- Time of India
Lko airport begins 20-hr ops after 136-day upgrade
Lucknow: After 136 days of limited operations due to construction work, Chaudhary Charan Singh International Airport in Lucknow resumed 20-hour flight operations on Wednesday. Full 24-hour operations are scheduled to restart from Sep 1. According to sources, the recarpeting of the main runway (09/27) and upgradation of above-ground features have been successfully completed. Currently, flights are operating between 3pm and 11am, with a daily work window from 11am to 3pm reserved for remaining construction. Since March 1, the airport had been closed for air traffic between 10am and 6pm each day. Over the past 19 weeks, significant progress has been made, including the construction of three taxiways within 105 metres of the runway and a new storm drainage system. B by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List y the end of Oct, authorities expect to complete a parallel taxiway and the airfield ground lighting system. Airlines have already adjusted their schedules to align with the extended operational hours, ensuring smoother travel for passengers. CCS airport wins ACI's 'level 2' certification Lucknow International Airport Limited (LIAL), operator of Chaudhary Charan Singh International Airport (CCSIA), has been awarded 'Level 2' certification for enhancing Airport Customer Experience by the Airport Council International (ACI) World.
Yahoo
21 hours ago
- Business
- Yahoo
France Adds Support for Using Most-Potent Trade Tool on US
(Bloomberg) — A growing number of European Union member states want the bloc to activate its most powerful trade tool against the US should the two sides fail to reach an acceptable agreement by Aug. 1 and Donald Trump carries out his threat of 30% tariffs on the US's largest trading partner. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say A French-led charge to deploy the EU's so-called anti-coercion instrument is backed by more than half a dozen European capitals, according to people familiar with the matter. Several member states are more cautious, while others have yet to express a position, said the people, who spoke on condition of anonymity to discuss private deliberations. The issue was discussed at a meeting of trade ministers on Monday, the people said. Benjamin Haddad, France's minister for European affairs, said earlier this week that the response from Brussels should include the option of using the tool which gives officials broad powers to take retaliatory action against EU trading partners. Those measures could include new taxes on US tech giants, for instance, or targeted curbs on US investments in the EU. They could also involve limiting access to certain parts of the EU market or restricting US firms from bidding for public contracts in Europe. The first-ever use of the ACI would likely provoke an even wider transatlantic trade war, given Trump's warnings that retaliation against American interests will only invite tougher tactics from his administration. 'In this negotiation, you need to show strength, you need to show force, unity and resolve,' Haddad told Bloomberg Television on Monday. 'We can go further' than the countermeasures announced by the European Commission targeting almost €100 billion ($116 billion) worth of US trade, he said, referring to the ACI. The commission, which leads on trade matters on behalf of the bloc, has so far said use of the tool is premature as negotiations continue. Commission President Ursula von der Leyen told reporters on Sunday that 'the ACI is created for extraordinary situations' and 'we are not there yet.' The overwhelming preference among capitals and EU officials is to keep negotiations on track and find a negotiated outcome to the impasse, while maintaining the threat of retaliation with countermeasures that are proportional to the damage from US tariffs. EU trade chief Maros Sefcovic will travel to Washington for further talks with his US counterparts this week, according to commission spokesman Olof Gill. Talks between the US and EU have continued despite Trump threatening in a letter sent over the weekend to impose a 30% tariff on most of the bloc's exports starting next month, alongside existing 25% duties on cars and car parts, and 50% levies on steel and aluminum. EU Commissioner Michael McGrath told Bloomberg Radio on Wednesday that he expects a deal to be reached by Aug. 1, though Brussels was 'surprised and disappointed' to receive Trump's letter. 'These are challenging complex negotiations,' McGrath said. 'We remain focused as an EU on the substantive discussions.' On Tuesday, Trump — who is known for escalating his rhetoric when negotiations bog down — said that he was likely to impose tariffs on some pharmaceuticals as soon as next month. That could hit European drug companies particularly hard. Ongoing Talks Before the latest threats from Washington, EU officials were hopeful they were edging toward a preliminary framework agreement that would allow negotiations to continue beyond the deadline. Under the envisioned accord, the bloc would face a 10% levy on most exports, with limited exemptions for some industries such as aviation and medical devices. The anti-coercion tool was designed primarily as a deterrent, and if needed respond to deliberate coercive actions from third countries that use trade measures as a means to pressure the sovereign policy choices of the 27-nation bloc or individual member states. The instrument was enacted as part of the EU's effort to boost its trade defenses after the US imposed tariffs on the bloc's exports during the first Trump administration. Another factor was China's decision to place restrictions on Lithuanian goods after Taiwan opened a trade office in the Baltic nation. The commission can propose use of the tool but it is then for member states to determine whether there is a coercion case and if it should be deployed. Throughout the process the EU would seek to consult with the coercing party to find a resolution and may also collaborate with like-minded partners facing similar pressure. (Updates with trade chief's trip to Washington in ninth paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
21 hours ago
- Business
- Yahoo
France Adds Support for Using Most-Potent Trade Tool on US
(Bloomberg) — A growing number of European Union member states want the bloc to activate its most powerful trade tool against the US should the two sides fail to reach an acceptable agreement by Aug. 1 and Donald Trump carries out his threat of 30% tariffs on the US's largest trading partner. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say A French-led charge to deploy the EU's so-called anti-coercion instrument is backed by more than half a dozen European capitals, according to people familiar with the matter. Several member states are more cautious, while others have yet to express a position, said the people, who spoke on condition of anonymity to discuss private deliberations. The issue was discussed at a meeting of trade ministers on Monday, the people said. Benjamin Haddad, France's minister for European affairs, said earlier this week that the response from Brussels should include the option of using the tool which gives officials broad powers to take retaliatory action against EU trading partners. Those measures could include new taxes on US tech giants, for instance, or targeted curbs on US investments in the EU. They could also involve limiting access to certain parts of the EU market or restricting US firms from bidding for public contracts in Europe. The first-ever use of the ACI would likely provoke an even wider transatlantic trade war, given Trump's warnings that retaliation against American interests will only invite tougher tactics from his administration. 'In this negotiation, you need to show strength, you need to show force, unity and resolve,' Haddad told Bloomberg Television on Monday. 'We can go further' than the countermeasures announced by the European Commission targeting almost €100 billion ($116 billion) worth of US trade, he said, referring to the ACI. The commission, which leads on trade matters on behalf of the bloc, has so far said use of the tool is premature as negotiations continue. Commission President Ursula von der Leyen told reporters on Sunday that 'the ACI is created for extraordinary situations' and 'we are not there yet.' The overwhelming preference among capitals and EU officials is to keep negotiations on track and find a negotiated outcome to the impasse, while maintaining the threat of retaliation with countermeasures that are proportional to the damage from US tariffs. EU trade chief Maros Sefcovic will travel to Washington for further talks with his US counterparts this week, according to commission spokesman Olof Gill. Talks between the US and EU have continued despite Trump threatening in a letter sent over the weekend to impose a 30% tariff on most of the bloc's exports starting next month, alongside existing 25% duties on cars and car parts, and 50% levies on steel and aluminum. EU Commissioner Michael McGrath told Bloomberg Radio on Wednesday that he expects a deal to be reached by Aug. 1, though Brussels was 'surprised and disappointed' to receive Trump's letter. 'These are challenging complex negotiations,' McGrath said. 'We remain focused as an EU on the substantive discussions.' On Tuesday, Trump — who is known for escalating his rhetoric when negotiations bog down — said that he was likely to impose tariffs on some pharmaceuticals as soon as next month. That could hit European drug companies particularly hard. Ongoing Talks Before the latest threats from Washington, EU officials were hopeful they were edging toward a preliminary framework agreement that would allow negotiations to continue beyond the deadline. Under the envisioned accord, the bloc would face a 10% levy on most exports, with limited exemptions for some industries such as aviation and medical devices. The anti-coercion tool was designed primarily as a deterrent, and if needed respond to deliberate coercive actions from third countries that use trade measures as a means to pressure the sovereign policy choices of the 27-nation bloc or individual member states. The instrument was enacted as part of the EU's effort to boost its trade defenses after the US imposed tariffs on the bloc's exports during the first Trump administration. Another factor was China's decision to place restrictions on Lithuanian goods after Taiwan opened a trade office in the Baltic nation. The commission can propose use of the tool but it is then for member states to determine whether there is a coercion case and if it should be deployed. Throughout the process the EU would seek to consult with the coercing party to find a resolution and may also collaborate with like-minded partners facing similar pressure. (Updates with trade chief's trip to Washington in ninth paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Sign in to access your portfolio