Category: 3. Business

Burying the hatchet with Brussels, Donald Trump – flanked by the leader of the European Commission – hailed a bold new era of transatlantic relations, an ambitious economic pact, and declared: “This was a very big day for free and fair trade.”

That was seven years ago. And then on Sunday, the US president – flanked by a different leader of the European Commission – hailed another new era of transatlantic relations, another economic pact and declared: “I think it’s the biggest deal ever made.”

Trumpian hyperbole can typically be relied upon as long as he’s in the room, at the lectern or typing into Truth Social. What matters after that is the underlying detail – and we have very little, beyond a handful of big numbers designed to grab headlines.

What we do know, as a result of this deal, is that European exports to the US will face a blanket 15% tariff: a tax expected, at least in part, to be passed along to US consumers. The price of key products shipped from the EU, from cars to medicine and wine, is about to come into sharp focus.

This pact is not unique. Trump’s agreement with Japan also hits Japanese exports to the US with a 15% tariff. Most British exports to the US face a 10% tariff under his deal with the UK.

A string of countries without such accords, including Brazil, Canada and South Korea, are set to face even higher US tariffs from Friday. The Trump administration currently has a blanket 10% levy in place for US imports, although the president threatened to raise this to “somewhere in the 15 to 20% range” earlier this week.

Ignore, for a moment, the chaos and the noise. Put to one side the unpredictable stewardship of the world’s largest economy, and its ties with the world. And forget the many U-turns, pauses and reprieves which have followed bold pronouncements, again and again and again.

If you, like many businesses in the US and across the world, are struggling to keep up, take a step back and look at a single number. Since Trump took office, the average effective US tariff rate on all goods from overseas has soared to its highest level in almost a century: 18.2%, according to the Budget Lab at Yale.

Trump argues this extraordinary jump in tariffs will bring in trillions of dollars to the US federal government. On his watch, tariffs have so far brought in tens of billions of dollars more in revenue this year than at the same point in 2024.

But who picks up the bill? The president and his allies have position this fundamental shift in economic policy as a historic move away from taxing Americans toward taxing the world. But in reality, everyone pays.

Tariffs are typically paid at the border, by the importer of the product affected. If the tariff on that product suddenly goes from 0% to 15%, the importer – as you’d expected – will try to pass it on. Every company at every stage of the supply chain will quite literally try to pass the buck, as much as possible.

And the very end of the chain, economists expect prices will ultimately rise for consumers. The Budget Lab at Yale estimates the short-term impact of Trump’s tariffs so far is a 1.8% rise in US prices: equivalent to an average income loss of $2,400 per US household.

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Big firms that have so far done their best to hold prices steady amid the blizzard of tariff uncertainty are now starting to warn of increases. Inflation, which Trump claims is very low in the US, picked up in June.

The president appeared to reluctantly reckon with the reality that Americans may start to foot the bill for his tariffs before setting off for Scotland late last week.

Asked about the prospect of using revenue from tariffs to distribute “rebate” checks to US consumers, Trump said: “We’re thinking about that, actually … We’re thinking about a rebate, because we have so much money coming in, from tariffs, that a little rebate for people of a certain income level might be very nice.”

Given what inflation did to Joe Biden’s electoral fortunes, and Trump’s keen eye for populist policies, it’s hardly a stretch to imagine those cheques – signed by Donald J Trump – landing in bank accounts in time for the midterm elections next November.

And such a move would, indeed, be very nice. Especially as it appears increasingly likely that, after this week, Americans will probably be paying more for almost everything.

Weather disasters in the first half of this year have cost the United States $93 billion in damage, according to a report released Tuesday by a German multinational insurance company.

The analysis by Munich Re, the world’s largest reinsurer, found that more than 70% of all damage globally from weather disasters so far this year occurred in the U.S., with uninsured Americans and their local governments experiencing a whopping $22 billion in damage.

The report shows the soaring economic toll that wildfires, severe storms and other extreme events are exacting in the U.S. and globally. The findings also highlight the growing insurance crisis playing out in parts of the country that are prone to frequent weather disasters.

“We have seen some 90% of all losses for the insurance industry — so 72 out of 80 billion U.S. dollars — have happened in the U.S.,” said Tobias Grimm, Munich Re’s chief climate scientist. “That’s extraordinary.”

The devastating wildfires in Southern California in January topped the list of the country’s costliest disasters in the first half of 2025. The two largest fires, which killed at least 30 people and displaced thousands more, ripped through the communities in Pacific Palisades and Altadena, fanned by strong Santa Ana winds.

Munich Re estimated that the wildfires caused $53 billion in losses, including about $13 billion in damages for residents without insurance. The reinsurer said the Los Angeles-area blazes resulted in the “highest wildfire losses of all time.”

The wildfires’ huge economic and societal toll was due in part to increased development in fire-prone areas.

“Losses are on the rise because often properties are in harm’s way,” Grimm said. “People still live in high-risk areas.”

Urban development in hazard-prone areas can similarly drive up the cost of other weather-related disasters, such as hurricanes and flooding, which are becoming more frequent and severe due to climate change.

Studies have shown that climate change is making wildfires more frequent because of warmer temperatures and worsening drought conditions. Blazes are also becoming more intense, as a result.

A report released in late January from the World Weather Attribution group found that the hot, dry and windy conditions that helped the fires consume large swaths of Southern California were about 35% more likely because of human-caused global warming.

“Delivering better care for more people requires strong partnerships and the best innovations,” said Roy Jakobs, CEO of Royal Philips. “We’re honored to be Indonesia’s partner of choice to deliver our innovation directly where it’s needed most. More patients in Indonesia will now have access to better care.” 

“Minimally invasive care is life-changing for patients, unlocking treatment options that were once unimaginable. With small incisions, such targeted treatments can mean shorter hospital stays, fewer complications and quicker recoveries for patients,” said Carla Goulart Peron, Chief Medical Officer at Philips. “From opening heart-attack-causing blockages, to treating strokes and targeting cancer tumors, image-guided, minimally invasive therapy will be a game-changer for NCD care in Indonesia.”

Philips maintains a strong footprint in Indonesia, employing over 3,900 people across 12 cities and operating a manufacturing facility in Batam for its Personal Health businesses. The Philips Foundation recently launched a major partnership with World Child Cancer to advance early detection of childhood cancers across the country. 

“We remain committed to supporting healthcare transformation by delivering innovations that provide better outcome for patient and improve experience for healthcare workers,” said Astri R. Dharmawan, President Director of Philips Indonesia. “Our combined efforts with the Indonesian government will help close healthcare gaps and bring us closer to a Healthy Indonesia.”

Building a single software platform to manage sustainability and environment, health, and safety (EHS) programs across multiple brands and 30 countries is no small feat.

At the recent Wolters Kluwer Enablon Sustainable Performance Forum (SPF) 2025 event in Chicago, Keaton Fox, Global EHS Management Systems Lead at AGCO Corporation, shared why the largest pure-play farm equipment manufacturer in the world selected Enablon software to manage its EHS and sustainability data, and how the company is integrating EHS and sustainability across business functions.

Selecting and implementing the Enablon platform at AGCO

AGCO delivers a full line of equipment and smart farming solutions across four leading brands built on strategic mergers and acquisitions. As AGCO’s EHS and Sustainability programs matured and evolved, it became critical to unite all sites and brands under a single EHS and Sustainability management system.

At the inception of AGCO’s sustainability program in 2020, the team selected Enablon to centralize its ESG data across all locations to support target setting. The initial use cases focused on baselining emissions, water, and waste data collection. Looking ahead, one of the key reasons AGCO selected Enablon was the long-term vision to create an enterprise-wide tool that could also be leveraged by the global EHS team.

Prior to using Enablon, AGCO relied on cumbersome and inefficient Excel files and custom-built dashboards across multiple sites. AGCO manages more than 120 global locations that generate large EHS and sustainability data volumes. To onboard users and develop high quality data, AGCO implemented a global policy, conducted training sessions at every location, and implemented a Metrics validation workflow to drive compliance and common understanding. Leveraging Enablon, AGCO has streamlined data management and significantly improved data quality.

Leveraging Metrics to drive EHS performance in waste and safety

To proactively drive better sustainability performance results, AGCO launched a global survey to understand how individual sites manage waste, which supported efforts in determining how to streamline processes and improve data collection. Using data gathered through the Enablon platform and the global survey, AGCO identified strategic opportunities. For example, the EHS and Sustainability teams partnered to launch a global waste program called RETHINK to drive behavior changes at all sites. AGCO set an ambitious corporate goal to divert and maintain more than 90% of nonhazardous waste from landfill by 2026 and exceeded that goal early in 2025 by diverting 94% of nonhazardous waste.

In 2024, AGCO introduced six key leading indicators within the Enablon Metrics module to enhance proactive safety management. Aligned with global safety campaigns and targeted initiatives, these indicators played a pivotal role in achieving a 52% reduction in the Total Case Incident Rate (TCIR) by year end. The metrics, including Corrective and Preventative Actions (CAPA) Closure Rate, Safety Observations, Leadership Walks and Safety Training Participation, provided greater visibility into proactive safety efforts. This transparency, combined with a strong commitment to safety at every organizational level, has significantly reinforced AGCO’s safety culture and led to the safest year in the history of AGCO.

Communicating the value of ESG and Sustainability

Among AGCO’s objectives is to show internal stakeholders the value of managing EHS and Sustainability risks beyond compliance risks to also reveal financial risks. This involves communication and positioning of ESG as a practice that must be integrated into the business because EHS, ESG, finance, and other business functions must work together to achieve desired results. AGCO’s Sustainability team runs global townhalls to explain actions, describe positive impacts, and share its vision for aligning with business direction.

AGCO uses various strategies to continually communicate the value gained and investments made in ESG. Emphasis is placed on the importance of addressing opportunities at site levels rather than specifically detailing multiple initiatives that may only focus on a specific issue, such as PPE or recycling. This encourages site leadership’s buy-in and feedback. AGCO also engages site leaders in conversations to understand roadblocks and challenges they face and address these accordingly. Site-level EHS managers always have the knowledge and support they need to effectively implement initiatives. Additional partnership across EHS and sustainability is provided by a global sustainability manager who works closely and bi-weekly with each environmental manager to optimize overall impact.

Learn more about what AGCO is doing to drive sustainable impact in the agriculture industry in their latest Sustainability Report.

Learn about our award-winning ESG solutions by contacting Wolters Kluwer Enablon today. And, to read additional highlights from insightful SPF 2025 sessions, check out these other posts:

You need to prepare your workforce for AI in safety
Best practices for implementing Control-of-Work software
Evolving sustainability strategies in a changing world 

(Bloomberg) — Gold could hit $4,000 an ounce by the end of next year as the Federal Reserve cuts rates to cushion the US economy, the dollar drops, and central banks keep adding holdings, according to Fidelity International.

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Multi-asset fund manager Ian Samson said the firm remained bullish on the precious metal, with some cross-asset portfolios recently increasing holdings as prices eased from an all-time high above $3,500 an ounce in April.

“The rationale for that was that we saw a clearer path to a more dovish Federal Reserve,” Samson said in an interview, adding that some funds had as much as doubled their 5% allocation over the past year. Also, August is often slightly weaker for markets, so more diversification “makes sense,” he said.

Gold is up by more than a quarter this year, as uncertainty around President Donald Trump’s aggressive attempts to reshape global trade, conflicts in the Middle East and Ukraine, and central-bank accumulation buttressed gains. Still, the metal has traded within a tight range over the past few months, with demand for havens cooling a little as some progress in US trade talks eased fears about worst-case-scenarios for the global economy.

“Perhaps you’re going to avoid the doomsday scenarios that were painted earlier in the year, but ultimately we’re heading to a 15%-or-so tax on about 11% of the US economy — which is imports,” said Samson, referring to Trump’s tariffs. “You’d expect it to slow the economy.”

Fidelity’s bullish outlook for gold is similar to that from Goldman Sachs Group Inc., which has made the case in recent quarters for an eventual rally to as much as $4,000 an ounce. Still, others are cautious, including Citigroup Inc., which forecasts weaker prices. Spot bullion was last near $3,315.

Fed officials are due to gather this week to set policy. While no change is expected, Chair Jerome Powell may face dissents from officials who want to provide support to a slowing labor market, potentially from Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman.

A US slowdown would likely see the dovish camp gain more influence in guiding policy, with the dollar tending to soften in environments of weaker growth, Samson said. In addition, Powell — whose term as Fed chair ends next May — will probably be replaced by someone “more amenable” to lower borrowing costs as Trump continues to lobby for interest-rate cuts, he said.

Non-yielding bullion typically benefits when the greenback softens and interest-rates ease.

Elsewhere, the world’s central bank are likely to go on buying gold, he added, while growing fiscal deficits — particularly in the US — would continue to reinforce the precious metal’s appeal as a hard asset.

“Sure, gold has come a long way, but if you look at when gold’s been in a bull market — like 2001 to 2011 — it annualized 20% per annum,” he said. “From 2021 to today, it’s also annualizing 20% a year. So it’s not necessarily, in the context of a bull run, massively overstretched.”

(Updates spot price in sixth paragraph.)

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Tokyo, July 29, 2025 – Mitsubishi Heavy Industries, Ltd. (MHI) has concluded an agreement with Modius® Inc., a US based provider of innovative software solutions for managing critical facilities for the data center and telecommunications markets. Under this agreement, MHI will integrate Modius’s OpenData® DCIM technology with MHI’s power, cooling, and control technologies to deliver a unique, market leading solution for Data Center Energy Management (DCEM). This collaboration is an example of MHI Group’s partnering efforts, and MHI Group will continue to build strategic partnerships globally.

Modius’s OpenData DCIM platform provides real-time insights into data center infrastructure, enabling capacity management, improved uptime and enhanced energy efficiency. With over 250 deployments worldwide, Modius has gained customer trust for delivering reliable and sustainable solutions that optimize operations and reduce environmental impact.

With rapid scaling of digital infrastructure globally and frequent upgrades to IT systems, it is becoming an overwhelming challenge to manage the reliable operation of data centers while also being energy efficient. The OpenData® AI/ML module strengthens MHI’s One-stop Solutions Portfolio by enabling real-time anomaly detection and proactive diagnostics. By self-learning the “normal” behavior of data centers, the AI system empowers operators to address issues before they escalate. By combining Modius’s real time monitoring and AI/ML driven analytics with MHI’s cutting-edge engineering solutions, the joint offering will empower customers to proactively manage capacity, minimize downtime, and improve sustainability.

“MHI is committed to delivering sustainable and energy efficient data center solutions,” said Shin Gomi, Senior General Manager, DCEM at MHI. “With the addition of the Modius DCIM platform to our digital solution portfolio, we can offer digital services to both existing and new customers seeking enhanced visibility and optimization for building next-generation data centers.”

“MHI’s global presence and its alignment with our mission to drive efficiency, improve sustainability, and optimize performance in data centers make this collaboration a perfect fit,” said Craig Compiano, President at Modius. “We are excited to work with MHI to deliver our DCIM solutions alongside their advanced technologies to customers worldwide.

Mitsubishi Heavy Industries Group is delivering more sustainable and reliable solutions to data centers by combining decarbonized power generation, reliable power distribution, high efficiency cooling systems and Integrated Digital Solutions. We support our customers through the complete lifecycle from design phase to post deployment with actionable insights, solutions and services.

About Modius
Modius Inc. is a leading innovator in Data Center Infrastructure Management (DCIM) solutions, providing real-time visibility and decision support for managing distributed equipment across data centers, telecommunications networks, and other critical facilities. The company’s flagship product, OpenData, is an edge-ready asset performance management platform designed to optimize the availability, capacity, and efficiency of critical infrastructure.
For more information about Modius Inc. and the OpenData platform, please visit Modius.com.

Givaudan’s global leadership in climate action has been reinforced once again by CDP with the award of the Company’s sixth consecutive CDP A score. Givaudan also secured an A minus score for water stewardship and a B for its CDP Forests disclosure, reflecting continued progress in addressing deforestation and the Company’s commitment to sustainable sourcing of palm oil.

Givaudan’s latest A rating on climate places it among a select group of companies recognised for their outstanding environmental performance. 

“Once again, we are extremely proud of this recognition by CDP and I would like to thank all our colleagues, customers, suppliers and partners whose ongoing support and active collaboration has played a vital role in this achievement. This recognition is a moment not just to celebrate progress but most importantly to take stock of the journey we still have ahead and the challenges we will need to overcome, in order to continue to accelerate action and drive change.”

Gilles Andrier, Givaudan’s Chief Executive Officer

CDP’s global disclosure framework is designed to enable organisations, investors, cities, and regions to manage their environmental impacts effectively. Its annual scoring process is widely regarded as the benchmark for corporate environmental transparency. The scores provide organisations and stakeholders with insights into their progress toward a sustainable future aligned with a 1.5° climate goal, a deforestation-free world, and water security. By consistently disclosing their environmental data, organisations can better understand their sustainability trajectory.

Givaudan’s latest recognition further reinforces ongoing progress in its sustainability journey. Earlier this month, Givaudan was once again recognised as part of CDP’s Supplier Engagement Leaderboard, which highlights companies that are leading the way on taking action on climate change in collaboration with their suppliers. In January 2025, Givaudan announced new milestones on its climate journey with the validation of its new net-zero targets by the Science-based Targets initiative. 

For more information on Givaudan’s sustainability performance, read our latest Integrated Report.

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About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2024, Givaudan employed over 16,900 people worldwide and achieved CHF 7.4 billion in sales with a free cash flow of 15.6%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people’s health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at: www.givaudan.com.

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For further information please contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 0132
E claudia.pedretti@givaudan.com

Sara Neame, Sustainability Communications
E sara.neame@givaudan.com

Picnics are being organised by an NHS trust to promote breastfeeding in Hull and East Yorkshire.

The Big Breastfeed events at Bridlington Spa and Hull’s Streetlife Museum are part of World Breastfeeding Week, which begins on 1 August.

Humber Teaching NHS Foundation Trust said it wanted to highlight the local support available for families in the area and to encourage more parents to breastfeed their babies.

Experts claim breastfed children have a boosted immune system, less chance of developing several cancers, infections, and a lower risk of developing asthma and allergies.

Figures from the Office for Health Improvement and Disparities show only 46.2% of mothers in Hull continue to breastfeed their newborn babies after six to eight weeks, which is lower than the England average of 56.2%.

However, in East Yorkshire the figure is 55.9%.

The Bridlington Spa picnic is due to take place on 1 August between 10:00 and 12:00 BST, while the Hull event is to be held at the same time on 8 August.

The trust said the events are open to mothers, children, family and friends.

Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.

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