China delays approval of $35 billion merger between Synopsys and Ansys, FT reports
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Reuters
25 minutes ago
- Reuters
China navigates delicate US truce while affirming trade consensus
BEIJING, July 4 (Reuters) - The Chinese commerce ministry said on Friday that Beijing and Washington had stepped up efforts to implement what they had agreed during recent trade talks but cautioned the U.S. against destabilising their "hard-won" consensus. China hopes the U.S. can continue to meet it half way and maintain the stability of bilateral trade and economic relations, the commerce ministry said, as the two economic super-powers seek a resolution to their trade tensions. "We hope the U.S. side will deeply understand the mutually beneficial and win-win nature of China-U.S. economic and trade relations," it said in a statement. In three separate statements released in the past week about U.S. trade talks, the ministry called on Washington to preserve the positive momentum while also warning other countries against "making a deal at the expanse of China's interests" with the U.S. Thanks to its trade truce with the U.S., China is not at risk of being slammed by higher tariffs when the 90-day pause on Liberation Day tariffs ends next week, but Trump's trade deals with Britain and Vietnam suggest China may remain an indirect target, said Julian Evans-Pritchard, head of China Economics. "It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of U.S. tariffs," Evans-Pritchard said. As a July 9 trade deadline for countries to negotiate trade deals with the U.S. nears, Beijing is keen to remind Washington that the success of their trade talks in London did not come about easily. Earlier this year, China retaliated against U.S. tariffs by suspending exports of a wide range of critical minerals and magnets. During U.S.-China trade talks in Geneva in May, Beijing committed to removing the measures imposed since April 2, but the U.S. said those critical materials were not moving as fast as agreed. The breakthrough came during the London talks in June, with both sides agreeing for a framework to implement the Geneva agreement that involved expediting rare earth shipments to the U.S. "China is currently reviewing and approving eligible export licence applications for controlled items," the commerce ministry said in the statement, referring to its own rare earth export curbs. The U.S. has also taken actions "to lift a series of restrictive measures against China, and has informed China about the relevant situation," the ministry said, confirming reports that Washington resumed China-bound exports of chip design software, ethane and jet engines. "Teams on both sides are stepping up efforts to implement relevant outcomes of the London Framework," the Chinese ministry said, calling the framework "hard-won". Earlier this week, the U.S. sent letters to ethane producers to rescind a restrictive licensing requirement on exports to China imposed in late May and June, after its official confirmed concessions from Beijing over rare earths. Some chip design software developers have restored access to their software and technology for customers in China after Washington lifted similar restrictions. GE Aerospace was also cleared to resume jet engine shipments to China.
Reuters
41 minutes ago
- Reuters
Rupee ends week little changed, looming tariff deadline in focus
MUMBAI, July 04 (Reuters) - The Indian rupee witnessed muted price action on Friday to end the week little changed as traders awaited developments in U.S.-India trade talks, with a positive outcome potentially helping the local currency break past a sticky resistance level. The rupee closed at 85.3925, down about 0.1% each on the week and day. The currency had risen to a one-month peak of 85.25 in the previous session but pared gains on Friday after traders scaled back wagers on rate cuts by the Federal Reserve following a stronger-than-expected U.S. labour market report. On the day, routine dollar demand from importers weighed on the rupee with market participants also avoiding aggressive bullish wagers on the local currency to limit carrying risk over the weekend, a trader at a foreign bank said. While the rupee has persistently failed to rise and hold above a technical resistance level around 85.35-85.40 over recent sessions, a favourable trade deal with the U.S. may help the currency clear the hurdle, the trader added. U.S. President Donald Trump has said that Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States. "If Trump's comments prove accurate, then investors will again begin to downgrade growth expectations and upgrade inflation expectations, which will only encourage further dollar selling," MUFG said in a note, referring to the letters. Earlier in the week, Trump announced a deal with Vietnam, and the White House teased a forthcoming agreement with India. Meanwhile, talks with Japan - the U.S.' closest ally in Asia - have appeared to hit road blocks. Amid the ongoing uncertainty, analysts have pointed out that India's climbing foreign exchange reserves and the central bank's shrinking forward book are cementing the rupee's defences.
Finextra
an hour ago
- Finextra
UBS SDG fund reaches $100m, gaining commitment from EU
UBS Optimus Foundation and Bridges Outcomes Partnerships today announced the successful final closing of the SDG Outcomes Fund at the 4th UN International Conference on Financing for Development (FFD4) in Sevilla. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Through the new anchor commitment from the European Union, the fund reached its subscription target of USD 100 million. This Luxembourg-based SFDR Article 9 fund is a pioneering blended finance initiative designed to accelerate progress towards the United Nations Sustainable Development Goals (SDGs) by supporting outcomes-focused programs in low- and middle-income countries, particularly in Africa and Asia. European Union joins fund with new anchor commitment The fund was created as a partnership between UBS Optimus Foundation, which provides first-loss capital, and Bridges Outcomes Partnerships (BOP), a not-for-profit impact specialist which acts as a portfolio and delivery manager. Mezzanine and senior capital have been committed by the US International Development Finance Corporation (DFC) and British International Investment (BII), alongside private investors including Legatum, family offices such as the Tsao Family Office, Ferd, and high net worth individuals. The European Investment Bank recently completed a USD 18 million commitment to the fund through funding from the European Commission via the ACP Trust Fund, enabling it to reach its USD 100 million target. This investment will contribute to the Africa-EU Global Gateway Investment Package objectives. This operation is fully in line with the European Commission's priority to promote impact investments and find innovative ways to finance programs in low- and middle-income countries, including in fragile countries. A transformational way of achieving better outcomes for underserved people SDG Outcomes is the first fund specifically designed to support outcomes-based programs in low- and middle-income countries, with a focus on health, education, women's economic empowerment, and the environment. For each program, BOP brings together like-minded partners to find innovative solutions that can achieve measurable impact. Expert local partners are identified to deliver the program, with the SDG Outcomes Fund covering the up-front costs. Funders – typically local or national governments, donors, foundations, corporates, NGOs, or even individuals themselves – only pay if successful, verifiable outcomes are achieved. The focus on outcomes, instead of on the traditional approach of paying for activities or inputs, allows delivery consortia to adjust and tailor their programs as they go along, learning from real-time impact data about how to achieve the best possible results in each context. As a result, nearly USD 13.5 million of outcome payments have already been achieved. Proven track record of impact The SDG Outcomes Fund aims to have a broader systemic impact by developing completely new delivery models, building the capacity of high-impact local organizations, and transforming the way local governments and donors fund services for underserved populations. This collaborative and flexible approach to delivering critical programs is already helping hundreds of thousands of people to improve their lives, including: Supporting 50,000+ schools in India and 100,000+ children in Sierra Leone and Ghana. Delivering 1.5+ million sexual and reproductive health services to 700,000+ girls aged 15-19 in Kenya. Collecting 3,000 tons of plastic waste for recycling in Nigeria. Providing IT upskilling and employment opportunities for 800+ long term unemployed young adults in Türkiye. Tom Hall, Global Head of Social Impact and Philanthropy and CEO, UBS Optimus Foundation Network, says: 'The SDG Outcomes Fund is a ground-breaking initiative that shows how different forms of capital can come together to deliver outcomes for people who need it most. Reaching the USD 100 million milestone demonstrates the powerful potential of outcomes-based funding programs and their role in shaping future impact investment models.' Mila Lukic OBE, CEO of Bridges Outcomes Partnerships, says: 'The results achieved by the SDG Outcomes Fund already show that by bringing together a range of partners, and critically, by learning from the data about what works best and adjusting our programs accordingly, we can achieve better outcomes for individuals and better value for our funders. This more flexible, more collaborative approach has already helped to improve the lives of hundreds of thousands of people, and we are hugely grateful to all our investors for supporting this fund, which will ensure impact-seeking capital catalyzes high-impact programs in some of the areas of greatest need.' Ambroise Fayolle, Vice-President of the European Investment Bank, says: 'Our commitment is more than just financing – it's investing in a future where every investment delivers tangible, measured impact. This fund is already bringing advancements in health, education, and climate action to vulnerable communities around the world, with a strong focus on Africa and emerging markets.' European Commissioner for International Partnerships Jozef Síkela says: 'New opportunities — better education, impactful training, quality jobs. That is one of the core goals of the Global Gateway. That's why I appreciate the ACP Trust Fund, which enables us to invest in high-impact programs across Africa. It will help us deliver on our goals. Improve education, create jobs, or build stronger health systems.' Leslie Maasdorp, CEO, British International Investment, says: 'BII is proud to support the SDG Outcomes Fund which is dedicated to achieving better outcomes for underserved communities. This initiative exemplifies the power of mobilizing like-minded partners to unlock innovative solutions that deliver significant and tangible results, and we are grateful for EIB's support to get this impactful fund to the target size. We look forward to the fund's continued success in improving livelihoods and supporting high-impact projects.'
