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US import tariffs on crude oil from Canada and Mexico are set to end next Wednesday, with a potential 10% tariff on Canadian oil and 25% on Mexican oil. However, the market anticipates these tariffs may not be implemented, as evidenced by the narrowing price discount for Canadian oil, which has dropped significantly in recent weeks. This shift may also be influenced by expected reductions in oil supplies from Venezuela, positioning Canadian oil as a viable alternative for US refineries.
Santander Private Banking has been recognized as the Best International Private Bank in multiple Latin American countries, including Argentina, Brazil, and Mexico, by Euromoney. The bank also excelled in discretionary portfolio management and services for High Net Worth Individuals across various regions. With nearly 500 billion euros in assets under management and a significant profit increase, Santander continues to emphasize customer focus and innovation in its global operations.
At the 2024 World Pork Expo, Rabobank's Christine McCracken highlighted a positive shift in the North American pork market, with improved supply-demand balance and reduced feed costs boosting profitability for U.S. hog producers. Despite softer pork demand, particularly in the U.S., there are optimistic signs for the second half of the year, especially with reduced competition from beef and chicken. Canada and Mexico remain vital partners, with Mexico's strong demand for U.S. pork driven by cultural preferences and economic growth, despite potential uncertainties from political changes.
The Trump administration's 25% tariff on imported vehicles and certain auto parts, effective April 2, 2025, is viewed by Deutsche Bank as a permanent policy to encourage reshoring of automotive production to the US. Analysts predict that while Tesla and Ford will be less affected due to their domestic operations, General Motors will face significant challenges due to its manufacturing in Mexico. The tariffs are expected to lead to production adjustments and cost recovery efforts among OEMs and suppliers, creating a volatile environment in the automotive industry.
Starting in April, the USA will impose a 25% tariff on car imports and parts, with additional duties affecting the automotive supply industry by May 3. President Trump views these tariffs as permanent, potentially escalating a global trade war, particularly impacting European and Asian manufacturers. The tariffs could drive up vehicle prices, influencing inflation and the consumer price index, while currency depreciation may offer some cost relief to European and Mexican manufacturers.
Nestlé S.A., the world's leading food group, reports its sales breakdown by product family: powdered and liquid beverages (26.9%), pet food (20.7%), pharmaceutical and nutrition products (16.6%), prepared dishes and seasonings (11.7%), dairy and ice creams (11.4%), chocolates and cookies (9.2%), and packaged waters (3.5%). Geographically, sales are concentrated in the United States and Canada (35.2%), followed by China (5.9%), Brazil (4.4%), and several European countries, with Switzerland at 1.2% and the UK at 4%.
Scotiabank has appointed Pablo Elek, previously a top executive at HSBC's Mexico unit, as CEO of its Mexican operations, effective May 15. This move aligns with the bank's strategy to focus on North America, as it shifts capital away from Latin America, including the transfer of operations in Colombia, Costa Rica, and Panama to Banco Davivienda. CEO Scott Thomson noted that while the bank is cautious about U.S. tariffs, it remains committed to its North American corridor strategy.
Banco Santander is set to close 95 branches in the UK, impacting up to 650 employees, as part of a restructuring plan aimed at adapting to changing customer needs amid increasing digitalization. The bank will maintain 290 full-service branches and implement new service strategies, ensuring 93% of the population retains access to banking services. Despite rumors of a potential sale, Ana Botín emphasized the UK market's importance and the subsidiary's profitability, while growth is expected to be driven primarily by operations in the Americas.
HSBC chair Sir Mark Tucker stated that "globalisation as we knew it may have now run its course," citing trade and geopolitical tensions that could reshape economic ties among regional groups and trade blocs. He emphasized that while the world won't regress into de-globalisation, new opportunities will arise, particularly among the expanding Brics group, which now includes additional countries like Iran and the UAE. Tucker noted that economic connectivity between Asia and the Middle East is expected to increase significantly in the coming years.
DLocal has partnered with ecommerce platform Temu to enhance payment options in 14 emerging markets across Africa, Asia, and Latin America. This collaboration addresses challenges posed by limited payment options and high unbanked populations, aiming to reduce cart abandonment rates that can exceed 70% in these regions.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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