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Time of India
14 hours ago
- Business
- Time of India
Not Trump, Brazilian President Lula da Silva says he will call PM Modi instead for trade talks
South America's largest economy, Brazil, has been hit with a 50% tariff by the United States, prompting President Luiz Inácio Lula da Silva to declare he will not engage directly with his U.S. counterpart, Donald Trump. Instead, Lula announced that Brazil will seek recourse through the World Trade Organization (WTO) and other available channels to defend its trade interests. Lula prioritizes outreach to other leaders Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Rejecting Trump's offer to speak 'anytime,' Lula said the U.S. president 'does not want to talk.' He added, 'I will call Xi Jinping , I will call Prime Minister Modi, I won't call Putin, because he can't travel now, but I will call many Presidents.' Despite the diplomatic friction, Lula confirmed that Trump will still be invited to COP30, the United Nations climate conference scheduled for November in Belém, Pará. Tariff decision deepens bilateral strain Live Events Tensions between Washington and Rio de Janeiro have escalated since the U.S. imposed the additional 40% tariff, in addition to the existing 10%, on a range of Brazilian goods. The measure, according to Trump, aims to counter what he described as a 'witch hunt' against former Brazilian President Jair Bolsonaro, who faces charges of plotting a coup after his 2022 election loss. Exempted goods include civil aircraft and parts, aluminum, tin, wood pulp, energy products, and fertilizers. Lula described the tariff action as 'the most regrettable' moment in the bilateral relationship. Speaking at an event in Brasília, he said Brazil was already pursuing efforts to boost foreign trade with partners including BRICS nations. Brazil remains open to negotiations While ruling out direct contact with Trump, Lula said Brazil remained open to tariff discussions through formal channels. 'In 2025, we will resort to all possible measures, starting with the WTO, to defend our interests,' he said. At the White House, Trump told reporters that Lula was welcome to contact him at any time and noted his affection for the Brazilian people, though he said 'the people running Brazil did the wrong thing.' Brazilian Finance Minister Fernando Haddad later described Trump's remarks as 'great,' and said he believed Lula would be open to receiving a call from the U.S. president. According to the Office of the U.S. Trade Representative, U.S. goods and services trade with Brazil totaled an estimated $127.6 billion in 2024, with a goods trade surplus of $6.8 billion, and a services trade surplus of $23.1 billion.
Time of India
14 hours ago
- Business
- Time of India
Australia regulator says YouTube, others 'turning a blind eye' to child abuse material
Australia's internet watchdog has said the world's biggest social media firms are still "turning a blind eye" to online child sex abuse material on their platforms, and said YouTube in particular had been unresponsive to its enquiries. In a report released on Wednesday, the eSafety Commissioner said YouTube, along with Apple, failed to track the number of user reports it received of child sex abuse appearing on their platforms and also could not say how long it took them to respond to such reports. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The Australian government decided last week to include YouTube in its world-first social media ban for teenagers, following eSafety's advice to overturn its planned exemption for the Alphabet-owned Google's video-sharing site. "When left to their own devices, these companies aren't prioritising the protection of children and are seemingly turning a blind eye to crimes occurring on their services," eSafety Commissioner Julie Inman Grant said in a statement. "No other consumer-facing industry would be given the licence to operate by enabling such heinous crimes against children on their premises, or services." Live Events A Google spokesperson said "eSafety's comments are rooted in reporting metrics, not online safety performance", adding that YouTube's systems proactively removed over 99% of all abuse content before being flagged or viewed. "Our focus remains on outcomes and detecting and removing (child sexual exploitation and abuse) on YouTube," the spokesperson said in a statement. Meta - owner of Facebook, Instagram and Threads, three of the biggest platforms with more than 3 billion users worldwide - has said it prohibits graphic videos. The eSafety Commissioner, an office set up to protect internet users, has mandated Apple, Discord, Google, Meta, Microsoft, Skype, Snap and WhatsApp to report on the measures they take to address child exploitation and abuse material in Australia. The report on their responses so far found a "range of safety deficiencies on their services which increases the risk that child sexual exploitation and abuse material and activity appear on the services". Safety gaps included failures to detect and prevent livestreaming of the material or block links to known child abuse material, as well as inadequate reporting mechanisms. It said platforms were also not using "hash-matching" technology on all parts of their services to identify images of child sexual abuse by checking them against a database. Google has said before that its anti-abuse measures include hash-matching technology and artificial intelligence. The Australian regulator said some providers had not made improvements to address these safety gaps on their services despite it putting them on notice in previous years. "In the case of Apple services and Google's YouTube, they didn't even answer our questions about how many user reports they received about child sexual abuse on their services or details of how many trust and safety personnel Apple and Google have on-staff," Inman Grant said.
Time of India
16 hours ago
- Business
- Time of India
We have added 2E Networks in July, exited UPL; prefer HDFC and Axis among private banks: Pramod Amthe
Pramod Amthe , Head Of Institutional Equity Research, InCred Capital , says they are adjusting their portfolio. They are exiting more stocks than adding. E2E Networks is a new addition for July. The firm is exiting UPL to book profit. They prefer HDFC Bank and Axis Bank . Among PSUs, they downgraded Bank of Baroda . The firm prefers largecaps like SBI and Canara Bank . These changes reflect their current investment strategy. We are going nowhere. Currently at 24,600, but for the past four to six weeks, we are just swinging between the 24,500 mark and 25,300. Do you think this consolidation phase will continue for longer than anticipated? Pramod Amthe: We have been broadly indicating that the market will remain in a consolidation phase, especially where the earnings trajectory has been relatively tepid and no change is seen even in the large part of the results which have come in in the first quarter. On top of that, based on the flows we have seen some excitement coming through, predominantly driven by flows and with the recent overhang of the tariff, especially where India seems to be sidelined as compared to the earlier expectation that we should sail through. It has incrementally added a new dimension and put pressure on the consolidation phase. We stay put with our broader index target where we see a low single digit return for this calendar year and that seems to be prevailing for the last couple of months. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo I agree that volatility is prevalent at present and one should practice caution but at the same time, there is a lot of sectoral churning these days. We started the earnings trajectory with the IT numbers. After the Q1 numbers from the major IT companies, the sector was in a downturn, but now it is witnessing some sort of momentum. If we talk about the sector specific approaches, which are the sectors on your radar at present? Pramod Amthe: You are right. What we have selectively done in the recent result season is clearly pre-results or in the last couple of weeks, the extent of valuation correction that has happened is much steeper than the analysts' EPS consensus cuts. Just to give you some numbers, EPS cuts in the last six months have been in the region of around 8% and versus that, the index has corrected at nearly twice that pace. We clearly see some selective opportunity on a tactical basis where we have upgraded Wipro and L&T Tech Services and that seems to be more tactical because there is still an overhang about the global growth and especially how the US will shape up post the tariff tantrum. So that is the one which we have seen. In the recent weeks, where we have seen some stability is in the FMCG. The index has seen stability and is making a comeback. We have upgraded HUL to an Add. They are getting the portfolio more towards premium and green shoots are visible in terms of the volume growth. So those are the couple of select plays which we are looking at on the tactical front. What are your high conviction stock bets? There is a Nifty outperformer in Thyrocare which is still there on your list. What are the other high conviction bets that you have taken currently? Pramod Amthe: Within the high conviction, we are still exiting more stocks than adding. Last month, we added the largecap NTPC versus the four stocks which we exited. For the month of July, we are looking at the recent initiation of E2E Networks which is a proxy play for India EAI spend and there we have started with the add rating and with the new parent L&T is coming in to pivot the business as a more B2B than a B2C. We feel the runway for growth is going to be drastic for E2E, and that is a new addition which we are making for July. Against that, we are exiting UPL in the high conviction list of 22, 23 stocks of our total 200 stocks coverage. Live Events You Might Also Like: Post this earning season, Pankaj Murarka is avoiding these sectors. Here's why The reason to exit UPL is we got the bottom right. The sign of cyclical reversal is clearly visible in UPL, but the results have been a dampener, and so we would like to book our profit in UPL on the short-term basis. You are overweight on financial services overall. If you talk about PSU and private banks, do you see some kind of distinction coming in as far as this quarter is concerned? The interest rate trajectory is quite visible with the 50 basis point cut that was announced in the last policy. In the monetary policy due tomorrow, the expectation is that a 25 basis point cut may be there. So, how should one approach PSU and private banks particularly? Pramod Amthe: We are more inclined towards the private banks where the central bank policy towards reviving the credit growth, even though the signs are still not completely visible, should play out in favour of the private banks wherein our high conviction is on HDFC Bank for the quality and Axis Bank for playing on revival of credit growth. So those are the high conviction ideas. Among PSUs, we are selective and have downgraded Bank of Baroda . So, the preference is more towards largecaps like SBI and also towards Canara Bank versus the other PSU banks.
Time of India
18 hours ago
- Business
- Time of India
Dollar drifts as investors await Fed governor replacement
SINGAPORE: The dollar was rangebound on Wednesday, with investors choosing to stay on the sidelines ahead of U.S. President Donald Trump's pick to fill a coming vacancy on the Federal Reserve 's Board of Governors. Trump said on Tuesday he will decide on a nominee by the end of the week and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: Unsold Sofas at Bargain Prices (Prices May Surprise You) Sofas | Search Ads Search Now Undo Data out the same day also showed the U.S. services sector activity unexpectedly flatlined in July even as input costs climbed by the most in nearly three years, underscoring the hit from Trump's tariffs on the economy, which has also begun to bite corporate earnings. Still, those did little to sway the dollar, as traders were hesitant to take on fresh positions ahead of news on who would fill the Fed board vacancy. Concerns are mounting that partisan loyalty would invade the staid world of central bank policy. The dollar was last little changed at 147.54 yen, while the euro ticked up 0.02% to $1.5760. Sterling last bought $1.3304. Live Events Moves in currencies overnight had been muted. "I still think that between now and the end of the week, if Trump is going to make an announcement about who he wants to fill the vacant board seat, depending on... how credible (the markets) view that candidate to be, I think that has the potential to prompt some reaction across everything," said Ray Attrill, head of FX research at National Australia Bank (NAB). "For me, that' the biggest swing factor for the next sort of 48 hours or so." While moves in the dollar have been more subdued this week, the currency has yet to recover from its steep losses on Friday, when it clocked its largest one-day percentage fall in nearly four months following an alarming jobs report. Against a basket of currencies, the dollar was last at 98.76 , still some distance away from its peak of 100.25 hit on Friday before the nonfarm payrolls figures. Traders continue to price in an over 90% chance of a Fed cut in September, with about 58 basis points worth of easing expected by the year-end. But data such as Tuesday's services ISM report underscore the fine line the Fed has to tread, as policymakers weigh rising price pressures from Trump's tariffs against signs of a weakening U.S. economy. "The services ISM has obviously got that kind of stagflationary whiff about it... that's obviously a bit of a two-edged sword in terms of what does that mean for policy," said NAB's Attrill. "At the moment, I think we're sort of of the view that maybe there's a bit too much confidence in the market about the certainty of a September move." In other currencies, the Australian dollar rose 0.15% to $0.6479, while the New Zealand dollar gained 0.23% to $0.5914. New Zealand's jobless rate rose slightly in the second quarter as the labour market remained soft, data on Wednesday showed, supporting the view that the central bank will proceed with a flagged 25 basis-point interest cut at its August policy meeting.
Time of India
2 days ago
- Business
- Time of India
America's president is economically illiterate
THE LATEST ROUND OF TARIFFS OFFERS FURTHER EVIDENCE THAT TRUMP DOESN'T UNDERSTAND HOW ECONOMIES WORK. When my kids were in college, I insisted that they each take at least one economics course. Being economically illiterate ranks, in my mind, just below not being able to read or write. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Now we have a president who is fundamentally ignorant of the most basic and incontrovertible economic principles, as evidenced in his latest round of foolhardy tariffs (and in so many other ways). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Him? Sit Down Before You See What He Looks Like Now 33 Bridges Undo President Trump has been told over and over again by economists of all political persuasions that tariffs are much like a sales tax and will ultimately be paid by American consumers; he likely would have been taught that concept during his time at the University of Pennsylvania's Wharton School. And while the overall inflation rate has only been edging up since Mr. Trump began imposing tariffs, the cost of many imported items has been escalating. In June, prices for furnishings and durable household equipment -- a category with high import exposure -- rose by 1.3 percent, the biggest increase in more than three years. Prices for recreational goods and vehicles, which are also frequently manufactured abroad, increased by 0.9 percent, the largest jump since February 2024. Live Events And tariffs likely played a role in the sudden slowdown in payroll growth announced on Friday, with the economy having created just 106,000 jobs in the last three months, far less than its monthly average in recent years. Mr. Trump's response? Shoot the messenger: He directed his team to fire the head of the Bureau of Labor Statistics , which compiles the figures. Mr. Trump's ignorance goes far beyond the tariffs-are-a-tax concept. He believes trade deficits are tantamount to "losing" money to other countries. Losing money is what happens when $100 falls out of your wallet. When you spend $100 to buy new earbuds made in China, you haven't lost it; you've spent it on earbuds. (Unsurprisingly, Mr. Trump also regularly misstates the size of the trade deficit. It's not the $2 trillion he claims; last year it was under $1 trillion.) Moreover, the tariffs that Mr. Trump is imposing reflect no rhyme or reason. What is the point of imposing a 40 percent tariff on poor Laos? The country is hardly in a position to buy much from us. Mr. Trump's fervent belief in tariffs seems to have originated in the 1980s, as Japanese cars flooded into the United States and wreaked havoc on domestic car manufacturers. Yet those same carmakers -- such as Ford and General Motors -- have been among the most vociferous opponents of his tariff regime today. Their latest financial results suggest that they stand to lose somewhere between $1 billion and $4 billion in earnings this year from Mr. Trump's tariffs. Mr. Trump has demonstrated his economic ignorance in many other ways -- with potentially even greater adverse consequences. His most recent, and potentially most dangerous, transgression has been his harsh and wrongheaded criticism of the policies of the Federal Reserve and its chairman, Jerome Powell . Mr. Trump insists that our interest rates are too high and should be as low as Europe's (2 percent versus our 4.5 percent). Yet when he pronounces our economy "the strongest in the world," as he regularly does, he is unconsciously citing one of the reasons for our higher interest rates: Robust economies need higher interest rates to restrain inflation. Indeed, Mr. Trump seems not to understand inflation. He repeatedly -- sometimes on multiple occasions in a single week -- pronounces that we have "no inflation." In fact, in the most recent 12 months, prices rose by 2.6 percent over the prior year, still modestly above the Fed's 2 percent target and perhaps accelerating. Another reason for our elevated interest rates is the massive budget deficits that we have been running, deficits that Mr. Trump made worse with the tax cuts he pursued in his first term and continues to push in his second. His signature domestic policy law will increase the deficit -- and therefore our borrowing needs -- by an estimated $3.4 trillion over the next decade. Mr. Powell's term is coming to an end next year, and the prospect of Mr. Trump picking his successor is downright scary. In his first term, Mr. Trump tried to appoint several individuals to the Federal Reserve Board who were so manifestly unqualified -- with views that were so wildly outside of any accepted principles of monetary policy -- that many Republicans refused to support them and they were forced to withdraw. Mr. Trump now clearly regrets his decision to appoint Mr. Powell in 2017. A more unbridled Trump 2.0 might try for a far less responsible candidate whose selection to the most important and powerful economic position in our government could easily upend financial markets and perhaps the entire economy. The president barely seems to comprehend supply and demand, which are among the most basic concepts in economics. He evangelizes for lower oil prices but simultaneously calls on the energy industry to "drill, baby, drill." Lower prices discourage drilling; the number of rigs in operation has been falling as oil prices have softened. In a similar vein, while he acknowledged that tariffs would raise the prices of imported cars, he argued that Americans could avoid tariffs by buying cars made in America. But it is well documented that when the price of an imported item goes up, domestic producers are then free to increase their own prices -- and often will. To be fair, the president occasionally shows glimmers of economic comprehension. With regard to the dollar, for example, he understands that the mantra of many Treasury secretaries that "a strong dollar is in the national interest" is more complicated than that simple sentence suggests. While a strong dollar has many advantages, a weak dollar makes our exports more competitive and restrains imports by making them more expensive (admittedly potentially creating inflationary pressures). "I know better than anybody what's good for the Market, and what's good for the U.S.A.," Mr. Trump proclaimed in a recent social media post. "People don't explain to me, I explain to them!" Perhaps he should consider flipping those two clauses.
