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Otago Daily Times
09-05-2025
- Business
- Otago Daily Times
Trump, Starmer hail limited trade deal
US President Donald Trump and British Prime Minister Sir Keir Starmer have announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports. The "general terms" agreement is the first of dozens of tariff-lowering deals that Trump expects to land in coming weeks after upending the global trading system with steep new import taxes aimed at shrinking a $US1.2 trillion ($NZ2 trillion) US goods trade deficit. Trump hailed the deal in the Oval Office with Starmer patched in on a speaker phone, as US Treasury Secretary Scott Bessent and top trade negotiator Jamieson Greer head to Switzerland to launch negotiations with Chinese negotiators. He pushed back against seeing the United Kingdom deal as a template for other negotiations, saying that Britain "made a good deal" and that many other trading partners may end up with much higher final tariffs because of their large US trade surpluses. In April, Trump imposed reciprocal duties of up to 50% on goods from 57 trading partners including the European Union, pausing them days later to allow time for negotiations until July 9. He has also heaped new 25% tariffs on auto imports, ended all exemptions on steel and aluminum duties, and announced new tariff probes on pharmaceuticals, copper, lumber and semiconductors. This week he added movies to the list. "It opens up a tremendous market for us," Trump told reporters, noting that he had not fully understood the restrictions facing American firms doing business in Britain. "This is a really fantastic, historic day," Starmer said, noting that the announcement came nearly at the same hour 80 years ago when World War Two ended in Europe. "This is going to boost trade between and across our countries, it's going to not only protect jobs, but create jobs, opening market access." The two leaders heralded the plan as a "breakthrough deal" that lowers average British tariffs on US goods to 1.8% from 5.1% but keeps in place a 10% tariff on British goods. A UK official told reporters that the United States and the United Kingdom have more serious work to do, and noted the deal did not include Washington's demand for restructuring of Britain's digital services tax, levied at 2% of UK revenue for online marketplaces. Washington could revisit the issue, but there was no agreed process for doing so, the official said. "This is not a finished, classic 'bells and whistles' free trade agreement. It started off as a tactical response to President Trump's tariffs, but actually morphed into a more substantive trade deal," the official said. "And it will be built on. ... We've done the Oval Office, now we've got more serious work to do." Trump's first trade deal fuelled a rally on Wall Street, sending major US indexes briefly up over 1%. The S&P 500 passenger airlines index closed up 5.4%, led by a 7.2% surge in Delta Air Lines as US Commerce Secretary Howard Lutnick said British-made Rolls-Royce engines would enter the US duty-free. Trump's administration has been under pressure from investors to strike deals and de-escalate its tariff war after the US president's often chaotic policymaking upended global trade with friends and foe alike, threatening to stoke inflation and tip the global and US economies into recession. Lutnick told CNBC on Thursday that Washington will roll out dozens of trade deals over the next month. Trump's biggest challenge, however, is resolving a virtual trade embargo between the US and China, with tariffs of 145% and 125%, respectively on each side. Greer and Bessent will lead talks with Chinese officials in Switzerland, on Saturday and Sunday. Trump said the talks would be substantive - more than an ice-breaker - and predicted the tariffs would come down. WARM RELATIONSHIP, SOME DISAPPOINTMENT The British-American Business group expressed disappointment that the deal leaves in place Trump's 10% tariffs for many products, including cars, raising costs for UK exporters. It said it hoped that the deal would be a start of deeper US-UK trade integration including the digital economy. The deal will provide potential new export opportunities for American producers worth $US5 billion a year, Lutnick said, while the higher tariffs would generate $US6 billion in annual US revenue. It will reduce US tariffs on British auto imports to 10% from the current 27.5%, according to a UK statement. The lower rate will apply to a quota of 100,000 British vehicles, almost the total exported to the US last year. US tariffs on imports from the struggling UK steel industry will fall to zero from 25%, while Britain's 19% tariffs on US ethanol will fall to zero through a 1.4 billion-litre quota that far exceeds US exports last to the UK last year. Both sides have agreed to new reciprocal market access on beef, with UK farmers given a first-ever tariff-free quota for 13,000 metric tonnes. There will be no weakening of UK food standards on imports, despite repeated entreaties by the US side. Crucially there will be no weakening of UK food standards on US beef imports, which was an election manifesto pledge for the Labour government. That means US beef bred with growth hormones still won't be allowed in. US Agriculture Secretary Brooke Rollins said the deal would "exponentially increase" US beef exports to Britain. But much depends on whether American beef could compete with the British beef on price and find favor with British consumers. Currently 100% of the fresh beef sold by Britain's two biggest supermarket chains Tesco and Sainsbury's is British and Irish. Details were scant on tariffs on UK pharmaceuticals imports, which could damage AstraZeneca and GSK, although a White House fact sheet said the deal would create a secure pharma supply chain. The US agreed to give Britain preferential treatment in any further tariffs imposed under Section 232 national security investigations, which include ongoing probes of pharmaceutical and semiconductor imports. GSK and AstraZeneca declined comment. In addition to assurances "future-proofing" Britain from additional sectoral tariffs, the UK official also welcomed Trump's assurance during the Oval Office event on finding ways to avoid his new push to tariff foreign-made movies. Starmer's government has been seeking to build new trading relationships post-Brexit with the US, China and the EU without moving so far towards one bloc that it angers the others. With the British economy struggling to grow, the tariffs had added to the pressure on his government. Jaguar Land Rover TAMO paused its shipments to the US for a month and the government was forced to seize control of British Steel to keep it operating. Economists and one FTSE 100 chief executive said the immediate economic impact of a tariff deal was likely to be limited, but that trade agreements in general would help long-term growth. Britain struck a free trade agreement with India this week.
Perth Now
06-05-2025
- Politics
- Perth Now
Under-16 social media ban proposed in New Zealand
An Australia-style legislative ban on social media for under-16s is being proposed by New Zealand's governing National party. Prime Minister Chris Luxon has announced his party will back a private member's bill which will require social media companies verify a user's age as above 16 before they can access certain platforms. The bill, to be introduced by backbench MP Catherine Wedd, does not list which platforms will be included, but includes maximum fines for non-compliance at $NZ2 million ($A1.8 million). Ms Wedd said the "bill closely mirrors the approach taken in Australia". "As a mother of four children I feel very strongly that families and parents should be better supported when it comes to overseeing their children's online exposure," the Hawke's Bay-based MP said. While Australia's world first law passed with bipartisan support from the major parties, it is unclear whether National has the support needed to pass a similar Kiwi law. Centre-left opposition Labour is warming to the idea but it's not over the line, with leader Chris Hipkins saying it is a "debate we need to have". National's coalition partner NZ First holds a similar view, while the third coalition partner ACT, a libertarian party, won't offer support. "Social media is doing enormous harm to young people (but) for every problem there is a solution that is simple, neat - and wrong," ACT leader David Seymour said. "ACT opposes National's bill banning under-16s from social media because it is not workable. "We would be better to learn from the Aussies' mistakes than make the same mistakes at the same time as them." Without support from Labour, National's bill would require either the support of the Greens, or both NZ First and the Maori Party to become law.
Perth Now
04-05-2025
- Business
- Perth Now
NZ to spend $2 billion on new maritime helicopters
New Zealand will spend billions replacing the Defence Force's aging maritime helicopters, as global tensions increase. Along with the $NZ2 billion ($A1.85b) for the helicopters, the government said it would increase baseline spending by $NZ239 million ($A207m) for the Defence Force each year over the next four years. "It is very clear that New Zealand is not immune from the increasing tensions being felt throughout the world," New Zealand Defence Minister Judith Collins said in a statement on Monday. "(This) sets us on our path for defence spending to reach two per cent of GDP by 2032-33," she said. New Zealand's Defence Force has struggled with systemic underspending over the past several decades, which amounts to just over one per cent of GDP now. In April, the government said it would boost defence spending with $NZ9 billion ($A8b) of new funding over the next four years. "There is no economic security without national security. Global tensions are increasing rapidly, and Defence personnel need the right equipment and conditions to do their jobs," Collins said. "As a maritime nation we are prioritising naval capability," she said. New Zealand's first national security review in 2023 called for more military spending and stronger ties with Indo-Pacific nations to tackle climate change and strategic competition among the West, China and Russia. New Zealand has eight SH-2G(I) Seasprite maritime helicopters. Collins said replacing these will increase the defensive and offensive capabilities and surveillance range of New Zealand's frigates. Collins added she will have more to say about defence investments in the coming year when the government unveils its budget. New Zealand's budget is scheduled for May 22, and will outline spending for the 12-month period to June 30, 2026.
West Australian
04-05-2025
- Business
- West Australian
NZ to spend $2 billion on new maritime helicopters
New Zealand will spend billions replacing the Defence Force's aging maritime helicopters, as global tensions increase. Along with the $NZ2 billion ($A1.85b) for the helicopters, the government said it would increase baseline spending by $NZ239 million ($A207m) for the Defence Force each year over the next four years. "It is very clear that New Zealand is not immune from the increasing tensions being felt throughout the world," New Zealand Defence Minister Judith Collins said in a statement on Monday. "(This) sets us on our path for defence spending to reach two per cent of GDP by 2032-33," she said. New Zealand's Defence Force has struggled with systemic underspending over the past several decades, which amounts to just over one per cent of GDP now. In April, the government said it would boost defence spending with $NZ9 billion ($A8b) of new funding over the next four years. "There is no economic security without national security. Global tensions are increasing rapidly, and Defence personnel need the right equipment and conditions to do their jobs," Collins said. "As a maritime nation we are prioritising naval capability," she said. New Zealand's first national security review in 2023 called for more military spending and stronger ties with Indo-Pacific nations to tackle climate change and strategic competition among the West, China and Russia. New Zealand has eight SH-2G(I) Seasprite maritime helicopters. Collins said replacing these will increase the defensive and offensive capabilities and surveillance range of New Zealand's frigates. Collins added she will have more to say about defence investments in the coming year when the government unveils its budget. New Zealand's budget is scheduled for May 22, and will outline spending for the 12-month period to June 30, 2026.
Yahoo
17-03-2025
- Entertainment
- Yahoo
‘Ne Zha 2' Overtakes ‘Star Wars: The Force Awakens' To Become No. 5 Highest-Grossing Movie Ever WW
UPDATED: A generally quiet weekend at the international box office, amid holdover play for the major studio titles and the start of staggered release for newer entries, nevertheless included another milestone for Chinese phenomenon Ne Zha 2 which has moved up to become the 5th highest-grossing movie ever worldwide. The Ne Zha 2 total in China through Sunday, according to Maoyan, is a little over RMB 14.86B ($2.054B using today's exchange rate). Adding grosses in excess of $31M from markets outside China, and the global total rises to more than $2.085B. That places the animated sequel just above Star Wars: The Force Awakens ($2.071B) on the all-time global chart. More from Deadline 'Novocaine' With $8M+ Leads Lowest-Grossing Weekend Of 2025 To Date - Sunday Box Office Update International Insider: Book To Screen; 'Ne Zha 2' Breaks Records; New Italian TV Market Peter Bart: 'Mickey 17' Will Delight Bong-Heads, But The Rest Of The Moviegoing Universe Might Need Convincing In China alone, Maoyan is projecting that NZ2 will final at RMB 15.2B ($2.1B). Ex-China rollout continues in Indonesia on March 21 while several European releases are ahead as well as Japan. In Imax, the running global cume is $155M — the 6th biggest Imax release ever. Of that, $151.6M is from China. In the UK, Imax screens repped 35% of the previews launch this weekend, giving NZ2 the biggest local-language opening for the format in the market. For more on Ne Zha 2's blockbuster performance, see here. In studio play, Warner Bros' Mickey 17 reached $90.5M worldwide after the sophomore session of wide release. The weekend added $15.6M overseas (-37%), for an international box office cume of $57.2M. Bong Joon-ho's home turf of Korea continues to lead play with $17.9M after three frames, followed by the UK ($5.8M), France ($5.3M), Germany ($2.8M) and Mexico ($2.5M). The Imax total is $10.2M so far worldwide, 11.2% of the global cume to date. Disney/Marvel's Captain America: Brave New World added $6M from 52 markets in the 5th weekend (-38%), taking the overseas cume to $203.2M for $388.6M global. The Top 5 markets are the UK ($22M), Mexico ($15.2M), China ($14.4M), France ($13.6M) and Korea ($11.3M). On Wednesday, Disney crossed $1B global for 2025 so far, becoming the first studio of the year to the mark. This week, Disney's live action Snow White hits cinemas worldwide. Universal/Working Title's Bridget Jones: Mad About the Boy added another $5.4M (-31%) this weekend in 75 markets, taking the Uni international cume to $112.8M, in line with Bridget Jones's Baby, Bridget Jones's Diary and Bridget Jones: The Edge of Reason, and well above Anyone But You and Ticket to Paradise. Including France, where Studiocanal releases, the offshore total is now $119M. In the UK this weekend, Mad About the Boy surpassed the lifetime of Bridget Jones's Diary to become Working Title's 2nd biggest film ever and the 2nd biggest romcom of all time. The UK continues to lead play, now with $54.3M, followed by Australia ($9.4M), Netherlands ($5.6M), Germany ($5.6M) and Poland ($5.2M). Japan and Korea are still on deck in April. In new openers, Universal began early rollout on Steven Soderbergh's Black Bag with $4.3M from 37 markets. Globally, the start was $11.8M while the rest of international continues to release over the next two months. France ($1.2M), UK ($1.1M) and Australia ($600K) were the biggest launches. Paramount's Novocaine also began offshore rollout. In 19 markets (25% of the international footprint), the Jack Quaid-starrer injected $1.8M. Mexico was the lead play at $607K and No. 3, followed by Korea ($154K/No. 7) and Indonesia ($126K/No. 3). Combined with domestic, the debut was $10.5M. MISC UPDATED CUMES/NOTABLE (SNY): $2.3M intl weekend; $142.6M intl cume/$183.8M global (UNI): $2.2M intl weekend (53 markets); $22.4M intl cume ($32M incl FNE markets)/ $51.9M global (UNI): $1.4M intl weekend (58 markets); $32.8M intl cume/$125.6M global (PAR): $660K intl weekend; $253.5M intl cume/$489.3M global (PAR): $125K intl weekend (20 markets); $5.5M intl cume/$8M global Best of Deadline TV Show Book Adaptations Arriving In 2025 So Far Book-To-Movie Adaptations Coming Out In 2025 Everything We Know About 'Freakier Friday' So Far
