FT : British-made Typhoon production grinds to a halt raising fears about UK def

British-made Typhoon production grinds to a halt raising fears about UK defence skills
Work on final assembly line has wound down after dearth of new orders for the combat aircraft

British production of the Eurofighter Typhoon combat aircraft has ground to a halt because of a dearth of new orders, sparking fears of a loss of critical aerospace industry skills in the UK.

The Typhoon has for decades been assembled at BAE Systems’ sprawling factory in Warton, Lancashire. Work on the final assembly line, however, has now wound down as the factory prepares to deliver the last Typhoon jet for Qatar under a £5bn order placed in 2017.

“There is one jet in the hangar but it is basically waiting for a few parts and to be painted,” said one union official. “As far as major assembly goes, it’s finished, it isn’t sustaining any workers.”

The UK government has not placed an order for new jets since 2009, while follow-on export orders from Saudi Arabia and Qatar have yet to be agreed.

If new orders are not secured soon, there could be a loss of important industrial skills needed to build the next generation of fighter aircraft via the UK’s role in the Global Combat Air Programme (GCAP).

Sharon Graham, general secretary at the Unite union, said workers at BAE and across the UK defence industry “will be asking how a government promising to turn defence spending into ‘British growth, British jobs, British skills, British innovation’ could let it happen”.

“I have repeatedly told government ministers how much is at risk in terms of jobs, skills, and national security if we stop assembling our own fighter planes,” she added.

The Typhoon is built by a pan-European consortium including BAE, Airbus and Leonardo, with each company building different parts for every aircraft. They also operate a final assembly line in each partner nation — when a partner nation orders jets, or leads on an export deal, it assembles the aircraft.

BAE is still building the front fuselages for the Typhoons ordered by other nations at its nearby Samlesbury site, but these are then sent to the continent for final assembly. 

The government’s recent decision to purchase US-made F-35A fighter jets rather than commit to a new order for the most advanced Typhoons has reignited debate over its defence priorities. Although the UK has committed to upgrading its current Typhoon aircraft, including with a new radar, it is the only nation in the consortium that has not placed an order for the latest model.

Andrew Snowden, Conservative MP for Fylde in Lancashire, warned last week that if the government “fails to confirm this order soon, we face the very real prospect of losing . . . a vital national capability, the ability to design, assemble and deliver world-class military aircraft independently”.

Defence Secretary John Healey last week refused to be drawn on whether it would place a new order but said the recent strategic defence review had confirmed the Typhoon’s importance, as well as a commitment to upgrades. 

Healey also told the defence select committee that Britain expects to purchase a new tranche of 27 F-35s to start arriving by the end of the decade, of which 15 would be aircraft carrier capable F-35Bs. Under the new plan announced last month, 12 would be F-35As, which are cheaper and also capable of carrying tactical nuclear bombs.  

Industry executives said talks on securing new export orders for Typhoons from Qatar, Saudi Arabia and Turkey were progressing.

Tim Robinson, editor of the Royal Aeronautical Society’s Aerospace magazine, said the break in “continuous combat aircraft assembly in the UK should hopefully just be a temporary blip between follow-on export orders for more Eurofighter and then GCAP”.

However, the “longer the gap, the more risk there is of a loss of key skills and critical experience that will be needed for next generation fighter aircraft”.

BAE said it was “experienced at responding to the changing demands of the Typhoon programme to ensure we retain our specialist skills”. 

The “strong level of interest, commitment and investment in the aircraft from current and potential customers gives us confidence that Typhoon production in the UK will take us into the next decade,” BAE added.

The MoD said the Typhon would remain the “backbone of the UK’s air defence until at least the 2040s”.

The UK, it added, was “leading export campaigns to other nations”. Future Typhoon “investment is subject to the Defence Investment Plan, which will be published later in the year”.

FT : Britain’s HS1 rail link was ‘poor value for money’, report finds

Britain’s HS1 rail link was ‘poor value for money’, report finds
Government-backed study into high-speed project published as HS2 scheme is hit by delays and mounting costs

Sixteen years after Britain’s first high-speed rail service was launched, an official government review into the economic impact of HS1 on the south-east has concluded the £7.3bn scheme provided “poor value for money”.

The report, which was sat on by ministers for two years, comes at an awkward time for the government as it struggles to prevent further cost overruns and delays on the much larger HS2 scheme from London to Birmingham. 

HS1, which links London St Pancras International station with the Channel Tunnel and Kent, was opened in 2007 after receiving the go-ahead in 1991. It was sold at the time as a regeneration plan for the south-east, promising faster journey times and increased rail capacity.

“The starting point for a value for money assessment is that HS1 provides poor value for money,” said the government-commissioned report by Steer Consulting, an advisory group set up by Jim Steer.

Steer is an advocate for high-speed rail who helped spur the launch of the current HS2 railway project more than a decade ago.

The study said that international passenger numbers using HS1 were lower than forecast at the time the project was approved, and that it had failed to deliver the economic benefits to the region that were promised.

Although HS1 boosted population growth in Ashford and Canterbury, this was “largely associated with increased commuting to London”, said the report, which was released by the government in June.

The result was that “local economic indicators, such as GVA [gross value added] per capita, have not increased significantly compared with peer locations, which have not benefited from HS1”, it added.

The government is struggling with how to proceed with the new HS2 railway, which was originally intended to connect London with Europe and Scotland but has since been scaled back to run between the capital and Birmingham.

The cost has soared to at least £80bn, while there is still no plan for how to get trains into Euston station in central London despite demolition work starting on the site nearly a decade ago.

Transport secretary Heidi Alexander admitted last month that the project would be delayed by several more years. The government also revealed that HS2 may initially have to run at slower speeds than expected to prevent further delay to its opening.

Andrew Gilligan, a former Conservative transport adviser and head of transport at Policy Exchange think-tank, said: “This study, based on more than a decade of real-world evidence, disproves the overhyped claims about the economic benefits of high-speed rail.”

He added that HS1 was still “a much better project than HS2, costing two-thirds less per mile in real terms”. 

HS2 cost taxpayers £7.7bn in 2024, 57 per cent more than was spent on local public transport across the entire country last year, according to official figures. The line is now not expected to open until the mid- to late-2030s.

HS1 was sold in November 2010 to a consortium of private investors on a concession from the UK government to run the line for 30 years for £2.1bn. It is now owned by investors including HICL Infrastructure and Equitix.

Renamed London St Pancras Highspeed, it has recently offered financial incentives to operators to run services between London and mainland Europe. It aims to boost demand after its own study found that it could increase international passenger numbers from 1,800 an hour to nearly 5,000.

London St Pancras Highspeed said it had “announced an ambitious growth incentive scheme . . . which incentivises an increase in services, passengers and new destinations, and encourages greater use of existing stations domestically in the south-east”.

The Department for Transport said HS1 had successfully delivered on its objectives, more than doubling capacity for international rail services.

It added that the report had “methodological limitations”, such as not looking at regeneration impacts in London or wider, longer-term economic effects of the project.

FT : Union claims grid companies are incentivised not to maintain plants

Union claims grid companies are incentivised not to maintain plants
Following Heathrow substation review, Prospect warns on investment across sector

One of Britain’s largest trade unions says electricity networks are failing to invest enough in maintenance, raising further doubts over the sector’s resilience following a damning report into a substation fire that led to the closure of Heathrow airport. 

Sue Ferns, senior deputy director-general of Prospect, said it had “repeatedly” raised questions with Ofgem, Britain’s energy regulator, over the resilience of the network and argued that the way the sector is regulated disincentivises prompt maintenance.

The union has thousands of members who work in Britain’s network businesses, which are a regulated monopoly split between five major companies: National Grid, SSE, Scottish Power, UK Power Networks and Berkshire Hathaway’s Northern Powergrid.

“Engineers working across the networks, they tell us that assets have not been renewed or improved over a very long period — that they absolutely see the need for maintenance but that work isn’t being prioritised,” she told the FT. 

An official review into the blaze at the National Grid substation in March found it was caused in part by failure to replace a part of a transformer that registered high moisture levels when last serviced in 2018. It also found that the fire suppression system in the substation was out of service.

Prospect said companies preferred to sweat existing assets rather than build new ones, and were not sufficiently maintaining their old infrastructure. 

In a submission to the official review into the fire, seen by the FT, the union added: “The consequences of this continued lack of investment are now becoming painfully clear. Not only has it slowed progress towards a cheaper, cleaner energy system [ . . . ] it has significantly reduced the resilience of the existing system.”

It blamed regulation, arguing that setting prices for five years incentivised short-term behaviour. It also said Ofgem often values efficiency and reducing costs ahead of maintenance work.

In response to Prospect, Ofgem said Britain had “one of the most reliable and efficient energy systems in the world,” adding: “However, there is no room for complacency, and we fund and incentivise licensees to ensure they maintain and invest in their networks to deliver the best possible service for consumers.”

It added: “We expect all networks to properly maintain their assets, and any that fail to deliver the required standards face the prospect of fines and other penalties.”

Prospect boss Ferns added that huge demand for new electricity connections for wind and solar farms had put extra pressure on the workforce. “There’s less and less workforce flexibility to do the maintenance task,” she added. 

In a review of the high voltage networks during 2023-2024, Ofgem said they had “fallen behind” goals for work on existing assets, and called for a “significant boost” in activity.

However, it added that all transmission operators reported “exceptionally strong levels of network reliability and surpassing their annual targets to minimise electricity loss [ . . . ] world-class levels of network reliability are being maintained.”

Performance was more mixed for the lower voltage distribution network operators. The sector “did not perform well” on customer interruptions, Ofgem said. Several networks missed targets on the score.

Distribution network owners also spent less on equipment replacement and refurbishment than they were allowed during the first year of the current price control period, owing to factors such as delays getting hold of equipment and workers. However, they were forecast to collectively overspend by the end of the period as projects catch up.

The report last week found that the transformer that first caught fire at the substation had last had “basic” maintenance in July 2018. It added that 87 per cent of transformers on National Grid’s high-voltage transmission network were within their normal maintenance cycle, above the company’s target of 85 per cent.

The Energy Networks Association trade group highlighted the sector’s record of “near 100 per cent reliability” and said the lower voltage distribution networks were investing around £20bn in this price control period between 2023 and 2028 in resilience and maintenance.

It added: “Network operators are clear that sustained investment is vital for the continued maintenance of the UK’s grid and to improve overall resilience.”

FT : Wood Group accounts flagged by watchdog as far back as 2017

Wood Group accounts flagged by watchdog as far back as 2017
UK-listed engineering group subject to formal investigation as takeover talks languish

Red flags were raised over Wood Group’s financial statements as far back as 2017, according to corporate and regulatory records that indicate persistent questions over its accounting practices.

The London-listed company — which the UK’s financial markets regulator is now investigating as £242mn takeover talks languish — had to restate an income statement after being questioned over its 2022 annual report by the country’s accounting watchdog. It was the second time the Financial Reporting Council had found problems with Wood’s accounts.

The energy engineering company’s directors also criticised three separate internal audit reports covering certain business divisions in 2022 and 2023. 

One was an “unsatisfactory” audit into Wood’s projects division, its second-biggest by revenue. The unit is at the centre of a crisis after an independent review by Deloitte — prompted by conversations with Wood’s auditor KPMG — found “material weaknesses and failures” in its financial culture, including information being withheld from auditors. 

It marks the latest sign of trouble at Wood, which has had to suspend its shares while it restates accounts for 2023 and 2022 and prepares those for 2024, complicating a potential takeover by the United Arab Emirates-based Sidara.

Sidara declined to comment. It was still intent on seeing the deal “over the line”, according to one person close to the company.

“These issues complicate life for everyone involved, but the push continues,” the person said.

Wood has extended the deadline for Sidara to complete its offer several times, with the current target set for the end of July.

Before its slump, Wood had been a homegrown success story of the UK’s development of its North Sea resources. It had a market capitalisation of more than £5bn as recently as 2018 but has been struggling since a £2.2bn takeover of Amec Foster Wheeler in 2017 left it with high debts and legal liabilities. Its market cap fell to about £126mn before its shares were suspended on May 1.

The company announced on June 27 that it was being investigated by the Financial Conduct Authority, the UK’s financial regulator, following the Deloitte review. The FCA, which can impose swingeing fines, can investigate listed companies beyond the financial sector for the accuracy and timeliness of statements made to the market.

Separately, Wood’s finance chief Arvind Balan, who joined the company in April last year, resigned in February after admitting misstating his accounting qualifications.

The FRC can review a company’s reporting to the market if it feels that the published information does not comply with legislation. If it finds a problem, the regulator can then write to the group’s chair. 

In the case of Wood, the FRC reviewed its reporting three times, two of which led to such a “substantive” exchange of letters regarding Wood’s 2017 and 2022 accounts, according to the regulator’s website. 

Wood came under particular scrutiny from the FRC for not including $54.5mn of currency-related changes in its 2022 “statement of comprehensive income” despite the figure being included in a separate statement that tracks movements in shareholders’ equity.

Wood acknowledged the error and agreed to restate the statement of comprehensive income, the FRC’s summary said. It also promised to enhance its disclosures around so-called liquidated damages, in response to a separate FRC criticism the same year.

In its 2022 annual report, Wood said the change was “deemed not to be material by the directors”. No FRC summary is available for the exchange over the 2017 accounts.

The company’s own annual reports also reveal questions raised by its directors. 

The 2023 report details that the audit, risk and ethics committee held a review over an “unsatisfactory group audit and risk report”.

The 2022 annual report mentions the same committee held a “review with senior business leadership of an unsatisfactory audit report in the projects business unit and actions taken”, along with a similar issue in the consulting business unit.

Wood, the FRC and the FCA declined to comment.

FT : Berlin explores €4bn subsidies for German heavy industry to boost growth

Berlin explores €4bn subsidies for German heavy industry to boost growth
Germany argues state aid will benefit Eurozone if bloc’s largest economy is revived

Germany is exploring ways to fund multibillion-euro subsidies for energy-intensive companies as part of Chancellor Friedrich Merz’s pledge to boost the competitiveness of the country’s heavy industries.

The measure is part of efforts to reduce electricity costs for industrial groups to revitalise the Eurozone’s largest economy after its longest postwar period of stagnation.

But the plan is at risk after promised electricity tax cuts for households were shelved because of budget constraints.

The financial concerns have created the first significant tensions within the ruling coalition between Merz’s CDU, its sister Bavarian party the CSU and the Social Democrats.

Last week, CSU party leader Markus Söder criticised finance minister and vice-chancellor Lars Klingbeil, who is also the co-leader of the SPD, for not delivering electricity tax cuts for consumers in his first budget. The measure would have cost about €5.4bn annually.

Notwithstanding those budgetary concerns, Katherina Reiche, the German economy minister, wants to expand the number of German companies eligible for electricity price subsidies from 350 to 2,200, according to people with knowledge of the plan.

The measure would fund up to half of companies’ electricity bills over three years and would cost the state about €4bn, according to preliminary estimates, they said.

The economics ministry expects the plan will comply with the EU’s new state aid framework, outlined last month, they said.

Reiche, a former energy executive from the CDU, pressed Brussels to allow greater state support for Germany’s heavy industries, arguing that the Eurozone would benefit if its largest economy started growing again.

Germany has endured higher energy costs in part because of its closure of nuclear energy and its decision to wean itself off cheap Russian gas after Moscow’s full-scale invasion of Ukraine in 2022.

The economy ministry said the scheme would aim to deliver “swift and reliable” support for the chemical, glass and plastics industries, which have “a far-reaching impact on other sectors through the value chains”.

“We are developing a viable concept that we will co-ordinate within the government and closely monitor in co-operation with the European Commission,” it said.

Last month, the Commission said it would permit member states to subsidise as much as half of industrial companies’ power costs to help them decarbonise. The decision was viewed by many in Brussels as a way to help Merz fulfil his campaign promise.

But a post-election spending spree has saddled Merz’s coalition with another problem: a potential breach of the EU’s fiscal rules. Berlin, which has loosened its constitutional borrowing limit to boost defence and infrastructure spending, will submit its expenditure plan this month for the next four years.

Long the guardian of EU’s fiscal discipline, Germany now predicts that its federal deficit will rise to €82bn this year, from €33bn last year. That is expected to widen to €126bn by 2029, according to the German finance ministry.

The planned reduced electricity price for industries has yet to be examined by the finance ministry, the people familiar with the matter said. If adopted, the EU Commission would have to formally approve the state aid.

SCMP : China, EU close to EV tariff deal, state media says, dismisses ‘trade div

China, EU close to EV tariff deal, state media says, dismisses ‘trade diversion’ fears
‘Final step’ in resolving EV tariff dispute hinges on EU political will, CCTV says, as Xinhua calls diversion fears ‘grossly overstated’

China and the European Union have largely finalised the “technical” part of negotiations towards resolving their electric vehicle (EV) tariff dispute, with the deal now hinging on “political will” from the European side, according to Chinese state-affiliated media.

Yuyuan Tantian, a social media account linked to state broadcaster CCTV, reported on Friday night that the “technical negotiations” were essentially complete, with only the “final step” remaining. “The key now depends on whether the EU can demonstrate the necessary political will to push for a resolution of the issue,” it said.

Meanwhile, state news agency Xinhua in a commentary on Saturday dismissed claims of a new “China shock”, describing fears that Chinese exports deflected by US tariffs were flooding Europe as “grossly overstated”.



In April, China and the EU agreed to negotiate a “price undertaking” mechanism that would allow Chinese EV makers to avoid tariffs by adhering to minimum export prices. The dispute centres on EU tariffs of up to 45.3 per cent imposed last October on Chinese EVs, to counteract what Brussels sees as an unfair edge enjoyed by Chinese manufacturers due to huge state subsidies and lower production costs.
The reported progress in the talks comes ahead of a critical EU-China summit that is expected to primarily focus on trade issues. EU leaders led by European Commission President Ursula von der Leyen are expected to visit Beijing later this month as the two sides mark 50 years of diplomatic ties.
Over the past two years, the EU has persisted in challenging Beijing on trade issues, including subsidies, alleged dumping and other practices that “distort the market”, with numerous investigations either ongoing or at the planning stage.

Beijing, which has retaliated with its own trade measures, accuses the EU of protectionism and insists that any deal must respect World Trade Organization rules.

In the latest reciprocal action, China’s Ministry of Commerce on Friday imposed anti-dumping tariffs of up to 34.9 per cent for five years on European brandy – mainly from France.

But the ministry also said that major players in the cognac industry would be exempt from the duties taking effect on Saturday, provided they sold at a minimum price, which it did not disclose.

The move coincides with Foreign Minister Wang Yi’s European tour aimed at easing trade disputes, which saw him tell his German counterpart in Berlin on Thursday that rare earth exports should not strain China-EU relations.
Tensions have escalated in recent months over China’s curbs on rare earth elements and magnets – crucial to making smartphones and EVs – which have forced some European companies to halt manufacturing operations.

Wang emphasised on Thursday that controlling dual-use goods was a sovereign right and an international responsibility. He also mentioned China’s “fast track” process for European firms and recent approval of several export licences.

China’s commerce ministry said last week that it had accelerated reviews of rare earth export licence applications and already approved a number of them.
Wang’s comments in Berlin came after the EU urged China to ease export controls on seven rare earth minerals that had disrupted supply chains, especially in the auto industry.

Meeting Chinese Commerce Minister Wang Wentao in Paris last month, EU trade commissioner Maros Sefcovic said the issue was a “priority”. They also made “significant progress” over issues of export controls, market access and tariffs on Chinese-made EVs, Chinese state media reported.

In its commentary published on Saturday, Xinhua said EU fears of Chinese “trade diversion” due to US tariffs were “rooted not in economic reality but in political anxiety”.

Such a narrative “risks undermining one of the world’s most vital economic relationships,” it added.

The article cited trade data and think tanks to assert that China’s exports to the EU remained stable and were not significantly redirected from the US, with minimal sector overlap.

“If China were truly weaponising exports to circumvent US tariffs, the data would paint a starkly different picture. In reality, the EU’s alarm over trade diversion is grossly overstated,” it said.

China’s focus on domestic demand and economic reforms reduced the need for export diversion, the article emphasised, while urging the EU to deepen industrial cooperation and develop a long-standing, mutually beneficial bilateral relationship.

“As China and the EU mark the 50th anniversary of the establishment of diplomatic relations this year, it is worth remembering that decades of cooperation have made the two sides vital trade partners,” it said.

“By upholding multilateralism, defending fairness and justice, and resisting unilateral bullying, China and Europe can together meet global challenges, anchor globalisation amid turbulent times, and foster a more equitable and inclusive world.”

Le Figaro : Ces 40 vins italiens à tester une fois dans sa vie, entre 12 et 280

Ces 40 vins italiens à tester une fois dans sa vie, entre 12 et 280 euros

NOS CONSEILS - Le Figaro Vin vous propose un véritable tour d’Italie pour découvrir le meilleur de chaque région, avec 40 vins rouges et blancs testés et approuvés par la rédaction, à partir de 12 euros.

L’Italie a la cote. Non seulement les Français représentent à eux seuls 16,8 % du tourisme étranger venu profiter des charmes de la Botte, mais ses vins séduisent eux aussi de plus en plus. Avec des amateurs plus autant centrés sur la France qu’auparavant, l’Italie du vin a d’ailleurs tiré son épingle du jeu lors de la dernière édition de Wine Paris, le grand salon mondial organisé chaque année en février. Les crus transalpins y occupaient un hall entier, augmentant leur surface d’occupation du salon de 74% par rapport à l’édition 2024. De la Toscane au Piémont, de la Vénétie à la Sicile, la majeure partie des régions viticoles transalpines figurent dans notre grande sélection de 40 vins – rouges et blancs –, où figure tout autant de pépites à prix accessibles que quelques-unes des plus belles bouteilles du pays de Dante…

Les rouges

Biondi-Santi, Tenuta Greppo 2019 : «La bouche vous embarque dans un voyage merveilleux»Brunello di Montalcino DOCG, ToscaneNote du figaro : 96/100Prix : 240 €, prix conseillé

Un nez comme une infusion, à la fois délicat et très parfumé. C’est raffiné, avec des fruits mûrs à point, quelques notes de fraise, de moût de raisin et de jus de viande, et un peu de sous-bois. La bouche est magnifique, pleine de texture, elle vous embarque dans un voyage merveilleux, avec des fleurs séchées, du bois de santal, des champignons séchés, des amers très longs en finale.

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Gaja, Barbaresco 2021 : «Les aspérités et les tanins sont bien intégrés»Barbaresco DOCG, PiémontNote du figaro : 96/100Prix : 282,35 €

Un bouquet voluptueux, immédiat, aussi énergique que le sang qui bat dans les veines d’un jeune corps. L’on découvre un nez de fruits mûrs à point et de fleurs, avec une note poivrée, qui développe un univers de champignons, c’est même un peu giboyeux. La bouche est fraîche, élégante, soyeuse, avec une jutosité et une salinité qui font vibrer le vin. Les aspérités et les tanins sont bien intégrés. Une finale longue et irrésistible sur le café frais.

Disponible chez Superiore.de

G. D. Vajra, Barolo Bricco delle Viole 2020 : «Un univers enivrant de sous-bois»Barolo DOCG, PiémontNote du figaro : 96/100Prix : 84,75 €

Un nez parfumé de fruits rouges vivaces (framboise fraîche), d’une pureté exquise, qui dévoile ensuite des notes plus cuivrées et de noix séchées. En bouche, c’est un univers enivrant de sous-bois, presque truffé, qui se révèle. C’est à la fois généreux et fin, d’une merveilleuse harmonie, le tout finissant sur une longueur minérale et saline.

Disponible chez Decantalo.fr

Il Carnasciale, Carnasciale 2022 : «Une pointe sauvage qui lui donne son charme»Toscana IGT, ToscaneNote du figaro : 95,5/100Prix : 64 €, prix conseillé

Un nez fin, intrigant, avec des notes d’herbes aromatiques, de pin maritime et de poivre apportant à la fois de la délicatesse et une pointe sauvage qui lui donne son charme. Une belle tension et sapidité en bouche, qui se révèle très parfumée, équilibrée, avec des notes poivrées, résineuses et une finale juteuse, presque iodée.

Disponible prochainement chez superiore.de

Fèlsina, Rancia Chianti Classico Gran Selezione 2021 : «Avec un certain classicisme»DOCG, ToscaneNote du figaro : 95/100Prix : 46,39 €

Un nez hypnotique, comme une promenade dans une forêt magique, avec des notes de violette, d’eucalyptus, mais aussi de fruits rouges et noirs sauvages et une pointe graphite. Une bouche délectable, très belle et harmonieuse, avec un certain classicisme, qui évoque le sous-bois, les champignons, la truffe. Une longue finale chocolatée accentue le plaisir.

Disponible chez superiore.de

Masi Agricola, Costasera 2019 : «Le vin est très élégant en bouche, suave»Amarone della Valpolicella Classico DOCG, VénétieNote du figaro : 95/100Prix : 39,90 €

Un nez délicieux, très raffiné, sur les fruits rouges compotés, puis des notes tertiaires de tabac, de chocolat vanillé, de moka : c’est gourmand. Le vin est très élégant en bouche, suave, frais, ravissant, avec de très fins amers qui évoquent l’amande douce, le cacao, avant une finale presque saline.

Disponible chez Callmewine.fr

Orma 2022 : «Un équilibre impressionnant»Toscana IGT, ToscaneNote du figaro : 95/100Prix : 75,50 €

Un nez invitant, harmonieux, à la fois pur et luxuriant, de fruits noirs, aux arômes qui évoquent un jardin après la pluie. On retrouve ensuite quelques herbes aromatiques, de la réglisse et une note de graphite. La bouche, toujours d’un équilibre impressionnant, évoque le fruit noir croquant et éclatant, avec un côté poivré. Du bois parfaitement jugé et des notes délicieusement lardées en finale.

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Arnaldo Rivera, Barolo Undicicomuni 2019 : «Impressionnant et attirant»Barolo DOCG, PiémontNote du figaro : 94,50/100Prix : 40 €, prix conseillé

Un nez complexe qui marie fruits, fleurs, herbes aromatiques et réglisse, légèrement fumé : c’est à la fois impressionnant et attirant. La bouche, précise et tendue, structurée par des tanins soyeux mais sérieux, présente un beau bouquet de fleurs séchées, de bois de santal. La finale est presque maritime, très longue.

Disponible prochainement chez vinerosa.com

La Massa, Giorgio Primo 2020 : «Très bordelais dans l’esprit»Toscana IGT, ToscaneNote du figaro : 94/100Prix : 104 €

Un nez énergique et profond, expressif et généreux. Des effluves de fruits noirs délicieux. Un beau fruit en bouche, c’est fluide et en même temps très bordelais dans l’esprit. La violette et la réglisse dominent dans un ensemble presque flamboyant.

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Podere Poggio Scalette, Il Carbonaione 2021 : «Une sucrosité caressante»Alta Valle della Greve IGT, ToscaneNote du figaro : 94/100Prix : 49,58 €

Un nez profond et complexe, aux notes d’orangette, mais aussi de cerise fraîche. Très pur en bouche, avec une sucrosité caressante et des arômes floraux de violette, puis viennent le menthol, l’eucalyptus, et enfin un peu de fruits noirs. Ensemble très suave.

Disponible chez Xtrawine.com

Ruffino, Riserva Ducale Oro 2020 : «Un jardin printanier en bouche»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 94/100Prix : 32,90 €

Nez de fruits rouges confits, de cuir, de cerise kirschée, évoluant vers des effluves délicats de sève de fleurs. Un jardin printanier en bouche, un régal, c’est fin et élégant, on se régale de groseille, avec quelques épices douces et réconfortantes, avant une finale gourmande sur le moka.

Disponibilité chez Tannico.fr

Tenuta di Trinoro 2021 : «Un beau côté sucré-salé»Toscana IGT, ToscaneNote du figaro : 94/100Prix : 350 €

Joli nez de fraise écrasée arrosée de sucre glace, de bonbon acidulé. Une sensation de gourmandise mais aussi de fraîcheur. En bouche, c’est flatteur, avec un beau côté sucré-salé, sur les fruits rouges mûrs et délicats et des petites notes carnées.

Disponibilité chez Tannico.fr

Badia a Coltibuono, Chianti Classico Riserva 2019 : «Une approche classique et emprunte de pureté»Chianti Classico Riserva DOCG, ToscaneNote du figaro : 93,5/100Prix : 31,90 €

Le nez se distingue par des notes de fruits rouges croquants, de terre mouillée et de champignons des bois. Une approche classique et emprunte de pureté. Bouche fruitée, vivace, qui offre également quelques amers, avec des notes de réglisse et une structure corsetée qui permettra de vieillir avec grâce. Parfait avec une pizza.

Disponible chez Tannico.fr

Elena Fucci Vini, Titolo Riserva 2019 : «Fascinant et très savoureux»Aglianico del Vulture Superiore DOCG, BasilicateNote du figaro : 93,5/100Prix : 84 €

Un nez dense et charismatique de ronce et de sève, de poivre blanc, de violette et de réglisse. En bouche, en plus du menthol et des herbes fraîches, on retrouve ces notes poivrées, portées par ces tanins texturés qui donnent encore plus de caractère à ce vin fascinant et très savoureux.

Disponible chez Bestofwines.fr

Giuseppe Cortese, Barbaresco 2021 : «Bouche très posée»Barbaresco DOCG, PiémontNote du figaro : 93,5/100Prix : 39,90 €

Nez gourmand, sensuel, de fruits pourpres et de roses fanées, évoquant presque le cuir. Bouche très posée, avec des amers nobles. Un vin sérieux à la belle structure tannique, taillé pour la garde.

Disponible chez Tannico.fr

Azelia, Barolo 2020 : «Complexe tout en restant classique»Barolo DOCG, PiémontNote du figaro : 93/100Prix : 107,21 €

Nez classique de Barolo, avec des notes évoluées et raffinées de violette, d’anis, de clou de girofle, d’orange. Gracile en bouche, complexe tout en restant classique, sur le bois torréfié et le menthol.

Disponible chez Vinoland.com

Castello di Monsanto, Vigna Il Poggio 2020 : «Un vin passe-partout»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 93/100Prix : 68,90 €

Un nez sûr, posé, évoquant le menthol, la réglisse, et une fraîcheur presque citronnée. La bouche est énergique et évolue sur la framboise confite, avant une finale sur les amers avec des notes superbes de cacao. Un vin passe-partout.

Disponible chez Tannico.fr

Giodo, Brunello di Montalcino 2020 : «Pur et soyeux en bouche, rafraîchissant»Brunello di Montalcino DOCG, ToscaneNote du figaro : 93/100Prix : 133,33 €

Une magnifique minéralité au nez, évoquant l’estran rocheux à marée basse, mais aussi le tabac blond, la rose fanée. Pur et soyeux en bouche, rafraîchissant, avec de beaux fruits rouges frais, et une salinité croissante sur la finale, conférant au vin un côté très digeste.

ACHETER SUR MILLESIMA : https://www.millesima.fr/giodo-brunello-di-montalcino-2020.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Giovanni Aiello, Chakra Rosso 2022 : «La bouche est bien équilibrée»Gioia Del Colle DOP, PouillesNote du figaro : 92/100Prix : 38,36 €

Un nez épais, concentré, mystérieux, aux notes de tarte aux myrtilles. La bouche est bien équilibrée entre texture veloutée et fraîcheur harmonieuse, c’est fruité et élégant, sur des notes de fraise macérée, avec de beaux amers.

Disponibilité chez Bottleofitaly.com

San Leonardo 2019 : «S’inspire également des grands crus bordelais»Vigneti delle Dolomiti IGT, Trentin-Haut-AdigeNote du figaro : 92/100Prix : 89 €

Du cuir, du tabac frais et du poivre pour un nez classique si nous étions à Bordeaux. La bouche, épicée, sur le cuir, s’inspire également des grands crus bordelais. La cuvée italienne qu’il faut goûter si vous aimez les vins de Bordeaux.

ACHETER SUR VINATIS : https://www.vinatis.com/67840-san-leonardo-2019-tenuta-san-leonardo?srsltid=AfmBOopFCRWMLQ2NgnpsApMd5XGkiWJRbMAqD8uBgSfJ9MPG6pUHCfE0?utm_source=figaro&utm_medium=partenariats&utm_campaign=11425&r=figaro&ids=flux&at_medium=Acquiz&at_campaign=figaro&at_creation=partenariats&at_variant=flux

Teularju, Chirada Ocruarana 2021 : «Entraînant et électrisant»Barbagia Rosso IGT, SardaigneNote du figaro : 92/100Prix : 48,90 €

Un bouquet ouvert, vivace, estival, de jus de cassis. Entraînant et électrisant en bouche, fluide, frais et tendu, sur des notes fruitées et florales.

Disponible chez Tannico.fr

Tommasi, De Buris Amarone Riserva 2011 : «La bouche est élégante»Amarone della Valpolicella Classico DOCG, VénétieNote du figaro : 92/100Prix : 326,67 €

Le nez, hédoniste, hypnotique, offre tout ce que l’on attend d’un Amarone (fait de raisins partiellement séchées), avec des notes de pruneau, de fraise et de rose fraîche. La bouche est élégante, avec de beaux amers, c’est fin et en même temps très gourmand, d’une jolie fraîcheur malgré une concentration immense.

ACHETER SUR MILLESIMA : https://www.millesima.fr/tommasi-de-buris-amarone-riserva-2011.html?at_medium=display&at_campaign=lefigaro&at_creation=mea

Vignamaggio, Monna Lisa Gran Selezione 2017 : «Sur le tabac et l’herbe fraîchement coupée»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 92/100Prix : 33,98 €

Un nez classique, empreint d’une certaine animalité, qui marie fruits, fleurs, et ces notes acidulées si particulières au chianti classico. Une bouche pleine, ample et soyeuse, sur le tabac et l’herbe fraîchement coupée, avec quelques amers qui se complexifient. Une finale fluide et assez longue.

Disponible chez Vinello.fr

Castello di Volpaia, Coltassala 2021 : «Riche et ample»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 91,5/100Prix : 65 €, prix conseillé

Un nez équilibré, assez classique, de fruits rouges frais, de gentiane, de violette. La bouche est riche et ample, assez soyeuse et voluptueuse, avec néanmoins un côté vif et acidulé, sur des notes d’herbes fraîches, avant une finale alléchante sur les petits fruits rouges.

DISPONIBLE PROCHAINEMENT CHEZ MILLESIMA : https://www.millesima.fr/?at_medium=display&at_campaign=lefigaro&at_creation=mea

Lamborghini, Campoleone 2019 : «Aérienne, douce et voluptueuse»Umbria IGT, OmbrieNote du figaro : 91,5/100Prix : 65 €, prix conseillé

Le nez, sur les fruits orange, dégage un beau côté végétal. La bouche est plus aérienne, douce et voluptueuse, avec de petits fruits rouges et oranges acidulés, ainsi que des notes de roses fanées, avant une longue finale.

Disponible prochainement chez cocktalis.com

Rocca delle Macìe, Sergio Zingarelli Chianti Classico Gran Selezione 2020 : «Une belle présence de fruits rouges frais»Chianti Classico Gran Selezione DOCG, ToscaneNote du figaro : 91,5/100Prix : 75 € prix conseillé

Une légère réduction au nez. Les fruits noirs, le tabac et le foin fraîchement coupé se partagent la palette aromatique, avec quelques notes torréfiées. La bouche est généreuse, complexe, équilibrée, avec une belle présence de fruits rouges frais, avant une finale chocolatée.

DISPONIBLE PROCHAINEMENT CHEZ TWIL : https://www.twil.fr/?utm_source=figaro

Sette, Barbera d’Asti 2022 : «Portée par une belle acidité»Barbera d’Asti DOCG, PiémontNote du figaro : 91,5/100Prix : 18,90 €

Un nez assez langoureux, méditatif, parfumé comme un pique-nique estival dans les champs, évoquant la liqueur de prune, des cailloux chauffés par le soleil. La bouche, portée par une belle acidité, est fraîche et vivace, fluide, sur des notes de petits fruits rouges acidulé.

ACHETER SUR IDEALWINE : https://www.idealwine.com/fr/acheter-vin/2421471-1-bouteille-Barbera-dAsti-DOC-Sette-2022-Rouge?utm_source=PARTENAIRE-Le-Figaro&utm_medium=Article&utm_campaign=Le-Figaro

Casa E di Mirafiore, Barolo Paiagallo 2020 : «Chaude comme un vent de Sahara»Barolo DOCG, PiémontNote du figaro : 91/100Prix : 57 € prix conseillé

Un nez de moka et de menthol, avec un peu de laque de chine. La bouche est chaude comme un vent de Sahara, puissant, sur des notes de fruits rouges, de café noir, de réglisse.

DISPONIBLE PROCHAINEMENT CHEZ TWIL : https://www.twil.fr/?utm_source=figaro

Parusso, Barolo Bussia 2020 : «Une pointe de liqueur amère qui évoque le Campari»Barolo DOCG, PiémontNote du figaro : 91/100Prix : 110 €, prix conseillé

Un nez invitant de fruits rouges (fraises, cerises) et de mandarine, avec quelques notes florales, entêtantes, et même une pointe de liqueur amère qui évoque le Campari. Bouche sur les fruits acidulés, d’une noble amertume, et finale saline.

Disponible prochainement chez xtrawine.fr

Ces 10 vins italiens confidentiels que les sommeliers étoilés s'arrachent : http://avis-vin.lefigaro.fr/economie-du-vin/ces-10-vins-italiens-confidentiels-que-les-sommeliers-etoiles-s-arrachent-20240615

Les blancs

Alois Lageder, Löwengang Chardonnay 2021 : «Une douce salinité et cette très belle acidité»Vigneti delle Dolomiti IGT, Trentin-Haut-AdigeNote du figaro : 93,5/100Prix : 67,56 €

Au nez, d’abord une explosion de fruits mûrs, exotiques et purs (mangue, ananas). Puis des notes légèrement anisées. Plus réservé en bouche, avec une douce salinité et cette très belle acidité, subtilement beurrée, mais toujours fraîche, qui finit longuement sur les amers.

Disponible chez Superiore.de

Terra Costantino, Contrada Blandano Etna Bianco 2019 : «Un beau côté végétal»Etna Bianco DOC, SicileNote du figaro : 93,5/100Prix : 31 €, prix conseillé

Le nez, droit et raffiné de prime abord, devient complexe, minéral, offrant des notes d’ananas frais, de fruit de coque et un beau côté végétal. La bouche est gourmande, délectable, avant une finale sur l’amande amère.

Disponible prochainement chez callmewine.fr

Claudio Mariotto, Derthona 2021 : «La bouche est pulpeuse, ronde et savoureuse»Colli Tortonesi DOC, PiémontNote du figaro : 93/100Prix : 22,36 €

Très « riesling alsacien » au nez, avec ces notes pétroleuses, puissantes, ainsi que quelques effluves de poire et de fleurs blanches. La bouche est pulpeuse, ronde et savoureuse, éclatante de fruits juteux. Très belle finale sur les amers.

Disponible chez Tannico.fr

Fattoria Le Pupille, Piemme 2022 : «Bouche assez enveloppante»Toscana IGT, ToscaneNote du figaro : 93/100Prix : 85 €, prix conseillé

Un nez riche et intense d’agrumes confits, d’huile de citron, de pêche blanche, de poire noble. Bouche assez enveloppante, on évolue entre des arômes d’amande douce et un bouquet complexe et presque vanillé.

Disponible prochainement chez fattoriapupille.com

Cantina Terlano, Nova Domus Terlaner Cuvée Riserva 2022 : «Particulièrement invitant»Alto Adige DOC, Trentin-Haut-AdigeNote du figaro : 92,5/100Prix : 49,41 €

Un nez discret sur des notes de pêche, de fleur de citron, de pierre à fusil. Sa minéralité le rend particulièrement invitant. Une belle bouche pure et juteuse, pleine d’allant et de charme, sur l’ananas frais.

Disponible chez Superiore.de

Livio Felluga, Terre Alte 2021 : «Un joli vin, au caractère très particulier»Rosazzo DOCG, VénétieNote du figaro : 92,5/100Prix : 80 €

Un nez élégant de fleurs fanées, de pivoines et de poivre blanc, des notes salées et végétales sont également de la partie. Toujours du poivre blanc en bouche, avec des agrumes confits, et une finale sur de magnifiques amers. Un joli vin, au caractère très particulier.

Disponible chez Callmewine.fr

Sono Montenidoli, Montenidoli Fiore 2022 : «Un vin loquace»Vernaccia di San Gimignano DOCG, ToscaneNote du figaro : 92/100Prix : 28,50 €

Un nez attirant de financier aux amandes, de raisin frais et de pomme. Très dynamique et frais en bouche, alléchant, un vin loquace qui s’exprime sur des notes de citron, de pêche rôtie et de thym, avec une pointe saline.

ACHETER SUR IDEALWINE : https://www.idealwine.com/fr/acheter-vin/2343831-1-bouteille-Vernaccia-di-San-Gimignano-DOCG-Montenidoli-Fiore-2022-Blanc?utm_source=PARTENAIRE-Le-Figaro&utm_medium=Article&utm_campaign=Le-Figaro

Ciro Picariello, Fiano di Avellino 2022 : «Caressant en bouche»Fiano di Avellino DOCG, CampanieNote du figaro : 91,5/100Prix : 21 €

Délicat, frais et rafraîchissant au nez, aux notes subtiles de silex, de citron vert et de sel au céleri, avec une touche résineuse. Le vin est caressant en bouche, à la fois fruité et salin, avec un beau poids et de jolis amers.

Disponible chez Vinissimus.fr

Umani Ronchi, Casal di Serra 2023 : «De beaux amers en finale»Verdicchio dei Castelli di Jesi DOC Classico Superiore, MarchesNote du figaro : 91/100Prix : 12 €

Un nez vif, attirant, de pin, de craie, de zeste de citron, d’abricot. La bouche, savoureuse, saline, se construit autour des notes de pêche bien juteuse, avec de beaux amers en finale.

Disponible chez Callmewine.fr

Bisol 1542, Valdobbiadene Prosecco Superiore Molera extra dry 2023 (effervescent) : «Rond, fruité, alléchant en bouche»Valdobbiadene Prosecco Superiore DOCG, VénétieNote du figaro : 91/100Prix : 18,50 €

Un beau nez, droit, sérieux, sur une noble amertume, aux arômes d’amande fraîche et de noisette. Rond, fruité, alléchant en bouche, porté par une bulle franche, sur des notes d’abricot, avec quelques fruits exotiques.

Disponible chez Tannico.fr

Donnafugata, Ben Ryé Passito di Pantelleria 2022 (liquoreux) : «La bouche est visqueuse à souhait»Passito di Pantelleria DOC, SicileNote du figaro : 91/100Prix : 38,50 € pour 375 ml

Riche et luxuriant au nez, aux notes très vives de raisin, de tarte Tatin, d’écorce d’orange et de pignon de pin, avec une pointe d’exotisme. La bouche est visqueuse à souhait, confiturée, sur des arômes de miel et d’ananas rôti.

Disponible chez Vinissimus.fr

Note aux lecteurs : Cet article est un contenu éditorial, rédigé exclusivement par les journalistes du Figaro. Toutefois, certains liens contenus dans l’article sont affiliés, de sorte que Le Figaro est susceptible de percevoir une rémunération lorsqu’un achat est effectué à partir de ces liens.

WSJ : TSMC to Delay Japan Chip Plant and Prioritize U.S. to Avoid Trump Tariffs

TSMC to Delay Japan Chip Plant and Prioritize U.S. to Avoid Trump Tariffs
Taiwanese semiconductor maker accelerates investment in Arizona

  • TSMC is delaying its second Japanese plant while increasing investment in U.S. expansion, influenced by potential Trump tariffs.
  • It is the latest example of how an aggressive stance on trade is pulling some investment toward the U.S. at the expense of allies.
  • TSMC plans to invest at least $100 billion more in the U.S. in the coming years.

TOKYO—Taiwan Semiconductor Manufacturing is delaying construction of a second plant in Japan partly because it is pouring funds more quickly into U.S. expansion ahead of potential Trump administration tariffs, people familiar with the plans said.

The revised schedule is the latest example of how President Trump’s aggressive stance on trade is pulling some investment toward the U.S. at the expense of allies. Major technology companies have committed to expand U.S. production of artificial-intelligence servers that are currently made in places such as Mexico and Taiwan.

Many regions around the world are eager for more investment by TSMC 2330 -0.46%decrease; red down pointing triangle, which serves clients such as Apple and Nvidia and has a market capitalization of nearly $1 trillion. The U.S., Japan, Europe and TSMC’s home base of Taiwan all see semiconductors as a strategic industry and have helped finance the company’s expansion.

However, TSMC is known for its meticulous approach to capital spending, and it is concerned about building more capacity than the market can bear, analysts said. Ensuring sufficient U.S. capacity is a priority because Trump has threatened to impose tariffs on imported chips.

TSMC said early last year that it would build a second plant in southern Japan’s Kumamoto prefecture, part of a $20 billion investment plan in the country that has brought in more than $8 billion in promised support from the Japanese government.

The first Japanese site started producing chips last fall for customers such as Toyota. Construction of the second plant was initially slated to start early this year. TSMC’s chairman, C.C. Wei, said in June that there would be a slight delay because of excessive car traffic in that region of Japan.

People familiar with TSMC’s plans said further delays to the second Japanese plant were likely and the timing of the construction start could no longer be forecast with accuracy.

The delay is a blow to Japan, whose economy is beginning to suffer from 25% tariffs Trump placed on imported autos and steel. Tokyo had hoped to reach an early trade deal with the U.S., but negotiations have bogged down and Trump in recent days has attacked what he described as Japan’s unwillingness to open its markets.

A Japanese government representative said the government hasn’t heard directly from TSMC that local traffic conditions were responsible for the construction delay and doesn’t believe that was the reason. Despite the delay, Japan believes that the second factory’s production start date and planned output remain roughly the same, the representative said.

TSMC also began construction on its first European manufacturing facility in Germany in late 2024, with production targeted to begin by the end of 2027.

In March, TSMC’s Wei visited the White House and, standing alongside Trump, announced plans to invest at least $100 billion more in the U.S. over the next several years, on top of $65 billion in previously announced investments.

In April, Commerce Secretary Howard Lutnick visited Arizona for the groundbreaking of TSMC’s third chip-making facility in the Phoenix area.

TSMC’s Arizona factories are the only ones outside Taiwan that are designed to produce leading-edge chips for American tech giants such as Apple, Nvidia and AMD. That aligns with the push by both the Biden and Trump administrations for greater domestic semiconductor manufacturing.

Trump has called for semiconductors to be made in America, and his administration has opened a probe that could result in semiconductor tariffs.

>>> Barrons Weekend Summary

Cover:
-Wall Street is embracing ETFs, with firms like Apollo Global Management launching the SPDR SSGA IG Public & Private Credit ETF, democratizing access to private markets. This ETF trades like a stock, allowing anyone with an account at Robinhood or Fidelity to buy a portion of Apollo's $600 billion private-credit portfolio. Firms are now packaging various aspects of their funds, including Bitcoin, leveraged bets on individual stocks, and bonds that would pay out sharply in a natural disaster. This has led to a Cambrian fund explosion, with over 4,000 ETFs listed on the New York Stock Exchange, compared to just 2,400 individual stocks. Fund companies launched over 700 ETFs last year, including 33 that track cryptocurrencies, 130 "buffered" ETFs, and dozens that magnify bets on indexes or stocks. Most new ETFs are small and nichey, holding less than $100 million in assets each. However, ETFs have taken in over $2 trillion of net inflows over the past two years, bringing total assets to nearly $11 trillion.

Interview:
-no update

Tech Trader:
-Hewlett Packard Enterprise recently closed its acquisition of Juniper Networks, a networking equipment firm that could compete with Cisco Systems and Nvidia in the market for high-speed networking equipment required in AI data centers. The deal officially closed on Wednesday, and HPE shares rose 12.6% on Monday. Oracle and C3.ai are prime candidates to add AI to their software through an acquisition. Oracle has already begun transforming itself for the AI age, moving customers to cloud-based versions of its software with annual subscriptions and building large data centers to rent out cloud servers for AI and traditional workloads. In fiscal 2025, revenue from the cloud was up 24%, while the rest of Oracle was flat on the year. C3.ai's offerings would fit nicely on top of Oracle's software, as it has 130 ready-made AI applications tailored for different industries.
Oracle could use its $11 billion in cash or its stock, which trades at a premium to its historical price/earnings ratio for the next 12 months. An Oracle/C3.ai merger would face one obstacle right off the bat: the company's founders have a history. C3 CEO Tom Siebel was among Oracle's early employees and became a top salesperson.

The Trader:
-Crocs stock has been struggling since November 2024 due to disappointing results for its HeyDude brand and concerns about sales and margins. The company makes about half of its shoes in Vietnam, which could raise costs due to tariffs. The stock has fallen about 4% this year, despite the S&P 500 index rallying 5.3%. However, Crocs's recent sales decline may be due to management missteps rather than lack of demand. Crocs stock is cheap relative to its history, peers, and the S&P 500, making it a buying opportunity if profit growth resumes next year. Analysts expect a more than 4% increase next year, and Crocs trades for just eight times 2026 EPS, below its five-year average of 10.3. Crocs' gross margin stands at nearly 58%, and consensus calls for the figure to rise going forward despite concerns about tariffs impacting profitability.
-Stocks have reached all-time highs this week, with the S&P 500 index and Nasdaq Composite both rising 1.7% and 1.6% respectively. The comeback since the trade crisis has been even more impressive, with the S&P 500 up 26% from the selloff low on April 8, while the NASDAQ has surged 34.9%. The worries from supersized tariffs and the US's artificial-intelligence dominance have slowly faded, with the momentum- and sentiment-driven market rally continuing unabated. Progress is being made in various areas, including a trade deal between the US and Vietnam, which includes 20% levies, down from 46%. Other deals, including one with India, are expected soon. The latest agreement was really about China, as many of its goods are shipped to Vietnam before entering the US. It confirms that countries acting as transshipment hubs for Chinese goods may face higher baseline tariffs and additional duties on rerouted products.

Features:
-The Trump administration is expected to unveil preliminary deals ahead of a deadline for higher tariffs on over 100 countries on July 9. Trade negotiations have been chaotic since the administration paused on the tariffs it unveiled on April 2, aiming to reduce the country's $1.2T trade deficit and many non-tariff barriers. Recent weeks have seen bouts of escalation followed by de-escalation, most famously with China, and more recently with the European Union, Canada, and Japan.
The administration's vow to strike 90 deals in 90 days is out the window, as only a preliminary agreement with the United Kingdom left 10% tariffs in place before Wednesday's announcement that Vietnam had agreed to 20% tariffs. The Trump administration also said it would levy a 40% duty on "transshipped" goods, targeting concerns that China was using Vietnam to circumvent trade restrictions. Negotiations have been complicated by factors such as domestic politics, pushback from countries against U.S. demands for a harder stance on China, and uncertainty over the fate of industry-oriented tariffs.
-The Republican megabill repeals much of the Inflation Reduction Act, gutting its funding and eliminating $7,500 electric-vehicle subsidies and credits worth 30% of the value of rooftop solar panels. However, last-minute changes to the bill have opened a window for well-capitalized companies to continue receiving tax credits for the next several years. Big solar and wind developers like NextEra, AES, EDP Renewables, and Engie should continue receiving tax credits for the next several years. Sen. Lisa Murkowski, the Republican from Alaska, convinced Republican leadership to slip in a one-year delay to requirements that companies start construction on clean-energy projects to receive grandfathered tax credits worth 30% of the project's value. The new language in the bill opens up the possibility that projects that enter service as late as 2030 could receive credits. Murkowski also got the Senate to rescind an excise tax that could have decimated wind and solar developers by penalizing projects that rely on Chinese materials. The more-benign language led clean-energy trade groups to soften their previous statements on the bill, downgrading it from a disaster to a disappointment. The work of building clean energy will only get harder from here, as the industry is a multifaceted beast that won't universally benefit from the latest version of the bill.

Europe:
-The Trump administration is expected to unveil preliminary deals ahead of a deadline for higher tariffs on over 100 countries on July 9. Trade negotiations have been chaotic since the administration paused on the tariffs it unveiled on April 2, aiming to reduce the US's $1.2T trade deficit and many non-tariff barriers. Recent weeks have seen escalation and de-escalation, with China, the European Union, Canada, and Japan being the most notable. The administration's promise to strike 90 deals in 90 days is out of the window, with only a preliminary agreement with the United Kingdom remaining in place before the announcement of Vietnam's agreement to 20% tariffs. The Trump administration also announced a 40% duty on "transshipped" goods, targeting concerns that China was using Vietnam to circumvent trade restrictions. Negotiations have been complicated by domestic politics, pushback from countries against US demands for a harder stance on China, and uncertainty over the fate of industry-oriented tariffs. President Trump reiterated the July 9 deadline and will send letters to countries informing them of their tariff rates. Despite the uncertainty, the S&P 500 index has managed to hit new highs, with investors playing down trade risks after several instances where the administration has pulled back on escalatory moves.

Emerging Markets:
-No update

Commodities:
-Silver experienced a significant increase in June, returning almost 10%, surpassing the returns of the stock and bond markets in Japan, Europe, and the US. The momentum could continue as July tends to bring favorable returns for the precious metal. The reason behind silver's gain is not easily pinpointed, but it could be due to gold's 43% climb over the past year, prompting traders to look at other stores of value and safer assets like silver. Silver could also benefit from new applications in solar panels and its essential role in the semiconductor industry as artificial intelligence booms. Investors can buy the iShares Silver Trust exchange-traded fund, the most liquid silver fund with $17B in assets, which physically holds the metal in vaults in London, giving investors direct exposure to spot prices of silver. Historical returns suggest that July has been the strongest month for the fund, with an average gain of 4.5%. Investing in most actively traded futures contracts is another option, with July's 10-year average gain at 4.1%. However, silver's gain in July is not guaranteed, as the iShares ETF has logged a positive return in July six out of 10 times.

Streetwise:
-Fake farming has become a viral phenomenon, boosting Roblox stock 171% in a year. FarmVille, launched on Facebook in 2009, reached over 30 million daily users within a year. The game's success led to a 2011 initial public stock offering and a $12.7 billion buyout from Take-Two Interactive in 2022. Now, the focus is on Grow a Garden, an agricultural simulator launched on Roblox during National Farmworker Awareness Week. Roblox is a platform for user-made games with simple graphics, popular with kids for its social elements. Grow a Garden recently set a record for most users playing simultaneously, with over 20 million users. The game has been played over 12 billion times, surpassing Epic Games shooter Fortnite. Barclays Capital analyst Ross Sandler believes Grow a Garden is the only videogame that has generated this type of engagement in such a short span of time.

>>> Weekend Papers Summary

FINANCIAL TIMES
-Boston Consulting Group (BCG) was involved in a multimillion-dollar contract to launch an aid scheme for the shattered Gaza enclave. The firm helped establish the Israel- and US-backed Gaza Humanitarian Foundation and supported a related security company. However, BCG disavowed the project, which has been marred by the deaths of hundreds of Palestinians, and fired two partners last month. The project, codenamed "Aurora," spanned over seven months, covering over $4M of contracted work and involving internal discussions at senior levels of the firm. Over a dozen BCG staff worked on the project between October and late May. The BCG team also built a financial model for the postwar reconstruction of Gaza, including cost estimates for relocating hundreds of thousands of Palestinians and the economic impact of mass displacement. BCG claims that senior figures were misled on the scope of the work by the project partners.
- Brussels has announced plans to build up emergency stockpiles of critical minerals and cable repair kits amid growing concerns over the EU's vulnerability to attack. The European Commission has outlined a stockpiling strategy, urging member states to coordinate backup supplies of food, medicines, and nuclear fuel. The strategy also aims to accelerate work on EU-level stockpiles of items such as cable repair modules and commodities like rare earths and permanent magnets, crucial for energy and defense systems. The EU's strategy is part of a wider push to improve the security and resilience of the 27-country bloc. Last month, German Chief of Defense General Carsten Breuer warned that Russia could attack an EU member state within the next four years. The higher-risk environment is driven by increased activity from hacktivists, cybercriminals, and state-sponsored groups.
-US President Donald Trump has threatened to impose 17% tariffs on EU agricultural exports, escalating the trade conflict with Brussels. The move, which EU officials view as an escalation of the transatlantic dispute, comes ahead of a July 9 deadline to agree a deal between the two trading giants. Trump imposed a 20% "reciprocal" tariff in April but reduced it to 10% until July 9 to allow for talks. EU officials had been expecting duties to remain at the baseline rate. Trump has demanded exemptions from regulations and a cut in US trade surplus, but EU officials have rejected Washington's latest proposals on exemptions and food tariffs. The EU is attempting to secure its own carve-outs for some products, including aircraft parts and spirits.
-Hamas has expressed a positive response to a US-backed proposal for a ceasefire in Gaza, indicating it will enter negotiations to end 21 months of war with Israel. However, Arab media reports suggest the group is seeking minor amendments to the proposal, making it unclear whether Hamas's response would be acceptable to Israel, Qatar, Egypt, and the US. Hamas is prepared to enter a new round of negotiations on the mechanism for implementing the framework. The group has delivered its response to the proposal, which includes a 60-day ceasefire, through international mediators following internal consultations and consultations with other Palestinian factions and forces. The Israeli government has not responded to the Hamas response, and Donald Trump is optimistic about a Gaza deal next week. The family of an Israeli hostage has demanded an immediate cabinet meeting to discuss the Hamas response.
-The Trump administration's caprice in policymaking has made it challenging for businesses to make long-term decisions about supply chains. Relocating plants is an eight- to 10-year decision, but mitigating the status quo is the likely strategy. Trump's "liberation day" tariffs were blunted by his announcement of a 90-day pause within a week, shifting the mood from panic to qualified concern. As countries clamor to strike fresh deals with Trump before the July 9 deadline, deep unease still lingers in global boardrooms and supply chains. Many companies are resorting to holding strategies, such as stockpiling goods and increasing the use of bonded warehouses. Storage costs for bonded warehousing are now up to four times the cost of non-bonded premises. Port congestion, where ships still carry 90% of global trade, is another ripple effect. At Europe's largest port, Rotterdam, chief executive Boudewijn Siemons predicts that prices for consumers will rise as companies continue to reorient goods flows.
-China's first Legoland, one of the world's largest, opened its gates this weekend, hoping to attract visitors despite pressure on consumer spending in the world's second-biggest economy. Legoland Shanghai, located 50km outside the city, includes a Lego replica of the city's distinctive skyline and will have over 75 rides, other models, and the company's signature yellow figures, using 85mn bricks. Merlin Entertainments, the UK-based company jointly operating Legoland Shanghai with the local government, is aiming to strengthen its presence in China. China's theme park industry is the world's second-largest after the US, and recent expansions and new projects, often drawing on foreign intellectual property, reflect high hopes for growth in an economy where consumer demand has lacked momentum.
-Donald Trump and Volodymyr Zelensky have discussed Ukraine's air defense needs amid escalating Russian strikes. The call came after a record Russian air attack on Ukraine, which included 539 Iran-designed drones and 11 cruise and ballistic missiles. The attack primarily targeted Kiev. Russia has stepped up its bombardments, launching its previous largest aerial assault last weekend. Moscow's troops are advancing on eastern battlefields at their fastest pace since November, threatening several Ukrainian strongholds. Zelenskyy and Trump agreed to work together to strengthen air defense protection. Ukrainian President Zelensky has repeatedly expressed willingness to purchase Patriot air defense batteries, interceptors, and other weapons. The discussion reflects a further warming of relations between the two nations.
-Castel Gandolfo, a small town south of Rome, is reclaiming its status as a Vatican outpost as Pope Leo XIV reinstates the customary summer retreat and other symbolic privileges discarded by his predecessor. The first American to lead the world's 1.4bn Catholics, Leo arrives at the 55-hectare papal estate for a two-week stay. During his visit, the sports fan and fitness enthusiast is expected to reflect on his new role, using the tennis court and possibly the pool built by Pope John Paul II. Local officials, business owners, and residents are bracing for an influx of pilgrims, security personnel, and support staff. Mayor Alberto de Angelis urged Leo to take up residence after his May election, stating that Castel Gandolfo is "part of the heart of the city."
- Israel's defense minister, Israel Katz, has stated that the country aims to maintain "aerial superiority" over Iran to protect itself from future threats from the Islamic republic. The UN confirmed that inspectors who provided information on Tehran's nuclear program had left Iran, following a 12-day war with Israel. Katz's mission now is to prepare a "blue and white" enforcement plan to prevent Iran from threatening Israel again. The outline echoes Israel's interpretation of a ceasefire with Hezbollah in Lebanon, where the air force continues to carry out air strikes even after the ceasefire in November 2024. The instructions come at a time when there is less information available about Iran's nuclear activities and there has been no independent assessment of the damage to Iran's nuclear facilities since US President Donald Trump announced a ceasefire last week. The location of Iran's enriched uranium stockpiles remains unknown.

NEW YORK TIMES
-President Trump signed a domestic policy bill into law during Independence Day celebrations, highlighting tax cuts in the legislation while downplaying cuts to Medicaid and other assistance for poor Americans. The bill, which was narrowly passed by the House, was accompanied by a flyover of B2 bombers, the same aircraft used in the recent bombing of Iran. Trump praised the massive tax cuts included in the bill and downplayed the unpopularity of the legislation in polls and the potential impact of spending cuts. He said, "The largest spending cut, and yet, you won't even notice it," while standing with the first lady, Melania Trump, on the balcony of the White House.
-Flooding in Central Texas began early Friday, killing at least 24 people and leaving 25 girls missing. The flooding continued in some areas early Saturday morning. The missing girls were at Camp Mystic near Hunt, Kerr County. Parents posted photos of their children online and others went to reunification centers to find missing loved ones. An unknown number of people were also missing. Texas officials said that some National Weather Service alerts had underestimated the risks. The most urgent alerts came in overnight, in the early hours of Friday. The rain that caused the flooding in Hunt eased up on Friday night, but a flood wave was moving down the Guadalupe River. Heavy rain was falling overnight in other pockets of Central Texas under flash flood warnings, affecting more than 30,000 people. Hundreds of emergency personnel were searching for stranded and missing people, and the Texas National Guard made 237 rescues and evacuations using helicopters and rescue swimmers.
-Israel has achieved significant success in its fight against its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. After three-quarters of a century of fighting hostile neighbors, Israel has almost vanquished its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. The exercise of raw power has allowed Israel to have a future mostly free from immediate threats, with the risk of a nuclear Iran diminished or possibly gone. Israel has stable relations with Persian Gulf Arab states, and Prime Minister Benjamin Netanyahu has cemented his partnership with President Trump. However, the war in Gaza and attacks on Iran and Lebanon have undercut Israel's standing among the world's democracies.
-Hamas has responded positively to a proposal for a 60-day cease-fire with Israel and is ready to initiate negotiations on implementing it. It is unclear whether Hamas is demanding any significant changes to the plan or if any gaps could be easily bridged or create new hurdles to an agreement. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details. President Trump announced on Tuesday that Israel had agreed to the conditions for a temporary truce, and he called on Hamas to do the same. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details.
-President Trump's domestic policy law has shifted the burden of healthcare, food assistance, and other programs onto state governments. As a result, states are bracing for the added burdens of the law, as Washington shifts much of the burden onto them. Governor JB Pritzker of Illinois and legislative leaders might hold a special session to deal with the new law, even though the recently passed state budget already includes $100 million to cover shortfalls in federal funding. Gov. Katie Hobbs of Arizona has warned that even her state's $1.6B emergency fund will be insufficient to weather the coming changes, as she believes that even if she cuts every single thing in the state, she doesn't have the money to backfill all these cuts. The federal budget bill is considered "devastating" for her state.
-Iran is seeking allies in the emerging economies group BRICS, which aims to counter the United States and other Western powers. However, military strikes on Iran are testing its unity. The Islamic republic, which has been weakened in the Middle East, is expected to use the BRICS summit to gain more explicit support from the group. Iran, a newcomer to the group, will join a two-day meeting in Rio de Janeiro, where it will demonstrate its power as it faces sanctions and threats of more military strikes over its nuclear program. The BRICS group issued a statement expressing "grave concern" after Israel and the United States launched military strikes on Iran last month. Despite this, the alliance, which represents over half of the world's population, has not outright criticized Israel or the United States. Analysts expect Iran to use the summit as an opportunity to show it has powerful allies.
-The Supreme Court has rejected a last-ditch attempt to block the deportations of eight men to South Sudan, who have been held at the U.S. military base camp in Djibouti for several weeks. The deportations were ruled to move forward after the court ruled that the deportations could proceed. The eight men the government hopes to deport to South Sudan have been held at the base for several weeks.
-China has paid a high price for its dominance in rare earths, as its mines and refineries produce most of the world's rare earth metals and a few crucial kinds of rare earths. This has given China's government near complete control over a critical choke point in global trade. However, for decades, toxic sludge from rare earth processing has been dumped into a four-square-mile artificial lake in northern China. In south-central China, rare earth mines have poisoned dozens of once-green valleys and left hillsides stripped to barren red clay.
The industrialized world, on the other hand, had tighter regulations and stopped accepting even limited environmental harm from the industry as far back as the 1990s, when rare earth mines and processing centers closed elsewhere.
-Justice Ketanji Brown Jackson, the first Black woman to serve on the Supreme Court, has been a vocal critic of her conservative colleagues and their approach to the Trump agenda. In solo dissents this term, she accused the conservative majority of lawless bias. Justice Amy Coney Barrett responded to her criticism on the term's last day. Jackson, who wrote just five majority opinions, has been criticized for taking lawless shortcuts and placing a judicial thumb on the scale in favor of President Trump. She called the majority's opinion in the birthright citizenship case, issued on the final day of the term, "an existential threat to the rule of law." Jackson, who just concluded her third term, has become the court's newest member and has quickly emerged as a forceful critic of her conservative colleagues and their approach to the Trump agenda.
-Immigration arrests in Virginia have accelerated at a rate more than that of almost any other state, according to lawyers and advocates. The pace of immigration arrests has shot up across the country under the second Trump term, but few places have seen a spike quite as sharp as in Virginia. Immigration and Customs Enforcement (ICE) arrests in the state by ICE agents are up more than 350 percent since 2024, one of the steepest increases in the country. This outpaces the growth in ICE arrests in Democratic-run states like California and New York and Republican-controlled states like Florida and Texas. Nearly 3,000 people were arrested by ICE in Virginia in the first five months of 2025, on par with numbers in a much larger state like New York. It is not entirely clear why Virginia, a politically middle-of-the-road state, has become such a magnet for immigration enforcement.
-Under Trump's crackdown, a new crop of immigrant rights groups has emerged, with networks of volunteers focused on responding to federal actions. As the crackdown intensifies, so could confrontations. One example is the LUCE Immigrant Justice Network of Massachusetts, which was preparing for a situation when a call came in March about a group of officers taking away a young woman in a hijab. Within minutes, volunteers were sent out to verify the report in Somerville, a suburb northwest of Boston. They arrived to empty streets and began knocking on doors to help them piece together what occurred. One neighbor offered footage from a home security camera. The LUCE Immigrant Justice Network of Massachusetts has been preparing for such situations and has been preparing for such moments. As the crackdown becomes more intense, so could confrontations.

NEW YORK POST
-In a guest editorial, Prof. Bjorn Lomborg (a well-known Danish political scientist and statistician who gained global recognition for his critique of ecological crisis theories climate change exaggerations) targets the media and its irresponsible manipulations of heat waves. He observes that most western media is warning of dangerously high temperatures in the US and Europe, with headlines like "Extreme Heat Is Breaking America" and "Lethal heat is Europe's new climate reality" highlighting the urgency of climate action. However, this narrative only tells a misleading fraction of the story. Heat waves are photogenic and immediately visible, and heat kills within just a few days of temperatures going up, as it swiftly alters the electrolytic balance in weaker, often older people. These deaths are tragic and often preventable, but the media seldom reports on deaths from cold, which kills slowly over months due to the body constricting peripheral blood vessels to conserve heat.
-President Donald Trump stated that Iran has not agreed to inspections of its nuclear program or to cease enriching uranium. He stated that Tehran's nuclear program has been set back permanently, although it could be restarted at a different location. Trump will discuss Iran with Israeli Prime Minister Benjamin Netanyahu during his visit to the White House. Trump stated that he would not allow Tehran to resume its nuclear program and that Iran did want to meet with him. The UN nuclear watchdog has pulled its last remaining inspectors from Iran as a standoff deepens over their return to the country's nuclear facilities bombed by the US and Israel. The US and Israel claim that Iran is enriching uranium to build nuclear weapons, while Tehran insists its nuclear program is for peaceful purposes. Israel launched its first military strikes on Iran's nuclear sites in a 12-day war with the Islamic Republic three weeks ago.
-Taiwan's TSMC plans to delay its chip plant project in Japan and prioritize operations in the United States to avoid tariffs imposed by President Trump, according to the Wall Street Journal. TSMC stated that its investment plans in the U.S. would not impact existing investment plans in other regions and that its global manufacturing expansion strategy is based on customer needs, business opportunities, operating efficiency, government support, and cost economic considerations.