Latest News
-
China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
-
ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
-
MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
-
US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
-
Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
-
Sources: Antofagasta and China smelter have agreed to zero copper charges in 2026.
Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more money for the privilege of processing materials. One source said that talks between Antofagasta, the world's largest copper consumer, and smelters from China have been "tough" and "challenging" this year. Because the negotiations took place in private, the sources refused to identify themselves or to name the smelter who agreed to the deal. Three sources familiar with this matter earlier said that Jiangxi Copper - one of China's largest copper smelters - was due to meet with Antofagasta Friday evening. Last month, the two sides failed to agree on the sidelines of Asia Copper Week in Shanghai when a representative from the China Nonferrous Metals Industry Association objected to "free and negative treatment of copper concentrate." Antofagasta didn't immediately respond to our request for comment. Reporting by Tom Daly and Pratima Dasai; editing by Kevin Liffey, Louise Heavens and Amy Lv
-
After Japan's rate increase, stocks rise worldwide and the dollar gains against the yen.
MSCI's global equity gauge advanced on Friday, with technology leading Wall Street higher. The yen was weaker after the Bank of Japan increased interest rates to three-decade highs and left the door wide open for further tightening. As traders weighed up the impact of a possible disruption of Venezuelan oil supply, U.S. president Donald Trump said in an interview with NBC News published on Friday that he would leave the possibility open. War with the Country On the table. Investors sold the yen after the BOJ raised rates, and some traders took profits. This led them to think about the possibility of an official intervention in order to support the currency. The 10-year bond yield in Japan reached a record high of 26 years and the Nikkei closed 1% higher. In the United States, existing home sales increased marginally in November due to economic uncertainty and mortgage rates that were still elevated. The University of Michigan survey of consumer confidence came in below consensus estimates, but higher than the November number. Gary Schlossberg is a global strategist with Wells Fargo Investment Institute. He said that the economy may be coming out of a "mild soft patch" in terms of economic growth. Consumer price inflation He warned that the CPI could have been distorted due to the 43-day shutdown of government. "We could be still feeding off yesterday's CPI news. This is a significant event, at least on the surface. Schlossberg said that he was "a little sceptical about the extent of improvement we saw in inflation," but added that it appeared to be "peak inflation, at least now." This is good news for both the Fed and markets. MSCI's global stock index .MIWD00000PUS Rose 7.08 points 1 008,26 t The pan-European STOXX® 600 index is a .STOXX Index The rise in the 0.44%. Wall Street 11:42 a.m., Dow Jones Industrial Average Rose 280.23 point 48,232.08 The S&P 500 is a measure of the S&P 500 index. Rose 56.22 points 6,830.98 The Nasdaq Composite Index The rise in the 256.36 point 23,262.72 BOJ RAISES Rates, Yen Slips currencies The yen fell sharply in value against the dollar, and other major currencies. Traders pushed it to levels that could trigger an official buy after the Bank of Japan increased rates?to the highest level for 30 years but didn't provide clarity about future hikes. The Japanese yen is a strong currency. The dollar Strengthened 1.22% 157.44 Dollar index The greenback is measured against a basket including the yen, the euro and other currencies. The rise in the price of goods and services rose by 0.2% The euro is a currency that has been in circulation since the year 2000. Down?0.03% 1.1718 Fixed income markets Treasury yields The Bank of Japan increased interest rates on Friday, and investors continued to assess?delayed releases of economic data' and the direction of Federal Reserve Policy. The yield on the benchmark 10-year U.S. notes increased 2.3 basis points from Thursday's 4.116% to 4.139%. Meanwhile, the 30-year bond yield increased 1.8 basis -points to 4.8181%. The yield on the 2-year note, which is usually in line with expectations of interest rates for the Federal Reserve rose by 2.3 basis points to 3.483% from 3.46% at late Thursday. Energy markets Oil prices The market was waiting for news of a possible peace agreement between Russia and Ukraine, as well as watching U.S. actions regarding Venezuela. It also digested the latest central bank interest rate decisions from around the globe. U.S. crude climbed 0.82%, to $56.61 per barrel. Brent rose 0.72% to $60.25 a barrel. Gold prices fell slightly, as the stronger dollar and higher Treasury yields lowered demand for this non-yielding material. However, bullion is still expected to gain a small amount each week. Spot gold The price of roses 0.26% 4,342.99 An ounce. U.S. Gold Futures The rise in 0.34% 4,354.40 An ounce. (Reporting bySinead carew in New York; Iain Withers, London, and Wayne Cole, Sydney; Editing by Sam Holmes Jacqueline Wong Tomaszjanowski, Chizu Nomiyama
-
Peru Central Bank sees economy increasing by 3% between 2026 and 2027
The central bank of Peru slightly increased its forecasted economic growth for 2026 from 2.9% to 3.0%. It also forecasted the same 3.0% growth in 2030. The central bank stated that the revised projections of 2026 in its latest inflation report take into consideration the likely impact of the country's forthcoming presidential elections scheduled for April 12th, 2026. Bank of America also increased its forecast for growth this year from 3.2% to 3.3%. Peru's economy has been recovering for the last two years, after a severe recession in 2023 that was caused by political unrest, social unrest and adverse weather conditions. The bank has predicted that consumer prices will rise by 1.5% this year, and then accelerate to 2.0% the following year. Last week, in line with analyst expectations, the bank maintained its interest rate at 4.25%. The bank's target range for inflation is between 1% to 3%. The central bank also projected a fiscal surplus of 1,9% of GDP for 2026. This is less than the 2,2% estimate made this year. The central bank's fiscal deficit estimates for 2027 remain at 1.6% GDP. The?bank has also raised its projections for the trade balance surplus, which is expected to reach another historic record of $32,89 billion this year and an additional $38,21 billion by?2026. This is due to higher mineral prices as well as a greater volume of sales for agricultural and fishing products. Peru is the third largest copper producer in the world. (Reporting and editing by Natalia Siniawski, Aida Pelaez Fernandez and Marco Aquino)
Sea drone warfare has gotten here. The U.S. is floundering.
The U.S. Navy's efforts to develop a. fleet of unmanned vessels are failing because the Pentagon. remains wedded to big shipbuilding tasks, according to some. officials and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has actually been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with dynamites to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used similar vessels. against commercial shipping in the Red Sea in recent months,. albeit without success.
These strategies have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesman Eric Pahon told .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks announced an initiative in August - named. Replicator - to deploy hundreds of small, reasonably cheap air. and sea drones within the next 18-24 months to match China's. growing military hazard.
This public show of commitment masks years of hesitation by. the U.S. Navy to construct a fleet of unmanned vessels in spite of. duplicated warnings this was the future of maritime warfare,. according to interviews with a dozen people with direct. knowledge of the U.S. sea drone plans, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and 3 executives at sea drone. makers stated the biggest obstacle to advance has actually been a. Department of Defense (DoD) budget plan process that prioritizes big. ships and submarines developed by legacy defense professionals.
Eventually, you struck the D.C. problem, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. self-governing surface drone.
You struck the fact that there is a military commercial. complex that has the very best lobbyists and knows precisely how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it acquires capabilities based on. fleet need signals, referring to the messages headquarters. get from commanders at sea.
The Navy has a budget of $172 million this year for little. and medium-sized underwater sea drones, falling to $101.8. million in 2025, the representative said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can range from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. geared up with high-definition spy cams, underwater sensors. and speakers utilized to holler warnings at enemy ships.
But when the Navy has released sea drones on reconnaissance. objectives in the last few years, it hasn't always had the fleet. know-how to utilize them, the 2 Navy sources stated, asking not to. be named due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to evaluate large swathes of information returned from the craft's. cameras and sensing units, the sources said.
The spokesperson stated the Navy was in the procedure of. enhancing its data collection and analysis from sensors.
Pentagon representative Pahon said the DoD has actually been. laser-focused on speeding up innovation over the last 3. years, including the use of sea drones.
Acknowledging spending plan obstacles, Pahon stated the Pentagon was. utilizing ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval procedure brand-new developments. travel through to be purchased in big amounts.
REPLICATOR
One example Pahon pointed out was the Replicator program: the. short-term, $500 million-a-year task is created to cut. through bureaucracy and fast lane the deployment of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks stated at the job's launch in August. She said. Replicator is being funded mainly by reallocating funds from the. existing Pentagon budget.
As part of the effort, the Pentagon in January provided a. solicitation for personal business to provide small sea drones. to the Navy, demanding production capability of 120 vessels per. year, with implementation beginning in April 2025.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. shown their intent to speed up the implementation of sea drones. however he said the market wanted to see long-term funding in the. defense budget.
We hear the demand signal ... however all of us have to work. together really carefully to comprehend what that need is and when. it will be readily available, Fotheringham informed .
At a cost ranging in between $1 million and $3 million apiece,. according to Navy and defense specialist sources, drones provide a. reasonably cheap and fast way to broaden the Navy's fleet,. especially as numerous big traditional shipbuilding projects -. like a new class of frigate warships - are running years behind. schedule.
The U.S. is evaluating using robot ships in active combat. situations. However their more instant use is for missions that are. too costly and various for manned marine fleets.
This consists of maritime security, minehunting, and. protecting vital undersea infrastructure, like gas pipelines. and fiber-optic cables, four drone companies told .
Swarms of little sea drones could likewise serve as a shield for. important crewed properties like aircraft carriers and submarines,. and tangle up troop-carrying ships in case China tries to. attack Taiwan, stated Bryan Clark, an advisor to the Navy on. self-governing craft and a senior fellow at the Hudson Institute - a. believe tank headquartered in Washington.
Clark approximates the Navy has around 100 little drones for use. on the ocean surface and another 100 underwater drones, while. China has a similar-sized self-governing force that is growing quick. The Navy spokesperson decreased to talk about the number of drones it. has in operation.
Ukraine has actually shown how efficient they can be and how they. can be used in present operations, Clark stated. The U.S. Navy requires to accept that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for three years, led by its Job. Force 59 unit.
The job has released monitoring drones built by. personal companies, consisting of startups, along with those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Task Force. 59 added urgency and we anticipate fielding services to. assistance counter Houthi malign behaviour, Colin Corridan, commander. of the task force, told .
MISSILE TEST
In October, the Navy carried out its first live missile test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. ruin a target boat, with a human operator ashore offering the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
Making use of unmanned vessels was broadened to the Navy's fourth. Fleet in central America last year where they have actually been used to. punish human smuggling off the northern coast of Haiti.
Among the business running there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with cams and sensors.
Saildrone has actually circumnavigated Washington's funding politics. Because the company runs and maintains its own vessels, and. charges a service fee for the information they collect, the Navy can. pay to use the drones out of its operating costs instead of. procurement spending plan.
Saildrone introduced the Property surveyor, its biggest vessel, which. has actually been customized for the military, at an event in March. gone to by Chief of Naval Operations Lisa Franchetti.
The drone company, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is developing. a number of more every month, said Richard Jenkins, the business's. founder.
Today, we are struggling to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. just how much Saildrone charges the Navy.
Ocean Aero develops the autonomous Triton vessel, which can. move on the surface area or underwater to collect data and hunt for. mines using sensors. The business, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of producing 150. Tritons a year.
Lockheed Martin did not respond to an ask for remark.
HII was granted a contract last October to construct nine small. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 lorries over the next five. years. The agreement might total $347 million, although that is. far from ensured.
The Lionfish program - which is concentrated on the Indo-Pacific. where the U.S. is vying for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is attempting to move. faster to deploy sea drones, representative Pahon informed .
We know we need to keep pushing to remain ahead, he stated.
(source: Reuters)