Latest news with #SuperCitadel
Yahoo
10-02-2025
- Business
- Yahoo
South Korean Opposition Leader Proposes $21 Billion Extra Budget
(Bloomberg) -- South Korea's opposition leader Lee Jae-myung proposed compiling an extra budget worth at least 30 trillion won ($21 billion) to prop up the economy strained by political uncertainties and Donald Trump's tariff threats. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super Citadel to Leave Namesake Chicago Tower as Employees Relocate 'The government should not miss the golden opportunity for economic recovery through fiscal expansion,' Lee said in a speech in parliament on Monday. 'I propose a minimum of 30 trillion won extra budget to restore people's livelihoods and the economy.' South Korea's economy barely expanded last quarter from the previous three months as anemic consumption and slackening exports weighed on activity, with political turmoil adding to downward pressure. The South Korean government is now led by Finance Minster Choi Sang-mok, who took over as acting president after the opposition-controlled parliament impeached President Yoon Suk Yeol and Prime Minister Han Duck-soo successively in the wake of Yoon's December declaration of martial law. Bank of Korea Governor Rhee Chang-yong told Bloomberg News last week that rate cuts alone cannot sustain growth as he said a supplementary budget of 15 trillion to 20 trillion won would be an appropriate amount to match the economic growth lost due to turmoil resulting from the martial law declaration. Shoring up growth is a key concern for policymakers keen to show that the government and central bank can continue to run the economy efficiently and respond effectively to changes in US trade policy under Trump even after Yoon was ultimately arrested. Trump said Sunday he plans to impose 25% tariffs on all imports of steel and aluminum, a move that drove shares of steelmakers including Posco Holdings Inc. lower on Monday. South Korea is among nations most vulnerable to trade tensions because its manufacturers play a vital role in a wide swathe of global supply chains. Its economic growth softened during Trump's first term when he imposed tariffs on South Korean products including washing machines produced by LG Electronics Co. Lee, a potential candidate for next presidential election, called for fostering the country's artificial intelligence, bio-technology, culture, defense and renewable energy sectors. He said AI and other advanced technology development should lead to reduced working hours and that South Korea should eventually pursue a four-day work week. On foreign policy, Lee said Seoul's alliance with Washington is the foundation of the country's diplomacy and security, calling it a critical asset for growth. He also said South Korea should seek to engage with North Korea. 'At a time when President Trump is expressing his willingness for North Korea-US talks, our government should urge North Korea to return to dialogue and make sure we are not sidelined,' Lee said. --With assistance from Shinhye Kang and Seyoon Kim. (Adds more comments from Lee) The Reason Why This Super Bowl Has So Many Conspiracy Theories Trump's Tariffs Make Currency Trading Cool Again After Years of Decline Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Business Schools Confront Trump Immigration Policies ©2025 Bloomberg L.P.
Yahoo
10-02-2025
- Business
- Yahoo
Socialist Candidate on Track to Force Ecuador Leader into Runoff
(Bloomberg) -- Socialist challenger Luisa González did better than forecast in Ecuador's presidential election, likely forcing President Daniel Noboa into an April 13 runoff in the crisis-hit nation. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super Citadel to Leave Namesake Chicago Tower as Employees Relocate With 85% of ballots tallied on Sunday night, investor favorite Noboa had 44.6% of votes while González had 43.8%. The head of Ecuador's electoral authority Diana Atamaint said the race will go to a second round if the trend in the count continues. Leonidas Iza, from a party representing the nation's Indigenous communities, had 5%, meaning that his backing could be key for deciding a close runoff. The result may disappoint investors who bid up the price of the nation's sovereign bonds in recent weeks in the belief that Noboa had a good chance of a first round victory. Ecuador was close to total chaos when Noboa took over as interim president in 2023, and remains in deep trouble fourteen months later. The economy probably shrank for four straight quarters last year, and gang hitmen made January the country's bloodiest month on record according to police data obtained by local newspaper El Universo. González, 47, a former lawmaker, called for a strong welfare state and more investment in public works programs. However, she is conservative on some social questions, and has spoken out against abortion, including for victims of rape. Investors are wary of her Citizen Revolution party since her mentor Rafael Correa defaulted on the nation's debt in 2008. In the second round, González has an advantage over Noboa in the fight to win over Indigenous voters, said Gabriela Panchana, a political communications specialist. 'It's much easier for Correismo to reach an agreement with the Indigenous movement, which is much closer to its ideology,' Panchana said by phone from Guayaquil. At the same time, fear of Ecuador ending up with a model similar to Venezuela's could drive a majority to rally around the incumbent, she added. Noboa, 37, has pledged to persist with his war on the cartels, which saw him declare a state of emergency and send the army into the streets and into the gang-controlled prison system. The wealthy son of a banana-exporting family, he was one of only three Latin American presidents to attend Donald Trump's inauguration. Bond Rally Ecuador's benchmark dollar bonds have returned 102% since Noboa came to power as he used a boost in his popularity from a security crackdown to push through an increase in VAT and a phasing out gasoline subsidies, which helped paved the way for a $4 billion deal with the International Monetary Fund. But his record was marred by untamed drug cartel violence that makes Ecuador one of Latin America's most dangerous nations, and months of blackouts that last year crippled business. 'It seems polls did not accurately capture voter discontent with Noboa, particularly in the areas where violence is acute,' on the Pacific Coast and in parts of Amazon, said Risa Grais-Targow, director for Latin America at Eurasia Group. 'He should still benefit from the power of the incumbency and some degree of anti-Correismo in a runoff, but it's looking like an extremely competitive vote.' Correa, the most influential leader in Ecuador's recent history, remains a polarizing figure in the country of 18 million. He presided over a strong economy for much of his 2007-2017 presidency amid high oil prices, but became increasingly authoritarian and was eventually convicted in absentia on corruption charges. He now lives in Belgium and would be jailed if he returned to Ecuador. Noboa came to power though snap elections in 2023 after President Guillermo Lasso dissolved congress to avoid impeachment. That election also went to a runoff between Noboa and González. Ecuador's economy will expand 1.2% this year, the slowest pace in South America, according to the IMF. The Reason Why This Super Bowl Has So Many Conspiracy Theories Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Business Schools Confront Trump Immigration Policies Trump's Tariffs Make Currency Trading Cool Again After Years of Decline ©2025 Bloomberg L.P.
Yahoo
10-02-2025
- Business
- Yahoo
Quebec Calls for Early Talks of Trade Deal as Trump Brings Metal Tariffs
(Bloomberg) -- Canada should try to accelerate the renegotiation of the North American trade agreement, Quebec's premier said, after US President Donald Trump said he plans to put 25% tariffs on all US steel and aluminum imports. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super Citadel to Leave Namesake Chicago Tower as Employees Relocate 'We need to put an end to this uncertainty,' Premier Francois Legault said in a social media post Sunday, shortly after Trump told reporters on Air Force One that he'll be announcing metals tariffs on 'everybody'. The US-Mexico-Canada Agreement that Trump signed during his first term as president is due to be reviewed next year. But with Trump already threatening broad tariffs against the US's two neighbors, there are some within Canada who want to speed up those talks. 'All this shows is that we need to start renegotiating our free-trade agreement with the US as soon as possible, and not wait for the review scheduled for 2026,' Legault wrote. Canada, Mexico, Brazil and South Korea are the US's largest foreign steel suppliers. Canada is the largest external supplier of aluminum, producing more than half of US imports of the metal, which is used in aircraft, electronics, construction, packaging and other products. Quebec, Canada's second most populous province with 9 million people, is the center of the country's aluminum industry, making about 2.9 million tons a year. Production is led by two industry powerhouses — Pittsburgh-based Alcoa Corp. and London-based Rio Tinto Plc. Trump pledged on Feb. 3 to hold off on tariffs against Canada and Mexico for 30 days after those two countries announced moves to improve border security. 'The best we can hope for is a relatively rapid and intense start to USMCA renegotiations,' Ian de Verteuil, a strategist at CIBC Capital Markets, said in an email to clients. 'As we have said in the past, the threat of tariffs by the Americans is often as effective as tariffs themselves – it makes investing in Canada and Canadian equities riskier.' The Reason Why This Super Bowl Has So Many Conspiracy Theories Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Business Schools Confront Trump Immigration Policies Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P.
