Latest news with #non-US
LeMonde
7 hours ago
- Health
- LeMonde
ICE to access data of 79 million Americans under secret deal to accelerate immigration raids
The US Immigration and Customs Enforcement (ICE) officials will be given access to the personal data of the nation's 79 million Medicaid enrollees, including home addresses and ethnicities, to track down immigrants who may not be living legally in the United States, according to an agreement obtained by The Associated Press on Thursday, July 17. The information will give ICE officials the ability to find "the location of aliens" across the country, says the agreement signed Monday between the Centers for Medicare and Medicaid Services (CMS) and the Department of Homeland Security (DHS). The agreement has not been announced publicly. The database will reveal to ICE officials the names, addresses, birth dates, ethnic and racial information, as well as Social Security numbers for all people enrolled in Medicaid. The state and federally funded program provides health care coverage program for the poorest of people, including millions of children. The extraordinary disclosure data to deportation officials is the latest escalation in the Trump administration's immigration crackdown, which has repeatedly tested legal boundaries in its effort to arrest 3,000 people daily. "ICE will use the CMS data to allow ICE to receive identity and location information on aliens identified by ICE," the agreement says. Such disclosures, even if not acted upon, could cause widespread alarm among people seeking emergency medical help for themselves or their children. Other efforts to crack down on illegal immigration have made schools, churches, courthouses and other everyday places feel perilous to immigrants and even US citizens who fear getting caught up in a raid. The agreement does not allow ICE officials to download the data. Instead, they will be allowed to access it for a limited period from 9 am to 5 pm, Monday through Friday, until September 9. "They are trying to turn us into immigration agents," said a CMS official did not have permission to speak to the media and insisted on anonymity. Immigrants who are not living in the US legally, as well as some lawfully present immigrants, are not allowed to enroll in the Medicaid program that provides nearly-free coverage for health services. Medicaid is a jointly funded program between states and the federal government. But federal law requires all states to offer emergency Medicaid, a temporary coverage that pays only for lifesaving services in emergency rooms to anyone, including non-US citizens. Emergency Medicaid is often used by immigrants, including those who are lawfully present and those who are not. The new agreement makes clear that DHS will use the data to identify, for deportation purposes, people who are living in the country illegally. But officials from the Health and Human Service department have repeatedly maintained that it would be used primarily as a cost-saving measure, to investigate whether non-US citizens were improperly accessing Medicaid benefits.
Mint
9 hours ago
- Automotive
- Mint
Uber puts robotaxi plan in top gear, joins hands with Lucid and Nuro; first vehicle to hit road in 2026. Details here
Uber Technologies on Thursday announced that it has tied up with electric vehicle maker Lucid Group and self-driving tech startup Nuro to launch robotaxis in 2026. The ride-sharing company or its third-party partners will buy and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its network. It aims to launch its first robotaxi in 2026 and plans to deploy at least 20,000 of the vehicles over the next six years. Uber also announced that it is making separate multi-hundred-million-dollar investments in both Lucid and Nuro. The funding will include $300 million for Lucid that will be used in part to upgrade its assembly line to integrate Nuro hardware into the Gravity vehicles. After the announcement, Lucid shares rallied 34 per cent, while Uber stock was little changed. Earlier this week, Uber had announced a tie-up with Chinese AV maker Baidu to deploy robotaxis in several non-US markets. Currently, autonomous rides are available through the Uber app in Phoenix, Austin, Atlanta and Abu Dhabi. Prototype robotaxis developed by Lucid and Nuro are already in operation on Nuro's Las Vegas closed-circuit testing grounds, reported Bloomberg. Marc Winterhoff, Lucid's interim CEO, said Uber chose its SUV because the company can integrate the necessary hardware at its factory. Nuro's software will be added once Uber receives the vehicles. 'This is a stepping stone on our journey to expand our tech leadership from electric vehicles and licensing into partnerships in other areas,' Winterhoff told Bloomberg this week. 'A lot can happen in six years. I really see this as the first starting point,' he added. Separately, Lucid said it is planning a 1-for-10 reverse stock split, subject to shareholder approval. The emerging autonomous taxi market is gaining momentum, with Google subsidiary Waymo currently holding the strongest position in the United States. Electric vehicle maker Tesla unveiled its first robotaxi service in Austin, Texas, in late June, though with limited scope and a very small fleet.
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First Post
18 hours ago
- Business
- First Post
Trump impact on Canada: Carney gears up to block steel imports from China
Canadian PM Carney has announced new steps to limit the flow of cheap foreign steel into Canada, aiming to protect local producers hit by US tariffs, emphasising that stricter import quotas and higher tariffs will be introduced by the end of the month read more Prime Minister Mark Carney promised to further crack down on the amount of cheap, foreign steel entering the Canadian market by the end of the month, as the domestic industry continues to be clobbered by US President Donald Trump's tariffs. Carney made the announcement in Hamilton on Wednesday morning, eliciting a sigh of relief from an industry that has already seen layoffs and lower production levels in the weeks since the US imposed steep import taxes. STORY CONTINUES BELOW THIS AD In June, the government announced changes to the tariff quota system, which allows a set level of product to enter Canada at a lower tariff rate, by limiting steel imports from countries that don't have free trade agreements to 2024 import levels. But those quotas were criticized by the industry as still being too high. Canadian steelmakers have long alleged that foreign companies are supplying steel to the Canadian market at ultra-low prices, a practice commonly known as dumping, making it hard for them to compete. Carney said the quota changes 'will ensure Canadian steel producers have a bigger share of the Canadian market.' Steel products from non-free trade agreement partners, which include China and Turkey, will see their tariff rate quota tighten to half of 2024 volumes. A 50 per cent tariff will be imposed on any imports beyond those levels, Carney said. Ottawa is also moving to clamp down on steel from partners who do have free trade agreements with Canada, other than the U.S. and Mexico. The federal government said a 50 per cent tariff will apply to imports surpassing 2024 volumes. Carney said Canada will implement additional tariffs of 25 per cent on imports from all non-US countries containing steel melted and poured in China. STORY CONTINUES BELOW THIS AD 'Imports supply almost two-thirds of current Canadian consumption of steel, compared to less than one-third for the United States and less than one-sixth for the European Union,' Carney said. Existing arrangements with the Canada-US-Mexico Agreement (CUSMA) will remain the same, he said. Carney announced no changes to US counter-tariffs as the two countries work toward their Aug. 1 deadline. Catherine Cobden, president and CEO of the Canadian Steel Producers Association, said she listened to the announcement 'with relief.' 'It's certainly a much better place than where we were yesterday,' she said of the quota changes.
Business Insider
2 days ago
- Business
- Business Insider
Standard Chartered: Weak dollar to unlock opportunities in emerging markets and global equities
10 July 2025, Nairobi, Kenya: Standard Chartered announced today its Global Market Outlook for the second half of 2025, projecting a constructive but volatile environment for investors worldwide. The Bank sees significant implications for emerging markets investors including Africa, driven by expectations of a softer US dollar, resilient global equity markets and improving prospects for emerging-market assets. The report highlights that Global macro conditions remain mixed. In the United States, growth continues to be supported by resilient consumption and fiscal stimulus, though trade and policy uncertainty may temper momentum in the second half of the year. In Europe, fiscal easing increasingly offers support, but structural challenges persist while China's outlook is stabilising on the back of targeted stimulus and improving retail activity. Meanwhile, growth in India and ASEAN is expected to remain well-supported. Against this backdrop, the report outlines an investment strategy reflecting evolving risks and opportunities. We expect the US dollar to weaken over the next 6 to 12 months and have accordingly upgraded Asia (ex-Japan) equities and Emerging Market (EM) local-currency bonds to Overweight. Global equities also remain an Overweight position across portfolios, supported by healthy earnings, easing trade tensions, and controlled inflation (so far). Based on the report, 'Aas global markets transition into a new phase, emerging markets investors are well-positioned to capitalise on emerging opportunities. A weaker dollar historically supports returns across risk assets, particularly in emerging markets, which have long been core components of regional portfolios. Manpreet Gill, Chief Investment Officer of Africa, Middle East and Europe, Standard Chartered said: ' This outlook underscores a critical moment for investors in the region. As the global environment adjusts to weak dollar dynamics, shifting trade policies, and diverging central bank actions, investors in the emerging markets have an opportunity to reposition portfolios with greater international diversification. Asset classes such as emerging market bonds and equities across major regions (including non-US equities) are well-placed to help investors navigate volatility, capture income, and enhance portfolio resilience in today's shifting landscape.' In line with these themes, the report maintains a preference for USD-denominated bonds in the 5–7-year maturity range, citing them as the most attractive in terms of risk-adjusted returns, particularly as yields begin to ease from current levels. Meanwhile, Developed Market Investment Grade corporate bonds have been downgraded to Underweight due to tight yield premiums and slower inflows. Alternative investments are also in focus, with the Bank highlighting gold as a core allocation, supported by strong central bank demand and its role as a diversifier when bonds offer less downside protection.
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
Glove exports drop again in May as inventory consolidation drags on
THE prospects of the rubber products sector remain bleak, in our view, due to the unfavourable operating environment caused by a longer-than-expected period of inventory consolidation. That said, competition remains intense in non-US markets due to the hostile pricing strategy adopted by Chinese manufacturers. 'We also expect the commissioning of new plants in Indonesia and Vietnam to pose a threat to Malaysia's rubber product sales to the US by as early as Nov 2025,' said RHB. According to the Department of Statistics Malaysia, the country's glove exports saw month-on-month (MoM) declines of 22% and 6% in April and May. This suggests that customer restocking activities remain sluggish as the industry experiences a longer-than-expected gestation period following the front-loading that occurred in quarter four 2024 (4Q24). Continued weakness of the USD against the MYR has also further eroded glovemakers' profitability, with the USD depreciating by 3% quarter-on-quarter (QoQ) and 5.4% year-to-date ( YTD)as of June. The pricing power of Malaysian glove manufacturers has diminished since the entry of Chinese manufacturers, based on our observation. We understand that cost pass-through is now more challenging than during the pre-COVID-19 period, as glovemakers are only able to pass on 50% of any cost increase to customers vs a full cost passthrough previously. With no signs of competition easing, we expect glovemakers' profitability to remain under pressure in the near future. Mandatory EPF contribution for foreign labour is set to kick off by October. We expect this to raise glovemakers' cost of production by 0.8-1% (USD0.15-0.20 per thousand pieces). Meanwhile, the expanded sales & service tax (SST) of 5% applicable to imported natural rubber latex and nitrile butadiene rubber (NBR) latex is expected to raise production costs by USD0.25-0.30 (1.3-1.5%). This confluence of factors come at a time when the industry is already grappling with intense competition and limited ability to pass through rising costs to customers. Sector valuation looks attractive, hovering at 0.9x P/B, at 1.2SD below its historical average of 1.2x. However, given the lack of near-term re-rating catalysts, we would not recommend investors to accumulate at this level. As the risk of earnings disappointment in the upcoming August reporting period is high, we think the share price could undergo another round of corrections. The last time the sector was traded at such levels was during 1Q23, where the industry's profit hit a trough level during a period of consolidation. Persistent challenges in cost pass-through, coupled with a rising operating cost environment and a weaker USD are expected to weigh on glovemakers' profitability moving forward. We think cost pass-through will remain challenging, as Malaysia's blended ASPs have hovered between USD19 and USD22 in 1H25, largely unchanged from 4Q24's level. Despite having a competitive edge over Chinese manufacturers – both before and after the announcement of the US reciprocal tariffs – Malaysian glovemakers have been unable to leverage this advantage to raise ASPs. In our view, several factors are at play: i) The pricing formula for gloves primarily comprises raw material prices and FX movements, which means that any price adjustment must be substantiated by those elements (tariff advantages over competitors are not factored in) and ii) customers remain highly price-sensitive, particularly as they continue to manage elevated inventory levels that have yet to be consumed. Natural latex prices last traded at USD1.40 per kg in June vs its average price of USD1.44 per kg in May (-3%). Moving forward, natural latex prices are expected to normalise, thanks to stable supply post the winter season in Thailand (a major latex producing country). Meanwhile, acrylonitrile prices eased 3% MoM in June, averaging at USD1.15 per kg from USD1.18 in May. Moving forward, nitrile prices are expected to ease further due to uneven demand from downstream industries as well as the easing of feedstock prices (ie propylene). The natural gas tariff also spiked 6% MoM in June, averaging at USD3.67 per mmBtu in conjunction with the surge in crude oil prices. Natural gas prices will remain elevated, in our view, primarily driven by the demand-supply mismatch, as supply remains tight. Given the intensifying competition expected in late 4Q25, we hold the view that investor sentiment in the glove industry will remain weak throughout 2H25. In addition, the persistent challenges in cost pass-through, coupled with a rising operating cost environment – due to factors such as the expanded SST and mandatory EPF contribution for foreign workers – and a weakening USD are expected to weigh on glovemakers' profitability moving forward.—July 16, 2025 Main image: The Star
