Latest News
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Taiwan's chip industry is not affected by China's rare earths restrictions
Taiwan's Economy Ministry said that the new Chinese restrictions on rare earths will not have a significant impact on the semiconductor industry as these metals are different from those needed in the chip sector. China tightened its control of the rare earths sector in advance of the talks between Donald Trump and Xi Jinping. Beijing added five new elements to its export controls and increased scrutiny on chip users. Taiwan's Economy Ministry said in a press release about China's new regulations that the rare earth elements covered by the expanded prohibition differ from those required for Taiwan's semiconductor process, and therefore no significant impact is expected on chip manufacture at this time. It added that the majority of products or derivatives for domestic use containing rare Earths are sourced from Europe and Japan. 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. The ministry said that China's recent expansion of controls may affect global supply chains, including those for electric vehicles and drones. It added that the impact would need to be closely monitored. On Sunday, China justified its restrictions on the export of rare earth metals and equipment by claiming that they were based on concerns about their military applications in a period of "frequent war". (Reporting and editing by Raju Gopikrishnan; Ben Blanchard)
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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.
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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).
Venezuela lenders with leading concern in Citgo share auction
Companies submitting bids through Tuesday in a U.S. court-ordered auction of shares in Citgo Petroleum moms and dad PDV Holding should
present propositions
to pay holders of 2020 bonds released by Venezuela state oil company PDVSA.
The court is auctioning shares in a moms and dad of Venezuela's. foreign crown gem, Houston-based Citgo, that it discovered accountable. for the South American nation's debts. The auction has actually drawn. interest by numerous energy companies and financiers and could. result in a change of ownership of the refiner.
The shareholders' claim includes a new twist to the. long-running case in Delaware, first presented by miner. Crystallex against Venezuela, which has actually allowed 18 lenders to. collectively seek $21.3 billion in payment for expropriations. and defaults.
The holders, whose bonds were collateralized with a. 50.1%- stake in one of Citgo's parents, PDV Holding, have been. battling in separate U.S. courts to have the bonds stated. legitimate. They are seeking $1.9 billion in compensation.
Their claim is poised to decrease the auction proceeds. available to creditors, while securing the holders a. compensation, even if not immediately. The bids will decide the. fate of the seventh-largest U.S. refiner as quickly as this summertime.
Profits from the auction may cover only about a third. of claims cleared by the court, based on the greatest deal in a. preliminary in January. The judge's bidding directions,. upgraded in May, ask possible buyers using
credit bids
to say whether their offers consist of cash arrangements to pay. the 2020 bondholders, a filing revealed.
TOP PRIORITY DECLARES
Citgo, eventually owned by Caracas-headquartered state. firm Petroleos de Venezuela, has actually been valued at. in between $11 billion and $13 billion. But the greatest deal in. the very first bidding round was $7.3 billion.
The court years ago found Citgo moms and dad, PDV Holding, liable. for Venezuela's expropriations and financial obligation defaults, bringing. lots of other financial institutions to press their claims.
Judge Leonard Stark has stated the sale procedure might be. completed in July, however a permission from the U.S. Treasury. Department will be required to award the winner. Venezuela has. asked the U.S. to pause the auction up until elections in that. country next month.
The judge last year provided concern to miner Crystallex, who. presented its claim in Delaware in 2017, to cash some $990. million. A $72 million claim by offshore provider. Tidewater has second-highest ranking.
Oil manufacturer ConocoPhillips protected a position near. the front of the line to cash a $1.33-billion claim, one of the. 3 awards amounting to more than $10 billion the business has. registered.
Likewise near the top of the list are glass maker O-I Glass. , Huntington Ingalls Industries, ACL Investments,. Red Tree Investments, Rusoro Mining, a 2nd, $48.1. million claim by Conoco, and systems of Koch Industries.
BIDDERS AND MARKETERS
The U.S. court has kept most of the bidding rounds'. details private, consisting of bidder names. It last year hired. investment lender Evercore Group to market Citgo's. properties, which include three refineries, terminals and pipelines.
Evercore and court official Robert Pincus are expected to. start examining and ranking the bids as quickly as Wednesday,. individuals close to the process stated. They may seek clarification. from bidders before providing them to the court.
Bidders are expected to consist of top investors and energy. business. Activist financier Elliott Financial investment Management has. been weighing a bid for the shares, while a group of lenders. represented by monetary firm Centerview Partners was aiming to. lure Conoco to join another offer, sources told in. April.
Conoco and Elliott were amongst 12 groups that sent. indications of interest during a preliminary in January. Refiners Koch Industries and PBF Energy likewise are. weighing deals.
The arrival of a minimum of 2 groups with significant. resources and experience in business restructurings has. increased the likelihood of an ownership modification for the. century-old refiner.
Citgo's tiniest and least successful refinery, in. Corpus Christi, Texas, recently has actually been thrust into the. spotlight as a prospective breakout candidate ahead of the final. bidding round. Manufacturers, refiners and investment funds. progressively
have actually revealed interest
because asset.
(source: Reuters)