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European truckmakers address rare-earths shortage with stockpiling and supply chain changes
Daimler Trucks is building up inventory to address supply problems linked to Chinese export restrictions. Daimler Trucks says it has learned lessons from the chip crisis. Recent export regulations in China are causing concern for the automotive industry. They fear that this will affect supply of rare Earths which is needed to make magnets. Exporters are required to apply for new licenses since April. These licences are being granted slowly. China is the dominant market for raw materials used in various components, from electric motors to the window mechanisms of cars and trucks. Karin Radstrom, CEO of Daimler Truck, told reporters Tuesday, on the sidelines a conference held in Gothenburg, that the group, like during the COVID-19 epidemic, was increasing inventory levels and not relying on a "just-in-time" strategy. Radstrom stated that "with everything going on around the world, this strategy seems like a good one and necessary." She stated that Daimler is closely monitoring the situation. She added that "so far, it seems we are getting what we require", saying there has been no production interruptions so far. Volvo Group CTO Lars Stenqvist noted that there was "a little bit" of turmoil around the rare earth supply and stated in the long-term, "there had been a clear movement" to become less dependent on these minerals. Stenqvist also stated that the group's production had not been affected. He added, like Radstrom, that many lessons had been learned from the crisis. He said that during the chip crisis, a few year ago, we learned that maybe we had worked too much with tier one suppliers. "We will never hesitate to move down the value chain to tier 2, 3 or 4 if needed." Stenqvist said, "During the (chip) crises we learned to navigate to the mines. And that's what we need to do in regards to rare earth minerals and metals." Reporting by OzanErgenay, Marie Mannes, and IlonaKnowledgebach; editing by Jan Harvey
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Over 250 agricultural groups call for input from the White House on health initiatives.
After the first report of the Make America Healthy Again Commission pointed out pesticides as possible health risks, more than 250 groups representing farmers and ranchers, as well agrochemical firms, urged the Trump Administration to ask for their input regarding future activities. The agricultural sector has been pressing for greater involvement in the commission's work, which was established by Donald Trump in Feburary and named after the social movement associated with Health Secretary Robert F. Kennedy Jr. Kennedy has cited highly processed foods and chemicals, such as food dyes, as contributing factors to poor health. The MAHA report, released in May, was not produced with adequate input from the farming sector. As a result, it "contained many errors and distortions which have caused unfounded concerns about the safety of the food supply," according to the letter sent Tuesday morning to Kennedy and Agriculture Secretary Brooke Rollins, as well as Environmental Protection Agency Administrator Lee Zeldin. The letter stated that "the MAHA Commission could benefit from inviting the public to comment on any future reports and including formal representatives from food and agricultural in those reports." The American Farm Bureau Federation, as well as trade groups for livestock, corn, soybeans, and other agricultural products, were among the signatories. A spokesperson from the Department of Health and Human Services stated that the agency is open to farmers' suggestions. The spokesperson stated that "their perspective is crucial to the mission and work of the MAHA Commission, and we look to continue dialogue to ensure that our work will Make America Health Again." Rollins, according to a spokesperson from the Department of Agriculture, will ensure that farmers are included in the discussion about solutions for the problems identified by the MAHA report. The EPA has not responded to a comment request. The farm industry had asked the administration to not mention pesticides before the MAHA report was released. Industry groups claim that pesticides are essential tools in maintaining a competitive American agriculture sector. The report contained errors, including the citations of nonexistent studies. It pointed out that crop protection tools such as pesticides and insectsicides could contribute to negative health outcomes. However, it noted that agrochemicals undergo a rigorous EPA review. Trump instructed the MAHA Commission to produce a report in August with a strategy to combat chronic childhood diseases. Rollins, Kennedy and others have worked together to promote other MAHA goals. This includes urging states not to accept junk food or sodas in the largest food aid program of the country and revising dietary guidelines which make recommendations about what Americans should consume. Reporting by Leah Douglas, Washington; Editing and proofreading by Chizu Nimiyama Rod Nickel Bill Berkrot
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Mitsubishi increases prices on new US cars by an average of 2.1%
Mitsubishi Motors announced on Tuesday that it would be increasing the prices of U.S. cars by an average 2.1%. This is the latest automaker who has passed on cost increases to the consumers due to the Trump Administration's tariffs. In April, President Donald Trump imposed tariffs of 25% on imports of cars from Japan and almost all other countries. This prompted Mitsubishi to suspend its deliveries to U.S. dealerships. The Japanese automaker said that it resumed these deliveries last week. Mitsubishi explained that the 2.1% increase in average weighted prices, effective on Wednesday, "is a result of our ongoing and regular review of pricing to ensure we're in line with segment expectations." Mitsubishi's U.S. Sales in the First Three Months of 2025 are up 11% from the sales in 2024, which were 111,000. This is the best U.S. performance for the brand since 2019. The company informed dealers that price increases on suggested retail prices will not affect vehicles currently in showrooms. The company said that it would also be making "significant investments globally in new vehicles and technologies." The company cited "updates on the new Outlander 2025, recent announcements of a battery EV arriving in the U.S., and the study of joint development with Nissan of a brand new vehicle that will be built in America in the next few years." Trump claimed last week that He may soon raise auto tariffs again Subaru has been announcing new models for the month of September. America increases prices on a number of models According to the "current market conditions", prices range between $750 and $1,055, depending on model and trim. Ford Motor Prices are being raised in May Three models were produced in Mexico
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China's Xi signss treaty to enhance ties with Central Asia
China's President Xi Jinping has signed a treaty that will strengthen ties with Central Asian countries. Beijing is looking to deepen its cooperation with this resource-rich area in the areas of trade, energy, and infrastructure. Beijing has intensified its efforts since Russia invaded Ukraine to strengthen economic ties with Central Asian countries, which are traditionally in Russia's spheres of influence. This is due to their strategic location and abundant energy resources. Xinhua, the official news agency of China, reported that at a regional summit held in Astana, Kazakhstan's capital, Xi hailed a landmark by signing a treaty establishing "permanent friendship and good neighbourliness" with leaders from Kazakhstan, Kyrgyzstan and Tajikistan. Turkmenistan, Uzbekistan and Turkmenistan also signed the document. This week's summit is the second of its kind, after the pompous inaugural meeting in Northwest China in 2023. Both times, the summits coincided with G7 meetings. "At the moment, the world is undergoing accelerated changes, unseen for a century. We are entering a period of turbulence, and transformation," Xinhua reported Xi saying during a speech to the summit. "Trade Wars and Tariff Warfare Produce No Winners, and Unilateralism, Protectionism, and Hegemonism will harm others as well as oneself," he stated, in an apparent jab at the United States, which had escalated tariffs against Beijing. "China is prepared to work with Central Asian nations to safeguard international justice and oppose hegemony and power politics," Xi stated. He also promised 1.5 billion yuan (208.86 millions) in grant aid to Central Asian countries to support their livelihoods and development projects this year, and called for greater cooperation in areas such as trade, minerals, and agriculture. Beijing is keen to consolidate its relations with regional partners despite a truce in trade with the U.S. China's bilateral trade with five Central Asian nations reached a record of 286.42 billion yuan during the first five month this year. This represents a 10.4% increase year-on year, according to Xinhua, citing Chinese Customs. Turkmenistan is the only Central Asian country with a surplus in trade with China. Turkmenistan is a major natural gas supplier to China. Kazakhstan and Kyrgyzstan have trade deficits in the tens or billions of dollars with China. ENERGY AND MINERAL COOPERATIONS According to the summaries published by the Chinese Foreign Ministry, Xi requested expanded cooperation with regional leaders in the areas of natural gas, minerals and international railway. In meetings with the Uzbek and Kyrgyz presidents on Tuesday, he urged progress on the China-Kyrgyzstan-Uzbekistan railway, an overland route bypassing Russia Since the 1990s, the project has been in the spotlight. However, it gained renewed importance when the sanctions against Russia led to shippers from China and Europe not sending their goods through Russia. In the event that other routes are disrupted, China can use alternative routes to obtain fuel and food. The Central Asia route may help reduce the time it takes to transport freight between China and Europe in the future. In a separate discussion with Turkmen President Serdar Berndymukhamedov Xi stated that "both sides must expand the scope of natural gas collaboration, explore cooperation outside of resource fields, and optimize their trade structure." $1 = 7.1818 Chinese yuan renminbi (Reporting and editing by Alex Richardson, Bill Berkrot and Ellen Zhang)
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US withdraws from two more bases in Syria, alarming Kurdish forces
Reporters visiting the region found that U.S. troops have now withdrawn from two additional bases in northeastern Syria. This is part of a larger troop withdrawal, which, according to the commander of U.S. backed Syrian Kurdish Forces, has allowed a resurgence by Islamic State. Reporters who visited these two bases last week found that they were mostly deserted. They were both guarded only by a small number of Syrian Democratic Forces, the Kurdish led military group Washington has supported in its fight against Islamic State since a decade. The razor wire that surrounded the perimeters of the bases occupied by a military coalition led by the United States had started to sag. One Kurdish politician, who lives in one of the bases, said that there are no U.S. soldiers there. SDF guards on the second base confirmed that troops had recently left, but refused to specify when. The Pentagon declined comment. Reporters are the first to confirm on the ground that the U.S. retreated from the Al-Wazir base and Tel Baydar in Hasaka Province. The number of bases that U.S. forces have left in Syria since President Donald Trump's election has now reached at least four. The Trump administration announced this month that it would reduce its military presence to just one base in northeastern Syria, which is under the control of SDF. The New York Times reported that in April, troops could be reduced from 2,000 down to 500 as part of the drawdown. The SDF has not responded to questions regarding the number of troops currently in Syria and U.S. bases that are open. SDF commander Mazloum Abdi said that the presence of just a few hundred soldiers on a single base was "not enough" in order to stop the Islamic State threat. He spoke at Al Shadadi U.S. military base. The threat posed by the Islamic State has increased significantly in recent years. This is the plan of the U.S. Military. He said that we have known about the plan for some time. We are working with them so there are no gaps, and that we can continue to put pressure on Islamic State. Abdi spoke with on Friday, just hours after Israel began its air war against Iran. He refused to comment on the impact of the Israel-Iran conflict on Syria. Instead, he said that he was safe at a U.S. military base and hoped that it wouldn't spill over. Two SDF security sources confirmed that within hours of the interview, U.S. defense systems shot down three Iranian-made rockets which were aimed at the Al Shadadi Base. ISIS IS ACTIVE IN SYRIAN CITIES The Islamic State (also known as ISIS or Daesh) ruled large areas of Iraq and Syria between 2014 and 2017 during Syria's Civil War. It imposed a vision for Islamic rule, which saw locals beheaded in city squares and Yazidi minorities sex-trafficked. Foreign journalists and aid workers were also executed. From its strongholds of Raqqa, Syria, and Mosul, Iraq, the group launched deadly attacks on European and Middle Eastern nations. More than 80 countries, led by the United States, waged an extensive campaign for years to end the control of the group on the territory and defeat it. They supported the Iraqi forces as well as the SDF. Since the December ouster of Bashar al Assad, the Syrian dictator, by a group of islamist rebels. Abdi claimed that ISIS cells were active in several Syrian towns, including Damascus. He also said a group foreign jihadists, who had previously fought against the Syrian regime, had joined ISIS. He did not go into detail. He claimed that ISIS had seized arms and ammunition from Syrian government depots during the chaos following Assad's downfall. Kurdish officials reported that Islamic State has already started moving around U.S. military bases, which were recently shuttered. This includes near Deir Ezzor, and Raqqa. These cities used to be strongholds of the extremist group. Abdi stated that ISIS had launched a series attacks in areas controlled by the SDF east of the Euphrates River. At least 10 SDF soldiers and fighters were killed. Abdi said that a roadside explosion targeted a convoy near a U.S. military base, where he conducted the interview. Reporting by John Davison, Orhan Qereman and Peter Graff.
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Dutch prices increase as Middle East tensions cause LNG concerns
Dutch wholesale gas prices increased on Tuesday afternoon, amid increasing concerns that the escalation in the Iran-Israel conflict will impact the loading and shipping of liquefied gas (LNG), causing a tightening of the market. According to LSEG, the benchmark Dutch front-month contract for the TTF hub increased by 1,28 euros to reach 38.73 euros per Megawatt Hour (MWh) at 1454 GMT. The contract for August gained 0.76 euros to 38.90 Euro/MWh. The British contract was 0.12 pence higher at 93.32 cents per therm. A trader stated that the gains were driven by events in the Middle East, and the signs that LNG producers were taking extra cautionary measures in the region. Qatar says gas production is still steady at South Pars after an Israeli airstrike hit the field on Saturday. QatarEnergy told tankers on Tuesday to stay outside the Strait of Hormuz, and only enter the Gulf the day before loading. The trader said that if more producers made similar statements, the prices could go up even higher. On Tuesday, the European Commission proposed official legal measures to implement a ban on Russian Gas Imports. The aim is to end the EU's dependence on Russian Energy by the year 2027. Austrian official says the European Union is open to resume Russian gas imports if there's a peace agreement between Russia and Ukraine. The Commission's proposals were designed to be able to pass into law if a majority of countries approved them, so that one or two countries could not block it. The benchmark contract on the European carbon markets has fallen by 0.36 euros to 74.98 euro per metric ton. Reporting by Nina Chestney and Nora Buli, London; editing by Susan Fenton
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Honda launches surprise rocket test to reach space by 2029
Honda announced in a surprising announcement that it had successfully launched and landed its prototype reusable space rocket on Tuesday. This marks a major milestone in the company's goal to achieve suborbital flight by 2029. Honda R&D's research arm, which is the second largest carmaker in Japan, has successfully landed a 6.3-metre (20.06-foot) experimental launch vehicle that was reusable after reaching a height of 271 metres (880.9 feet) at the company's test facility located in the northern Japanese space town Taiki. Honda said that "no decision has been made about commercialization of these rocket technology, but it will continue to make progress in fundamental research in order to achieve a technological capability that would enable a launch into suborbital space by 2029." Honda announced in 2021 that it was researching space technologies, such as reusable launchers. However, it had not revealed the specifics of the test. Suborbital launches may reach the edge of outer space, but do not enter orbit. The company said that studying launch vehicles could "contribute more to the people's everyday lives by launching its own satellites using its rockets." This would lead to a variety of services compatible with Honda's other businesses. SpaceX's Falcon 9 has been leading the way in developing reusable launch vehicles for commercial space missions. However, Blue Origin as well as companies from China and Europe have also developed reusable rockets. Last month, Innovative Space Carrier of Tokyo announced that it would test-launch in December a prototype reusable reusable rocket using an American engine. Toyota, Honda's main rival and the largest automaker in terms of sales, announced earlier this year that its research arm had invested in Taiki rocket maker Interstellar Technologies, to support mass production. The Japanese government has set up a multi-billion dollar fund to support private rockets, space satellites and missions. It aims to double the size of its space industry to 8 trillion yen (55.20 billion dollars) by early 2030s. ($1 = 144.9220 yen)
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Wall Street falls as Middle East conflict escalates
Wall Street's major indexes fell on Tuesday, as the Israel/Iran conflict entered its 5th day. This weakened investor confidence globally ahead of the Federal Reserve’s upcoming decision regarding monetary policy. The conflict between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has caused concern that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend Report, chief technical analyst. Oil prices remain high due to uncertainty, and U.S. energy companies are gaining. Chevron rose 1.8%, while Exxon gained 1.7%. The rise in oil prices coincides with the Fed's decision to maintain interest rates on Wednesday. According to CME Group’s FedWatch, money market traders have priced in 46 basis points in rate cuts by 2025. There is a 57% probability of a rate cut of 25 bps in September. At 10:05 am. At 10:05 a.m. ET, the Dow Jones Industrial Average dropped 109.04, or 0.26% to 42,406.05, while the S&P 500 fell 21.71, or 0.36% to 6,011.40, and the Nasdaq Composite lost 88.94, or 0.45% to 19,612.28. Ten of the eleven major S&P sub-sectors declined. Healthcare stocks fell the most with a decline of about 0.8%. Energy stocks, on the other hand, gained 1.6%. The U.S. Retail sales The factory production in May was lower than expected, and barely increased last month. The U.S. Senate Republicans released late Monday proposed changes to the President Donald Trump’s sweeping tax cut bill, which had passed through the House of Representatives earlier this year. Solar stocks dropped after Senate changes to Trump’s tax-cut legislation revealed that solar, wind and other energy tax credits would be phased out by 2028. Enphase Energy shares fell 23.3%, while Sunrun shares dropped 39.4%. Invesco Solar ETF fell 8.8%. The shares of nuclear power companies have risen after the Senate extended credit for nuclear energy until 2036. Oklo shares rose 3.3% while Nano Nuclear Energy shares rose 4.3%. A rise in U.S. Treasuries, as investors seek out traditional safe-havens amid increased geopolitical unrest, has pushed down yields across the curve. The yields on the benchmark 10 year fell by about 2 basis points, to 4.43%. The majority of megacaps and growth stocks declined. Tesla fell 1.9% while Alphabet dropped about 1%. Eli Lilly, among other players, fell by 1.1% following its agreement to purchase Verve Therapeutics up to $1.3 Billion. Verve shares soared by 73.7%. T-Mobile dropped 3.9% after Japan's SoftBank raised $4.80 billion by selling 21.5 million shares of the wireless carrier at $224 per share, according to an. On the NYSE, declining issues outnumber advancers in a ratio of 1.67 to 1.75. The S&P 500 recorded seven new 52-week lows and eight new highs. Meanwhile, the Nasdaq Composite registered 31 new highs with 50 new lows. Reporting by Kanchanachakravarty in Bengaluru and SukritiGupta; editing by MajuSamu.
Solar stocks fall on Senate proposal of phase-out tax credits by 2028
U.S. Solar stocks fell in premarket trade on Tuesday, after a Senate committee proposed to phase out solar and wind credits by 2028. This proposal was part of President Donald Trump's tax-and spending bill.
Enphase Energy, a manufacturer of solar inverters, was one of the largest decliners among S&P 500 companies. Its stock fell 20.9% from $36.35 to $36.35. SolarEdge Technologies and Sunrun, both solar panel suppliers, each fell more than 30%. First Solar fell 17.3%.
A Senate committee circulated a draft bill that amends Trump's 'One Big, Beautiful Bill Act', which the House narrowly approved last month.
Pavel Molchanov, an analyst at Raymond James, said: "At first glance, provisions of the Investment Tax Credit/Production Tax Credit for solar and wind appear worse than industries had hoped. However, not in the same manner as the House Bill."
The draft bill of the committee proposes to reduce solar and wind incentives by 60% in 2026, and then eliminate them altogether in 2028.
According to current law, credits would not begin to phase out until 2032.
Citi strategists stated that they "remain in favor of residential solar" and called the proposal a "slight improvement" compared to the House version, but "far restrictive than the initial bill".
Solar firms in the U.S. are already struggling with a weak residential demand. High interest rates, as well as metering reforms implemented in California have reduced credits for excess electricity sent to grid.
Sunrun shares have fallen 27% over the last year while Enphase Energy has dropped 63%.
Invesco's Solar ETF dropped by 22.8% in the last year.
The Senate proposal, however, will extend tax credits for geothermal, hydro, and nuclear energy through the year 2036.
Nano Nuclear Energy, Oklo, and Sam Altman's nuclear startup Nano Nuclear Energy all saw their shares rise.
Diverging versions of the House and Senate may complicate efforts for Trump to pass his top domestic priority before a July 4 self-imposed deadline. (Reporting from Shashwat Chandhan and Pooja menon in Bengaluru, Editing by Devika Syamnath.)
(source: Reuters)