Ata mārie and welcome to your Tuesday recap of international business and political news from overnight.
Some developing news first, as the White House released a 20-point plan by US President Donald Trump to end the war in Gaza between Israel and Hamas, CNBC reported.
Trump and Israeli Prime Minister Benjamin Netanyahu spoke at a news conference about the proposal, which has not yet been agreed to by Hamas.
“If accepted by Hamas, this proposal calls for the release of all remaining hostages, immediately, but in no case more than 72 hours,” Trump said.
“I hope that we’re going to have a deal for peace, and if Hamas rejects the deal, which is always possible, they’re the only one left.”
Meanwhile, hundreds of protesters and activists stood outside the US consulate in Tel Aviv, calling for a ceasefire and hostage release deal.
Elsewhere, Trump announced a 100% tariff on all foreign-made movies, which could put pressure on Hollywood's global business model, the ABC and Reuters reported.
Trump announced the move on his Truth Social platform. "Our movie making business has been stolen from the United States of America, by other countries, just like stealing candy from a baby.”
He had first floated the movie tariff in May but offered few details. Studio executives told Reuters at the time that they were "flummoxed" about how it might be enforced.
Meanwhile, the European Union's steel industry is on tenterhooks about whether further products will be subject to tariffs, including windows and doors with some metal, the Guardian reported.
In August, the US listed 407 product categories as ‘derivative’ inclusions. The US opened a new consultation this month on what products should be on the inclusions list.
The EU steel sector said the consultation was clearly “to expand, not to cut” the list of products.
In business news, a consortium of private equity companies, including one backed by Trump's son-in-law Jared Kushner, is offering to take video game giant Electronic Arts (EA) private, the ABC and AP reported.
The offer, worth US$52.5 billion, could become the largest-ever buyout funded by private equity firms. The deal still needs approval from EA shareholders and is expected to close in the first quarter of 2027.
Silver Lake Partners, Saudi Arabia's sovereign wealth fund PIF, and Affinity Partners will pay EA's shareholders US$210 per share. EA shares rose 4.8% during Monday morning trading, Bloomberg reported.
“Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic [intellectual property], and created significant value for our business,” EA chief executive Andrew Wilson said.
“This moment is a powerful recognition of their remarkable work.”
UK Chancellor Rachel Reeves.
Elsewhere, UK Chancellor Rachel Reeves suggested she was open to raising taxes on the gambling industry, Bloomberg reported.
“I do think there’s a case for gambling firms paying more,” Reeves told ITV.
“They make an important contribution to the economy, but they should pay their fair share of taxes, and we’ll make sure that happens.”
The Institute for Public Policy Research said in August that raising taxes on online gambling could raise enough money to end a cap on child benefits.
Canada formally declared India’s Bishnoi gang a terrorist organisation, allowing authorities to freeze assets, block funding, and prosecute members, Al Jazeera reported. The gang was described by Canadian officials as a transnational criminal syndicate operating largely from India, but with a presence in Canada.
Moldova's Party of Action and Solidarity won a new majority in elections described as critical for the country's future path to EU membership, the BBC reported. Party leader Igor Grosu said it had been "an extraordinarily difficult battle". Earlier, opposition leader Igor Dodon had claimed victory before results came in.
Finally, the US Treasury’s gold reserves surpassed US$1 trillion in value as the precious metal broke new price highs, Bloomberg reported. The world’s biggest gold stash passed the milestone after prices rose above US$3824.50 an ounce on Monday local time, a 45% rally this year.
Investors have sought safe haven assets to help shield themselves from trade woes and geopolitical tensions this year.
