Latest news with #Danish
The Age
3 hours ago
- Business
- The Age
Corporate fairytale: How a boy from the bush rose to run world's third-largest mining giant
Given the size of the iron ore division and its importance to Rio's profit, Trott became a highly important visible executive who would have enormous exposure to the London-based board and to shareholders. Being a global mining house, Rio has a shareholder base that reflects its international citizenship, which is unlikely to be concerned about the nationality of its chief executive but who are supportive of Trott's elevation to the top. But King and Rinehart (whose own mining company has joint venture iron ore operations with Rio) both sit alongside a wider movement to move Rio's base from London to Australia, where its iron ore division provides the global miner with its red-coloured cash cow. However, Rinehart's desire to have the Rio head office moved to Perth amounts to wishful thinking from Australia's iron ore queen. Instead, Trott will be relocated to London. The appointment of an Australian punctuates a line of chief executives who hailed from the ranks of global citizens – the most recent of whom was the Danish Stausholm, who left after speculation he had experienced a falling out with Rio chairman Dominic Barton. Loading Stausholm had filled the vacancy left by Frenchman Jacques. He followed Australian Sam Walsh, who had a brief three-year stint in the role after American Tom Albanese was ousted after a series of ill-fated acquisitions left the company with a $14 billion writedown. Trott will usher in a new phase of Rio's progress, including productivity improvements on existing operations during a time when the iron ore price is under pressure. He needs to continue his task of ensuring improvements in the running and the cost base of the Pilbara iron ore engine, but also manage the introduction into the market of ore from the giant Simandou project in Guinea, in which Rio owns a minority stake alongside its Chinese partners. (This could make the joint venture with Rinehart look like a walk in the park.) Loading Additionally, Trott will have to tackle the numerous challenges of Mongolia's 66 per cent-owned copper and gold mine, which could be one of the world's top five copper mines if developed to its full potential, at a time when the commodity is expected to be in hot demand. This involves dealing with the difficult relationship with the Mongolian government with whom the company is still battling over a tax dispute and historical claims of corruption. And all this needs navigating in the middle of the Trump era of trade upheaval.
Sydney Morning Herald
3 hours ago
- Business
- Sydney Morning Herald
Corporate fairytale: How a boy from the bush rose to run world's third-largest mining giant
Given the size of the iron ore division and its importance to Rio's profit, Trott became a highly important visible executive who would have enormous exposure to the London-based board and to shareholders. Being a global mining house, Rio has a shareholder base that reflects its international citizenship, which is unlikely to be concerned about the nationality of its chief executive but who are supportive of Trott's elevation to the top. But King and Rinehart (whose own mining company has joint venture iron ore operations with Rio) both sit alongside a wider movement to move Rio's base from London to Australia, where its iron ore division provides the global miner with its red-coloured cash cow. However, Rinehart's desire to have the Rio head office moved to Perth amounts to wishful thinking from Australia's iron ore queen. Instead, Trott will be relocated to London. The appointment of an Australian punctuates a line of chief executives who hailed from the ranks of global citizens – the most recent of whom was the Danish Stausholm, who left after speculation he had experienced a falling out with Rio chairman Dominic Barton. Loading Stausholm had filled the vacancy left by Frenchman Jacques. He followed Australian Sam Walsh, who had a brief three-year stint in the role after American Tom Albanese was ousted after a series of ill-fated acquisitions left the company with a $14 billion writedown. Trott will usher in a new phase of Rio's progress, including productivity improvements on existing operations during a time when the iron ore price is under pressure. He needs to continue his task of ensuring improvements in the running and the cost base of the Pilbara iron ore engine, but also manage the introduction into the market of ore from the giant Simandou project in Guinea, in which Rio owns a minority stake alongside its Chinese partners. (This could make the joint venture with Rinehart look like a walk in the park.) Loading Additionally, Trott will have to tackle the numerous challenges of Mongolia's 66 per cent-owned copper and gold mine, which could be one of the world's top five copper mines if developed to its full potential, at a time when the commodity is expected to be in hot demand. This involves dealing with the difficult relationship with the Mongolian government with whom the company is still battling over a tax dispute and historical claims of corruption. And all this needs navigating in the middle of the Trump era of trade upheaval.
Time of India
5 hours ago
- Business
- Time of India
Would Europe actually retaliate against Trump's tariffs?
European Union officials have spent this week working to finalize a plan to retaliate against President Donald Trump 's tariffs, laying the groundwork to hit more than $100 billion worth of American imports with levies if negotiations on a new trade deal fail. But a question looms over that effort. "If it comes to it, will they?" asked Frances Burwell, a fellow at the Atlantic Council's Europe Center, a research organization. Officials from the 27-nation bloc have spent months preparing their plans to hit back, only to hold off in favor of more talks. In April, EU policymakers approved a plan to impose tariffs on 21 billion euros (nearly $25 billion) of American goods. But they abruptly suspended them in a show of goodwill when Trump pivoted at the last minute and paused some painful across-the-board tariffs. The goal was to negotiate. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Lifetime Office 365 Download Undo No deal was forthcoming. Instead, Trump said on social media last week that he planned to impose 30% tariffs on the bloc starting Aug. 1. After that announcement, EU officials chose to again delay that first batch of retaliatory tariffs -- which had been suspended only through July 14 -- to allow room for more talks. But they have also redoubled their vow to respond forcefully if necessary. Live Events Now, EU trade officials are finishing up a second list of tariffs that would target an even longer list of American goods, one that amounts to 72 billion euros ($84 billion) of products that include Boeing airplanes and Kentucky bourbon. The list was sent to member states Monday, said diplomats who spoke on the condition of anonymity to discuss an internal process. National representatives have not yet voted on the list. That push to prepare a retaliation plan is rooted in an uncomfortable reality. The EU would prefer to come up with a negotiated solution and avoid a painful and protracted trade war, but the talks could still fail. Strength, many politicians and ministers pointed out, seems to be the only negotiating language that Trump understands. It is necessary to "flash some muscles," Lars Lokke Rasmussen, the Danish foreign minister, said Monday. "If you want peace, you have to prepare for war, and I think that's where we are." But Europe is still trying to make a deal. Maros Sefcovic, the EU trade commissioner, talked to Howard Lutnick, the commerce secretary, on Monday. He was expected to speak with Jamieson Greer, the U.S. trade representative, on Tuesday. Trade experts who specialize in detailed negotiations were headed to Washington, Olof Gill, a European Commission spokesperson, said in a news conference. But Sefcovic has said that European ministers have become more adamant about striking back if a negotiated solution could not be reached. He had already spent months trying to reach a broad-brush agreement. Sefcovic and other negotiators thought that they were closing in on one up until last week -- only to have the situation blow up after Trump issued his threat last week to impose 30% tariffs. "We have to protect the jobs, you have to protect the businesses," Sefcovic said at a news conference in Brussels on Monday. Yet actually following through with the plan to hit back would be no easy choice. Placing tariffs on American soybeans, handbags, machinery and other goods would make those products more expensive for consumers and businesses in France, Germany, Italy and other EU member states. Given that, discussions over what products Brussels should target have been intense. The tariffs that were prepared and nearly put into effect in April could be rolled out very quickly, because they were finalized and no longer up for debate. But they were always envisaged as only a first step: 21 billion euros' worth of goods is not a lot in the context of a 1.6 trillion euro trans-Atlantic trading relationship. "We will continue to prepare further countermeasures so we are fully prepared," Ursula von der Leyen, the president of the European Commission, said Sunday. EU member states would still need to vote to approve the second set of proposed tariffs that would apply to 72 billion euros worth of goods. The list initially covered 95 billion euros of products, but it was whittled down after feedback and lobbying. After that, officials could consider using a new tool, the so-called anticoercion instrument, to target big technology firms or other American service companies by imposing trade or investment restrictions on them. Such a move could hit American businesses in the pocketbook, but because it would be so painful and risk escalating the trade war, it is sometimes referred to as the "nuclear option" in Brussels. "We are not there yet," von der Leyen said Sunday, when asked about using the tool. "This is very important. This is now the time for negotiations." Europe is still trying to speak gently while reminding the world that it carries several big sticks. It would prefer not to use them. Officials are hoping that a negotiated deal can be reached in the coming weeks and that the threatened 30% tariffs never come into effect. Tariffs hurt consumers on both sides of the Atlantic, they argue. By that logic, they say, delaying retaliation is a sign of rationality, not of timidity. "I don't think this is weakness," Lokke Rasmussen said. "It's a clear signal that we don't want to escalate things." Trying to shore up goodwill and hoping for the best has not been a winning strategy to date. But "the pain threshold is quite high" for Europe to decide to retaliate, said Mujtaba Rahman, managing director for Europe at the Eurasia Group, a political risk consultancy. Rahman added that things would have to go very badly -- an across-the-board tariff rate of perhaps 15%, along with charges on sectors -- for Europe to hit back. Officials will want to avoid angering the Trump administration, especially at a time when the bloc depends heavily on the United States to help with the war in Ukraine. "The Americans will really need to go mad if the Europeans are going to retaliate," he said. But if Trump follows through with his latest threat, that would firmly push the bloc over the edge, predicted Ignacio García Bercero, a former EU trade official who is now at Bruegel, an economic think tank. "A 30% tariff would be no choice but to retaliate," he said.
Canada News.Net
6 hours ago
- Sport
- Canada News.Net
Milan Iloski, San Diego FC mutually terminate loan
(Photo credit: Abe Arredondo-Imagn Images) Standout forward Milan Iloski and San Diego FC parted ways Tuesday when negotiations to reach a permanent deal broke down. Iloski and the club mutually terminated his loan and he will return to Danish side FC Nordsjaelland. Iloski was second on San Diego with 10 goals despite playing just 471 minutes. 'We worked diligently to make it long-term and we couldn't come to an agreement,' San Diego coach Mikey Varas said during Tuesday's media availability. 'Our focus is on the guys in the locker room. We wish him the best.' Iloski, 25, had eight goals over his past five appearances, including an epic four-goal game against the host Vancouver Whitecaps on June 25. 'We want to thank Milan for his time and contributions to San Diego FC,' San Diego sporting director Tyler Heaps said in a news release. 'He played an important role in our early history, and we respect his desire to return to FC Nordsjaelland and his decision to pursue other opportunities at this time. We wish him the best in this next stage of his career.' San Diego leads the Western Conference with 42 points and still features one of MLS' better one-two punches in All-Star forwards Anders Dreyer and Chucky Lozano. Dreyer has 11 goals and a league-best 15 assists while Lozano has six goals and eight assists. San Diego hosts Toronto FC on Wednesday.
Qatar Tribune
11 hours ago
- Sport
- Qatar Tribune
Henderson back in PL with Brentford
PA Media/dpa London Jordan Henderson says he is determined to prove he can still cut it in the Premier League after joining Brentford. The 35-year-old England midfielder has completed a free transfer to the Bees and signed a two-year contract after leaving Ajax. The former Liverpool title-winning captain left Anfield in 2023, making a controversial move to Saudi Arabia with Al-Ettifaq. 'After a couple of years away I still have that fire to come back and play in the Premier League again,' he told Brentford's social media. 'Obviously it's the best league in the world, with the best players. So it's a big challenge but one I'm keen on doing. 'When I was given the opportunity by Brentford and after speaking with the club it became an easy decision.' Henderson has been reunited with former Reds players Caoimhin Kelleher, Sepp van den Berg and Fabio Carvalho at the Gtech Stadium, while he also played against new Bees boss Keith Andrews early in his career. 'I think when I was at Sunderland I might have played against him a few times. He's another reason I wanted to come,' he added. 'Caoimhin isn't in yet but I've spoken to Sepp and Fab a bit, along with the rest of the lads. It's nice to have a few familiar faces, for sure. 'They're great lads that I got on really well with at Liverpool, so that's been nice for us to settle in.' Henderson will come up against boyhood club Sunderland at the end of August and will return to Liverpool in October. 'Both clubs mean a lot to me. I owe a lot to Sunderland and then Liverpool was a huge part of my life,' he said. 'But when I'm playing against them there's no friends, we know that in football.' Andrews moved for Henderson after losing Danish midfielder Christian Norgaard to Arsenal. 'When we became aware of Jordan's availability, it was a pretty simple decision,' Andrews told the Bees website. 'We did our due diligence around his recent games to see where he is. He's still phenomenally fit and he's still phenomenally motivated to achieve things in the game, having already achieved a lot. 'With the void of experienced players leaving the building - Christian Nørgaard, Mark Flekken and Ben Mee - it was important to replace that.'
