Survival of the fittest: why innovation is vital for F&B industry
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South China Morning Post
a day ago
- South China Morning Post
Rare earth realisation: US must tackle tech, pollution despite Pentagon move, CEO says
The United States is scrambling to reduce its dependence on rare earths from China, with the Pentagon splashing out US$400 million on Thursday to become the largest shareholder in American miner MP Materials. While some say the move will help wean the US off the Chinese supply, a senior American industry executive has warned that a variety of hurdles face US and European mining efforts – from securing the necessary midstream technology to obtaining government permits for what can be a highly pollutive and sometimes radioactive mining process. 'It depends upon the strategy and who's doing it,' David Argyle, CEO of Ohio-based REalloys, said during a Zoom interview on Friday. If all of the conditions are met, he said, 'you can make big inroads, maybe achieving 40 [or] 50 per cent of the US' strategic needs. You can probably have [the rare earth problem] solved in 2027 [or] 2028'. REalloys delivers high-end magnet materials and magnets for US-protected markets, including the US National Defence Stockpile, US Defence Industrial Base, US Nuclear Industrial Base, robotics, electric aviation and critical infrastructure industries. Beijing has tightened its grip over supplies of middle and heavy rare earths as leverage in its trade war with Washington, forcing the US side to ease its tech curbs during talks in London in early June.
South China Morning Post
a day ago
- South China Morning Post
First Birkin bag made by Hermès sells for record US$10 million at Paris auction
Read more about this: The first-ever Birkin bag designed by French luxury brand Hermès for celebrity Jane Birkin sold for €8.58 million (US$10 million) at a Sotheby's auction in Paris on July 10, 2025, smashing previous price records for a handbag. The final buyer, who outbid eight other rivals, was a 'private collector from Japan', the auction house added, without giving further details. The previous record price for a handbag at auction was set by a diamond-encrusted crocodile-skin Hermès Kelly 28, which fetched US$513,000 in 2021 at Christie's in Hong Kong.
South China Morning Post
2 days ago
- South China Morning Post
1st Birkin bag made by Hermès sells for record US$10 million at Paris auction
The first-ever Birkin bag designed by French luxury brand Hermès for celebrity Jane Birkin sold for €8.58 million (US$10 million) at a Sotheby's auction in Paris on Thursday, smashing previous price records for a handbag. The modern design classic, owned by a well-known Paris-based handbag collector, sparked a telephone bidding war up to €7 million, with the final sale price set at €8.58 million with commission and fees, the Sotheby's website showed. The previous record sale price for a handbag at auction was set by a diamond- and white gold-encrusted crocodile skin Hermès Kelly 28 which fetched nearly US$513,000 in 2021 at Christie's in Hong Kong. 'After weeks of anticipation, the bidding opened at €1 million – prompting a gasp from the room,' Sotheby's said in a statement. Sotheby's had advised that the Birkin prototype was expected to set records. But the staggering price tag is in keeping with the fashion world's recent flashy aesthetics. After years of so-called 'quiet luxury' dominating catwalks, designers have embraced more ostentatious looks in recent seasons that have been dubbed 'boom boom' by some trend forecasters.
