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Finance Minister: Brazil will present Lula with a credit-based response if the US tariffs increase.
Fernando Haddad, Brazilian Finance Minister, said that a contingency response plan to the higher U.S. Tariffs would be presented to Luiz Inacio Lula Da Silva on Monday. The contingency will include measures such as credit lines. Haddad, in an interview with the local radio station Itatiaia said that 10,000 Brazilian companies may be affected by the increased levies of Brazilian goods from 10% to 50%. Take effect August 1, The Minister stressed that Brazil is open to dialogue, but suggested that U.S. president Donald Trump was not. You can also find out more about To engage in negotiation. He said that political forces aligned to former Brazilian President Jair Bolsonaro We are trying to stop any talks being started. Bolsonaro, a far-right ally to Trump, is accused of planning a coup in order to reverse his narrow loss of the 2022 elections to Lula. Trump denounced this case as "a witch hunt" and asked Brazil's judiciary not to pursue the charges. He did so in a letter that announced the higher tariffs for Brazil. The son of the former President, Congressman Eduardo Bolsonaro is now living in the United States and has posted on social media about his meetings with Trump's allies. Haddad, without naming Bolsonaro Junior, said that he believed these ties, as well as opposition to Brazil's widely-used instant payment system Pix were factors behind the U.S. ruling. Lula had said earlier on Thursday at a public gathering that the U.S. Government was "afraid of Pix" because it threatened credit cards. In a recent U.S. report, the system was listed as an unfair trade practice. investigation Haddad stated that Pix is a valuable technology developed in Brazil and undermines those who profit from financial intermediation. (Reporting and editing by David Gregorio; Marcela Ayres)
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Alphabet lifts the S&P 500, Nasdaq and Nasdaq to record closings
S&P 500, Nasdaq and Dow Jones closed at record highs on Thursday. Alphabet's strong results fueled optimism for other artificial intelligence heavyweights. Tesla fell after disappointing results. Alphabet's stock rose 1% after the search giant announced its results, which boosted investor confidence that their heavy investment to dominate AI technology was paying off. Microsoft, Nvidia, and Amazon all saw their shares rise by 1% or higher. Wall Street also saw gains due to the U.S. Japan trade agreement and recent progress in negotiations with the European Union. Sam Stovall is the chief investment strategist of CFRA Research. He said that investors are optimistic about the trade negotiations, the economy, inflation trends, and the Q2 earnings report, which was better than expected. Tesla fell 8.2%, after Elon Musk warned that the U.S. Government would cut support for electric car makers. Stocks have fallen by around 25% in 2025. UnitedHealth's stock fell by 4.8% following the insurer's announcement that it would cooperate with a Department of Justice investigation into its Medicare practices. This followed reports of criminal and civil investigations. IBM's stock dropped by almost 8% as its disappointing second-quarter sales in its software division weighed on investors. Honeywell's stock fell 6.2%, despite exceeding Wall Street expectations and raising their annual outlook. The S&P500 climbed 0.07%, ending the session at 6,363.35 point. The Nasdaq rose 0.18% to 21,057.96, while the Dow Jones Industrial Average fell 0.70% to 42,693.91. The volume on the U.S. exchanges is relatively high, with 19,9 billion shares trading, compared to a 17 billion share average over the last 20 sessions. Consumer discretionary led the declines, with a drop of 1.23%. Materials followed, with a loss of 0.75%. American Airlines' stock dropped nearly 10% following the carrier's forecast of a large third-quarter loss. The airline was hurt by weak domestic travel demand. The biggest uncertainty in the airline industry has been created by President Donald Trump's trade war with other countries. The markets were also watching Trump's planned Thursday visit to the Federal Reserve headquarters, after months of Trump criticizing Fed chair Jerome Powell over interest rates he views as being too high. According to CME's FedWatch, with the Fed widely anticipated to keep rates unchanged at its meeting next week, traders expect a 60% probability of a rate cut in September. The U.S. Labor Department reported that jobless claims fell last week to 217,000, well below the estimates. This indicates continued resilience on the job market. The U.S. economy gained momentum in July. However, companies raised prices for goods and services. This fueled economists' expectations of higher inflation in the months to come, driven primarily by increasing import tariffs. The S&P 500 saw a ratio of 1.3 to one between declining stocks and rising ones. The S&P 500 recorded 46 new highs, and 6 new lowers. The Nasdaq registered 81 highs, and 44 lows.
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Alphabet lifts the S&P 500, Nasdaq and Nasdaq to record closings
S&P 500, Nasdaq and Dow Jones closed at record highs on Thursday. Alphabet's strong results fueled optimism for other artificial intelligence heavyweights. Tesla fell after disappointing results. Alphabet rose after the results of the search giant boosted confidence in heavy investments made to dominate AI technology. Microsoft, Nvidia, and Amazon shares also rose. Wall Street also saw gains due to the U.S. Japan trade agreement and recent progress in negotiations with the European Union. Sam Stovall is the chief investment strategist of CFRA Research. He said that investors are optimistic about trade agreements, the economy, inflation trends, and the Q2 earnings report, which was better than expected. Tesla fell after Elon Musk, CEO of Tesla, warned that the company would face "a few rough patches" due to a reduction in support from the U.S. Government for electric car makers. Stocks have fallen by around 25% in 2025. UnitedHealth's stock fell after it revealed that the insurer was cooperating in a Department of Justice investigation into its Medicare practices. This followed reports of criminal and civil investigations. IBM fell after its disappointing second-quarter sales results in its software division hampered its performance. Honeywell's stock fell, despite exceeding Wall Street expectations and raising their annual outlook. The preliminary data shows that the S&P 500 rose 5.53 points or 0.08% to 6,363.87, and the Nasdaq Composite rose 38.85 or 0.19% to 21,057.96. The Dow Jones Industrial Average dropped 312.08 points or 0.69% to 44,698.21. American Airlines fell after it forecasted a large third-quarter loss. The carrier was hurt by the slowdown in domestic travel demand. The biggest uncertainty in the airline industry has been created by President Donald Trump's trade war with other countries. The markets were also watching Trump's planned Thursday visit to the Federal Reserve headquarters, after months of Trump criticizing Fed chair Jerome Powell over interest rates Trump believes are too high. According to CME's FedWatch, with the Fed widely anticipated to keep rates unchanged at its meeting next week, traders expect a 60% probability of a rate cut in September. The U.S. Labor Department reported that jobless claims fell last week to 217,000, well below the estimates. This indicates continued resilience on the job market. The U.S. economy gained momentum in July. However, companies raised prices for goods and services. This fueled economists' expectations of higher inflation in the months to come, driven primarily by increasing import tariffs.
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Alphabet has smashed records on the Nasdaq and S&P 500
S&P 500, Nasdaq and other AI heavyweights rose to new highs Thursday after Alphabet's strong results fueled investor optimism. Tesla fell as investors were disappointed by its results. Alphabet's earnings rose by 1.6% as Google parent's did Confidence boosted The heavy investment made in the race to dominate AI is paying off. Microsoft, Nvidia, and Amazon shares all rose over 1%. Recent trade agreements between the U.S. and Japan Signs of Progress Wall Street also gained from the talks with European Union. Sam Stovall is the chief investment strategist of CFRA Research. He said that investors are optimistic about trade agreements, the economy, inflation trends, and the Q2 earnings report, which was better than expected. Tesla fell almost 9% following Elon Musk Musk warns The U.S. Government is cutting support to electric vehicle manufacturers. The stock price has dropped by about 25% in 2025. UnitedHealth's stock dropped 3.7% when the insurer announced that it was cooperating in a Department of Justice investigation into its Medicare practices. This followed reports of criminal and civil investigations. IBM's stock dropped by 8% as its disappointing second-quarter sales results slowed down its share price. Honeywell's stock fell 4.6%, despite exceeding Wall Street expectations and raising their annual outlook. The S&P was up by 0.32% to 6,379.21. The Nasdaq rose 0.41%, to 21,106.64, while the Dow Jones Industrial Average fell 0.34%, to 44,855.18, remaining near its record high of December 4. Seven out of 11 S&P 500 sectors indexes have risen, with the information technology sector leading the way, rising by 0.87%. Communication services also saw a gain of 0.86%. American Airlines shares fell almost 8% following the carrier's forecast of a large third-quarter loss. The airline was hurt by weak domestic travel demand. The biggest uncertainty in the airline industry has been created by President Donald Trump's trade war with other countries. The markets were also watching Trump's visit to the Federal Reserve headquarters, scheduled for later that day. This follows months in which the president has criticised Fed Chair Jerome Powell over interest rates he views as being too high. According to CME's FedWatch, with the Fed widely anticipated to keep rates unchanged at its meeting next week, traders expect a 60% probability of a rate cut in September. The Labor Department released a new report showing that jobless claims fell by 217, 000 last week - far below the estimates. This indicates continued strength in the U.S. employment market. The U.S. economy gained momentum in July. However, companies raised prices for goods and services. This fueled economists' expectations of higher inflation in the months to come, driven largely by increasing import tariffs. The S&P 500 has a ratio of 1.0:1. This means that declining stocks outnumber rising ones by a factor of one. The S&P 500 recorded 44 new highs, 6 new lows. The Nasdaq registered 72 new highs, 37 new lows.
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FAA says 787 Boeing fuel-control unit is not malfunctioning after Air India crash
The head of Federal Aviation Administration stated on Thursday that the fatal crash of an Air India Boeing 777 jet last month does not appear caused by a technical issue or accidental movement of the fuel-control unit or switches. Bryan Bedford, FAA administrator, told journalists on the sidelines an airshow in Wisconsin that it does not appear to be a technical issue with the Boeing Fuel Control Unit. He stated that FAA employees removed the units, tested them, and inspectors were sent to inspect them on board aircraft. He said that he was confident the fuel control system had not been manipulated inadvertently. The investigation into the Air India crash that killed 241 out of 242 passengers on board, and 19 people on the ground is focusing on the fuel-control switches of the Boeing 787 aircraft. The switches regulate fuel flow into aircraft engines. They allow pilots to manually shut down or start them on the ground or to intervene in case of engine failures during flight. Air India announced on Tuesday that it had completed precautionary checks of the fuel control switches locking mechanisms on all 787 aircraft and 737 aircraft. No issues were detected. The Aircraft Accident Investigation Bureau of India released a preliminary report earlier this month that found the switches were almost simultaneously switched from "run" into "cutoff", shortly after takeoff. This caused the engines to lose their power. reported last Citing a source, we are citing this week The cockpit recording of the Air India flight between Ahmedabad and London Gatwick suggests that the captain may have cut fuel to the engine. (Reporting and editing by Franklin Paul, Leslie Adler and David Shepardson)
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Montenegro receives 350 million Euros from EBRD & EU for transportation upgrade
The European Bank for Reconstruction and Development and European Union have granted 350 million Euros to Montenegro in order to improve transport connectivity between the Balkan country and the rest of the region. This was announced by the EBRD on Thursday. The EBRD is providing a loan up to 200 millions euros for the construction of the Matesevo - Andrijevica segment of the highway that connects the Adriatic port Bar to the Serbian border. Meanwhile, the EU will provide two investment grants amounting to 150 million euro. Johann Sattler said that the grants were a clear message from the EU to Montenegro about its support for the country's path towards EU integration. The 22-km stretch of road will pass through difficult terrain and connect Montenegro’s economically active south and centre with its underdeveloped northern region. EU has already granted a grant of 4.7 million euros for a feasibility report for the Bar-Boljare Highway under the Western Balkans Investment Framework. The project is an integral part the Trans-European Transport Networks. Matteo Colangeli is the Regional Director of EBRD for Western Balkans. He said: "Modern, reliable transport infrastructure will be essential to Montenegro’s economic growth, particularly in boosting trade, tourism and regional integration." Sattler, the EU's representative in Montenegro, added that in recent years, the EU has provided grants totaling more than 350 millions of euros for transportation projects in Montenegro. Since 2012, the EU has been in accession talks for Montenegro. 33 of 35 total chapters of negotiation - in which the candidate must emulate EU law - have already been opened. Three of these chapters are currently in progress. (Reporting and editing by Kirsten Doovan; Daria Sito Sucic)
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Danish police evacuate a music festival in heavy rain
Danish police evacuated an outdoor music festival in Esbjerg on Thursday, and advised residents to remain indoors due to flooding from a cloudburst. A police spokesperson stated that "heavy rains came, and we felt it necessary to close the concert." He said that the police had evacuated 20,000 people and there were no injuries reported. The festival organizers announced on Facebook that Thursday's rest of the programme will be cancelled because of safety concerns. DR and TV broadcast images of partially submerged cars and people wading in water in Esbjerg, a city with around 71.500 residents. It is not advised to go outside. The police posted on social media X that they discourage unnecessary driving. Flood warnings are in effect for several parts of Scandinavia. (Reporting and editing by Terje Sollvik and Ed Osmond.
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Brazil's highest court rules Bolsonaro out of arrest for the moment
The Brazilian Supreme Court ruled on Thursday that the former president Jair Bolsonaro would not be arrested for a "single" violation of court restrictions. However, it warned him he might face prison for any future violations. Justice Alexandre de Moraes who is overseeing the case where Bolsonaro has been charged with plotting to overthrow the government, maintained the restraining order he had imposed on him and clarified that he was not prohibited from giving interviews. Moraes ordered Bolsonaro last week to wear an anklet bracelet and to stop using social media due to allegations that he courted interference from U.S. president Donald Trump who linked new tariffs against Brazil with what he called "a witch hunt" against his ally. The justice department threatened Bolsonaro on Monday with arrest for violating the social media restrictions, including by talking to journalists in Brasilia. In his decision on Thursday, Moraes stated that "there is no doubt" that the order was not followed. He also said that Bolsonaro’s son Eduardo who is currently in Washington to rally support for his dad, had posted Bolsonaro’s remarks to social media in an effort to help him. The judge added that, because the violation was "isolated", it did not require an arrest order. Bolsonaro’s lawyers have not yet commented on the decision of Thursday, but Bolsonaro has always denied all wrongdoing. Interview with Bolsonaro said last week that Moraes’ decision to ban his social media usage was "cowardice" and said he would continue to engage with the press in order to make sure his voice is heard. (Reporting and writing by Ricardo Brito, Editing by David Gregorio).
Chinese engines shipped as "cooling units" power Russian drones in Ukraine
According to documents and three European security officials, Chinese engines are being shipped covertly via front companies, to a Russian state-owned drone maker, labeled as "industrial refrigeration units", to avoid detection following the Western sanctions.
Despite the U.S. & E.U. sanctions, the shipments allowed Russian weapons maker IEMZ Kupol increase production of its Garpiya A1 attack drone. According to sources and documents including contracts, invoices, and customs paperwork, sanctions were imposed on October to disrupt the supply chain.
A document reviewed by showed that Kupol had signed a contract for the production of more than 6,000 Garpiya in this year. This is up from 2,000 Garpiya in 2024. Document stated that over 1,500 drones were already delivered in April.
In a recent statement, the Ukrainian Military Intelligence Agency said that Russia uses around 500 long-range drones per month to target civilian and military targets in Ukraine.
Due to the sensitive nature of the information, the European security officials requested that they and their organization not be identified. The European security officials also asked that certain details of the documents, like dates and costs of contracts, be kept secret.
The European Union and U.S. sanctioned a number of companies that were involved in the production of the drones including Xiamen.
According to invoices, a Kupol letter and documents on transportation, a Chinese company called Beijing Xichao International Technology and Trade began supplying L550E engines for Kupol in the wake of sanctions.
First time, Garpiya has reported the increase in production and the addition of new intermediaries who supply parts for drones.
The news agency was unable to determine how Xichao acquired the engines from Xiamen Limbach. Xiamen Limbach didn't respond to a comment request and couldn't reach Xichao.
IEMZ Kupol and Russia's Trade and Industry Ministry did not reply to a comment request.
China's Foreign Ministry said in a statement that it had no knowledge of the exports of parts for Garpiya, and has regulated the sales of dual-use products abroad to comply with China's laws and international obligations.
The statement read: "China has always opposed unilateral sanction that are not based on international law or authorized by the U.N. Security Council."
The European Commission didn't immediately respond to an inquiry for a comment.
The U.S. as well as the E.U. The U.S. and E.U. have both imposed sanctions repeatedly on companies from third-party countries including China that are alleged to be providing dual-use technologies to Russia. Kupol is sanctioned by the EU since December 2022 and by the U.S. since December 2023 for its involvement in Russia’s defence sector.
DIPLOMATIC AWARNINGS
Ursula von der Leyen, President of the European Commission, is scheduled to visit China on Thursday for a meeting with Chinese President Xi Jinping. Premier Li Qiang will also attend. The trip comes amid tensions surrounding Beijing's support to Russia's military effort.
Kaja Kallas, top EU diplomat, told Chinese Foreign Minister Wang Yi that Chinese companies' support of Russia in the war was a threat to European Security. She urged China to stop trade that supports Russia's military apparatus.
Meia Nouwens said that China's primary concern is to sustain Russia's military effort in order to keep the United States focused on Ukraine.
She said, "This doesn't help China and Europe to come closer together diplomatically."
China claims it controls the export of drones, their parts and that they have never supplied either side in the Ukraine war with lethal weapons.
According to a person who is familiar with Beijing's views on the matter, China produces about 75% of the world's drones. The majority of them are not used for military purposes. If Russia uses them as weapons then Ukraine also does, said the person.
One European official stated that the EU did not ask China to cut its economic ties to Russia, but rather to tighten the financial and customs controls in order to reduce the flow specific dual-use products.
Three European sources confirmed that the Garpiya (which means harpy) is based on Iranian Shahed drones, but uses Chinese technology. According to the Ukrainian military intelligence agency, the Chinese components included the drone's engine, navigation system, and control systems.
According to a document seen by Kupol, the engines were sent by Xichao by a Russian front firm called SMP-138. This company then passed them on to a second Russian company LIBSS.
Abram Goldman registered as the owner SMP-138 did not reply to an email request for comments. LIBSS did not answer any of the questions either.
The contract that LIBSS signed to supply Kupol the engines was reviewed by us. It stated that they would be referred to as cooling units on shipping documents due their high sensitivity. Kupol's manufacturing facility in Izhevsk is located near the delivery route from Beijing to Moscow.
Three security officials stated that by describing the products as cooling units, they were able to export them to Russia without alerting Chinese Authorities.
Transport documents examined by revealed that Sichuan Airlines, China Southern Airlines, China’s largest airline, and other Chinese carriers had been transporting drone components to sanctioned Russian firms since October.
China Southern has not responded to questions, and Sichuan was not available for comment. (Additional reporting from John Irish in Paris; Andrew Gray in Brussels; Tom Balmforth, in Kyiv; Qiaoyi LI, in Beijing. Editing by Daniel Flynn.
(source: Reuters)