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UK automakers cheer US trade deal, as steel tariffs left in limbo
Britain's auto sector on Tuesday welcomed news that the United States and UK have agreed to implement key parts of their tariff-cutting trade deal, as levies on steel remain. Tariffs of 25 percent on the UK steel industry remain however, despite a bilateral agreement in May to completely remove the levy for British aluminium.
US retail sales slip more than expected after rush to beat tariffs
US retail sales declined more than expected in May, government data showed Tuesday, dragged by a slowdown in auto sales as consumers pulled back after hurrying to get ahead of President Donald Trump's sweeping tariffs. Economists expect it will take a few months for the effects of new tariffs to show up in consumer costs -- and all eyes are on economic data during the summer.
Global oil demand to dip in 2030, first drop since Covid: IEA
Global oil demand will fall slightly in 2030, its first drop since the 2020 Covid pandemic, the International Energy Agency said Tuesday. Oil demand dropped dramatically in 2020, when countries locked down and shut their borders during the Covid pandemic, falling to 91.7 million bpd before steadily growing again in the following years.
Poll finds public turning to AI bots for news updates
People are increasingly turning to generative artificial intelligence chatbots like ChatGPT to follow day-to-day news, a respected media report published Tuesday found. The biggest-name chatbot -- OpenAI's ChatGPT -- is the most widely used, followed by Google's Gemini and Meta's Llama.
Why stablecoins are gaining popularity
Stablecoins -- a form of cryptocurrency backed by traditional assets -- are gaining traction, with the US Senate set to vote Tuesday on a bill to regulate such digital tokens. Another possibility is that a loss of trust in the stablecoin may ripple beyond the crypto world, hitting the assets that back these tokens.
Taiwan tests sea drones as China keeps up military pressure
A Taiwanese-made sea drone capable of carrying bombs skimmed across waters off the island Tuesday in a display of uncrewed surface vehicles that could boost its military firepower against China. High manufacturing costs from using non-China components made it "difficult for Taiwanese products to compete with Chinese-made products in the commercial market," DSET analysts said.
Bank of Japan holds rates, says to slow bond purchase taper
The Bank of Japan kept interest rates unchanged Tuesday and said it would taper its purchase of government bonds at a slower pace amid concerns about the effect of trade uncertainty on the world's number four economy.
Venezuela's El Dorado, where gold is currency of the poor
In the Venezuelan mining community of El Dorado, the majority of residents carry around gold instead of cards or cash to pay for groceries. El Dorado's residents have limited access to banking services.
Soft power: BTS fans rally behind Korean international adoptees
K-pop megaband BTS is back from military service, and their international fandom -- long known for its progressive activism -- is celebrating by rallying behind a cause: adoptees from South Korea. Almost all of BTS members have completed South Korea's mandatory military service, required of all men due to the country's military tensions with North Korea.
AFP
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