Latest news with #US1.5
The Advertiser
2 days ago
- Business
- The Advertiser
UN may cut staff by 20 per cent, internal memo says
The United Nations Secretariat is preparing to cut its $US3.7 billion budget by 20 per cent and slash about 6900 jobs, according to an internal memo. The directive, which asks staff to detail cuts by June 13, comes amid a financial crisis triggered in part by the United States, which annually funds nearly a quarter of the world body. In addition to US foreign aid cuts under President Donald Trump that have gutted UN humanitarian agencies, the US owes - for arrears and the current fiscal year - nearly $US1.5 billion. The memo's author, UN Controller Chandramouli Ramanathan, did not cite the US failure to pay. He noted that the cuts are part of a review launched in March dubbed UN80. "It is an ambitious effort to ensure that the United Nations is fit for purpose to support 21st-century multilateralism, reduce human suffering and build better lives and futures for all," Ramanathan said. "I count on your co-operation for this collective effort whose aggressive timelines are recognised." The cuts would take effect on January 1, the start of the next budget cycle. In public briefings to UN diplomats this month, Secretary General Antonio Guterres said he is considering a massive overhaul that would merge major departments and shift resources across the globe. He said the UN may consolidate some agencies, trim others, move staff to cheaper cities, cut duplication and eliminate redundant bureaucracy. "These are times of peril, but they are also times of profound opportunity and obligation," Guterres said on May 12. "Make no mistake: uncomfortable and difficult decisions lie ahead. It may be easier and even tempting to ignore them or kick the can down the roads. But that road is a dead end." The US failure to pay its assessments has also created a liquidity crisis for the UN, a problem exacerbated by China's repeated late payments. Together, the two nations account for more than 40 per cent of UN funding. In addition, the Trump administration has withdrawn hundreds of millions of dollars in discretionary funds, forcing the abrupt halt of dozens of humanitarian programs that UN officials have said will cost lives. The proposed US budget for the coming year, which must be approved by Congress, has eliminated or drastically reduced funding for several UN programs, including peacekeeping. A US State Department spokesperson did not comment on the proposed UN cuts, but said a Trump-ordered study was due by early August. "Funding for the UN, along with other international organisations, is currently under review," the spokesperson said. The United Nations Secretariat is preparing to cut its $US3.7 billion budget by 20 per cent and slash about 6900 jobs, according to an internal memo. The directive, which asks staff to detail cuts by June 13, comes amid a financial crisis triggered in part by the United States, which annually funds nearly a quarter of the world body. In addition to US foreign aid cuts under President Donald Trump that have gutted UN humanitarian agencies, the US owes - for arrears and the current fiscal year - nearly $US1.5 billion. The memo's author, UN Controller Chandramouli Ramanathan, did not cite the US failure to pay. He noted that the cuts are part of a review launched in March dubbed UN80. "It is an ambitious effort to ensure that the United Nations is fit for purpose to support 21st-century multilateralism, reduce human suffering and build better lives and futures for all," Ramanathan said. "I count on your co-operation for this collective effort whose aggressive timelines are recognised." The cuts would take effect on January 1, the start of the next budget cycle. In public briefings to UN diplomats this month, Secretary General Antonio Guterres said he is considering a massive overhaul that would merge major departments and shift resources across the globe. He said the UN may consolidate some agencies, trim others, move staff to cheaper cities, cut duplication and eliminate redundant bureaucracy. "These are times of peril, but they are also times of profound opportunity and obligation," Guterres said on May 12. "Make no mistake: uncomfortable and difficult decisions lie ahead. It may be easier and even tempting to ignore them or kick the can down the roads. But that road is a dead end." The US failure to pay its assessments has also created a liquidity crisis for the UN, a problem exacerbated by China's repeated late payments. Together, the two nations account for more than 40 per cent of UN funding. In addition, the Trump administration has withdrawn hundreds of millions of dollars in discretionary funds, forcing the abrupt halt of dozens of humanitarian programs that UN officials have said will cost lives. The proposed US budget for the coming year, which must be approved by Congress, has eliminated or drastically reduced funding for several UN programs, including peacekeeping. A US State Department spokesperson did not comment on the proposed UN cuts, but said a Trump-ordered study was due by early August. "Funding for the UN, along with other international organisations, is currently under review," the spokesperson said. The United Nations Secretariat is preparing to cut its $US3.7 billion budget by 20 per cent and slash about 6900 jobs, according to an internal memo. The directive, which asks staff to detail cuts by June 13, comes amid a financial crisis triggered in part by the United States, which annually funds nearly a quarter of the world body. In addition to US foreign aid cuts under President Donald Trump that have gutted UN humanitarian agencies, the US owes - for arrears and the current fiscal year - nearly $US1.5 billion. The memo's author, UN Controller Chandramouli Ramanathan, did not cite the US failure to pay. He noted that the cuts are part of a review launched in March dubbed UN80. "It is an ambitious effort to ensure that the United Nations is fit for purpose to support 21st-century multilateralism, reduce human suffering and build better lives and futures for all," Ramanathan said. "I count on your co-operation for this collective effort whose aggressive timelines are recognised." The cuts would take effect on January 1, the start of the next budget cycle. In public briefings to UN diplomats this month, Secretary General Antonio Guterres said he is considering a massive overhaul that would merge major departments and shift resources across the globe. He said the UN may consolidate some agencies, trim others, move staff to cheaper cities, cut duplication and eliminate redundant bureaucracy. "These are times of peril, but they are also times of profound opportunity and obligation," Guterres said on May 12. "Make no mistake: uncomfortable and difficult decisions lie ahead. It may be easier and even tempting to ignore them or kick the can down the roads. But that road is a dead end." The US failure to pay its assessments has also created a liquidity crisis for the UN, a problem exacerbated by China's repeated late payments. Together, the two nations account for more than 40 per cent of UN funding. In addition, the Trump administration has withdrawn hundreds of millions of dollars in discretionary funds, forcing the abrupt halt of dozens of humanitarian programs that UN officials have said will cost lives. The proposed US budget for the coming year, which must be approved by Congress, has eliminated or drastically reduced funding for several UN programs, including peacekeeping. A US State Department spokesperson did not comment on the proposed UN cuts, but said a Trump-ordered study was due by early August. "Funding for the UN, along with other international organisations, is currently under review," the spokesperson said. The United Nations Secretariat is preparing to cut its $US3.7 billion budget by 20 per cent and slash about 6900 jobs, according to an internal memo. The directive, which asks staff to detail cuts by June 13, comes amid a financial crisis triggered in part by the United States, which annually funds nearly a quarter of the world body. In addition to US foreign aid cuts under President Donald Trump that have gutted UN humanitarian agencies, the US owes - for arrears and the current fiscal year - nearly $US1.5 billion. The memo's author, UN Controller Chandramouli Ramanathan, did not cite the US failure to pay. He noted that the cuts are part of a review launched in March dubbed UN80. "It is an ambitious effort to ensure that the United Nations is fit for purpose to support 21st-century multilateralism, reduce human suffering and build better lives and futures for all," Ramanathan said. "I count on your co-operation for this collective effort whose aggressive timelines are recognised." The cuts would take effect on January 1, the start of the next budget cycle. In public briefings to UN diplomats this month, Secretary General Antonio Guterres said he is considering a massive overhaul that would merge major departments and shift resources across the globe. He said the UN may consolidate some agencies, trim others, move staff to cheaper cities, cut duplication and eliminate redundant bureaucracy. "These are times of peril, but they are also times of profound opportunity and obligation," Guterres said on May 12. "Make no mistake: uncomfortable and difficult decisions lie ahead. It may be easier and even tempting to ignore them or kick the can down the roads. But that road is a dead end." The US failure to pay its assessments has also created a liquidity crisis for the UN, a problem exacerbated by China's repeated late payments. Together, the two nations account for more than 40 per cent of UN funding. In addition, the Trump administration has withdrawn hundreds of millions of dollars in discretionary funds, forcing the abrupt halt of dozens of humanitarian programs that UN officials have said will cost lives. The proposed US budget for the coming year, which must be approved by Congress, has eliminated or drastically reduced funding for several UN programs, including peacekeeping. A US State Department spokesperson did not comment on the proposed UN cuts, but said a Trump-ordered study was due by early August. "Funding for the UN, along with other international organisations, is currently under review," the spokesperson said.
7NEWS
3 days ago
- Automotive
- 7NEWS
Ford income falls 65 per cent as Trump's tariffs bite
Ford has postponed its full-year financial forecast, and announced US President Donald Trump's tariffs introduced in April will cost it $US2.5 billion ($A2.32 billion) and as much as $US1.5 billion ($A2.32 billion) in 2025 alone. The carmaker reported a 65 per cent fall in profits for the first three months of 2025 despite tariffs not coming into effect until April 3. Ford is the second carmaker in a week to drop its forecast with arch-rival General Motors (GM) – which said it's set to lose $US5-6 billion due to the tariffs – pushed its investor call after President Trump softened tariffs. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. The President's move gave carmakers temporary relief from tariffs on steel, aluminium and other imports being applied in addition to the standard automotive tariff. The automotive tariff – separate to additional 'reciprocal tariffs' announced later – applies a 25 per cent duty on vehicle imports into the United States (US). A secondary tariff applying to 'key' automotive parts came into force on May 3, 2025, further impacting supply chains for US carmakers. Ford has previously said it expected to be less impacted than most rivals as it has a large US manufacturing footprint, although it still produces the Mustang Mach-E electric SUV, for example, in Mexico. It will also follow through with plans to increase highly profitable Ford F-Series Super Duty production in Ontario, Canada. The Super Duty name is set to arrive in Australian showrooms in 2026 on a tougher version of the Ranger. On Monday, May 5 the carmaker said it would not issue its usual forecast, saying the uncertainty around the tariffs prevented an accurate picture of the business for the remainder of 2025. 'Given material near-term risks, especially the potential for industry-wide supply chain disruption impacting production, the potential for future or increased tariffs in the US, changes in the implementation of tariffs including tariff offsets, retaliatory tariffs and other restrictions by other governments and the potential related market impacts, and finally policy uncertainties associated with tax and emissions policy, the company is suspending guidance,' a statement from Ford said. 'These are substantial industry risks, which could have significant impacts on financial results, and that make updating full year guidance challenging right now given the potential range of outcomes.' It said it was on target to meet its previous forecast of between $US7-8.5 billion ($A10.83-13.15 billion) EBIT (Earnings Before Interest and Taxes) and will give its next update at the end of June 2025. The US carmaker's EBIT fell 63 per cent to $US 1 billion ($A1.55 billion) in the first quarter (January-March) 2025, with revenue down five per cent to $US40.7 billion ($A62.96 billion). Ford Pro, the brand's commercial vehicle unit responsible for the Ranger, Transit and F-150 sold in Australian showrooms, made $US1.3 billion (A$2.01 billion) – but this was 56 per cent down on the same period in 2024. The Blue Oval's 'Model e' electric car division – yet to turn a profit, which saw ex-Ford Australia President Kay Hart installed as its boss in February 2025 – is expected to have its best year to date. It still posted a $US849 million loss ($1.31 billion) in the first quarter, but this was a substantial improvement over the $US1.3 billion ($A2.01 billion) loss over the same period in 2024. 'We are strengthening our underlying business with significantly better quality and our third straight quarter of year-over-year cost improvement, excluding the impact of tariffs,' Ford CEO Jim Farley said in a statement. In postponing its earnings call, cross-town rival GM's chief financial officer, Paul Jacobson, told Reuters: 'The future impact of tariffs could be significant… we're telling folks not to rely on the prior guidance, and we'll update when we have more information around tariffs.' US new vehicle sales were up 4.4 per cent year-on-year in the first quarter of 2025, led by Toyota ahead of Ford and GM, but with GM's 17 per cent year-on-year growth making it the only one of the trio posting a significant increase in sales.
West Australian
3 days ago
- Automotive
- West Australian
Ford income falls 65 per cent as Trump's tariffs bite
Ford has postponed its full-year financial forecast, and announced US President Donald Trump's tariffs introduced in April will cost it $US2.5 billion ($A2.32 billion) and as much as $US1.5 billion ($A2.32 billion) in 2025 alone. The carmaker reported a 65 per cent fall in profits for the first three months of 2025 despite tariffs not coming into effect until April 3. Ford is the second carmaker in a week to drop its forecast with arch-rival General Motors (GM) – which said it's set to lose $US5-6 billion due to the tariffs – pushed its investor call after President Trump softened tariffs. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now . The President's move gave carmakers temporary relief from tariffs on steel, aluminium and other imports being applied in addition to the standard automotive tariff. The automotive tariff – separate to additional 'reciprocal tariffs' announced later – applies a 25 per cent duty on vehicle imports into the United States (US). A secondary tariff applying to 'key' automotive parts came into force on May 3, 2025, further impacting supply chains for US carmakers. Ford has previously said it expected to be less impacted than most rivals as it has a large US manufacturing footprint, although it still produces the Mustang Mach-E electric SUV, for example, in Mexico. It will also follow through with plans to increase highly profitable Ford F-Series Super Duty production in Ontario, Canada. The Super Duty name is set to arrive in Australian showrooms in 2026 on a tougher version of the Ranger . On Monday, May 5 the carmaker said it would not issue its usual forecast, saying the uncertainty around the tariffs prevented an accurate picture of the business for the remainder of 2025. 'Given material near-term risks, especially the potential for industry-wide supply chain disruption impacting production, the potential for future or increased tariffs in the US, changes in the implementation of tariffs including tariff offsets, retaliatory tariffs and other restrictions by other governments and the potential related market impacts, and finally policy uncertainties associated with tax and emissions policy, the company is suspending guidance,' a statement from Ford said. 'These are substantial industry risks, which could have significant impacts on financial results, and that make updating full year guidance challenging right now given the potential range of outcomes.' It said it was on target to meet its previous forecast of between $US7-8.5 billion ($A10.83-13.15 billion) EBIT (Earnings Before Interest and Taxes) and will give its next update at the end of June 2025. The US carmaker's EBIT fell 63 per cent to $US 1 billion ($A1.55 billion) in the first quarter (January-March) 2025, with revenue down five per cent to $US40.7 billion ($A62.96 billion). Ford Pro, the brand's commercial vehicle unit responsible for the Ranger, Transit and F-150 sold in Australian showrooms, made $US1.3 billion (A$2.01 billion) – but this was 56 per cent down on the same period in 2024. The Blue Oval's 'Model e' electric car division – yet to turn a profit, which saw ex-Ford Australia President Kay Hart installed as its boss in February 2025 – is expected to have its best year to date. It still posted a $US849 million loss ($1.31 billion) in the first quarter, but this was a substantial improvement over the $US1.3 billion ($A2.01 billion) loss over the same period in 2024. 'We are strengthening our underlying business with significantly better quality and our third straight quarter of year-over-year cost improvement, excluding the impact of tariffs,' Ford CEO Jim Farley said in a statement. In postponing its earnings call, cross-town rival GM's chief financial officer, Paul Jacobson, told Reuters : 'The future impact of tariffs could be significant… we're telling folks not to rely on the prior guidance, and we'll update when we have more information around tariffs.' US new vehicle sales were up 4.4 per cent year-on-year in the first quarter of 2025, led by Toyota ahead of Ford and GM, but with GM's 17 per cent year-on-year growth making it the only one of the trio posting a significant increase in sales.
Perth Now
3 days ago
- Automotive
- Perth Now
Ford income falls 65 per cent as Trump's tariffs bite
Ford has postponed its full-year financial forecast, and announced US President Donald Trump's tariffs introduced in April will cost it $US2.5 billion ($A2.32 billion) and as much as $US1.5 billion ($A2.32 billion) in 2025 alone. The carmaker reported a 65 per cent fall in profits for the first three months of 2025 despite tariffs not coming into effect until April 3. Ford is the second carmaker in a week to drop its forecast with arch-rival General Motors (GM) – which said it's set to lose $US5-6 billion due to the tariffs – pushed its investor call after President Trump softened tariffs. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Supplied Credit: CarExpert The President's move gave carmakers temporary relief from tariffs on steel, aluminium and other imports being applied in addition to the standard automotive tariff. The automotive tariff – separate to additional 'reciprocal tariffs' announced later – applies a 25 per cent duty on vehicle imports into the United States (US). A secondary tariff applying to 'key' automotive parts came into force on May 3, 2025, further impacting supply chains for US carmakers. Ford has previously said it expected to be less impacted than most rivals as it has a large US manufacturing footprint, although it still produces the Mustang Mach-E electric SUV, for example, in Mexico. Supplied Credit: CarExpert It will also follow through with plans to increase highly profitable Ford F-Series Super Duty production in Ontario, Canada. The Super Duty name is set to arrive in Australian showrooms in 2026 on a tougher version of the Ranger. On Monday, May 5 the carmaker said it would not issue its usual forecast, saying the uncertainty around the tariffs prevented an accurate picture of the business for the remainder of 2025. 'Given material near-term risks, especially the potential for industry-wide supply chain disruption impacting production, the potential for future or increased tariffs in the US, changes in the implementation of tariffs including tariff offsets, retaliatory tariffs and other restrictions by other governments and the potential related market impacts, and finally policy uncertainties associated with tax and emissions policy, the company is suspending guidance,' a statement from Ford said. 'These are substantial industry risks, which could have significant impacts on financial results, and that make updating full year guidance challenging right now given the potential range of outcomes.' Supplied Credit: CarExpert It said it was on target to meet its previous forecast of between $US7-8.5 billion ($A10.83-13.15 billion) EBIT (Earnings Before Interest and Taxes) and will give its next update at the end of June 2025. The US carmaker's EBIT fell 63 per cent to $US 1 billion ($A1.55 billion) in the first quarter (January-March) 2025, with revenue down five per cent to $US40.7 billion ($A62.96 billion). Ford Pro, the brand's commercial vehicle unit responsible for the Ranger, Transit and F-150 sold in Australian showrooms, made $US1.3 billion (A$2.01 billion) – but this was 56 per cent down on the same period in 2024. The Blue Oval's 'Model e' electric car division – yet to turn a profit, which saw ex-Ford Australia President Kay Hart installed as its boss in February 2025 – is expected to have its best year to date. Supplied Credit: CarExpert It still posted a $US849 million loss ($1.31 billion) in the first quarter, but this was a substantial improvement over the $US1.3 billion ($A2.01 billion) loss over the same period in 2024. 'We are strengthening our underlying business with significantly better quality and our third straight quarter of year-over-year cost improvement, excluding the impact of tariffs,' Ford CEO Jim Farley said in a statement. In postponing its earnings call, cross-town rival GM's chief financial officer, Paul Jacobson, told Reuters: 'The future impact of tariffs could be significant… we're telling folks not to rely on the prior guidance, and we'll update when we have more information around tariffs.' US new vehicle sales were up 4.4 per cent year-on-year in the first quarter of 2025, led by Toyota ahead of Ford and GM, but with GM's 17 per cent year-on-year growth making it the only one of the trio posting a significant increase in sales.
The Age
5 days ago
- Business
- The Age
‘A little problem': Why Trump fell out of love with Apple CEO Tim Cook
'It has put Apple at a disadvantage because every move, including a potential concession from Trump, is scrutinised,' Wexler said. Because Trump didn't 'have much incentive to either go easy on Apple or cut a deal on tariffs,' he said, 'the incentive to crack down is much stronger'. Apple did not provide comment. The White House declined to comment on the Middle East trip. Trump's new tariff threat followed a report by The Financial Times that Apple's supplier Foxconn would spend $US1.5 billion ($2.3 billion) on a plant in India for iPhones. The president said the tariffs would begin at the end of June and affect all smartphones made abroad, including Samsung's devices. Last week, Cook visited Washington for a meeting with Treasury Secretary Scott Bessent. During an appearance on Fox News on Friday, Bessent said the administration considered overseas production of semiconductors and electronics components 'one of our greatest vulnerabilities', which Apple could help address. 'President Trump has been consistently clear about the need to reshore manufacturing that is critical to our national and economic security, including for semiconductors and semiconductor products,' said Kush Desai, a White House spokesperson. He added that the administration 'continues to have a productive relationship with Apple'. The timing of the White House's new tariff plan couldn't be worse for Cook, who has led Apple for nearly 14 years. Loading Last month, the company suffered a stinging defeat in an App Store trial. The judge in the trial rebuked Apple executives, saying they had 'outright lied under oath' and that 'Cook chose poorly', and ruled that Apple had to change how it operates the App Store. Jony Ive, Apple's former chief designer who became estranged from Cook and left the company in 2019, joined OpenAI last week to build an iPhone competitor. Its Vision Pro mixed reality headset, released in January 2024 to fanfare, has been a disappointment. And in March, Apple postponed its promised release of a new Siri, raising fresh doubts about its ability to compete in the industry's race to adopt artificial intelligence. Still, Apple's market value has increased by more than $US2.5 trillion under his leadership, or about $US505 million a day since 2011. And Apple remains a moneymaking machine, generating an annual profit of nearly $US100 billion. With Trump's reelection, Cook appeared to be in a strong position to help Apple navigate the new administration. In 2019, Trump said Cook was a 'great executive because he calls me and others don't'. Cook still occasionally pushed back on the president's agenda. During an appearance at a conference for Fortune magazine in late 2017, Cook explained that the company would love to make things in the United States but that China had more engineers and better skills. He appeared before a live audience on MSNBC a few months later and criticised the president's policy on immigration. This year, their warm relations have run cold. Trump is more determined to quickly move manufacturing to the United States, which has made Apple a primary target. On other administration priorities like dismantling diversity initiatives, Cook has tried to take a diplomatic position. At its annual general shareholder meeting in February, he said that Apple remained committed to its 'North Star of dignity and respect for everyone' and would continue to 'create a culture of belonging', but that it might need to make changes to comply with a changing legal landscape. The bigger problem has been trade. Apple has stopped short of committing to making the iPhone, iPad or Mac laptops in the United States. Instead, the company has moved to assemble more iPhones in India. Apple has tried to head off Trump's criticisms of its overseas manufacturing by promising to spend $US500 billion in the United States over the next four years. Cook also has emphasised that the company will source 19 billion chips from the United States this year and will start making AI servers in Houston. Loading Servers haven't satisfied Trump. He wants iPhones made in the United States badly enough to create what amounts to an iPhone tariff. It would increase the cost of shipping an iPhone from India or China to the United States by 25 per cent. The costs aren't so staggering that they would damage Apple's business, but Trump could always ratchet up the levies until he gets his wish. 'If they're going to sell it in America, I want it to be built in the United States,' Trump said Friday. 'They're able to do that.'
