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  • Trump threatens ‘severe consequences’ if Putin blocks Ukraine peace

    Trump threatens ‘severe consequences’ if Putin blocks Ukraine peace

    U.S. President Donald Trump threatened “severe consequences” if Russia’s Vladimir Putin blocked peace in Ukraine but also said on Wednesday that a meeting between the pair could swiftly be followed by a second that included the leader of Ukraine.

    Trump did not specify what the consequences could be, but he has warned of economic sanctions if a meeting between himself and President Putin in Alaska on Friday proved fruitless.

    The comments by Trump and the mood music after a virtual meeting of Trump, European leaders and President Volodymyr Zelenskiy could provide some hope for Kyiv after fears the Alaska meet could sell out Ukraine and carve up its territory.

    However, Russia is likely to resist Ukraine and Europe’s demands strongly and previously said its stance had not changed since it was set out by Putin in June 2024.

    When asked if Russia would face any consequences if Putin does not agree to stop the war after Friday’s meeting, Trump responded: “Yes, they will.”

    Asked if those consequences would be sanctions or tariffs, Trump told reporters: “I don’t have to say, there will be very severe consequences.”

    But the president also described the aim of the meeting between the pair in Alaska as “setting the table” for a quick follow-up that would include Zelenskiy.

    “If the first one goes okay, we’ll have a quick second one,” he said.

    “I would like to do it almost immediately, and we’ll have a quick second meeting between President Putin and President Zelenskiy and myself, if they’d like to have me there.”
    Trump did not provide a time frame for a second meeting.

    RED LINES

    European leaders and Zelenskiy had earlier spoken with Trump in a last-ditch call hosted by Germany to lay out red lines ahead of the Alaska meeting.

    “We had a very good call. He was on the call. President Zelenskiy was on the call. I would rate it a 10, very friendly,” Trump said.

    French President Emmanuel Macron said Trump agreed that Ukraine must be involved in any discussions about ceding land while Zelenskiy said Trump had supported the idea of security guarantees in a post-war settlement.

    “President Trump was very clear that the United States wanted to achieve a ceasefire at this meeting in Alaska,” Macron said.

    “The second point on which things were very clear, as expressed by President Trump, is that territories belonging to Ukraine cannot be negotiated and will only be negotiated by the Ukrainian president.”

    German Chancellor Friedrich Merz, who hosted the virtual meeting, said the principle that borders could not be changed by force must continue to apply.

    “If there is no movement on the Russian side in Alaska, then the United States and we Europeans should … increase the pressure,” he said.

    “President Trump knows this position, he shares it very extensively and therefore I can say: We have had a really exceptionally constructive and good conversation with each other.”

    Trump and Putin are due to discuss how to end the three-and-a-half-year-old conflict, the biggest in Europe since World War Two. Trump has previously said both sides will have to swap land to end fighting that has cost tens of thousands of lives and displaced millions.

    RUSSIA MAKES SHARP ADVANCE INTO UKRAINE

    On a day of intense diplomacy, Zelenskiy flew into Berlin for virtual meetings with European leaders and then with Trump.

    He and the Europeans worry that a land swap could leave Russia with almost a fifth of Ukraine, rewarding it for almost 11 years of efforts to seize Ukrainian land, the last three in all-out war, and embolden Putin to expand further west in the future.
    Russian forces have made a sharp thrust into eastern Ukraine in recent days in what may be an attempt to increase the pressure on Kyiv to give up land.

    “I told the U.S. president and all our European colleagues that Putin is bluffing (about his stated wish to end the war),” Zelenskiy said. “He is trying to apply pressure before the meeting in Alaska along all parts of the Ukrainian front. Russia is trying to show that it can occupy all of Ukraine …”

    A source familiar with the matter said the call with Trump discussed possible cities that could host a three-way meeting, depending on the outcome of the talks in Alaska.
    Wary of angering Trump, European leaders have repeatedly said they welcome his efforts, while stressing that there should be no deal about Ukraine without Ukraine’s participation.

    Trump’s agreement last week to the summit was an abrupt shift after weeks of voicing frustration with Putin for resisting the U.S. peace initiative. Trump said his envoy had made “great progress” at talks in Moscow.

    A Gallup poll released last week found that 69% of Ukrainians favour a negotiated end to the war as soon as possible. But polls also indicate Ukrainians do not want peace at any cost if that means crushing concessions.

    Russian Foreign Ministry spokesperson Alexei Fadeev earlier said Moscow’s stance had not changed since last year.

    As conditions for a ceasefire and the start of talks, the Kremlin leader had demanded that Ukraine withdraw its forces from four regions that Russia has claimed as its own but does not fully control, and formally renounce its plans to join NATO.
    Kyiv swiftly rejected the conditions as tantamount to surrender.

  • Putin appears ready to test new missile as he prepares for Trump talks

    Putin appears ready to test new missile as he prepares for Trump talks

    MOSCOW: Russia appears to be preparing to test its new nuclear-armed, nuclear-powered cruise missile, according to two U.S. researchers and a Western security source, even as Russian President Vladimir Putin readies for talks on Ukraine with U.S. President Donald Trump on Friday.

    Jeffrey Lewis of the California-based Middlebury Institute of International Studies, and Decker Eveleth of the CNA research and analysis organization, based in Virginia, reached their assessments separately by studying imagery taken in recent weeks until Tuesday by Planet Labs, a commercial satellite firm.

    They agreed the photos showed extensive activity at the Pankovo test site on the Barents Sea archipelago of Novaya Zemlya, including increases in personnel and equipment and ships and aircraft associated with earlier tests of the 9M730 Burevestnik (Storm Petrel).

    “We can see all of the activity at the test site, which is both huge amounts of supplies coming in to support operations and movement at the place where they actually launch the missile,” Lewis said.

    A Western security source, who asked not to be further identified, confirmed that Russia is preparing a Burevestnik test.

    Lewis said a test could occur this week, raising the possibility it could overshadow the Trump-Putin summit in Alaska.

    Asked for comment, the White House did not address the possibility of a Burevestnik test.
    The Pentagon, the CIA, and Russia’s Defense Ministry declined to comment.

    Putin has said the weapon – dubbed the SSC-X-9 Skyfall by NATO – is “invincible” to current and future missile defenses, with an almost unlimited range and unpredictable flight path.
    Lewis, Eveleth, and two arms control experts said the missile’s development has taken on more importance for Moscow since Trump announced in January the development of a U.S. Golden Dome missile defense shield.

    But many experts say it is unclear the missile can evade defenses, will not give Moscow capabilities it does not already have, and will spew radiation along its flight path.
    A test would have been scheduled long in advance of last week’s announcement of the Trump-Putin meeting, the researchers and experts said.

    But Putin could have suspended preparations in view of U.S. spy satellites to signal his openness to ending his war in Ukraine as well as to restarting arms-control talks with the U.S., the experts said. New START, the last U.S.-Russia pact capping strategic nuclear deployments, expires on February 5.

    “Sometimes you can push up or push down the schedule for a political reason,” said Tom Countryman, a former acting undersecretary of state for arms control.
    The Burevestnik has a poor test record, according to the Nuclear Threat Initiative advocacy group, with two partial successes among 13 known tests.

    SPECIAL AIRCRAFT

    Eveleth and Lewis said the Planet Labs imagery showed stacks of shipping containers, equipment, and personnel arriving since late July.

    Lewis said two aircraft equipped to gather test data had been parked at the archipelago’s Rogachevo military airfield since mid-July. Images he provided to Reuters showed two large jets mounted with saucer-shaped radar domes.

    He noted the presence of at least five ships associated with previous tests. A ship-tracking website – VesselFinder.com – showed a sixth ship linked to earlier tests was due to arrive on Tuesday, he said.

    Reuters confirmed the website showed the vessel, a cargo ship named the Teriberka, bound for Novaya Zemlya, but could not independently confirm the researchers’ other findings.

    Eveleth and Lewis said they began examining imagery of Pankovo starting from July, after Russia on August 6 published a notice to mariners to stay away from the area from August 9-12.

    Reuters found a series of notices on the U.S. Federal Aviation Administration’s Defense Internet NOTAM Service issued by Russia showing a possible launch window between August 9-22.

    The Norwegian military told Reuters in an email that the Barents Sea is a “prime location for Russian missile tests” and that it had indications from notices and maritime warnings of “preparations for test activities.”

    But it said it would “not confirm any knowledge of what kind of munitions they are to test.”
    In late July, Eveleth said, he noticed a shelter protecting the Burevestnik launcher from the weather was being slid back and forth, which he called “very clear evidence” of plans for a test.

    Lewis provided to Reuters images taken of the site on August 7 showing the protective launcher cover, stacks of shipping containers, a crane for moving them, and a helicopter.
    “It’s full steam ahead,” he said of the pace of test preparations.

  • Trump floats meeting with Putin and Zelenskiy if initial Putin talks go well

    Trump floats meeting with Putin and Zelenskiy if initial Putin talks go well

    U.S. President Donald Trump said on Wednesday that if his meeting with Russian President Vladimir Putin goes well, he would like to have a quick second meeting with Putin, Ukrainian President Volodymyr Zelenskiy, and himself.

    “If the first one goes okay, we’ll have a quick second one,” Trump told reporters. “I would like to do it almost immediately, and we’ll have a quick second meeting between President Putin and President Zelenskiy and myself, if they’d like to have me there.”

    Trump did not provide a timeframe for a second meeting. He is to meet Putin in Anchorage, Alaska on Friday.

    Trump also said Russia would face consequences if Putin does not agree to stop the war.

    “Yes, they will,” he said.

    He did not spell out the consequences but he has warned of stiff economic sanctions if no breakthrough can be achieved.

    Trump spoke after holding talks via telephone with European leaders and Zelenskiy about his meeting with Putin.

    “We had a very good call. He was on the call. President Zelenskiy was on the call. I would rate it a 10, very friendly,” he said.

  • Poland signs $3.8 billion deal to upgrade F-16 fighter jets

    Poland signs $3.8 billion deal to upgrade F-16 fighter jets

    Poland has signed a contract worth $3.8 billion to upgrade its fleet of F-16 fighter jets, the Polish defence minister said on Wednesday.

    Poland has been ramping up defence spending since the start of the war in Ukraine and plans to allocate 5% of gross domestic product (GDP) to its armed forces in 2026.

    The country has 48 F-16C/D Block 52+ aircraft which were delivered to the country between 2006 and 2008, state news agency PAP reported.

    Polish Defence Minister Wladysław Kosiniak-Kamysz told a news conference that the modernisation work would take place at the Wojskowe Zaklady Lotnicze Nr 2 military aviation plant in the northern city of Bydgoszcz.

    “The current capabilities of the F-16 in the CD version are good, but after 20 years, they are insufficient against threats,” he told a news conference.”

    “We must improve reconnaissance capabilities, communication, integration with F-35s, Abrams tanks, and Apaches, as well as the ability to operate in every domain.”

    Earlier this month Poland signed a second multi-billion dollar deal with South Korean industrial and defence group Hyundai Rotem for the supply of battle tanks.

  • Coffee prices fall in July for first time in 18 months

    Coffee prices fall in July for first time in 18 months

    Brazil’s consumer coffee prices fell 1.01% in July, the first drop in 18 months, according to data from the country’s Broad National Consumer Price Index (IPCA) published on Tuesday.

    During the preceding year and a half, coffee was one of the main drivers of inflation in Brazil, the world’s second largest coffee market, according to the Brazilian Institute of Geography and Statistics (IBGE).

    The retail price drop followed a decline in prices paid to farmers after the harvest of the 2025 crop, which is now in its final stages in Brazil.

    The reported decline in consumer coffee prices in Brazil for the month of July follows volatility in international markets, driven by issues such as the decision by U.S. President Donald Trump to impose a 50% tariff on Brazilian goods.

    While products such as orange juice were exempt from the measures, others including coffee, eggs and beef were not.

    Last week, coffee futures in New York rose 8% as investors grew concerned that the tariffs could hinder trade between the world’s largest coffee consumer, the United States, and the globe’s biggest producer and exporter, Brazil.

    It is too early to tell if Trump’s decision to hike tariffs against Brazilian goods could lead to lower prices of staples including coffee, IBGE manager Fernando Goncalves told Reuters.

    “It could be an effect of increased supply, and it’s not possible to say or confirm that it’s related to the tariff hike. The tariff hike only began this month,” he said.

  • Walmart broadens 10% discount

    Walmart broadens 10% discount

    -Walmart is expanding its 10% employee discount to nearly all of its grocery items, including dairy and meat, through the year, the company’s chief people officer told its staff in a letter on Wednesday.

    The discount, previously limited to fresh produce and general merchandise such as apparel, now extends to almost all food categories — including milk, meat, dry grocery, and seafood — in stores and online, effective immediately.

    Walmart-All Stories and Updates

    Walmart, the largest private employer in the United States, had previously extended its grocery discount during the holidays, but the perk will now be available year-round, the company said.

    “We’ve heard your feedback that these savings make a real difference for you and your families,” Donna Morris, Walmart’s chief people officer, wrote in the letter.

    Morris said the extension of the discount card program, first introduced more than 50 years ago, was among the company’s most requested benefits.

    The company has also raised wages for U.S. hourly workers and launched a bonus program for about 700,000 front-line staff over the last couple of years to help retain workers.

    The Wall Street Journal first reported on the extension of the discount program.

    Shoprite plans to exit these two countries

  • Australia cricket boss says Tests could send nations ‘bankrupt’

    Australia cricket boss says Tests could send nations ‘bankrupt’

    MELBOURNE: Cricket Australia boss Todd Greenberg says the traditional Test format could push some cricket nations into financial ruin and the sport may be better off with fewer five-day matches.

    Greenberg, who replaced Nick Hockley as CEO in March, said the future of Test cricket may involve fewer nations and more investment in marquee series like the Ashes.

    “I don’t think everyone in world cricket needs to aspire to play Test cricket, and that might be OK,” Greenberg told reporters on Wednesday, marking 100 days before Australia host England in the Ashes.

    “We’re literally trying to send countries bankrupt if we force them to try to play Test cricket.”

    Todd Greenberg, the former head of the sport’s players’ union, said cricket boards needed to prioritise meaningful contests over volume.

    “Scarcity in test cricket is our friend, not our foe,” the Cricket Australia boss said.

    “We need to make sure we invest in the right spaces to play Test cricket where it means something and has jeopardy.

    “That’s why the Ashes will be as enormous and profitable as it is — because it means something.”

    Read more: World Test Championship Final: Record prize money revealed for AUS vs SA clash

    While the five-Test Ashes series starting in Perth in late-November has seen record demand for tickets, the longest format is under siege from T20 cricket.

    Mushrooming T20 franchise leagues offering lucrative player contracts are crowding out the global calendar and have prompted a slew of top players to give up Tests and one-day internationals.

    Though Australia maintains a bumper schedule of Tests every home summer, it was also one of the earlier movers in T20, with the Big Bash League (BBL) set for its 15th season in December.

    CA has resisted allowing private investment in BBL teams but Todd Greenberg signalled the policy could be coming to an end following a review by Boston Consulting Group.

    “It would be completely naive of us sitting here in Australia to not explore (privatisation),” he said.

    “I’m not suggesting there’s been a decision made, and ultimately it won’t just be my decision or Cricket Australia’s decision.

    “It will be the whole of leadership of Australian cricket and it has to be beneficial for everyone.”

  • Sneaker brand raises sales forecast

    Sneaker brand raises sales forecast

    August 12, 2025: On raised its annual sales forecast on Tuesday as its focus on brand promotion drove demand for its athletic-focused apparel and sneaker, sending its shares up about 9%.

    The Swiss company has been capturing market share in the U.S. from rivals, including Adidas and Nike, by targeting younger customers through high-profile collaborations and product innovations.

    “We are very clear, we want to be the most premium brand, and as that, will also need to lead with pricing on the premium position,” CEO Martin Hoffmann told Reuters.

    The Roger Federer-backed sneaker company hiked prices in July by about $10, mainly on lifestyle-focused offerings.

    Business News Updates

    “But now, looking into the rest of the year, we don’t need more pricing,” Hoffman added, even as the company now faces about 40% tariff on goods imported from Vietnam, a key source country for its products.

    “The clear momentum in the brand relative to peers, and that the more profitable, more company-controlled DTC (direct-to-consumer) channel is what is driving performance,” William Blair analyst Dylan Carden said in a note.

    The company has also been boosting its direct sales by expanding its retail presence through physical stores as well as its website and app to help drive full-priced sales.

    On Holding recently launched the new Cloudsurfer Max and Cloudboom Max shoes, and has ongoing partnerships with actress Zendaya and musician FKA Twigs.

    The company expects annual net sales of at least CHF 2.91 billion ($3.60 billion), above its previous expectations of at least CHF 2.86 billion.

    The company sees annual adjusted earnings before interest, taxes, depreciation, and amortization margin between 17% and 17.5%, compared with its previous forecast of 16.5% to 17.5%.

    Sales increased 32% to CHF 749.2 million in the second quarter, exceeding analysts’ average estimate of CHF 705.3 million, according to data compiled by LSEG.

    However, On Holding posted an adjusted loss per share of CHF 0.09, due to a weaker dollar. Analysts had expected a profit of CHF 0.21.

  • Domino’s India operator beats quarterly profit view

    Domino’s India operator beats quarterly profit view

    Domino’s India operator Jubilant Foodworks beat first-quarter profit estimates by a wide margin on Wednesday as lower-priced menu items and free deliveries bolstered demand even as other fast-food franchisees struggled.

    The company reported profit of 917.6 million rupees ($10.49 million) for the quarter ended June 30, compared to a year ago profit of 558 million rupees.

    Analysts on average were expecting a profit of 645.6 million rupees, according to data compiled by LSEG.

    Urban Indian consumers are cutting back on non-essentials amid high living costs, denting same-store sales at budget retailers like Trent and fast food chains including Pizza Hut operators Sapphire India and Devyani International.

    Jubilant is an outlier in this environment, having reported double digit like-for-like sales growth for atleast three quarters.

    In the reported quarter ended June, like for like sales at Domino’s India restaurants grew 11.6%, led by 20.1% growth in delivery.

    Sapphire’s same store sales at Pizza Hut India fell 8% in the same period, while Devyani’s fell 4.2%.

    Jubilant has not raised prices on average in more than ten quarters, opting to cut costs to drive profitability.

    In addition to providing value combinations and expanding store count, it has also waived delivery fees on app orders, while sharpening its focus on 20-minute deliveries in dense metros.

    Rival Devyani, on Wednesday, said it is taking cues from Jubilant’s success with its 20-minute delivery model, and strengthening its own food-delivery business.

    “Jubilant is doing a far, far better job versus what we are doing..because it is a delivery first brand,” a Devyani executive said on a post-earnings call with analysts.

    Jubilant’s efforts drove first quarter revenue higher by 17%to 22.61 billion rupees.

    However, its consolidated core profit margin contracted to 19.4% from 19.8%, due to a higher mix of delivery and investments to power sales growth.

    ($1 = 87.4380 Indian rupees)

  • China slaps duties on Canadian canola

    China slaps duties on Canadian canola

    BEIJING/SINGAPORE, Aug 12: China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, escalating a year-long trade dispute that began with Ottawa’s imposition of tariffs on Chinese electric vehicle imports last August.

    The provisional rate will be set at 75.8%, effective from Thursday, the Ministry of Commerce said in a statement.

    The Canadian government disputed the Chinese finding saying in a statement late on Tuesday the country does not dump canola and that it was “deeply disappointed” with China’s decision, but remained open to dialogue.

    “Canada is committed to ensuring fair market access for our canola industry and we remain ready to engage in constructive dialogue with Chinese officials to address our respective trade concerns,” International Trade Minister Maninder Sidhu and Agriculture Minister Heath MacDonald said in the statement.

    Canada is now in trade conflicts with the world’s two largest economies, as its exports also face tariffs imposed by the United States. Canada’s top canola meal and oil market is the U.S., while China buys the bulk most of Canada’s canola seed exports.

    Canola Council of Canada President Chris Davison said that duty rate makes the Chinese market effectively closed for Canadian canola. Canada exported almost C$5 billion ($3.64 billion) of the oilseed crop to China in 2024.

    “This really came as a surprise and a shock,” said trader Tony Tryhuk of RBC Dominion Securities.

    China, the world’s largest importer of canola, also known as rapeseed, sources nearly all its supplies of the product from Canada. The steep duties would likely all but end imports if they are maintained.

    “This is huge. Who will pay a 75% deposit to bring Canadian canola to China? It is like telling Canada that we don’t need your canola, thank you very much,” said one Singapore-based oilseed trader.

    China imposed tariffs on canola oil and meal in March. Canada has also imposed tariffs on Chinese steel and aluminum.

    China’s Ministry of Commerce said an anti-dumping probe launched in September 2024 had found that Canada’s agricultural sector – particularly the canola industry – had benefited from substantial government subsidies and preferential policies.

    The Canadian government and canola industry have previously rejected allegations of dumping. The industry believes China’s complaint is based on other ongoing trade and political disputes, the Canola Council of Canada’s Davison said.

    ICE November canola futures plunged after the announcement and by the end of the Tuesday session fell about $30 to $650.30 per metric ton.

    A final ruling could result in a different rate, or overturn Tuesday’s decision.

    The decision marks a shift from the conciliatory tone struck in June when China Premier Li Qiang said there were no deep-seated conflicts of interest between the countries during a phone call with Canadian Prime Minister Mark Carney.

    “This move … will put additional pressure on Canada’s government to sort through trade frictions with China,” said Trivium China agriculture analyst Even Rogers Pay.
    Separately, China also launched an anti-dumping investigation into Canadian pea starch and imposed provisional duties on imports of halogenated butyl rubber, according to ministry statements.

    NO EASY REPLACEMENT

    Replacing millions of tons of Canadian canola is likely to be difficult at short notice, say analysts.

    China uses imported canola to make animal feed for its aquaculture sector, as well as for cooking oil.

    The move provides an opportunity for Australia, which looks set to regain access to the Chinese market with test cargoes this year after a years-long freeze in the trade, Pay said.

    Australia, the second-largest canola exporter, has been shut out of the Chinese market since 2020 due mainly to Chinese rules to stop the spread of fungal plant disease.
    However, even if Australian imports increase, “fully replacing Canadian canola will be very difficult unless import demand drops sharply”, said Donatas Jankauskas, an analyst with commodity data firm CM Navigator.

    Davison said his industry believes China will need Canada’s canola to meet the sort of demand it has experienced in recent years.

    “I think the expectation would be that they could not meet those needs with a quality of a product and the volume that we provide,” Davison said.
    Canadian farmers are about to begin harvesting canola and will not be happy to see prices plunge, said Canadian Canola Growers Association President Rick White.

    “It’s going to certainly have a damping effect on price for farmers and they’re going to be stuck with that,” White said.

    Another trader said there was already downward price pressure as Canada’s crop is widely believed to be bigger than many previously forecast due to good weather.

    Ventum Financial broker David Derwin said traders were unsure about how to take the Chinese move yet, since it is not a final rule.

    “Is it a negotiating tactic? Or does China put it in and that’s that?,” Derwin asked.