Mōrena and welcome to your Friday recap of global business and political news.
First, US President Donald Trump believes Russian counterpart Vladimir Putin is ready to make a deal on the Ukraine conflict, Al Jazeera reported.
“I think he wants to get it done. I really feel he wanted the whole thing. I think if it weren’t me, if it were somebody else, he would not be talking to anybody,” Trump said.
Trump and Putin will meet in Alaska on Friday local time for crucial talks on the conflict. Ukrainian President Volodymyr Zelensky will not be present. Zelensky and other European leaders were feeling uneasy ahead of the planned meeting, the BBC reported. Trump’s earlier reference to "land swapping" between Kyiv and Moscow caused concern.
However, European sharemarkets gained as investor sentiment turned positive ahead of the Alaska talks, CNBC reported. Earlier, the Stoxx Europe 600 index rose 0.5%. Germany’s DAX and France’s CAC 40 were also up, while the FTSE 100 was higher by 0.1%.
US Ambassador to Israel Mike Huckabee said Australia’s decision to recognise Palestine was "unfortunate and disappointing", the ABC reported. He claims the decision by Australia and other countries could push Israel towards annexation of the West Bank.
"There's an enormous level of disappointment and some disgust," Huckabee told the ABC. "The timing has been very hurtful to any prospects of negotiating some settlement in Gaza with Hamas.”
Israeli Prime Minister Benjamin Netanyahu.
In India, S&P Global Ratings upgraded the country’s rating from BBB- to BBB because of stronger economic prospects, Bloomberg reported.
S&P said the US tariffs would be "manageable" because 60% of India's growth was driven by domestic consumption. India's economy could grow at an annual rate of 6.8% over the next three years.
“[While the US tariffs] may eventually result in a one-off hit to growth, we envisage the overall impact to be marginal and will not derail India’s long-term growth prospects,” it said.
Elsewhere, the US Treasury Department is sanctioning two Mexican drug cartels and several people on allegations of “terrorism”, Al Jazeera reported.
Separately, the Justice Department said it was charging five members of Carteles Unidos with crimes related to drug trafficking.
Treasury Secretary Scott Bessent said the sanctions would help prevent the cartel’s ability to generate revenue, including through cross-border commerce.
US Treasury Secretary Scott Bessent.
Air Canada is set to lock out flight attendants who voted to go on strike this coming weekend, CNN reported. The airline said it would suspend operations on Saturday local time. The Canadian Union of Public Employees said most members voted to strike.
Workers said they had put forward solid proposals on wages and unpaid work but claimed Air Canada was not interested in resolving the issues.
US producers raised prices at the fastest pace in more than three years last month as companies adjusted to new costs from fresh tariffs, the BBC reported.
The producer price index rose 0.9% in July, above 0.2% forecast by analysts. The data raised concerns about inflation in the months ahead.
Meanwhile, Eurozone industrial output decline of 1.3% in June, CNBC reported, following a 1.1% rise in May. The fall was driven by a slowdown in several countries, including Germany, and a fall in consumer goods production.
