Tariffs on goods from Mexico and Canada that are set to take effect could hike the price of a gallon of gasoline for some drivers by as much as 70 cents and send grocery bills climbing, experts told ABC News. The Trump administration this week reiterated plans to slap 25% tariffs on all products from Canada and Mexico on Feb. 1. Those countries make up two of the three largest U.S. trading partners, government data shows. Tariffs of this magnitude would likely increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers, experts said. The policy could raise prices for an array of products ranging from tomatoes to tequila to auto parts. “The scary thing is the list
Category Archives: BUSINESS-FINANCE
![A Tea farmer picking Tea at a farm in Kericho.PHOTO:[Wilberforce Okwiri,Standard]](data:image/svg+xml,%3Csvg%20viewBox%3D%220%200%201000%20500%22%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%3E%3C%2Fsvg%3E)
31
Jan
Jan
A Tea farmer picking Tea at a farm in Kericho.PHOTO:[Wilberforce Okwiri,Standard] For the past three years, multinational tea firms operating in Nandi, Kericho, and Bomet counties have faced persistent land invasions and illegal tea harvesting by criminal gangs. The crisis has prompted the Kenya Tea Growers Association (KTGA), which represents large-scale tea producers (LSTPs), to raise alarm over the escalating threats to the tea industry. In a statement released on January 20, KTGA chairman Silas Njibwakale expressed deep concern over recent invasions at Eastern Produce Kenya’s (EPK) tea estate in Nandi County and an attempted raid by armed individuals at Browns Sambret estate in Kericho County. “In Nandi County, organised criminal gangs have occupied crucial estate zones, including the Sitoi airstrip, crippling operations and placing lives and property at substantial
31
Jan
Jan
Intel co-chief executive Michelle Johnston Holthaus says the rise of DeepSeek chatbot could signal opportunity to be a disruptive player in the market for chips that power artficial intelligence. Photo: Pau BARRENA / AFPSource: AFP Intel reported a fourth-quarter loss on Tuesday, but better than expected revenue as the US chip giant continues to struggle to stake its place in the artificial intelligence revolution. The company posted a net loss of $126 million for the quarter ending December 28, compared to a profit of $2.67 billion in the same period last year. Revenue declined seven percent to $14.3 billion, which was slightly better than expected by analysts. The company’s share price rose two percent in after-hours trading following the earnings release. “While Intel’s revenue decline remains concerning, the overall results
![Brazil's President Luiz Inacio Lula da Silva poses for a photo after his first cabinet meeting of 2025, at the Granja do Torto country residence in Brasilia, Brazil, on January 20 [Eraldo Peres/AP Photo]](data:image/svg+xml,%3Csvg%20viewBox%3D%220%200%20750%20500%22%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%3E%3C%2Fsvg%3E)
The Brazilian leader says he is looking for a relationship based on mutual respect after Trump threatens tariffs. Brazilian President Luiz Inacio Lula da Silva has said that, if the United States imposes tariffs on his country, he will respond in kind. Speaking at a news conference in the capital Brasilia, on Thursday, Lula said his country seeks a relationship based on mutual respect. His comments came in response to US President Donald Trump’s threat of heightened tariffs. “It is very simple: If he taxes Brazilian products, there will be reciprocity,” Lula told reporters. “Trump was elected to run the US, and I was elected to run Brazil. I will respect the US and want Trump to respect Brazil. That’s all.” The comments are the latest signal that Trump’s efforts
24
Jan
Jan
The Federal Government has called for collaboration with the World Economic Forum (WEF) to foster economic development and growth in the country and on the African continent. Specifically, it sought partnerships with the global body on the African Atlantic Gas Pipeline (AAGP) to connect Nigeria to Morocco and other African countries, as well as the […] The post Nigeria, WEF seek parley on gas pipeline, tackling global threats appeared first on The Guardian Nigeria News – Nigeria and World News.
23
Jan
Jan
A Chinese start-up said its superfast drone – capable of reaching four times the speed of sound – would make its first flight next year as military hypersonic technology trickled down to the commercial sector. The unmanned aerial vehicle (UAV) is being developed by Sichuan Lingkong Tianxing Technology Co, Ltd as part of a broader effort to develop a supersonic passenger jet, according to the company. The company announced it was developing the aircraft at a news conference in southwest China’s Chengdu on Monday. The drone bears the name Cuantianhou, which means “soaring stone monkey” – a name given to Sun Wukong, also known as the Monkey King , one of the best-known figures in Chinese literature and mythology. It weighs 1.5 tonnes and measures seven metres (23 feet) long
23
Jan
Jan
South Korea’s SK Hynix forecast sales of its high-end semiconductors used in generative artificial intelligence (AI) chipsets would double this year after reporting a record quarterly profit that surpassed its bigger rival Samsung. Shares in SK Hynix, a key supplier to AI chip giant Nvidia , however, dropped 3 per cent on Thursday as the company warned of steeper demand declines in commodity memory chips used in smartphones and computers, due to economic uncertainty and growing competition from Chinese rivals. Before the result, SK Hynix shares had jumped about 30 per cent so far this year on bullish sentiment driven by its business discussions with Nvidia, outperforming Samsung, whose shares rose 2 per cent over the same period. “Uncertainties exist for the memory chip market this year as trade protectionism
23
Jan
Jan
A cross section of students in Enugu State, on Wednesday, appealed for the reversal of the 50 per cent hike in tariff in telecommunication services due to prevailing socioeconomic hardship. They were of the view that telecommunication services, such as internet data service, have enhanced learning and research work; making its usage indispensable to all […] The post Telecom tariff hike will hinder learning, research, students lament appeared first on The Guardian Nigeria News – Nigeria and World News.
22
Jan
Jan
Hong Kong’s financial chief has pledged to strengthen cooperation with other economies to bridge the “significant funding gap” in global climate change responses, after the US moved to withdraw from an international agreement to limit greenhouse gas emissions. During the World Economic Forum Annual Meeting in Davos, Switzerland, Financial Secretary Paul Chan Mo-po also met the United Arab Emirates’ (UAE) minister of state for foreign trade to discuss enhancing bilateral cooperation in finance and trade. According to the Hong Kong government on Wednesday, Chan attended a breakfast meeting organised by the Giving to Amplify Earth Action launched by the forum on Monday, where he shared views on how to make effective use of finance to address various crises facing the planet. Chan highlighted that Hong Kong is a leading green
22
Jan
Jan
Tesla fell behind Toyota and Mercedes-Benz in “brand value,” a metric calculated by research and consulting firm Brand Finance. This metric appears to consider more of Tesla’s real-world performance and less of what the automaker has promised for the future. Its recommendation and consideration scores also fell sharply due to a lack of new models and CEO Elon Musk’s culture wars. Tesla’s trillion-dollar stock market valuation may feel like a badge of honor for fans and investors. Still, that figure is more a reflection of its artificial intelligence and robotics ambitions. A different metric tells a far less glamorous story. The automaker’s brand value has nosedived for consecutive years, falling to $43 billion at the start of this year compared to $58.3 billion a year ago, CNBC reported, citing data from
21
Jan
Jan
Electric vehicle registrations were down last year in Europe. Tesla, the largest solo player in the EV game, took a hard hit. The American automaker’s registration numbers fell by over 10%. There’s no getting around the fact that electric vehicle registrations went down last year in Europe. Depending on how many countries you take into consideration, EV registrations dipped between 1.3% and 5.9% in 2024 compared to 2023. That’s a stark difference to the United States and China, where EV sales were on the rise last year, so what’s going on in Europe? Let’s look at the numbers and try to figure out what happened. According to the European Automobile Manufacturers’ Association (ACEA), customers in the European Union registered 1,447,934 EVs last year, down 5.9% compared to 2023’s 1,538,106 cars.
21
Jan
Jan
Hong Kong will welcome more than 1.4 million mainland Chinese tourists over Lunar New Year, the city leader has predicted, saying the trend of having overseas visitors will be noticeable in the Year of the Snake. Chief Executive John Lee Ka-chiu said on Tuesday a 23-minute fireworks display and a parade featuring international performance groups would be among a string of celebratory events set for the holiday, which will run from January 28 and February 4 on the mainland. “[We] estimate that more than 1.4 million mainland tourists will visit Hong Kong via different borders during the eight-day holiday,” Lee said before his weekly meeting with the Executive Council, the city’s top decision-making body. He said the estimated number of daily visitors would represent 3 and 14 per cent increases
20
Jan
Jan
Most Americans have bank accounts — reliable places to store money that are federally insured, carefully regulated, and generally better than coffee cans full of cash . But some 5 million households don’t have bank accounts. So every two years, the Federal Deposit Insurance Corporation conducts a survey to find out why. Is it a trust thing? A distance thing? A fees-and-service-charges thing? Last November, for the first time, the FDIC reported the results of a new question it added to the survey: Do you use a cryptocurrency like bitcoin instead of a bank? From the start, the dream for crypto has always been “be your own bank.” I’m being a little simplistic there, but bitcoin, ether, and their digital cousins were supposed to be a smarter flavor of money.
20
Jan
Jan
The delay by Dangote Petroleum Refinery and Petrochemicals to serve its amended originating summons on Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and six other defendants on Monday, stalled the hearing of its suit seeking to stop issuance of oil import licenses to some oil marketing companies. Dangote Refinery had sued NMDPRA, Nigeria National Petroleum Corporation Limited (NNPCL), AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as 1st to 7th defendants respectively in the originating summons, marked: FHC/ABJ/CS/1324/2024 dated September 6, 2024. The oil company, through its lawyer, Ogwu Onoja, SAN, prayed the court to nullify import licences issued by NMDPRA to the NNPCL and the five other companies to import refined petroleum products. The company (plaintiff) also
20
Jan
Jan
The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year, but has also warned about the possible impact of Donald Trump’s economic plans. The global institution upgraded its prediction for UK growth to 1.6% for this year from its previous estimate of 1.5%. But it said a threatened wave of tariffs by incoming US president Trump could make trade tensions worse, lower investment, and disrupt supply chains across the world. The IMF also said although tariffs, tax cuts and deregulation could boost the US economy in the short term, they could ultimately backfire.The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year, but has also warned about the possible impact of Donald Trump’s economic plans. The global institution