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Trump to move fast on tariffs, says Wall Street firm, citing clients who met with ex-trade chief

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Former U.S. Trade Representative Robert Lighthizer is apparently telling Wall Street money managers that if the Republican presidential nominee is reelected, he could start implementing his sweeping tariff proposals quickly after taking office, according to policy analysts at Piper Sandler. Trump claims his sweeping tariffs will rake in enough money to pay for an array of major tax cuts and other intitiatives. Lighthizer is seen as a top prospect for a number of senior roles in a potential second Trump administration. In this article DJT -0.01 (-0.04%) Follow your favorite stocks CREATE FREE ACCOUNT Robert Lighthizer, former US trade representative, speaks during an event with former US President Donald Trump, not pictured, at Precision Components Group in York, Pennsylvania, US, on Monday, Aug. 19, 2024.  Graeme Sloan | Bloomberg | Getty Images Donald Trump ’s longtime trade adviser is apparently telling Wall Street money managers that if the Republican presidential nominee is reelect
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World shatters heat record for the second time in just two days

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  A worker, called ‘torchers’, works in a charcoal production during scorching heat exceeding 40 degrees Celsius in Diyarbakir, Turkiye on July 18, 2024. Anadolu | Anadolu | Getty Images The world registered its hottest day on record for the second time in just two days, according to the  latest data  compiled by the European Union’s climate monitor. The EU’s Copernicus Climate Change Service (C3S) said on Wednesday that the global average surface temperature climbed to 17.15 degrees Celsius (62.87 degrees Fahrenheit) on Monday — eclipsing the previous record of 17.09 degrees Celsius,  which had been set on Sunday . C3S, which has been tracking the daily global mean temperature since 1940, said Sunday’s record had already shown “we are now in truly uncharted territory.” The EU’s climate monitor has warned that new temperature records are inevitable as the planet keeps warming. Scientists have  repeatedly  called for urgent and rapid reductions in greenhouse gas emissions to stop global
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Tesla shares wipe out loss for the year with 27% rally this week

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  Elon Musk attends "Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk" during the Cannes Lions International Festival Of Creativity 2024 - Day Three in Cannes, France, on June 19, 2024. Marc Piasecki | Getty Images Tesla's  stock price rose enough on Friday to wipe out its loss for the year and bring its gain for the week to 27%. Shares of the electric vehicle maker closed Friday at $251.55. They ended last year at $248.48, and proceeded to fall as low as $138.80 in April. The latest rally was sparked by a better-than-expected  deliveries report  for the second quarter on Tuesday. While deliveries still dropped 4.8% from a year earlier, the falloff was less steep than the first-quarter decline, and gave investors reasons for optimism heading into the second half. In April, Tesla shares hit a 52-week low after a string of troubling developments. Sales in the core automotive business  fell in the first quarter , the company  downsized  thr
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Britain’s Labour pulled off a thumping election victory with just 34% of the national vote

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  British Prime Minister Keir Starmer and his wife Victoria Starmer react as they greet Labour campaigners and activists at Number 10 Downing Street, following the results of the election, in London, Britain, July 5, 2024.  Toby Melville | Reuters LONDON — The U.K.’s Labour Party won a huge parliamentary majority in the country’s general election, but a quirk of the British electoral system means it did so with just 34% of the total votes cast. Results show that the opposition Labour Party has  won 412 parliamentary seats of  the total 650, with just two seats yet to be declared. This translates as roughly 63% of the total seats, but Labour has won just 34% of the total “popular” vote, while the Conservative Party has secured nearly 24% of that number. Meanwhile, smaller parties including the centrist Liberal Democrats, right-wing Reform U.K. and the Greens took nearly 43% of the popular vote but gained just less than 18% of the seats available. WATCH NOW VIDEO 04:08 Labour does not ha
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Philippines overtakes China and Indonesia to be most dependent on coal-generated power

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  Coal-fired power plants in Mariveles, Bataan, the Philippines, on June 6, 2023. Bloomberg | Bloomberg | Getty Images The Philippines’ dependency on coal-fired power surged 62% last year, overtaking China, Indonesia and Poland, according to London-based energy think-tank Ember. The Philippines was also the most coal-dependent country in Southeast Asia in 2023, as adoption of renewable electricity generation remained low. The share of electricity generated from coal in the country climbed to 61.9% last year compared to 59.1% in 2022. Overall, coal generation in the country also rose by 9.7%, higher than a 4.6% increase in electricity demand, the report said. “Coal has played important roles in the Philippines’ energy security. In the 1990s, many new coal power plants were being built to meet the growing electricity demand,” Dinita Setyawati, senior electricity policy analyst for Southeast Asia at Ember Climate told CNBC. Indonesia and the Philippines are the two most coal dependent cou
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History suggests bitcoin will likely hit a new all-time high this year, report says

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  In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in Paris, France, on March 5, 2024. Chesnot | Getty Images News | Getty Images Bitcoin  has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, according to a research report released by CCData on Tuesday. Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000. The journey to the record high in March was largely driven by the  approval  and  launch of the spot bitcoin exchange-traded funds, or ETFs , in the U.S. in January. They have attracted net inflows to date of around $14.41 billion to date, according to CCData. ETFs allow investors to buy a product that tracks the price of bitcoin without owning the underlying cryptocurrency. Crypto proponents say this has helped legitimize the asset class and make it easier for larger institutional investors
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