Ata mārie and welcome to the end of another busy working week. Here’s your summary of what’s been happening globally in business and politics.
First, to developing news, and six Russian tourists are dead after a submarine sank in the Red Sea, off the coast of Egypt. About 40 others were rescued, the BBC reported.
The accident happened about one kilometre off the coast of Hurghada. The passengers were from Russia, Norway, Sweden, and India.
US President Donald Trump announced plans to introduce 25% tariffs on overseas-made vehicles, the Guardian reported. “We start off with a 2.5% base [tariff], which is what we’re at, and go to 25%,” he said.
European stocks closed lower as global markets reacted to the news, CNBC reported. The regional Stoxx 600 closed down 0.44%. The Stoxx Europe auto index was down about 1%, with manufacturer Stellantis down 4%, Mercedes-Benz down 2.7%, and BMW down 2.5%.
Canadian Prime Minister Mark Carney said it was a direct attack on Canadian workers. “We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together,” Carney said.
European Commission President Ursula von der Leyen also said it was “bad for businesses, [and] worse for consumers”.
Trump said the tariffs could be net-neutral for electric car maker Tesla. However, chief executive Elon Musk said the tariff impact would still be significant for his company, the Guardian reported.
Meanwhile, Italian car maker Ferrari said it would raise prices by 10% on certain models after April 1 in response to new tariffs, adding up to US$50,000 to the base price, CNBC reported.
Elon Musk.
Over the Ditch, Australian Prime Minister Anthony Albanese is today expected to call the election for May 3, the ABC reported.
That would lead to a five-week campaign to woo voters. The election date sets the scene after the Government’s Budget earlier this week, which included tax cuts. NBR reported the tax cuts were modest, at A$236 ($259) per person for the next two years – less than a coffee a week – but they completed a package of A$30 billion cost-of-living relief measures.
Elsewhere, European allies say now was not the time for lifting sanctions on Russia, because it would only agree to a ceasefire deal in the Black Sea if some sanctions were eased, CNN reported.
The leaders of the UK, France, and Germany all confirmed overnight that Europe would not lift sanctions on Russia. They spoke after a meeting in Paris, which discussed how to boost support for Ukraine.
Bulgaria said it was willing to establish a coordination centre to monitor commercial shipping and keep an eye on "all potential hostile actions" in the Black Sea, the BBC reported.
Ukrainian President Volodymyr Zelensky.
To China, where companies’ latest earnings reports point to a boost in modest consumer spending, CNBC reported. E-commerce companies such as Alibaba said in recent weeks that retail revenue growth expanded late last year, when compared with 2023.
Chinese officials wanted to boost consumer consumption and signalled a shift in real estate policy to boost the property market, CNBC noted.
Finally, US consumers who need a quick caffeine hit before starting work could be in luck. Coffee chain Starbucks said drive-through customers could soon get their orders within four minutes, Bloomberg reported.
The new wait time target was being rolled out at more than 11,000 company-owned stores in North America. The company wanted to avoid long wait times and reverse sales declines.
