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)
Trump's cabinet: who's been selected, who remains in the running?
Donald Trump has actually begun the procedure of picking a cabinet and picking other high-ranking administration authorities following his governmental election victory.
Here are the early choices and top competitors for a few of the crucial posts supervising defense, intelligence, diplomacy, trade, migration and economic policymaking. Some are in contention for a variety of posts.
SUSIE WILES, chief of personnel Trump revealed recently that Wiles, among his 2 project supervisors, will be his White House chief of staff. While the specifics of her political views are somewhat unclear, Wiles, 67, is credited with running a successful and effective campaign. Advocates hope she will instill a sense of order and discipline that was often lacking during Trump's first four-year term, when he cycled through a number of chiefs of staff.
TOM HOMAN, 'border czar' Trump revealed on Sunday night that Homan, the acting director of Immigration and Customs Enforcement throughout Trump's first administration, will be in charge of the nation's borders.
Trump made cracking down on people in the nation illegally a central element of his campaign, appealing mass deportations.
Homan, 62, said on Monday he would prioritize deporting immigrants in the U.S. unlawfully who presented security and security threats along with those operating at job websites.
Trump, in a post on his Reality Social platform, stated Homan will be in charge of our country's borders ( The Border Czar),. consisting of, but not limited to, the Southern Border, the Northern. Border, all Maritime, and Aviation Security, including the. deportation of immigrants in the U.S. illegally.
ELISE STEFANIK, U.N. ambassador. Trump announced on Monday that Stefanik, a Republican politician. congresswoman and staunch Trump advocate, would be his. ambassador to the United Nations.
Stefanik, 40, a U.S. representative from New York state and. House Republican politician conference chair, took a management position in. the House of Representatives in 2021 when she was elected to. replace then-Representative Liz Cheney, who was ousted for. criticizing Trump's false claims of election scams.
I am honored to choose Chairwoman Elise Stefanik to serve. in my Cabinet as U.S. Ambassador to the United Nations, Trump. said in a statement. Elise is an extremely strong, difficult, and. wise America First fighter.. Stefanik will come to the U.N. after vibrant pledges by Trump to. end the Russia-Ukraine war and Israel's war in Gaza.
LEE ZELDIN, EPA administrator
Trump revealed on Monday he had selected previous. congressman Lee Zeldin of New York state as administrator of the. Environmental Protection Agency, and Zeldin said he had accepted. the function.
Zeldin, 44, a strong Trump ally, served in Congress from. 2015 to 2023. In 2022, he lost the New york city governor's race to. Democratic incumbent Kathy Hochul. Trump has actually guaranteed to upgrade U.S. energy policy, with the goal. of taking full advantage of the country's already record-high oil and gas. production by rolling back guidelines and speeding up. permitting.
As head of the EPA, Zeldin will play a crucial role in. implementing those policies.
MARCO RUBIO, secretary of state. Trump is expected to tap U.S. Senator Marco Rubio to be his. secretary of state, sources said on Monday, putting the. Florida-born politician on track to be the first Latino to serve. as the United States' leading diplomat.
Rubio, 53, was perhaps the most hawkish alternative on Trump's. short list for secretary of state. The senator has in past years. promoted for a muscular foreign policy with respect to U.S. geopolitical foes, including China, Iran and Cuba.
Over the last numerous years he has actually softened some of his. stances to line up more closely with Trump's views. The. president-elect implicates previous U.S. presidents of leading the U.S. into expensive and useless wars and has pushed for a more restrained. foreign policy.
MIKE WALTZ, nationwide security adviser. Trump has chosen Republican U.S. Agent Mike Waltz to be. his national security advisor, 2 sources knowledgeable about the. matter informed Reuters on Monday, tapping a retired Army Green. Beret who has actually been a leading critic of China.
Waltz, a 50-year-old Trump follower who also served in the. National Guard as a colonel, has actually criticized Chinese activity in. the Asia-Pacific and has actually voiced the requirement for the U.S. to be. prepared for a prospective dispute in the area.
The national security adviser is a powerful function, which does. not require Senate confirmation. Waltz will be accountable for. instruction Trump on essential national security problems and collaborating. with various agencies.
While knocking the Biden administration for a devastating. withdrawal from Afghanistan in 2021, Waltz has openly applauded. Trump's foreign policy views.
KRISTI NOEM, Homeland Security secretary. Trump has actually selected South Dakota Governor Kristi Noem to serve as. the next homeland security secretary, two sources acquainted with. the choice said on Tuesday.
Noem, 52, when seen as a possible running mate for Trump, is. currently serving her 2nd four-year term as South Dakota's. governor. She rose to national prominence after declining to. enforce a statewide mask mandate during the COVID-19 pandemic.
The Department of Homeland Security is accountable for. everything from border security and immigration to catastrophe. response and the U.S. Secret Service.
Both Trump's campaign and Noem's office did not right away. respond to requests for remarks.
SCOTT BESSENT, possible treasury secretary. Bessent, a key economic adviser to Trump, is commonly seen as a. top prospect for treasury secretary. A long time hedge fund. investor who taught at Yale University for numerous years,. Bessent has a warm relationship with the president-elect.
While Bessent has actually long preferred the laissez-faire policies. that were popular in the pre-Trump Republican Party, he has also. spoken extremely of Trump's use of tariffs as a negotiating tool. He has actually praised the president-elect's financial approach, which. rests on an apprehension of both regulations and worldwide. trade.
ROBERT LIGHTHIZER, prospective treasury secretary
A loyalist who worked as Trump's U.S. trade representative. for basically the then-president's entire term, Lighthizer. will probably be welcomed back. Though Bessent likely has. a much better contended becoming treasury secretary, Lighthizer has an. outside chance, and he might be able to reprise his old role if. he's interested. Like Trump, Lighthizer,77, is a trade doubter and a firm. believer in tariffs. He was one of the leading figures in. Trump's trade war with China and the renegotiation of the North. American Open Market Contract, or NAFTA, with Mexico and Canada. during Trump's first term.
HOWARD LUTNICK, prospective treasury secretary
The co-chair of Trump's shift effort and the longtime. chief executive of monetary services firm Cantor Fitzgerald,. Lutnick remains in the running for treasury secretary.
A bombastic New Yorker like Trump, Lutnick, 63, has. uniformly applauded the president-elect's economic policies,. including his use of tariffs.
He has at times given elaborate, unvarnished viewpoints about. what policies will be enacted in Trump's 2nd term. Some Trump. allies had independently complained that he frequently presented. himself as speaking on behalf of the project.
LINDA McMAHON, prospective commerce secretary. Expert fumbling mogul and former Small Business. Administration director Linda McMahon is seen as the frontrunner. to lead Trump's Department of Commerce, 3 sources briefed on. the strategies stated. McMahon, 76, is a major donor and was an early supporter of the. Republican president-elect when he initially ran for the White House. almost a decade ago. This time, Trump tapped her to co-lead a. shift group formed to help veterinarian personnel and draft policy. ahead of the Nov. 5 election.
McMahon is the co-founder and previous CEO of the professional. battling franchise WWE. She later functioned as director of the. Small Company Administration, resigning in 2019, and went on to. lead a pro-Trump political action committee that supported his. 2020 reelection quote.
JOHN RATCLIFFE, prospective CIA director
A previous congressman and district attorney who functioned as director. of nationwide intelligence during Trump's last year in office,. Ratcliffe, 59, is viewed as a leading contender to be director of. the CIA, according to two people familiar with the shift. process. Ratcliffe is also a prospective attorney general pick. The president-elect's allies view Ratcliffe as a hardcore Trump. follower who could likely win Senate confirmation. Still, during. his time as director of national intelligence, Ratcliffe typically. contradicted the assessments of career civil servants, drawing. criticism from Democrats who stated he politicized the role.
MIKE LEE, potential chief law officer
A U.S. senator from Utah, Lee is extensively viewed as another top. candidate for attorney general. Though the former district attorney. decreased to elect Trump during the 2016 election, he later on. ended up being an undeviating ally, and he has actually become something of an. intellectual hero among some factions of Trumpworld. Lee, 53, was an essential figure in attempts by Trump and his allies to. overturn his 2020 election loss to Democrat Joe Biden, and has. spread unproven conspiracy theories about the Jan. 6, 2021,. attack on the Capitol.
KASH PATEL, potential candidate for nationwide security posts
A previous Republican House staffer who served in various. high-ranking personnel functions in the defense and intelligence. neighborhoods during Trump's very first term, Patel often appeared. on the campaign path to rally assistance for the prospect.
Some Trump allies want to see Patel, considered the. ultimate Trump follower, appointed CIA director. Any position. requiring Senate confirmation may be a challenge, nevertheless.
Patel, 44, has actually leaned into controversy throughout his. career. In an interview with Trump ally Steve Bannon in 2015,. he assured to come after political leaders and journalists. viewed to be enemies of Trump.
Throughout Trump's first term, Patel drew bitterness from some. more skilled national security authorities, who saw him as. unpredictable and too eager to please the then-president.
(source: Reuters)