Vehicles are assembled on a line at the BMW plant in Leipzig.Picture Alliance | Picture Alliance | Getty ImagesShares of Europe’s top carmakers rose on Wednesday after the U.S. and Japan’s blockbuster trade agreement raised hopes of a tariff breakthrough for other major exporters.In a post on social media platform Truth Social, Trump described the “massive” trade agreement as “perhaps the largest Deal ever made.”The deal is expected to mean U.S. tariffs on imported Japanese vehicles and parts will fall to 15%, a significant drop from the existing 25% rate that is levied across countries.Japanese Prime Minister Shigeru Ishiba welcomed…
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China has kicked off construction on the world’s largest hydropower dam, and analysts expect the colossal undertaking to be a huge boost for hydro-equipment and materials suppliers. Chinese Premier Li Qiang launched the construction of the mega-dam, located on the eastern rim of the Tibetan plateau, that is expected to produce 300 billion kilowatt-hours of electricity annually — three times the size of the Three Gorges Dam — the world’s largest source of hydroelectric power. That capacity would be equal to 21% of China’s entire hydropower generation last year and around 2% of the country’s total power generation, according to…
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A line-up of Duck World’s flock of rubber ducks.Duck World | Duck WorldIf it looks like a duck, swims like a duck and quacks like a duck — then it could be one of the rubber specimens lining the shelves of Duck World, a string of colorful stores that are staying afloat as hundreds of other London retailers close their doors. Duck World’s 700-strong rubber flock comprises every size, dress and profession, with a store employee telling CNBC that popular models include the superhero-inspired “Spidy Duck” and the tourist favorite “Telephone Booth” duck. Some are fluffy, ceramic or change color, though not all…
The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.Emanuele Cremaschi | Getty Images News | Getty ImagesUniCredit on Wednesday posted a sharp second-quarter profit hike and lifted its full-year guidance, a day after withdrawing its takeover bid for Italian peer Banco BPM amid opposition from Rome.Italy’s second-largest bank reported a 25% year-on-year hike in net profit to 3.3 billion euros ($3.87 billion) in the second quarter when including one-off items, and 2.9 billion euros without them.UniCredit said it now expects full-year net profit to hit 10.5 billion euros, compared with previous guidance at…
The Merlion statue in the central business district of Singapore, on Tuesday, July 8, 2025.Bloomberg | Bloomberg | Getty ImagesSingapore’s headline inflation rate remained steady at 0.8% in June, staying at its lowest level in over four years.The inflation figure was lower than the 0.9% expected by economists, and comes ahead of the country’s monetary policy decision later in July.Core inflation, which strips out prices of private transport and accommodation, remained unchanged at 0.6%.The soft inflation figure clears the way for Singapore’s monetary authority to ease its monetary policy to support growth in an uncertain trade environment.In its recent annual…
A staff member prepares for the arrival of Chinese Vice Premier Ding Xuexiang and EU Executive Vice-President for a Clean, Just and Competitive Transition, Teresa Ribera during China-EU Sixth High Level Environment and Climate Dialogue (HECD) at the Diaoyutai State Guest House in Beijing on July 14, 2025.Wang Zhao | Afp | Getty ImagesChina and the European Union will hold a top-level meeting in Beijing on Thursday, while the U.S. is making their already tense relationship more complicated.Clashes over trade and economic policy, technological issues and defense and security have been commonplace between China and the EU — and tensions…
This report is from this week’s CNBC’s UK Exchange newsletter by Ian King. Like what you see? You can subscribe here.The dispatchOne of the City’s most prominent investment bankers recently spelled out to me the challenges, as he saw them, faced by the U.K. economy.He argued that, as a country, Britain does not really make much that the rest of the world wants to buy from us these days, aside from a few honorable exceptions, including cars, luxury goods, aerospace and defense components and Scotch whisky.Meanwhile, he went on, sectors where the U.K. was once a world leader, such as financial…
Japan’s Prime Minister Shigeru Ishiba addresses the media at the vote counting center in the Liberal Democratic Party headquarters in Tokyo on July 20, 2025.Franck Robichon | Afp | Getty ImagesJapan’s embattled Prime Minister Shigeru Ishiba could resign by August, according to local media. The reports came shortly after U.S. President Donald Trump announced that he had reached a “massive Deal” with Japan, and days after Ishiba’s governing coalition lost its majority in the country’s upper house.Japan’s Mainichi newspaper reported Wednesday that the prime minister intended to announce his resignation by August, according to a Google translation of the report in…
The Los Angeles Times logo is displayed on top of their building and newsroom on March 30, 2025 in El Segundo, California. Kevin Carter | Getty Images News | Getty ImagesDr. Patrick Soon-Shiong, the billionaire owner of the Los Angeles Times since 2018, said this week that he intends to take the newspaper public in the coming year.During an interview on Monday’s “The Daily Show With Jon Stewart,” Soon-Shiong said the move would allow the Times “to be democratized and allow the public to have ownership of this paper.”Soon-Shiong said he’s working with “an organization that’s putting that together right now.” He didn’t identify the…
