Mōrena and welcome to your Tuesday recap of the business and political stories making news around the world.
First up, Russian President Vladimir Putin is due to speak with US President Donald Trump on Tuesday local time about an immediate ceasefire in Ukraine, Bloomberg reported.
Putin’s spokesperson Dmitry Peskov declined to comment further on the planned discussions. Trump first announced the call to reporters on Sunday local time, saying there was “a very good chance” of a deal.
“We are doing pretty well, I think, with Russia. We’ll see if we have something to announce, maybe by Tuesday.”
The US wanted Russia to agree to a 30-day ceasefire. Putin previously said Russia was willing to consider a truce, but there were a number of conditions. Ukraine accepted US proposals for a 30-day ceasefire last week.
Ukrainian President Volodymyr Zelensky.
Elsewhere, Canadian Prime Minister Mark Carney said it was important to strengthen ties with "reliable allies" in Europe, as he met French President Emmanuel Macron, Reuters reported.
Macron said Canada was a good example of a country that defended its national interests while being collaborative. "We both believe that fair trade that respects international rules is good for everyone's prosperity, and is certainly more effective than tariffs," he said.
Meanwhile, Trump's escalating trade tariffs would dent world growth and raise inflation, the OECD warned. Canada and Mexico were both forecast to see the biggest impact because of tariffs, but US growth was also expected to be hit, the BBC reported.
The OECD more than halved its growth outlook for Canada for this year and next, while it expected Mexico to be in recession. "Further fragmentation of the global economy is a key concern. Higher and broader increases in trade barriers would hit growth around the world and add to inflation."
In the US, retail spending was much weaker than expected, as Trump’s trade tariff rhetoric shifted up a gear, CNN reported.
Retail sales rose 0.2% in February compared with the previous month, up from January’s revised 1.2% decline. Economists had expected a 0.7% increase last month.
Trump’s trade tariffs had generated uncertainty among consumers and businesses, with shoppers adjusting their purchasing behaviour accordingly, CNN noted.
Over the Ditch, Australian Treasurer Jim Chalmers confirmed a budget surplus was unlikely next week, when he was expected to deliver a deficit, the ABC reported.
A decade of budgets in the red was now forecast, but a weak Australian dollar had increased revenues from minerals exports and fuelled speculation of another surplus.
"A defining feature of our first three budgets was responsible economic management. That will be a defining feature of the fourth as well," Chalmers said.
"Even this year, where we will be printing a deficit for this year, it will be much, much smaller than what we inherited from our political opponents, and that shows the progress we have been able to make."
Australian Treasurer Jim Chalmers.
And in China, a special action plan was released to boost domestic consumption in the world's second-largest economy, CNBC reported.
The General Office of the Central Committee said the plan was to “vigorously” boost consumption, expand domestic demand, and increase household income. The plan also included other measures, such as stabilising the sharemarket and developing more bond products for individual investors.
Finally, luxury car maker Ferrari is becoming more popular with younger buyers, with 40% now under the age of 40, CNBC reported.
The Italy-based manufacturer was known for keeping a tight hold on the production of its cars to maintain exclusivity. Last year, about three-quarters of all new Ferraris were sold to existing customers.
Ferrari chief executive Benedetto Vigna said it was an achievement thanks to its team.
He also said the more than two-year wait time was a key part of a “very pleasant” experience. “There is another guy, younger, 37, and he said: ‘When I am older, I would like to get the car before I am 40.’ I said: ‘Don’t worry, you will get it when you are 39,’” he said.
Vigna said Ferrari was on track to produce its first electric vehicle in October, one of six new models to be unveiled this year.
