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Author's articles
Trump administration tells Pentagon to slash budget
The Trump administration has ordered senior US military leaders to plan for expansive cuts that could slash the defense budget by eight percent annually, or some $290 billion within the next five years, US media reported Wednesday. The planned reductions also run counter to calls by Trump and Hegseth for NATO members to increase their military spending to five percent of GDP a year.
US Fed officials worried Trump policies could hinder inflation fight: minutes
US Federal Reserve policymakers expressed concern last month about the potentially inflationary effects of President Donald Trump's trade and immigration proposals, according to minutes of the meeting published Wednesday. Policymakers raised concerns that "the effects of potential changes in trade and immigration policy" could complicate the disinflation process.
EU trade chief says bloc will respond swiftly to US tariffs
The European Union will respond "firmly and swiftly" to protect its interests if Washington imposes tariffs on the bloc's goods, its trade chief said Wednesday, rejecting President Donald Trump's claim that US-EU trade ties are unfair. "To protect European interests, we will have no choice but to respond firmly and swiftly," he added ahead of talks with his US counterparts.
Ikea hopes for furniture market improvement in 2026
World number-one furniture retailer Ikea is hoping the market will improve next year from a decline in consumer spending on furnishing their homes, one of its senior leaders told AFP. During a recent visit to Paris to visit the Swedish chain's new city-centre shop, Inter Ikea chief Jon Abrahamsson Ring told AFP that 2025 is likely to be "challenging".
Arsenal post £17.7m loss despite record revenues
Arsenal lost £17.7 million in the 2023/24 season despite a return to the Champions League helping to post a club record £616.6 million ($775 million) revenue. However, wages skyrocketed to £327.8 million from £234.8 million.
Canada announces first high-speed rail: Toronto to Quebec City
Prime Minister Justin Trudeau on Wednesday announced Canada's first high-speed rail line, connecting major hubs from Toronto to Quebec City, calling it "the largest infrastructure project in Canadian history." This will be "the largest infrastructure project in Canadian history," Trudeau told a news conference in Montreal.
Glencore looks to leave London Stock Exchange as falls into loss
Swiss mining and commodity trading giant Glencore said Wednesday it was considering shifting its stock listing from London after it stumbled into a net loss last year on falling coal prices and writing down the value of assets. - Coal business take a lump - The company earlier Wednesday reported $1.6 billion net loss for 2024 compared to a net profit of nearly $4.3 billion the previous year.
BAE profits boosted by defence spending amid Ukraine war
British military equipment maker BAE Systems on Wednesday announced a five percent rise in annual net profit, boosted by government defence spending amid the war in Ukraine. The results came in a week when shares in European defence companies rallied as European leaders gathered in Paris on Monday to discuss the war in Ukraine amid talk of greater defence spending.
Asset writedowns push Glencore into $1.6 bn loss for 2024
Swiss mining and commodity trading giant Glencore said Wednesday that falling coal prices and writedowns to the value of its assets pushed it into a net loss for 2024. The $1.6 billion net loss for fiscal year 2024 compared to a net profit of nearly $4.3 billion the previous year, the company said in a statement.
AFP
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