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Taiwan doesn't depend on China for rare earths
Taiwan's Economy Ministry said that most rare earth materials are imported from Europe, Japan and the United States, but it is still too early to assess the impact of China's new restrictions on the semiconductor industry. China tightened its control of the rare earths sector in advance of talks between Donald Trump and Xi Jinping. Beijing added five new elements to the controls and increased scrutiny on chip users. In a statement on China's new regulations, Taiwan's Economy Ministry said that the majority of rare-earth materials required domestically were supplied by Europe and the United States. The impact of the semiconductor industry on its operation still needs to be assessed and reassessed. "We will continue to monitor any changes in raw materials costs and indirect effects of supply-chain adjustment," the company said. Taiwan is the home of the largest contract chipmaker in the world, TSMC. It produces the vast majority advanced chips which are a critical component for artificial intelligence applications. On Sunday, China had defended its restrictions on the export of rare earth metals and equipment. It said that they were motivated by concerns about their military applications in a period of "frequent war". Ben Blanchard reports.
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Beijing accuses the US of raising trade tensions and defends rare Earth curbs
China called Donald Trump's recent U.S. Tariffs on Chinese Goods Hypocritical on Sunday. It defended its curbs to exports of rare-earth elements and equipment but did not impose new levies against U.S. goods. Trump responded on Friday to Beijing's latest export controls with additional tariffs of 100 percent on China's U.S. bound exports and new export controls for critical software by Nov. 1. Wall Street has been rattled by the renewed trade tensions. They have sent shares of Big Tech tumbling. They are also worried about foreign companies that depend on China's production for processed rare earths or rare earth magnets. And they could even derail a meeting between Trump and Chinese president Xi Jinping scheduled later this month. China's Commerce Ministry said that its export controls for rare-earth metals - described by Trump as "surprising and very hostile" on Friday - were a result of a series U.S. actions since bilateral trade negotiations in Madrid last month. Beijing cited as examples the addition of Chinese firms to a U.S. blacklist of companies and Washington's imposition port fees on China linked ships. These actions have seriously damaged China's economic interests and undermined the climate for bilateral trade and economic talks. China is firmly against them," said the ministry. Beijing did not explicitly link these U.S. measures to its export restrictions on critical minerals. Instead, it said that its curbs had been motivated by concerns about the military applications of these metals in a period of "frequent war". The U.S. also delayed announcing a similar levy on U.S.-bound imports to China, unlike earlier this year when both superpowers gradually increased tariffs against each other, until the U.S. was at 145% and China's rate was 125%. The right way to deal China is to not threaten to impose high-tariffs at the drop a hat. China's stance on tariff wars is consistent: "We don't like to fight but we're not afraid to fight," said the Commerce Ministry. China's refusal to respond immediately to Trump's first salvo could open the door for both countries in negotiating a deescalation.
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Protests in Tunisia's Gabes intensify amid an environmental crisis
Tunisian Police fired tear gas at protesters in front of the Tunisian Chemical Group (CGT) headquarters for phosphates located in the southern city Gabes after residents stormed into the facility to demand its closure due to environmental pollution and respiratory illness. The protest shows the tensions that President Kais Said's government is under, which are already stretched by the deep financial and economic crisis. They must balance the demands of public health with the production phosphate, Tunisia’s most valuable resource. The protest turned violent when the police used tear gas to force the protesters away from the site. They then chased them through the streets of the city. Witnesses reported that protesters had set fire to the branch office in the city of the complex administration. Emergency teams were trying extinguishing the fire. Protesters in the city blocked roads. Witnesses and videos posted on social media said that earlier in the day demonstrators were at the facility, chanting slogans for its dismantling and closure. Saied, in an attempt to calm the anger and protests that were escalating, met with the Ministers for Environment and Energy late Saturday night, and asked them to send a delegation to make the necessary repairs to the phosphate unit of the complex. Khaireddine dbaya, a protester, said: "Gabes is a city that kills. People are struggling to breath, and many suffer from cancer, or have bone fragility, due to the severe air pollution." GABES SUFFERING ENVIRONMENTAL CRISE CGT has not responded to attempts to comment on the situation at Gabes. It has never responded to pollution accusations in the past. Saied claimed last week that Gabes is suffering from an "environmental attack" because of what he called old, criminal policies. He blamed them for widespread illnesses and the destruction local ecosystems. In 2017, the authorities committed to demolish the Gabes Complex and replace it by a facility meeting international standards. They acknowledged that its emissions were a threat to local residents. The plan has not yet been implemented. Gabes' Chatt Essalam Sea receives tons of industrial waste every day. Environmental groups have warned that marine life is severely affected. Local fishermen report a dramatic drop in fish stocks in the last decade. This has hit a vital income source for many in the area. This week, a new wave of protests erupted after dozens schoolchildren suffered from breathing problems caused by toxic fumes coming from a nearby plant. Videos of panicked parents, emergency crews and students struggling to breath fueled public outrage. Calls for the closure of the plant were also sparked. The government wants to revitalize the phosphate sector by increasing production by fivefold, to 14 million tons by 2030. This will allow it to take advantage of a growing global demand. Reporting by Tarek Amar; Editing By Toby Chopra & Alistair Bell
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Iran is open to US nuclear proposal that is 'fair and balanced'
Iran is open to a "fair and balanced proposal" from the United States, but Tehran still hasn't received any negotiation proposal, said Iran's top diplomat on Saturday. Abbas Araqchi, Iran's foreign minister, told state TV that he would consider any American proposal for negotiation if it was reasonable, fair, and balanced. Araqchi, however, said that Tehran would not give up "its right to enrich uranium", but could take confidence-building steps regarding "the peacefulness of its nuclear program." Araqchi added that Washington and Tehran had been exchanging messages via mediators. Israel, the United States and its European allies accuse Tehran, of hiding behind its nuclear program efforts to try and develop the ability to produce weapons. Iran claims its nuclear program is only for peaceful purposes. Before a 12-day conflict between Iran and Israel, in which Washington took part by attacking key nuclear sites, Tehran held five rounds with Washington on nuclear issues. However, there were major obstacles, such as the uranium enrichment of Iranian soil. The West wants to reduce this to zero, to minimize any threat of weaponisation.
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Tunisian protesters storm chemical complex due to health concerns
Witnesses said residents entered the state run Tunisian Chemical Group (CGT) complex of phosphate in Gabes, the southern city, on Saturday and demanded its closure for environmental pollution prevention and respiratory illness. Witnesses said that the protest highlighted the pressure being placed on the government of President Kais Said, which is already under strain due to a severe economic and financial crisis. The protest called for the closure of the phosphate complex in Gabes, Tunisia, because it was causing environmental pollution and respiratory illnesses. Witnesses and videos posted on social media show that demonstrators were walking through the facility, chanting slogans for its dismantling and closure. The complex was surrounded by military vehicles and soldiers, but no incidents were reported. Khaireddine dbaya, a protester, said: "Gabes is a city that kills. People are struggling to breath, and many suffer from cancer, or have bone fragility, due to the severe air pollution." GABES SUFFERING ENVIRONMENTAL CRISE CGT has not responded to attempts to comment on the situation at Gabes. Last week, President Saied claimed that Gabes is suffering from an "environmental assassination", due to what he referred to as criminally old policy choices. He blamed them for widespread illnesses and the destruction local ecosystems. He called for swift action to combat an ongoing environmental crisis. In 2017, the authorities committed to demolish the Gabes Complex and replace it by a facility that met international standards. They acknowledged that its emissions were a danger for local residents. The plan has not yet been implemented. Gabes's Chatt Essalam Sea is dumping tons of industrial waste every day. Environmental groups have warned that marine life is severely affected. Local fishermen report a dramatic drop in fish stocks in the last decade. This week, dozens of children suffered from breathing problems caused by toxic fumes coming from a nearby plant. Videos of panicked parents, emergency crews and students struggling to breath fueled public outrage. Calls for the closure of the plant were also sparked. The government wants to revitalize the phosphate sector by increasing production by fivefold, to 14 million tons by 2030. This will allow it to take advantage of the growing global demand. (Reporting and editing by Toby Chopra; Tarek Amara)
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India's UTI Asset Management stops new investments in Silver ETF
UTI Asset Management Company announced on Saturday that it has suspended new lump-sum investments and switch-ins into the UTI Silver ETF Fund of Fund until October 13, 2025. Asset manager explained that this is due to the current market conditions, and the shortage of silver on the domestic market. The metal is trading at a premium compared to international prices. The premium in domestic silver price directly impacts the value of the scheme. UTI is now the second fund manager this week to limit new investments in silver-based funds. Kotak Mahindra Asset Management Company temporarily halted new investments in a Silver ETF Fund of Fund on Thursday. Kotak has said that it will lift the restrictions in the next two weeks, as the supply increases after Diwali. Silver spot reached a new record of $51.22 an ounce, topping the $51 level for the very first time. Silver premiums over the official domestic price in India, which is the world's largest silver consumer, jumped up to 10% on Thursday due to strong demand for investment ahead of an important festival and limited supply, according bullion dealers. (Writing by Sai Ishwarbharath B in Bengaluru. (Editing by Jane Merriman).
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Tanker Delivers Arctic LNG 2 Cargo to Chinese Port
A tanker carrying liquefied natural gas from Russia's Arctic LNG 2 project has discharged it at a Chinese port, according to data from analytics firms Kpler and Vortexa, continuing supplies despite Western sanctions against the project.The La Perouse tanker berthed at the Beihai LNG Terminal in China's southwestern region of Guangxi on October 9, after picking up a cargo from Arctic LNG 2 in late August.It left Beihai terminal on October 10. Shipping database Equasis lists the tanker's registered owner as Enson Shipping Inc, and its ship or commercial manager as Tanama LLC.PipeChina, operator of the Beihai LNG terminal, did not immediately respond to a request for comment outside of working hours.Arctic LNG 2, 60%-owned by Russian gas producer Novatek, had been set to become one of the country's largest LNG plants, with eventual output of 19.8 million metric tons a year, before it was placed under U.S. sanctions over Moscow's war in Ukraine.Reuters could not find contact information for the registered owner and ship or commercial manager of each tanker at the time of its loading at Arctic LNG 2.PipeChina did not respond to a request for comment for each of the earlier cargo discharges.(Reuters - Reporting by Emily Chow in Singapore and Sam Li in Beijing, Editing by Mark Potter)
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Three people killed in crash of light plane in New South Wales, Australia
Police said that three people were killed in a light plane crash at an airport on New South Wales, Australia, on Saturday. Police said that the plane crashed at Shellharbour Airport in Sydney, about 85 kilometers (53 miles), south of Sydney's state capital. It happened shortly after it took off at 10 am (2300 GMT on Friday) In a police statement, they said that "the aircraft caught fire upon impacting the ground. Fire and Rescue NSW extinguished the flames." Three people have been confirmed dead. The Australian Broadcasting Corp's news site posted aerial footage of the crash scene, which showed the charred wreckage on a runway. The Australian Transport Safety Bureau was notified by the police that a crime scene had been established. Reporting by Sam McKeith, Sydney. Editing by Raju Gopikrishnan.
US intelligence assists Ukraine in targeting Russian energy infrastructure, reports FT
Financial Times reported that the U.S. had been helping Ukraine launch long-range attacks on Russian energy infrastructure for months as part of a joint effort to weaken Russia's economy and force Vladimir Putin to the negotiation table.
The newspaper reported that U.S. intelligence helped Kyiv to strike Russian energy assets including oil refineries far beyond the front lines, citing anonymous U.S. and Ukrainian officials familiar with this campaign.
Requests for comments were not immediately responded to by the White House, Ukrainian president Volodymyr Zelenskiy’s office or Ukraine's Foreign Ministry. The Russian Foreign Ministry did not immediately respond to requests for comment.
This month, Moscow claimed that Washington and the NATO alliance regularly provided intelligence to Kyiv regarding the war Putin started in February 2022.
The Kremlin's Dmitry Peskov said that the use and supply of NATO and US infrastructure to collect and transmit intelligence to Ukrainians was obvious.
The FT reported that U.S. Intelligence helps Kyiv to shape route planning and altitude decisions, as well as timing and mission choices, enabling Ukraine’s long-range one-way drone attack aircraft to evade Russian defences.
Three people with knowledge of the operation said that the United States was closely involved at all stages in planning. According to a U.S. official, Ukraine chose the targets of long-range attacks and Washington provided intelligence about the sites' vulnerability.
Two U.S. officials said in early February that Washington would provide Ukraine intelligence on long-range targets of energy infrastructure in Russia as it considers sending Kyiv missiles which could be used for such strikes.
Officials from the United States said that they had also asked NATO members to provide similar assistance.
Zelenskiy stated on Saturday that he discussed Russian attacks against the Ukrainian energy system during a "positive" and "productive" phone call with U.S. president Donald Trump.
"We discussed the opportunities for bolstering our air defense as well as concrete agreement that we are working to ensure." Zelenskiy wrote on X that there are solid options and ideas for how we can truly be strengthened.
(source: Reuters)