Latest news with #SociétéGénérale
Gulf Insider
2 hours ago
- Business
- Gulf Insider
Trump Calls India, Russia "Dead Economies" Tariff Standoff
President Trump first announced his tariff 'Liberation Day' in April, and the measures are now set to take effect tomorrow. While countries like Europe, Japan, and South Korea have capitulated to the Trump administration's mounting pressure and signed trade deals, others, such as India, remain holdouts. In response, Trump lashed out on Truth Social media early Thursday morning, labeling India a 'dead economy' and claiming the U.S. does 'very little business' with the country. 'I don't care what India does with Russia. They can take their dead economies down together, for all I care,' Trump wrote on his social media platform. He continued, 'We have done very little business with India, their Tariffs are too high, among the highest in the World,' adding, 'Likewise, Russia and the USA do almost no business together. Let's keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he's still President, to watch his words. He's entering very dangerous territory!' On Wednesday morning, Trump fired off another Truth Social post about India, indicating New Delhi faces 25% tariff plus penalties starting on Friday. He criticized India's close ties to Moscow during the Ukraine war, describing them as 'not good,' and emphasized that the U.S. has done relatively little business with India. It remains unclear whether U.S. and Indian trade negotiators can reach a deal before the deadline. However, Trump's comments on Truth Social suggest the talks are not going well. A statement from the Indian government yesterday pointed out that a trade deal with the U.S. must be 'mutually beneficial' and protect its farmers and small businesses. According to analysts at Mumbai-headquartered Axis Bank, 25% tariffs on Indian goods would have a $10 billion impact on exporters. Société Générale analyst Kunal Kundu said the tariffs could 'dampen domestic sentiment' and 'expectation of maintaining a relative tariff advantage over competitors in labour-intensive exports has been undermined.' He noted that 'disadvantage is not excessively severe.' 'Trump's causing a lot of trouble for Modi,' said Derek Grossman, a former U.S. intelligence official who is now a professor of international relations at the University of Southern California, who Bloomberg quoted. 'A lot of damage has been done today, more than at any time I can remember,' Grossman added. 'I'm not saying that the relationship is going to collapse or anything like that. It'll persist, but I feel like India will be far more circumspect in dealing with America from this point forward.' So much for all those signs of progress in April when Vice President JD Vance visited India. Vance at the time called a US-India relationship a 'win-win partnership' and sought stronger ties with New Delhi in energy and defense trade. Important to note: India and Russia are part of the BRICS system, challenging the US status quo. Also read: Declassified Documents Confirm Hillary Clinton Plan To Smear Trump, Use FBI
Yahoo
18 hours ago
- Automotive
- Yahoo
Ayvens delivers Q2 2025 results as fleet and leasing drive growth
Ayvens reported a strong second-quarter performance, with net income group share reaching €271 million, a 38.5% increase year-on-year, as the fleet management and vehicle leasing specialist continues to benefit from integration synergies, disciplined cost control, and improving leasing and services margins. Ayvens, majority-owned by Société Générale, was created through the merger of ALD Automotive (a Société Générale subsidiary) and LeasePlan, finalized in May 2023. CEO Tim Albertsen, who today confirmed his retirement from 1 December 2025, described the results as 'another strong set of financial results,' achieved 'despite a generally subdued economic environment.' Albertsen praised the company's ongoing execution of its PowerUP 2026 strategic plan, highlighting completed system migrations in 14 of 21 overlapping countries and strong delivery on cost and revenue synergies. 'The resulting financial performance confirms we are on the right track,' he said, adding that Philippe de Rovira, currently Group Deputy CEO, will take over the reins at year-end. Fleet and leasing operations Ayvens' total fleet stood at 3.211 million vehicles as of end-June, a 4.5% year-on-year decline, largely due to portfolio restructuring in the UK, Germany, and Turkey. Full-service leasing contracts totalled 2.563 million vehicles, down 4.6% year-on-year, while fleet management contracts declined 5.6% to 648,000 units. Despite these volume pressures, leasing and services margins rose 3.7% to €712 million, driven by solid underlying profitability and improved pricing discipline. Margin performance was supported by a 45.9% jump in used car sales and depreciation adjustments to €143 million, despite lower vehicle disposal volumes. EV penetration in new passenger car registrations continued to grow, hitting 43% in Q2 (up from 39% in Q2 2024), with battery electric vehicles (BEVs) representing 30% of the mix. Strengthened margins and capital position Gross operating income rose 8.9% to €855 million, aided by stronger margins and used car remarketing performance. Cost efficiency also improved, with the cost-to-income ratio falling to 57.6%, down from 61.9% in Q2 2024. Operating expenses were cut by €28 million year-on-year, thanks to integration synergies and streamlined operations. Ayvens' Return on Tangible Equity (ROTE) reached 13.7%, up from 10.1% a year earlier, and earnings per share increased by 42.4% to €0.30. The company maintained a strong capital position, with a CET1 ratio of 13.5%, well above regulatory requirements, and €208 million in unreversed depreciation cost reductions set to support future performance. Outlook With stable earning assets at €52.9 billion and continued momentum in cost and revenue optimisation, Ayvens remains confident in the trajectory of its strategic transformation. Albertsen expressed full confidence in his successor and reiterated the company's readiness to deliver a 'strong platform for the future.' "Ayvens delivers Q2 2025 results as fleet and leasing drive growth" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Yahoo
3 days ago
- Business
- Yahoo
Did the U.S. or the EU emerge as the winner in Trump trade deal?
The new trade agreement between the U.S. and the European Union will lift tariffs on imports of goods from EU countries to their highest level in decades and hurt the trading bloc's economic growth, according to some experts. "It is an asymmetric and unbalanced deal," economists with investment bank Société Générale said in a report. The EU decided neither to retaliate nor to increase its tariffs, and is even expected to reduce them. The EU agreed to a bad deal rather than risk trade war escalation." The average tariff on U.S. imports from the EU will surge from 1.2% in 2024 to 17.5%, according to investor advisory firm Capital Economics. That will reduce the EU's annual gross domestic product by 0.2%, the investment advisory firm forecast. EU countries annually ship more than $300 billion in goods to the U.S., accounting for more than 20% of total U.S. imports. Mexico ranks second among America's trade partners at roughly 15% of U.S. imports, while Canada accounts for 11% (see chart at bottom.) The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts. The EU also pledged to buy $750 billion worth of energy from the U.S., up from about $80 billion a year, and to invest $600 billion by 2028. The trade agreement will boost Americans by increasing access to the EU's vast market and supporting the U.S. manufacturing sector, according to the Trump administration. "This colossal deal will enable U.S. farmers, ranchers, fishermen and manufacturers to increase U.S. exports, expand business opportunities and help reduce the goods trade deficit with the European Union," the White House said Monday in a fact sheet about the pact. The White House didn't immediately respond to a request for additional comment. Reducing uncertainty Although the agreement sharply raises U.S. tariffs, economists said the deal will also help ease some of the uncertainty around trade relations with a key trading partner. Perhaps most important, it is better than the alternative given that Mr. Trump had threatened to slap a 30% tariff on EU imports. More broadly, the EU deal and the Trump administration's framework agreement with Japan last week — both of which set 15% as a baseline tariff — also could help pave the way for trade agreements with Canada, Korea, Mexico and other countries, including on key sectors like autos, experts said. "[C]ompared to expectations we had a few weeks before, in particular when pharmaceuticals and semiconductors could have been subject to higher tariffs, it looks like this deal is better than feared," Michel Martinez, head Europe economist at Société Générale, told CBS MoneyWatch. European auto exports would face a 15% levy, down from 25%, according to Goldman Sachs. Von der Leyen also said the U.S. would eliminate tariffs on some products, including aircraft and parts, semiconductor manufacturing gear, natural resources, some farm products, and certain chemicals and generic drugs. Likewise, the EU would abolish tariffs on those products. Neither the U.S. nor the EU has released details of the pact, and lobbying by some industries is expected to continue. For example, Unione Italiana Vini, an Italian trade group representing winemakers, said in a statement on Monday that a 15% tariff on EU imports will result in a a $371 million hit for exporters. "We are now calling on the Italian government and the EU to consider appropriate measures to safeguard a sector that has grown significantly thanks to U.S. buyers," the group's president, Lamberto Frescobaldi, said in a statement, while acknowledging that the deal "at least resolved the uncertainty that was stalling the market." According to the group's analysis, a bottle of Italian wine that previously retailed for $11.50 in the U.S. will now cost nearly $15 under the new tariff agreement. The German Association of the Automotive Industry (VDA), which represents German automakers, also said a 15% U.S. tariff on the country's automotive products will hurt its car manufacturers, while noting that the new tariff rate amounts to a reprieve from the 25% automobile levies EU nations have faced since April. Despite the Trump administration's recent trade deals with the EU, Japan, U.K. and several other Asian countries, the U.S. still faces a self-imposed Aug. 1 deadline to reach agreements with Canada, Mexico, Korean other key trading partners. "The Wizard of Oz" as you've never seen it before John Oliver: The 60 Minutes Interview Finding the plane used for Argentina's dictatorship-era "death flights" | 60 Minutes 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
CBS News
3 days ago
- Business
- CBS News
Did the U.S. or the EU emerge as the winner in Trump trade deal?
The new trade agreement between the U.S. and the European Union will lift tariffs on imports of goods from EU countries to their highest level in decades and hurt the trading bloc's economic growth, according to some experts. "It is an asymmetric and unbalanced deal," economists with investment bank Société Générale said in a report. The EU decided neither to retaliate nor to increase its tariffs, and is even expected to reduce them. The EU agreed to a bad deal rather than risk trade war escalation." The average tariff on U.S. imports from the EU will surge from 1.2% in 2024 to 17.5%, according to investor advisory firm Capital Economics. That will reduce the EU's annual gross domestic product by 0.2%, the investment advisory firm forecast. EU countries annually ship more than $300 billion in goods to the U.S., accounting for more than 20% of total U.S. imports. Mexico ranks second among America's trade partners at roughly 15% of U.S. imports, while Canada accounts for 11% (see chart at bottom.) The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts. The EU also pledged to buy $750 billion worth of energy from the U.S., up from about $80 billion a year, and to invest $600 billion by 2028. The trade agreement will boost Americans by increasing access to the EU's vast market and supporting the U.S. manufacturing sector, according to the Trump administration. "This colossal deal will enable U.S. farmers, ranchers, fishermen and manufacturers to increase U.S. exports, expand business opportunities and help reduce the goods trade deficit with the European Union," the White House said Monday in a fact sheet about the pact. The White House didn't immediately respond to a request for additional comment. Although the agreement sharply raises U.S. tariffs, economists said the deal will also help ease some of the uncertainty around trade relations with a key trading partner. Perhaps most important, it is better than the alternative given that Mr. Trump had threatened to slap a 30% tariff on EU imports. More broadly, the EU deal and the Trump administration's framework agreement with Japan last week — both of which set 15% as a baseline tariff — also could help pave the way for trade agreements with Canada, Korea, Mexico and other countries, including on key sectors like autos, experts said. "[C]ompared to expectations we had a few weeks before, in particular when pharmaceuticals and semiconductors could have been subject to higher tariffs, it looks like this deal is better than feared," Michel Martinez, head Europe economist at Société Générale, told CBS MoneyWatch. European auto exports would face a 15% levy, down from 25%, according to Goldman Sachs. Von der Leyen also said the U.S. would eliminate tariffs on some products, including aircraft and parts, semiconductor manufacturing gear, natural resources, some farm products, and certain chemicals and generic drugs. Likewise, the EU would abolish tariffs on those products. Neither the U.S. nor the EU has released details of the pact, and lobbying by some industries is expected to continue. For example, Unione Italiana Vini, an Italian trade group representing winemakers, said in a statement on Monday that a 15% tariff on EU imports will result in a a $371 million hit for exporters. "We are now calling on the Italian government and the EU to consider appropriate measures to safeguard a sector that has grown significantly thanks to U.S. buyers," the group's president, Lamberto Frescobaldi, said in a statement, while acknowledging that the deal "at least resolved the uncertainty that was stalling the market." According to the group's analysis, a bottle of Italian wine that previously retailed for $11.50 in the U.S. will now cost nearly $15 under the new tariff agreement. The German Association of the Automotive Industry (VDA), which represents German automakers, also said a 15% U.S. tariff on the country's automotive products will hurt its car manufacturers, while noting that the new tariff rate amounts to a reprieve from the 25% automobile levies EU nations have faced since April. Despite the Trump administration's recent trade deals with the EU, Japan, U.K. and several other Asian countries, the U.S. still faces a self-imposed Aug. 1 deadline to reach agreements with Canada, Mexico, Korean other key trading partners.
Argaam
5 days ago
- Business
- Argaam
Société Générale hired as primary dealer for local gov't debt instruments
The Ministry of Finance and the National Debt Management Center (NDMC) signed an agreement with Société Générale to appoint the latter as a primary dealer for local government debt instruments. In a statement, NDMC said Société Générale joined five international financial institutions previously enrolled in the primary dealer program. They include BNP Paribas, Citigroup, Goldman Sachs, JPMorgan, and Standard Chartered. This is in addition to the 10 local financial institutions: Saudi National Bank (SNB), Saudi Awwal Bank (SAB), Bank AlJazira, Alinma Bank, Al Rajhi Bank, Albilad Capital, AlJazira Capital, Al Rajhi Capital, Derayah Financial, and Saudi Fransi Capital. NDMC noted that this agreement is part of ongoing efforts to achieve the goals of Saudi Vision 2030 under the Financial Sector Development Program through enabling financial institutions and developing an advanced capital market. It also highlighted the role of the NDMC in enhancing access to local debt markets through diversifying the investor base to ensure sustainable access and support the development of the secondary market.
