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Reuters
5 hours ago
- Business
- Reuters
Euro zone industry, trade take big hits in April amid tariff turmoil
FRANKFURT, June 13 (Reuters) - Euro zone industry and trade took major hits in April, likely reflecting U.S. tariffs announcements, challenging the view of economists that the bloc is holding up well in the face of economic turmoil. Industrial production fell by 2.4% on the month in April, more than the already-weak expectations for a 1.7% fall in a Reuters poll of economists, as every segment within industry suffered a contraction, data from Eurostat showed on Friday. Trade also suffered, with the surplus of the 20 nations sharing the euro falling to just 9.9 billion euros compared with the previous month's 37.3 billion euros. The weak figures are not unexpected as U.S. firms frontloaded purchases in February and March in anticipation of the April 2 tariff announcement. But the April reversal is larger than many had anticipated, indicating downside risks to economic growth forecasts, which are already below 1% for the year. The euro zone's exports to nations outside the bloc fell by 8.2% on the month, while figures for the broader EU showed a 9.7% drop, Eurostat said. The EU's total exports to the U.S., its biggest trading partner, totalled 47.6 billion euros in the month, well down on the 71.1 billion reported a month earlier, which included the frontloading and was itself considered unusually high. The drop was mainly driven by sharply lower chemicals exports, likely relating mostly to pharmaceutical exports from Ireland, which hosts a number of international firms that are located there for tax reasons. Irish pharmaceutical exports to the U.S. surged in the months leading up to the tariffs, pushing up economic growth to exceptional levels. The figures also explain why Irish industry contracted by 15% on the month, leading euro zone production lower. The hit to industry was so large that it erased nearly all gains from the past year, and output in April was just 0.8% higher than a year earlier, with only non-durable consumer goods showing any annualised increase. Still, surveys conducted since the April turmoil indicate some modest optimism in manufacturing, suggesting that the sector is not going back into recession even if its recovery will be shallow.
Reuters
23-05-2025
- Business
- Reuters
Exclusive: India may let US, foreign firms bid for government contracts, sources say
NEW DELHI, May 23 (Reuters) - India is opening up a chunk of its protected government procurement market to foreign firms, including the U.S, two government sources said, in a shift that could extend to other trading partners after it was offered to the UK under a trade deal this month. The government is likely to allow U.S. firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington, the sources said. Total public procurement - including by federal, state and local governments and state-run firms - is worth an estimated $700 billion-$750 billion per year, according to government estimates. Most is reserved for domestic firms, with 25% set aside for small businesses, although sectors like railways and defence can buy from foreign suppliers when domestic options are unavailable. Earlier this month, India and the UK agreed on a free trade pact that gives British firms access to federal government contracts in select sectors - covering goods, services and construction - on a reciprocal basis. "In a policy shift, India has agreed to open its public procurement contracts gradually to trading partners including the U.S. in a phased manner and reciprocal manner," said one of the officials, with the knowledge of the matter. Only a portion of the government's procurement contracts - mainly linked to federal projects worth around $50-$60 billion - will be opened to foreign firms, while state and local government purchases will be excluded, the official said. "Following the UK pact, India is ready to open a part of its public procurement market to the U.S. as well," said a second official. Both sources requested anonymity, as details of the ongoing talks have not been made public. The commerce ministry did not respond to requests for comment on the U.S. proposal or extending the plan to other nations. India has long resisted joining the World Trade Organisation's Government Procurement Agreement, citing the need to protect small businesses. In its March report on foreign trade barriers, the U.S. Trade Representative said India's restrictive procurement policies pose challenges for U.S. firms due to "changing rules and limited opportunities." Indian Trade Minister Piyush Goyal visited Washington this week to advance trade talks, with both sides aiming to sign an interim agreement by early July, officials said. New Delhi is pushing to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by U.S. President Donald Trump on April 9 for major trading partners, which includes a 26% tariff on imports from India. The commerce ministry said in a text message that UK firms would only be allowed limited access to bid for contracts of non-sensitive federal entities, excluding state and local government procurement. UK-based suppliers can bid for Indian tenders above 2 billion rupees ($23.26 million) while the UK will offer non-discriminatory access to Indian suppliers under its public procurement system, the ministry said. The government has assured small industry that a quarter of the orders will be reserved for them, said Anil Bhardwaj, secretary general of the Federation of Indian Micro, Small and Medium Enterprises (FISME), a leading industry body. "Opening procurement to foreign firms on a reciprocal basis offers an opportunity for Indian businesses in overseas markets as well," he said. ($1 = 85.9810 Indian rupees)
Irish Times
22-05-2025
- Business
- Irish Times
Dublin: The 13th best city in the world ... supposedly
If somebody asked you where Dublin ranked among the 1,000 largest cities in world, would you rank it thirteenth? Well, the team behind the Oxford Economics Global Cities Index did just that. A 'sustainable city' they called it, with top ratings for everything except a little, inconsequential thing called 'quality of life'. The Fair City ranked as just the 100th best city in the world when it comes to quality of life as Dubliners spend 'relatively more on housing than nearly anywhere else'. Digging deeper, that score suddenly seems even more generous. 'Dublin's challenges include its acute housing shortage, lack of economic diversity and the instability that comes with its sectoral composition,' the report reads, placing the Irish capital above the very cities our young people are queuing to emigrate to – Amsterdam ranked 27th, Berlin 29th, Brisbane 23rd and Perth 31st. READ MORE Dublin's placement, knocking on the door of the top 10, was driven by strong scores for environmental friendliness (14th) and human capital (17th), based on a score of 'high-quality universities' such as Trinity College Dublin. With Dublin's economics score being artificially inflated by having the fifth-highest GDP per person in the 1,000 cities, the city's overall position would doubtless be lower were it not for the convenient location of the European headquarters of many United States firms. Still, we have the third-fastest employment growth forecast in western Europe, which puts weight behind the prior 'flawed measure'. Dublin's ranking was boosted by the country's 'stable political democracy', despite a business environment thought to be 'average' in comparison to the rest of western Europe – though perhaps not average when it comes to taxation. 'On the other hand', after pouring praise upon the city, the report goes on to explain that there are actually some negatives to living in Dublin and, yes, you've guessed it, the major is being one of the most expensive cities in Europe for housing. In Ireland's 'sustainable city', one is left wondering if its housing situation is capable of being anything other than a spur for emigration.
Arab News
14-05-2025
- Business
- Arab News
ACWA Power expands Saudi-US energy cooperation with $500m deals
RIYADH: Saudi Arabia's ACWA Power has signed new agreements worth $500 million with several US firms, further solidifying its strategic ties with the country and expanding the scope of joint energy projects to over $6 billion. The memorandums of understanding were formalized during the Saudi-US Investment Forum held in Riyadh, underlining ACWA Power's ongoing commitment to leveraging international partnerships in support of the Kingdom's Vision 2030 goals and its net zero target by 2060. The agreements come in the wake of US President Donald Trump's visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures. 'These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,' said Raad Al-Saady, vice chairman and managing director of ACWA Power. He added: 'ACWA Power is committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom.' Among the highlights of the new collaborations, ACWA Power will work on deploying advanced tracker technologies for photovoltaic solar energy projects, with the aim of reducing energy costs and boosting local production. 'ACWA Power's strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,' said Marco Arcelli, CEO of ACWA Power. The Saudi-listed company also signed a deal with GE Vernova to test innovations in combined-cycle gas turbine projects and electricity transmission and distribution systems within the Kingdom. A separate agreement was signed with Baker Hughes to pilot innovations in green hydrogen production. The collaboration aims to leverage the US-based firm's technical expertise in developing electrolysis solutions that enhance the safety and efficiency of hydrogen generation. The partnership may also pave the way for in-Kingdom manufacturing, fostering a local ecosystem for innovation in green hydrogen technologies. In addition, ACWA Power announced a partnership with KBR for the execution of large-scale projects. The agreement will utilize the US firm's ammonia processing technology and engineering capabilities, alongside its program management and operational expertise to ensure project success. Another agreement involves Energy Recovery, focusing on research into energy-saving operation technologies in seawater desalination.
Bloomberg
12-05-2025
- Business
- Bloomberg
Bullish Sign for S&P Flashes With More Stocks Shouldering Rally
There are plenty of reasons to doubt the stock market's recent advance — trade-deal progress is scant, economic data is souring and outlooks from US firms are the worst in years. In spite all of that, one measure, at least, suggests that investor confidence is growing in companies both big and small. An equal-weighted version of the S&P 500 Index, which makes no distinction between the market value of a behemoth like Inc. and relative minnow like Axon Enterprise Inc., has outperformed the standard cap-weighted S&P 500 for six consecutive sessions. It's the longest streak of outperformance since January 2023, and signals optimism the ability of a larger swath of companies to drive earnings, the economy, and of course, the stock market.
