Tesla's brand loyalty collapsed after Musk backed Trump: data

LOS ANGELES (Reuters) -- Tesla for years had more repeat US customers than any other major automotive brand but its loyalty has plunged since CEO Elon Musk endorsed President Donald Trump last summer, according to data from research firm S&P Global Mobility shared exclusively with Reuters. The data, which has not been previously reported, shows Tesla’s customer loyalty peaked in June 2024, when 73 percent of Tesla-owning households in the market for a new car bought another Tesla, according to a

Aug. 5, 2025

[Contribution] Is China equity recovery durable?

By Raymond Cheng China’s equity rally faces a wall of scepticism after years of false dawns. However, this time could be different: Beijing’s crackdown on irrational competition in key industries and sustained stimulus, compounded by moderating US trade rhetoric ahead of a potential Trump-Xi meeting, are setting the stage for a sustainable equity market rebound most are missing. The Hang Seng index and MSCI China index have soared over 25 percent year to date. However, China equities still regis

Aug. 4, 2025

Iran moves to remove zeros from plunging national currency

TEHRAN (AFP) -- The economic commission of Iran's parliament revived long-delayed plans Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions. "Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros," said the parliament's website ICANA, quoting Shamseddin Hosseini, the commission's chairman. Under the proposed system, one rial would be equivalent to 10,000 a

Aug. 4, 2025

[Graphic News] Samsung maintains top spot in global smartphone market: data

Samsung Electronics maintained its lead in the global smartphone market in the second quarter, supported by sales of its competitively priced Galaxy A models, industry data showed. According to the data from market tracker Canalys, Samsung accounted for 19 percent of the global smartphone market in terms of shipments. IPhone maker Apple ranked second with 16 percent, followed by China’s Xiaomi at 15 percent. Samsung was the only smartphone-maker to post on-year growth, at 3 percent, while Apple

Aug. 4, 2025

India to maintain Russian oil imports despite Trump threats

NEW DELHI (Reuters) -- India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25 percent tariff on India's exports to the US, Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India w

Aug. 3, 2025

Trump hits Brazil with 50% tariffs, excludes key sectors

SAO PAULO/BRASILIA (Reuters) -- US President Donald Trump on Wednesday slapped a 50 percent tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies. Trump announced the tariffs, some of the steepest levied on any economy in the US trade war, as his administration also unveiled sanctions on the Brazilian supreme court justice who has b

July 31, 2025

US Fed leaves rates unchanged despite Trump pressure

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell gave little indication Wednesday of bowing anytime soon to President Donald Trump’s frequent demands that he cut interest rates, even as signs of dissent emerged on the Fed’s governing board. The Fed left its key short-term interest rate unchanged for the fifth time this year, at about 4.3 percent, as was expected. But Powell also signaled that it could take months for the Fed to determine whether Trump’s sweeping tariffs will push up inflati

July 31, 2025

US Fed keeps key interest rate steady despite Trump's continued pressure

The US Federal Reserve held its benchmark interest rate steady for the fifth consecutive time on Wednesday, despite President Donald Trump's repeated calls for the central bank to lower the rate. The Fed announced its decision to keep the rate at the 4.25-4.50 percent range after the two-day Federal Open Market Committee meeting where two members of its Board of Governors voted against the decision, preferring to lower the rate by a quarter percentage point -- the first dissent by two governors

July 31, 2025

Trump says he'll meet S. Korean trade delegation with 'offer to buy down' tariffs

US President Donald Trump said Wednesday that he will meet a South Korean trade delegation in the afternoon to listen to their "offer to buy down" the proposed 25 percent "reciprocal" tariffs. Trump made the remarks in a social media post as South Korean negotiators are striving to reach a trade deal with his administration before Friday, when the steep reciprocal tariffs are set to take effect unless an agreement is reached. "I will be meeting with the South Korean Trade Delegation this afterno

July 31, 2025

Trump says tariff talks won't be finished tomorrow

WASHINGTON -- US President Donald Trump said Tuesday tariff negotiations will not be finished the following day, as he responded to a question about ongoing trade talks with South Korea. Trump made the remarks during a press availability after returning from Scotland, as South Korean negotiators are striving to reach a trade deal with his administration before Friday, when his "reciprocal" tariffs, including 25 percent duties on Korea, are set to take effect unless a deal is reached. "(Negotiati

July 30, 2025

Trump gets tariffs; Americans get price hikes

US President Donald Trump is getting his tariffs. Companies are making it clear how they intend to deal with it — passing them on to American consumers. Throughout the spring, big retailers and consumer product makers warned that levies on imported goods would squeeze their operations, forcing them to choose between lower earnings and passing on higher costs to customers. In the case of Procter & Gamble and others, it is both of those things. On Tuesday, the packaging giant, which makes househol

July 30, 2025

Cadence to plead guilty, pay $140m to US for China sales

Cadence Design agreed to plead guilty and pay more than $140 million to resolve US charges for selling its chip design products to a Chinese military university believed to be involved in simulating nuclear explosions, the Justice Department said Monday. Cadence is accused of violating export controls by illegally selling chip design software and hardware to front companies representing China's National University of Defense Technology. NUDT's supercomputers are thought to support nuclear explos

July 29, 2025

EU car industry sees relief — and pain — in US trade deal

FRANKFURT, Germany (AFP) — The car industry in the EU on Monday viewed the trade deal struck with the United States as a de-escalation — but one that still puts sand in its gearbox. German auto companies in particular were in for a great deal of export pain, as their share prices indicated. Shares in Porsche, Volkswagen, BMW and Mercedes-Benz all lost more than three percent in trading Monday. The agreement eases "the intense uncertainty surrounding transatlantic trade relations in recent months

July 29, 2025

Trump says tariffs would be in 15-20% range for most countries that have yet to strike deal

US President Donald Trump said Monday his administration expects to set tariffs somewhere in the range of 15 percent to 20 percent for most countries that have yet to reach a trade deal with it, as South Korea is striving to strike a deal before the negotiation deadline this week. Trump made the remarks during a meeting with British Prime Minister Keir Starmer in Turnberry, Scotland, as his administration's "reciprocal" tariffs, including 25 percent duties on South Korea, are set to go into forc

July 29, 2025

Lutnick says S. Korean officials flew to Scotland to meet him for tariff talks

WASHINGTON -- US Commerce Secretary Howard Lutnick said Monday that South Korean officials had flown to Scotland to meet him for trade talks, as Seoul is striving to reach a tariff deal with the United States before this week's negotiation deadline. The secretary made the remarks during a Fox News interview, apparently referring to Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, who went to Scotland, where key US trade negotiators were accompanying President Donald Trump. "Well,

July 29, 2025