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Reuters reports that President Donald Trump's announcement of reciprocal tariffs is a political risk for his party and could bring economic pain to his constituents if his promises to overhaul the U.S. economy do not deliver. Experts believe it will take years to revitalize U.S. manufacturing, alter supply chains and reshore production, the goals which Trump and his Republican supporters suggest the tariffs will achieve. "[Trump] has a high tolerance for pain, but it could turn into real pain at the ballot box [in] November 2026," observed Mike Dubke, a former communications director for the president during his first term. "The concern here is what point are we going to see the benefits that he and his advisers believe we're going to reap? Because he's only got 18 months before the midterms." Meanwhile the New York Times says the tariffs are just the latest sign of Trump's second-term appetite for risk. “He is obviously exceedingly confident about how he thinks these policies will play out,” said Matthew P. Goodman, the director of the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations. “[But] to think this is not going to have an impact on the markets, and on prices and on economic growth, is really stretching one’s imagination.”

 

New York Times

Reuters

The International Civil Aviation Organization (ICAO) has expressed “grave concern” over increasing incidents of GPS jamming and spoofing, particularly near conflict zones. ICAO Secretary-General Juan Carlos Salazar said: “Radio Navigation Satellite Service interference can impact aircraft operations far beyond the immediate affected area.” In response, ICAO, along with the International Telecommunication Union and the International Maritime Organisation, has urged Member States to enhance protection of critical radio-frequency bands. Key actions include safeguarding RNSS from harmful interference and improving collaboration among regulatory and enforcement authorities.

 

Gulf Times

The Trump administration has terminated staff involved in the Food and Drug Administration's bird flu response amid significant layoffs at the Department of Health and Human Services. Health Secretary Robert F. Kennedy, Jr. has said he plans to eliminate 10,000 positions across various departments. The firings, which affected leadership and administrative staff at the FDA's Center for Veterinary Medicine, threaten to halt operations of the Veterinary Laboratory Investigation and Response Network, which is crucial for testing raw pet food for bird flu. Keith Poulsen, director of the Wisconsin Veterinary Diagnostic Laboratory, emphasized the importance of coordinated testing, saying: "You chop off the head of the leadership, and now we have to reinvent that wheel." The ongoing bird flu outbreak has already led to the death of nearly 170m birds and has significantly impacted egg prices.

 

U.S. News

Brazilian federal prosecutors have charged 13 former executives of retailer Americanas, including former chief executive Miguel Gutierrez, with fraud. The charges follow the company's revelation of accounting inconsistencies that led to its bankruptcy filing in 2023. Prosecutors identified Mr Gutierrez as the primary responsible party, alongside other top executives such as Anna Saicali, Jose Timotheo de Barros, and Marcio Cruz Meirelles. Mr de Barros' lawyer plans to contest the accusations, claiming they are rushed and lack impartiality. Americanas has initiated arbitration against the four former executives and is also facing allegations of insider trading from Brazilian securities regulator CVM.

 

Reuters

Johnson & Johnson's $10bn proposal to resolve lawsuits linking its baby powder to ovarian cancer has been rejected by U.S. Bankruptcy Judge Christopher Lopez, marking the third failure of the company's bankruptcy strategy. Lopez said: "While the Court's decision is not an easy one, it is the right one," as he emphasized that J&J does not belong in bankruptcy. The company faces over 60,000 lawsuits alleging its talc products contained asbestos and caused ovarian cancer, claims that J&J denies. The rejected settlement aimed to end these lawsuits and prevent future claims.

 

Reuters

The PCAOB has reported notable improvements in deficiency rates among the six largest global auditing firms in its 2024 inspection results. The aggregate Part I.A deficiency rate for all inspected firms decreased to 39%, down from 46% in 2023. Erica Williams, PCAOB chair, said: "We challenged the audit profession to do better for America's investors, and these significant improvements demonstrate real progress in protecting investors." The Big Four firms saw their deficiency rate drop to 20% from 26%. While progress is evident, Williams emphasized the need for continued efforts to enhance audit quality, urging firms to build on this momentum. The PCAOB's initiatives include increasing transparency and providing resources to improve audit practices.

 

Accounting Today

Fifteen carmakers, and the automakers association ACEA, have been fined €458m ($495m) by E.U. antitrust regulators for taking part in a vehicle recycling cartel. The European Commission said the cartel, which involved end-of-life vehicles, was extant from May 2002 to September 2017. The ACEA organized meetings and contacts between the companies. "We will not tolerate cartels of any kind, and that includes those that suppress customer awareness and demand for more environmentally friendly products," E.U. antitrust chief Teresa Ribera said. Penalised members of the cartel included Volkswagen, Stellantis, Toyota, Mitsubishi, Honda, Hyundai, Jaguar Land Rover, Mazda, GM, Suzuki and Volvo.

 

Luxembourg Times

Institutional Shareholder Services (ISS) has recommended that Goldman Sachs investors reject the board's decision to grant $160m in stock awards to CEO David Solomon and COO John Waldron. The awards, intended to retain top executives amid fierce competition, were unveiled in January but lacked "rigorous, pre-set performance-vesting criteria," raising concerns about their "magnitude and structure," according to ISS's report. Glass Lewis, another proxy adviser, has also advised against the pay packages. Goldman Sachs has defended the awards, saying they are crucial for maintaining leadership stability and a strong succession plan.

 

Reuters

Allianz Global Investors (AGI) has revised its sustainable fund policies, allowing investments in companies generating over 10% of their revenue from military equipment and services. Matt Christensen, AGI's global head of sustainable and impact investing, said that the previous restrictions were "onerous." The changes also permit investments in nuclear weapons activities compliant with the Nuclear Non-Proliferation Treaty.

 

Reuters

The Democratic Republic of Congo (DRC) is in early discussions with Rio Tinto to develop the Roche Dure lithium deposit, one of the largest hard rock lithium sources globally. The DRC aims to attract Western investment to reduce Chinese influence in its mining sector. The Roche Dure deposit, initially identified by AVZ Minerals, is estimated to contain 400m tonnes of mineral resources, including 1.65% lithium oxide. Rio Tinto's interest in the deposit reflects its strategy to become a key player in the lithium supply chain, especially for the electric vehicle industry. The company has previously acquired Arcadium Lithium for $6.7bn and is also exploring opportunities in Serbia and Argentina. As the negotiations progress, there is speculation about potential collaboration between Rio Tinto and KoBold Metals, which is backed by prominent investors like Bill Gates and Jeff Bezos.

 

Mining-Technology

Moscow and Washington have initiated discussions regarding joint projects in rare earth metals, according to Kirill Dmitriev, the head of Russia's sovereign wealth fund and CEO of the Russian Direct Investment Fund. Dmitriev said that "rare earth metals are an important area for cooperation," as he indicated that some companies have already expressed interest in such projects. Following negotiations over a minerals deal with Ukraine, President Putin has proposed a collaborative exploration of Russia's rare earth deposits as part of a future economic agreement with the U.S. The next round of talks is expected to take place in mid-April in Saudi Arabia, where further discussions on cooperation may occur. The U.S. is seeking to reduce its reliance on China in this critical sector.

 

U.S. News