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The U.S. State Department has reportedly pressured Gambia to approve a license for Elon Musk's Starlink satellite internet service, with officials suggesting that U.S. financial support for the country is contingent on compliance. Tensions escalated during a contentious meeting in Washington, where Gambian officials faced accusations of hindering development. Following these events, the U.S. ambassador bypassed the communications minister to directly urge President Addama Barrow to facilitate Starlink's operations.
Israel's military has warned residents in northern Gaza to evacuate ahead of anticipated counterattacks following rocket strikes on Israel. French President Emmanuel Macron criticized Israel's actions in Gaza, while humanitarian aid from France is reportedly blocked.In local news, the Flem municipal assembly approved the 2024 budget, showing a surplus of 182,000 francs despite a tax rate reduction. Petra Rothmund from Graubünden received the 2024 Catholic Media Award for her documentary "Cumià e cuminanza," highlighting the significance of farewells in society.Additionally, the Federal Administrative Court ruled that the decision to revoke bonuses for former Credit Suisse managers was incorrect, lacking legal basis, prompting the Federal Department of Finance to review the case.
In the 2025/26 marketing year, US corn production is projected to surpass 400 million tons for the first time, reaching 401 million tons, driven by strong demand and record harvests. Global maize production is expected to hit 1.26 billion tons, with significant increases in Brazil, Argentina, and Ukraine, while consumption may slightly exceed production.A record wheat harvest of 808.5 million tons is also anticipated, primarily due to gains in the EU and India, despite minor losses in other regions. Global wheat consumption is forecasted to rise to 808 million tons, nearly matching production levels, leading to a slight increase in ending stocks.
Raiffeisen Bank International (RBI) is enhancing its international payment services in Central and Eastern Europe through a strategic partnership with Wise Platform, aiming for faster and more cost-effective transactions. The bank's recent performance shows a 38% share price increase this year, despite challenges, as it balances innovation with risk management. Investors are left questioning whether to buy or sell, with a recent analysis indicating a pressing need for action.
European equity markets surged as the DAX 40 reached a record high and the FTSE 100 hit a six-week peak, following the US and China’s agreement to temporarily cut tariffs. The reductions, which lower US tariffs to 30% and China's to 10%, alleviate trade war concerns and support German exports.Attention now shifts to peace talks between Ukraine and Russia, alongside the upcoming UK GDP release, expected to show a 0.6% growth for Q1. The Bank of England's recent rate cut is anticipated to keep interest rates steady at 4.25% until further adjustments in September.
The S&P 500 rose following a US-China agreement to lower tariffs for 90 days, with the US cutting tariffs on Chinese goods to 30% from 145%, and China reducing its tax on US imports to 10% from 125%. US Treasury Secretary Scott Bessent noted both nations aim to avoid decoupling, while ongoing discussions could lead to a more durable deal. Despite challenges ahead, investors are optimistic about potential market opportunities during this cooling-off period.
The global crop production outlook for the 2024 harvest shows improvement, particularly in Europe, where producer prices have rebounded, especially in Ukraine. However, wheat and rapeseed prices remain stable, while maize and soybean prices are expected to decline in the US and Canada, leading to a sustained slump. Rising machinery costs are anticipated to reduce profit margins, prompting discussions on contractor use and machinery sharing.
US equity markets ended the week lower amid uncertainty before US-China trade talks, with the S&P 500 down 0.5%. Following initial discussions, President Trump announced "great progress," hinting at a potential tariff reduction from 145% to 80%, while global peace initiatives boosted market sentiment. Key economic data, including CPI and earnings reports from major companies, are anticipated this week.
Elon Musk's platform X has blocked the account of a jailed rival of Turkish President Erdoğan, raising concerns amid an ongoing high-profile investigation into the platform. In other news, Bangladesh has issued an arrest warrant for British MP Siddiq, linked to a political dynasty under scrutiny for corruption. Additionally, a Russian missile attack in Sumy, Ukraine, has resulted in at least 34 civilian deaths, prompting condemnation from President Trump’s envoy for Ukraine. The UK has suspended import duties on 89 products to assist firms affected by Trump's trade wars, with the suspension lasting until mid-2027.
UBS AG released its 1Q25 financial report, highlighting the impact of its acquisition of Credit Suisse and ongoing geopolitical tensions on its outlook. The integration process is expected to continue through 2026, presenting operational risks and potential regulatory changes that could affect capital requirements. Forward-looking statements are subject to various uncertainties, including market volatility and regulatory developments.
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