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VENUE SPONSOR CILANTRO CULINARY & PASTRY ACADEMY Mercedes-Benz mulls diversification into defence *Terms & Conditions Apply

China signals tariff cuts after Trump-Xi summit BEIJING: China and the US have agreed to expand agricultural trade through tariff reductions and tackle non-tariff barriers and market access issues, China’s Commerce Ministry said on Saturday after last week’s summit in Beijing. The agreements are “preliminary” and will be “finalised as soon as possible”, the ministry said following US President Donald Trump’s visit. China’s farm imports from America still face an additional 10% levy after last year’s rounds of tit-for-tat tariffs sharply curtailed trade, which fell 65.7% year-on-year to US$8.4 billion in 2025, according to US Department of Agriculture data. The Commerce Ministry said both sides aim to promote two-way trade, including in agricultural products, through measures such as reciprocal tariff reductions across a range of goods. It did not specify which products. China resumed purchases of some US farm goods after an October meeting, fulfilling a US-stated commitment to buy 12 million metric tons of soybeans by the end of February. It has also purchased some US wheat cargoes and large volumes of sorghum. Market watchers expect a 10% cut in soybean tariffs, which could allow private Chinese crushers to resume purchases that were largely sidelined during last year’s US harvest, when state crop traders were the only buyers. “Tariff reductions on agricultural products would mark a normalization of China-US farm trade, allowing commercial buyers to re-enter the market,“ said Johnny Xiang, founder of Beijing-based AgRadar Consulting. The ministry said both sides agreed to “resolve or make substantive progress”on non-tariff barriers and market access issues. China will work to address US concerns over registration of beef facilities and poultry exports from certain US states, it said. Beijing on Friday granted five-year registration extensions to 425 US beef plants that had largely been shut out after their registrations lapsed last year, and approved new five-year registrations for 77 additional US facilities. US Secretary of Agriculture Brooke Rollins wrote in a post on X on Saturday that China agreed to implement beef commitments that include resuming imports from 17 Amercan states.

BERLIN: The CEO of German automaking giant Mercedes-Benz has said he has not ruled out entering the defence industry. “The world has become more unpredictable, and I think it is quite clear that Europe needs to strengthen its defence capabilities,” CEO Ola Kaellenius said in an interview with The Wall Street Journal published last week. “If we are able to play a positive o World has become more unpredictable, says CEO

and defence sector constitute a strategic development focus that we will continue to actively pursue, in collaboration with our partners,” the spokesperson added. In his Wall Street Journal interview, Kaellenius did not go into details on what kind of products Mercedes-Benz might manufacture. Kaellenius predicted that defence-related business would represent only a “minor part of Mercedes-Benz’s operations” compared with auto and van manufacture. But he added defence could be “a rapidly growing niche that could also contribute to the group’s financial results.” – AFP

Oliver Blume, said he was “in contact” with defence companies, particularly those involved in missile defence, to convert a German factory to produce military transport equipment. According to the Financial Times , discussions are under way with Rafael Advanced Defense Systems. Asked by AFP to comment on Kaellenius’s interview, a Mercedes spokesperson said the firm “has for many years been supplying chassis to specialised firms which equip and market them under their own responsibility and under their own brand for military applications”. “Our activities in the security

role in this area, we would be ready to do so,” said Kaellenius, a German-Swedish national. His remarks come amid Germany beefing up its military capacity in response to Russia’s invasion of Ukraine in February 2022. The German defence industry has locked onto that trend, as illustrated by the rise of arms maker Rheinmetall in recent years, with the group recently pushing into the naval and dronemaking spheres. In contrast, German automakers, such as Mercedes-Benz and Volkswagen, are battling crises, caught between tariffs and bitter Chinese competition. In late March, the CEO of fellow German auto giant, Volkswagen,

Tata Electronics, ASML partner on India’s first semiconductor fab plant MUMABAI: Tata Electronics and ASML on Saturday signed an agreement to build India’s first front-end semiconductor fabrication plant in the state of Gujarat, as the country accelerates efforts to develop a domestic chip industry. The Dutch chipmaking equipment maker’s technology will support Tata Electronics’ planned 300-millimetre semiconductor fabrication plant in Gujarat, the companies said in a joint statement. “India’s rapidly expanding semiconductor sector represents many compelling opportunities, and we are committed to establishing long-term partnerships in the region,“ ASML CEO Christophe Fouquet said.

Tata Electronics is developing the plant in Dholera, Gujarat, with an investment of US$11 billion, aimed at producing chips for applications ranging from automotive and mobile devices to AI, the statement said. The deal was signed in the presence of Indian Prime Minister Narendra Modi and Dutch Prime Minister Rob Jetten, India’s Ministry of External Affairs said, adding the two leaders also met chief executives from leading Dutch companies across sectors including energy, ports and technology. Modi urged Dutch firms to invest in areas such as semiconductors, renewable energy, digital technologies and healthcare, while both leaders called for early implementation of an India-European Union free trade agreement. India has pledged billions of dollars in subsidies to attract semiconductor fabrication plants and related manufacturing, with eight projects underway including a US$14 billion Tata Electronics facility in Gujarat. Meanwhile, Dutch semiconductor firms are seeking new markets and geographical diversification amid export controls and trade restrictions linked to US-China technology rivalry. – Reuters

US Trade Representative Jamieson Greer said on Friday the United States expects China to buy “double-digit billions” worth of US farm goods over the next three years, although neither side has yet released details on specific products, values or volume. – Reuters DayOne said to be considering dual IPO in Singapore and US

Tata Electronics CEO Randhir Thakur (bottom left) and Fouquet sign documents for the Memorandums of Understanding as Modi and Jetten look on during the Indian prime minister’s official visit in The Hague. – AFPPIC

NEW YORK: Global data centre operator DayOne is considering a dual initial public offering in Singapore and the US, though the Singapore plans are not concrete at this stage, a source familiar with the matter told Reuters yesterday. DayOne initially considered a sole listing in New York, but has been

valuation at the time. The funding round was priced at a 100% premium to its prior equity raising, the data centre operator said at the time. The round was led by existing investor Coatue with participation from investors including Indonesia’s sovereign wealth fund, Indonesia Investment Authority. – Reuters

investors include US investment firm Coatue Management, SoftBank Vision Fund and Citadel Securities founder Ken Griffin. GDS retains a minority stake in the company. DayOne raised more than US$2 billion in its series C equity financing in January, but did not disclose a

DayOne planned to raise US$5 billion in a US IPO that could value the company at US$20 billion. Shanghai-based GDS Holdings set up GDS International in Singapore in 2022, which was rebranded as DayOne in January 2025 following its separation from the parent company. Singapore-based DayOne’s current

persuaded by Singaporean stock market officials to co-list, the Financial Times reported earlier yesterday. The source spoke to Reuters on condition of anonymity because the information was not public. The data centre operator declined to comment. Reuters reported in February that