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Asharq Al-Awsat
31 minutes ago
- Asharq Al-Awsat
EU to Stockpile Critical Minerals Over War Risk
Brussels says it will build up emergency stockpiles of critical minerals and cable repair kits as concerns mount over the EU's vulnerability to attack. 'The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats,'' the European Commission said in a draft document setting out a stockpiling strategy, seen by the Financial Times. Member states should co-ordinate backup supplies of food, medicines and even nuclear fuel, the EU executive said. It would also accelerate work on EU-level stockpiles of items such as cable repair modules 'to ensure prompt recovery from energy or optical cable disruptions' and commodities such as rare earths and permanent magnets, which are crucial for energy and defense systems. Several instances of potential sabotage to underwater communication cables and gas pipelines in recent years have caused concern about the vulnerability of critical infrastructure. The strategy is part of a wider push by the EU to improve the security and resilience of the 27-country bloc. Last month, General Carsten Breuer, the German chief of defense, warned that Russia could attack an EU member state within the next four years. The higher-risk environment was driven by ''increased activity from hacktivists, cybercriminals and state-sponsored groups,' the document said. The EU is also more susceptible than many other regions to the effects of climate change as it is warming twice as fast as the global average. Wildfires in Crete forced 5,000 people to evacuate the island this week. In a report commissioned by the EU in October, former Finnish president Sauli Niinistö said that security should be considered a 'public good' and called for a preparedness mindset. On stockpiling, he said that Brussels should 'define targets to ensure minimum levels of preparedness in different crisis scenarios, including in the event of an armed aggression or the large-scale disruption of global supply chains.' The EU in March also advised households to stockpile essential supplies to survive at least 72 hours of crisis. On Tuesday, the United States announced the launch of a critical minerals initiative with Australia, India and Japan as part of efforts to counter China. In a joint statement after talks in Washington, the countries' foreign ministers said they were launching the Quad Critical Minerals Initiative, which they called an "ambitious expansion of our partnership to strengthen economic security and collective resilience by collaborating to secure and diversify critical minerals supply chains."
Al Arabiya
42 minutes ago
- Al Arabiya
Investment firm Azoria postpones Tesla ETF after Musk says forming new political party
Investment firm Azoria Partners said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange traded fund after Tesla CEO Elon Musk said he was forming a new US political party. Musk made the announcement a day after polling his followers on the X social media platform he owns, declaring, 'Today the America Party is formed to give you back your freedom.' For all the latest headlines, follow our Google News channel online or via the app. Azoria was set to launch the Tesla ETF, which would invest in the electric vehicle company's shares and options, next week. However, following Musk's announcement Azoria CEO James Fishback posted on X several critical comments of the new party and repeated his support for US President Donald Trump. That culminated in a post where Fishback announced the postponement of the ETF. 'I encourage the Board to meet immediately and ask Elon to clarify his political ambitions and evaluate whether they are compatible with his full-time obligations to Tesla as CEO,' Fishback said. The announcement undermines the confidence shareholders had in Tesla's future after Musk said in May he was stepping back from his role leading the Department of Government Efficiency, Fishback said. Tesla did not immediately respond to a Reuters' request for comment. The announcement from Musk comes after Trump signed his self-styled 'big, beautiful' tax-cut and spending bill into law on Friday, which Musk fiercely opposed. Azoria is also offering the Azoria 500 Meritocracy ETF that only invests in the top 500 US companies that do not impose hiring targets under diversity, equity and inclusion programs, according to its website.
Arab News
2 hours ago
- Arab News
Japan PM says won't ‘easily compromise' to Trump on tariffs
TOKYO: Japan's Prime Minister Shigeru Ishiba said Sunday he won't 'easily compromise' in talks with Washington as Tokyo seeks to avert President Donald Trump's threat to impose tariffs of up to 35 percent on Japanese goods.'We will not easily compromise. That's why it is taking time and why it is tough,' Ishiba told a television talk comments came as Japan rushes to negotiate with the Trump administration before the Wednesday deadline for trade Trump imposed a sweeping 10 percent tariff on imports from most trading partners in April, he unveiled — then paused — higher rates on dozens of economies including Japan to allow room for pause will expire July 9, meaning the elevated rates are due to kick in if countries fail to reach agreements with Washington to avert has said he was going to write a letter to Japan, asking it to 'pay a 30 percent, 35 percent or whatever the number is that we determine,' and called the bilateral trade relation 'unfair.'He has particularly pressed Japan to accept more US automobiles and Akazawa, Tokyo's trade envoy, held telephone calls with US Commerce Secretary Howard Lutnick on Thursday and the Sunday television show, Ishiba reiterated that Japan, as the biggest investor nation in the US economy, should be treated differently from other countries.'What is unfair? How is it unfair? We need to examine each one' of the US claims, he said.'We are allies, but we have to say what we have to say. We are the world's largest investor nation and the largest job creator (in the US). We are different,' he another Sunday television show, Ishiba said Japan was 'preparing to deal with all kinds of situations,' when asked about how he plans to deal with Trump's letter.
