Business

Durham County Council proposes capping council tax support

Published

3 days ago

July 5, 2025

Jonny Manning

BBC News, North East and Cumbria

BBC An outside view of Durham County Hall from outside the gates. Cars can be seen parked outside the large grey building. — Durham County Council is considering reducing council tax support in order to save money

A local authority’s plan to overhaul its Council Tax Reduction Scheme (CTRS) could lead to its poorest residents being required to pay more towards their bill.

Durham County Council plans to make changes to its Local Council Tax Reduction Scheme (CTRS), which currently allows low-earners to apply for a discount of up to 100% off their bill.

Reform councillor Nicola Lyons said the current scheme was one of the “most generous in the country” and the council was considering capping discounts as part of cost-saving efforts.

Debt charity StepChange said it could not comment on specific policies, but it did not believe “reducing support for the poorest is the answer” to council funding pressures.

Richard Lane, the charity’s chief client office, said: “StepChange has called for the government to increase funding for council tax support to ensure councils can continue to offer residents with the lowest incomes 100% reductions.

“Ultimately, unaffordable council tax bills lead to counter-productive debt collection and enforcement that harms the worst off and leads to higher health and social costs linked to problem debt.”

Council tax options

The council said it was considering holding a consultation on four possible options for the CTRS scheme.

The first would allow residents to apply for a discount of up to 100% off their bills, depending on their income.

The remaining options would require residents to pay a minimum of 10%, 20% or 25% of their full bill.

The county council said it was required to save £45m by 2028-29 to balance its books and CTRS currently costs more than £60m a year.

It estimated the proposed change would save between £3.8m and £10.35m each year.

The current system also requires residents’ bills to be recalculated every time a change is made to their Universal Credit (UC) claim.

The council said last year the average UC claimant received 11 council tax bills, which cost the council £175,000 in printing and postage.

Reform UK recently took control of the authority and promised to carry out a Elon Musk-style review into “wasteful spending”.

Lyons said the county has “one of the most generous council tax support schemes in the country”.

“The changes to CTRS we are looking to consult on, would ensure we can continue to provide this much-need support, while taking into account the increasing financial pressure local councils are under,” she said.

“None of the potential changes would impact on pension-age households.”

If the council’s cabinet approves the consultation, it will be carried out between 16 July and 23 September.

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Business

Stock markets shrug off tariff letters after Trump says August 1 tariff deadline ‘not 100% firm’ – business live | Business

Published

1 hour ago

July 8, 2025

Graeme Wearden

Introduction: Asia-Pacific markets shrug off new Trump tariff threats

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The TACO trade is back! Many Asia-Pacific stock markets are rising today, despite Donald Trump’s decision to ramp up his trade war by announcing new tariffs on 14 US trading partners.

There’s relief that Trump has announced a new pause before these new levies kick in – a new three-week reprieve kicks the can down the road to 1 August, rather than tomorrow.

This delay will give countries to negotiate trade deals with the US.

Asked if 1 August deadline was firm, Trump indicated it wasn’t exactly concrete, saying last night:

“I would say firm, but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.”

That has encouraged traders to conclude that Trump Always Chickens Out (TACO).

So while there were losses on Wall Street last night after the first tariff letters were released, markets across Asia are taking the news in their stride.

In Tokyo, the Nikkei 2225 has risen by 0.3%, up 118 points to 39,705 points, even though Japan has been threatened with a new 25% tariff from 1 August (slightly higher than the 24% rate announced back in April, before Trump’s 90-day pause which expires tomorrow).

South Korea’s KOSPI has gained nearly 2%, even though Seoul has also received a letter announcing a new 25% tariff.

China’s CSI300 index has climbed by 0.8%. European markets are expected to open flat.

More letters are expected to be sent later this week.

Stephen Innes, managing partner at SPI Asset Management, says traders are pricing in “delay, maybe even dysfunction”, rather than a resolution of the trade war. But that’s enough to keep them bidding.

Innes writes:

Markets didn’t lurch because they’ve seen this show before. Tariff hike, rhetoric spikes, and then—like clockwork—comes the sudden pivot: “We’re still open to talks.” This is policy by poker tell. And by now, investors are familiar enough with the bluff to call it and fade the fear.

However…Ipek Ozkardeskaya, senior analyst at Swissquote Bank, fears there is too much “unexplained optimism”, adding:

The deadline extension is not good news, per se. It simply adds to the uncertainty. It’s yet another sign that the deadline won’t be a line in the sand, and that tariffs set in the coming days and weeks won’t be carved in stone, either.

They will be constantly changed — raised, lowered — and used as a go-to threat in every situation.

The agenda

9.30am BST: UK’s Office for Budget Responsibility to release its latest Fiscal risks and sustainability report
10am BST: Marks & Spencer chair Archie Norman to face business and trade committee to discuss M&S’s cyber attack
11am BST: Office for Budget Responsibility press conference
12pm BST: Post Office Horizon IT Inquiry to release Volume 1 of its Final Report

Key events

European stock markets have also opened higher, led by Germany.

The German DAX index rose by 50 points, or 0.2%, to 24,125, in early trading, amid some relief that European negotiators have another three weeks to reach a trade deal with Washington.

France’s CAC has inched up by 0.1%, with Spain’s IBEX gaining 0.14%.

Jochen Stanzl, chief market analyst at CMC Markets, says:

Donald Trump has once again retreated from imposing tariffs, allowing the DAX to rise above the 24,000-point mark. It appears that investors are eager to test the previous week’s highs once more, but the success of this endeavor will depend on the daily news regarding trade policy, which is expected to remain volatile. The trade issue continues to be a source of uncertainty for the stock market, and without a trade agreement with the U.S., a sustainable continuation of the rally could prove challenging.

This morning, the European Union faces both positive and negative news. On the positive side, the pause on tariffs has been extended until August. Trump seems to be sticking to his pattern of initially making threats before showing a willingness to negotiate. He likely understands that implementing reciprocal tariffs would be more harmful than beneficial to the ongoing discussions.

However, the negative aspect is that sector-specific tariffs on cars, auto parts, aluminum, and steel will remain in effect until August 1. This latest development is not cause for great celebration, as the EU has struggled to effectively counter the already high tariffs that are currently in place during the negotiations.”

The London stock market has opened slightly higher.

The FTSE 100 share index has risen by 12 points, or 0.14%, to 8819 points, with mining companies among the risers.

Malaysia’s trade ministry has said it will press ahead with talks towards a “comprehensive” trade agreement with the US, after receiving its letter from Donald Trump announcing a new 25% tariff.

In a statement today, Malaysia’s Ministry of Investment, Trade and Industry (MITI) said the country was committed to “continued engagement with the US towards a balanced, mutually beneficial and comprehensive trade agreement”, adding:

“Specifically, MITI will continue discussions with its US counterparts in good faith to address outstanding issues, clarify the scope and impact of the announced tariffs, and pursue avenues for the timely conclusion of our negotiations.”

Not every stock market is taking Trump’s new tariffs in their stride.

Malaysia’s major share index has dropped by 0.55% so far today, while Thailand’s SET 50 has lost 0.5%.

Malaysia is now facing a 25% tariff on US exports, while Thailand’s new tariff rate was set at 36%.

EU still hopes to conclude trade agreement in principle this week

Lisa O’Carroll

The EU still hopes to conclude an agreement in principle this week with Donald Trump over tariffs, after it was granted an extension of three weeks for talks.

Ireland’s deputy prime minister Simon Harris revealed the bloc had been given until 1 August to conclude talks or face tariffs on imports of up to 50%.

In exchange for accepting a 10% baseline tariff, the EU is looking for a series of concessions, my colleague Lisa O’Carroll in Brussels reports.

This includes a reduced tariff quota for car imports and steel, currently attracting import duties of 27.5% and 50% respectively.

This addresses Germany’s critical demand for concessions for its beleaguered car industry. The compromise would centre on manufacturers with plants in the US including major German brands Mercedes Benz, BMW and Volkswagen.

And the EU is looking for concessions on medical devices and wine and spirits, which currently attract a 10% tariff.

The EU also wants the tariff relief to kick in immediately an agreement is signed, and not have to wait weeks, as the UK did for formal text to be registered by the White House.

Uncertainty remains over Trump’s threatened tariffs on pharma, Harris said, warning “This is obviously an area of significant concern to Ireland.”

In a statement issued last night he added:

“My understanding is that we can now expect an extension of the current status quo until August 1 to give further time for the EU and the US to reach an agreement in principle on a mutually beneficial agreement that works for both sides.

“However, it remains the position of the EU and the Irish government that we would like to conclude discussions on a trade agreement before August 1. I remain cautiously optimistic about reaching agreement in principle on a Framework Agreement.

“I want to be clear that while it is likely there will be some form of tariffs going forward, their imposition even at a lower rate is bad for consumers, jobs, economic growth and investment.”

Bangladesh to hold further trade talks

Bangladesh will hold further negotiations with the United States to push for deeper tariff cuts, even as US President Donald Trump slapped a 35% levy on goods from the South Asian nation.

Officials are scheduled to hold crucial trade negotiations with the Trump administration from July 9-10 to seek a solution, Commerce Adviser to the interim government Sk. Bashir Uddin said in an interview from Washington.

“We will give and try our best to find mutually win-win proposition,” he said, adding that the goal is to find a “common ground,” Bloomberg reports.

Bangladesh will hold further negotiations with the United States to push for deeper tariff cuts, even as Trump slapped a 35% levy on goods from the South Asian nation https://t.co/Cg06ZRJebr

— Bloomberg (@business) July 8, 2025

German exports to US tumble as tariffs frontloading ends

German exports fell sharply in May, new data shows, as the surge in demand to beat Donald Trump’s tariffs earlier this year faded.

Exports to the US from Germany fell by 7.7% on monthly basis in May, statistics body Destatis reports. On an annual basis, German exports to the US were 13.8% lower than in May 2024.

Overall, German exports fell by 1.4% in May compared to the previous month, while imports dropped by 3.8%.

Exports to China fell by 2.9% month-on-month, but sales to the UK jumped by 15.1% compared with April.

Carsten Brzeski, global head of macro at ING, explains that the frontloading reversal continued in May, fully wiping out the surge seen in February and March, saying:

Today’s data suggest that the boost to exports was almost exclusively driven by US frontloading. However, this effect has now dissipated.

Looking ahead, German exports are still facing rough headwinds. While the EU did not receive a new tariff letter from the White House yesterday, the risk of (more) tariffs hangs like a sword of Damocles over German and European exporters. And there is more: the strengthening of the euro, not only vis-à-vis the US dollar but also in nominal effective terms, is adding to exporters’ concerns.

China warns Trump on tariffs, and threatens retaliation on supply chain deals

China has fired a warning shot at the US over the Trump trade wars.

An editorial in the People’s Daily newspaper warned Washington not to reignite trade tension by restoring tariffs on its goods next month (when the deadline for a US-China trade deal expires)

It declared:

“One conclusion is abundantly clear: dialogue and cooperation are the only correct path.”

Reiterating Beijing’s view that Trump’s tariffs amount to “bullying”, the paper added:

“Practice has proven that only by firmly upholding principled positions can one truly safeguard one’s legitimate rights and interests.”

The article was signed “Zhong Sheng”, or “Voice of China”, a term the paper uses to express views on foreign policy.

It also threatened retaliation against nations that strike deals with the United States to cut China out of supply chains.

Japan and South Korea to continue trade talks with the US

Japan and South Korea have both said they will continue talks with the US to agree trade deals.

Japan’s Prime Minister Shigeru Ishiba said today that Japan would continue negotiations with the United States to seek a bilateral trade deal that benefits both countries.

Japan has received a proposal from the United States to continue trade discussions until the newly set August 1 deadline, Ishiba said in a meeting with cabinet ministers to discuss Japan’s strategy in dealing with U.S. tariffs.

South Korea said it planned to intensify trade talks with the United States and considered U.S. President Donald Trump’s plan for a 25% tariff from August 1 as effectively extending a grace period on implementing the levies.

President Lee Jae Myung’s office said U.S. Secretary of State Marco Rubio had indicated the new deadline, which extends a previous July 9 date, meant there was still time to reach an agreement. Reuters reports.

South Korea’s Industry Ministry said Seoul would “step up negotiations during the remaining period to reach a mutually beneficial result,” adding”:

“We also plan to use it as an opportunity to improve domestic systems and regulations to resolve the trade deficit that is a major interest of the United States.”

Donald Trump’s new tariff rates

If you missed it last night, here are the new tariffs which Donald Trump announced in a flurry of letters to world leaders:

Reminder: These rates will be charged on imports into the US from these countries, and paid by the importer.

Michael Brown, senior research strategist at bokerage Pepperstone, says “President Trump got his random number generator out again yesterday”, adding:

I won’t even waste time in trying to find the logic behind those levels because, frankly, I’m not sure there is any. Some sit higher than the 2^nd April original levy, and some are marginally lower.

What’s most important is that none of them come into effect for another three-and-a-half weeks, giving the Trump Administration plenty of wriggle room to set this all up as another ‘escalate to de-escalate’ manoeuvre. Or, as we more commonly know it in these parts – TACO!!

Introduction: Asia-Pacific markets shrug off new Trump tariff threats

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The TACO trade is back! Many Asia-Pacific stock markets are rising today, despite Donald Trump’s decision to ramp up his trade war by announcing new tariffs on 14 US trading partners.

There’s relief that Trump has announced a new pause before these new levies kick in – a new three-week reprieve kicks the can down the road to 1 August, rather than tomorrow.

This delay will give countries to negotiate trade deals with the US.

Asked if 1 August deadline was firm, Trump indicated it wasn’t exactly concrete, saying last night:

“I would say firm, but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.”

That has encouraged traders to conclude that Trump Always Chickens Out (TACO).

So while there were losses on Wall Street last night after the first tariff letters were released, markets across Asia are taking the news in their stride.

South Korea’s KOSPI has gained nearly 2%, even though Seoul has also received a letter announcing a new 25% tariff.

China’s CSI300 index has climbed by 0.8%. European markets are expected to open flat.

More letters are expected to be sent later this week.

Innes writes:

Markets didn’t lurch because they’ve seen this show before. Tariff hike, rhetoric spikes, and then—like clockwork—comes the sudden pivot: “We’re still open to talks.” This is policy by poker tell. And by now, investors are familiar enough with the bluff to call it and fade the fear.

However…Ipek Ozkardeskaya, senior analyst at Swissquote Bank, fears there is too much “unexplained optimism”, adding:

The deadline extension is not good news, per se. It simply adds to the uncertainty. It’s yet another sign that the deadline won’t be a line in the sand, and that tariffs set in the coming days and weeks won’t be carved in stone, either.

They will be constantly changed — raised, lowered — and used as a go-to threat in every situation.

The agenda

9.30am BST: UK’s Office for Budget Responsibility to release its latest Fiscal risks and sustainability report
10am BST: Marks & Spencer chair Archie Norman to face business and trade committee to discuss M&S’s cyber attack
11am BST: Office for Budget Responsibility press conference
12pm BST: Post Office Horizon IT Inquiry to release Volume 1 of its Final Report

Source link

Business

CS TECH Ai Marks 27 Years, Expands Global Presence with Focus on AI and Digital Infrastructure

Published

2 hours ago

July 8, 2025

SNS

CS TECH Ai (BSE: Ceinsys) has completed 27 years in business, marking its growth from a core engineering firm to a digital technology company with a global footprint.

The company, which operates in India, the US, the UK, and Germany, provides solutions in geospatial intelligence, mobility engineering, digital twins, and AI-powered platforms.

With over 1,250 engineers and technologists, CS TECH Ai supports key infrastructure projects in water, energy, transport, and urban development.

Its solutions have been deployed in national programmes such as Jal Jeevan Mission, AMRUT, and Smart Cities, helping improve planning, execution, and governance.

The company has designed more than 35,000 miles of water networks, processed over 650,000 miles of high-resolution imagery, and contributed to the planning of over 100,000 miles of electrical networks.

Its engineers have logged more than 7 million hours on infrastructure and mobility projects.

In recent years, CS TECH Ai has strengthened its global delivery capabilities through acquisitions, including AllyGrow Technologies and US-based VTS. The company is now integrating artificial intelligence into sector-specific workflows to offer real-time insights and support decision-making in infrastructure systems.

“Our journey from core engineering to AI-driven platforms continues to be rooted in solving sectoral challenges through scalable and adaptive technology,” said Prashant Kamat, Vice Chairman and CEO of CS TECH Ai.

The company aims to drive automation, resilience, and sustainability through intelligent infrastructure solutions.

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Business

Company Turns To AI For Cost Cutting, Ends Up Paying US Woman Rs 1.7 Lakh To Fix Errors

Published

4 hours ago

July 8, 2025

NDTV Profit News

“Maybe I’m being naive, but I think if you are very good, you won’t have trouble,” she expressed her views about concerns around AI. According to Skidd, AI can be an excellent tool when used correctly. Like her, there are many writers who are earning by fixing AI-generated content.

A digital marketing agency co-owner, Sophie Warner, shared a similar experience, noting how her clients were using ChatGPT for their issues first.

“Earlier, clients would message us if they were having issues with their site or wanted to introduce new functionality,” Warner said. “Now they are going to ChatGPT first.”

She said clients using ChatGPT for website code had reported issues. These include sites crashing down or leaving them vulnerable to hackers. She revealed that such a move cost one of her clients £360 (Rs 42,000) and three days of service disruption, the BBC report added.

Similar instances have occurred in the past where businesses trying to cut costs with AI have ended up paying more. In June, a Swedish fintech company, Klarna, made headlines for a similar incident. The company announced that it was organising a large-scale recruitment drive to hire staff again, two years after firing more than 700 employees to replace them with AI.

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