TSMC Discovers Potential Leak of Advanced Chipmaking Tech
The chipmaker to Nvidia Corp. and Apple Inc. has initiated legal proceedings, TSMC said in a statement without elaborating. On Tuesday, the Nikkei reported that TSMC had fired several employees suspected of attempting to obtain critical proprietary information on 2-nanometer chip development. That next-generation semiconductor process is entering mass production in the second half of this year, and will eventually power a plethora of devices from smartphones to AI accelerators.
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China's independent oil companies boost investments in Iraq
Chinese independent oil companies are intensifying their activities in Iraq, aiming to double their production to 500,000 barrels per day (bpd) by 2030, according to a Reuters report. This strategic move comes as some global majors have scaled back from these markets, which are traditionally dominated by China's state-run entities. The smaller Chinese producers, led by industry veterans, are drawn to Iraq by more attractive contract arrangements and the potential to leverage lower costs and faster project development. Geo-Jade Petroleum, United Energy Group, Zhongman Petroleum and Natural Gas Group, and Anton Oilfield Services Group have secured half of Iraq's exploration licences in recent rounds. Currently, China's CNPC is a major player, responsible for more than half of Iraq's production at large oilfields such as Haifaya, Rumaila and West Qurna 1. These companies are recognised for their rapid project execution, which appeals to the Iraqi Government. Their increasing presence signifies a shift for Iraq, which is under pressure to expedite energy projects and has previously resisted increasing Chinese influence over its oilfields. Furthermore, the agility and risk tolerance of these smaller companies allow them to develop oilfields in two to three years, significantly faster than Western counterparts. Iraq's improved political stability and investment climate are cited by executives as key factors in attracting both Chinese and Western companies. The country is seeking to significantly boost its oil output, targeting more than six million barrels per day by 2029. Iraq's shift from fixed-fee agreements to profit-sharing contracts has been instrumental in attracting Chinese independents. Geo-Jade Petroleum CEO Dai Xiaoping was quoted as saying: 'Chinese independents have much lower management costs compared to Western firms and are also more competitive versus Chinese state-run players.' Despite concerns over transparency and technical standards, the cost-effective approach of Chinese companies remains attractive to Iraq. While some Western companies are making a comeback, with TotalEnergies and bp planning significant investments, the trend of Chinese operators' expansion in Iraq's oil sector is clear. In May, a consortium spearheaded by Geo-Jade decided to fund the South Basra endeavour, encompassing the enhancement of the Tuba field in Iraq's southern region to a capacity of 100,000bpd. This included the construction of a refinery capable of processing 200,000bpd. With an investment pledge of $848m (6.09bn yuan), Geo-Jade is set to rejuvenate production at the predominantly idle field, aiming to achieve production of 40,000bpd by mid-2027. "China's independent oil companies boost investments in Iraq" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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New US-EU trade deal on tariffs ends pharma's geopolitical immunity
For the first time in decades, the pharmaceutical industry has been directly affected by a geopolitical trade negotiation between the US and the EU. On 27 July, the US government announced a 15% tariff on branded pharmaceutical products imported from the EU. Despite the decrease from the original 30% tariff on pharmaceuticals earlier in the year, this disrupts a long-established practice of the exemption of medicines from tariffs due to their importance in public health. The 15% tariff is not expected to happen immediately as implementation will be dependent on a National Security investigation regarding pharmaceutical imports. This trade deal puts the pharmaceutical industry at risk of losing between $13bn and $19bn, with consequences that extend beyond short-term financials. It will force pharmaceutical companies to make a tradeoff between tightening their profit margins and increasing drug prices, with both paths posing a risk to patient access and payer relations. The imposition of tariffs threatens to elevate costs across the pharmaceutical value chain, and could lead to a substantial increase in drug development costs, manufacturing, and distribution, with global supply chains for active pharmaceutical ingredients (APIs), raw materials, and equipment directly exposed. This disruption could create uncertainty in launch planning, particularly for late-stage assets with EU-based manufacturing and production planned for US entry. Companies manufacturing pharmaceutical products in Europe will need to anticipate financial exposure when planning launches in the US due to the unfavourable gross-to-net dynamics, weakened pricing leverage with US payers, and slower commercial uptake as insurers reassess cost-effectiveness due to the tariffs. Research and development budgets are already under pressure, and may be further strained as pharmaceutical companies may have to divert budget to firefight the impact of the tariffs. This could hinder innovation and pipeline investment, reducing the much-needed pace of therapeutic innovation across the industry. Earlier in the year, the US administration did signal tariffs for pharmaceutical imports could become a real possibility; this was met with proactive US investment from leading pharmaceutical companies to onshore manufacturing in the US to reduce exposure. Most recently, in July 2025, Biogen announced a $2bn investment into North Carolina, strengthening its US manufacturing position. Other pharmaceutical companies such as Johnson & Johnson, AstraZeneca, and Eli Lilly have also increased their investment in US manufacturing, with investments of $55bn, $50bn, and $27bn, respectively. Ultimately, the recent US-EU trade deal has increased the level of uncertainty within the pharmaceutical industry, raising concerns about the potential of tariffs increasing past 15% in the future. A once-shielded sector is facing a geopolitical shift, leaving the pharmaceutical industry vulnerable to global volatility. "New US-EU trade deal on tariffs ends pharma's geopolitical immunity" was originally created and published by Clinical Trials Arena, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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UK retailers pivot to new markets as 76% exporters dodge US tariff risks
The study, titled 'Rethinking Reach: How UK Retailers Are Turning Trade Pressure into Global Advantage,' indicates that larger UK retailers are overhauling their international growth strategies in response to protectionist trade policies that disrupt longstanding export patterns. Additionally, 71% of small UK retailers acknowledge a lack of preparedness for potential trade disruptions with the US. A looming challenge for UK exporters is the US's planned baseline tariff increase to 10% in 2025, which would raise the average duties on UK non-food exports from 2.3% to 17.2%. This change is compelling retailers to reassess the feasibility of trading with the US, especially as more than half would find it commercially unviable if tariffs were to exceed 22%. 'UK retailers are undergoing a seismic shift in their export strategies. Retailers can no longer be overly reliant on a single trade corridor and are pivoting to new regions, including the Middle East and Asia-Pacific, where we are seeing exponential growth,' ESW Northern Europe VP Jon Sheard said. The report states that the Middle East and Asia-Pacific regions are gaining attention as key areas for growth amidst the fluctuating tariff landscape. It highlights a surge in exports to the Middle East and North Africa by 34% from 2021 to 2024, with the UAE emerging as the fastest-growing UK export market outside the EU. Additionally, non-EU Western Europe and Asia-Pacific have seen increases of 15% and 6%, respectively, according to the study. The recent conclusion of trade deal talks between the UK and India represents another opportunity for diversification. The free trade agreement aims to eliminate tariffs and facilitate market access, potentially unlocking new export opportunities for sectors like fashion and textiles. Retail Economics CEO Richard Lim said: 'Tariff volatility is reshaping the global retail landscape. Retailers can no longer rely solely on traditional export markets like the US. Instead, they're evaluating new trade routes and pivoting toward high-growth regions to diversify risk and capture new demand. Now is the time for exporters to plan and act. Future success will depend on the ability to adapt, localise, and seize emerging trade opportunities.' Further findings from the report include: A strategic imperative among 77% of retailers is global brand-building. Two-thirds of retailers are prepared to compromise profit margins for export growth. Key barriers to international expansion are logistics costs, operational complexity, and regulatory uncertainty. The 'Made in UK' label continues to command a premium perception overseas due to high safety and regulatory standards. Retailers are increasingly partnering with firms that provide comprehensive market entry services to mitigate challenges associated with entering new markets. Last month, UK fashion companies such as M&S and Primark praised a government initiative that reduces tariffs on certain garment-producing nations, simplifying trade with the UK. "UK retailers pivot to new markets as 76% exporters dodge US tariff risks" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
