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Ford forced to idle multiple US plants on China rare earth magnet shortage
Rare earths have become a flashpoint in US-China trade talks, with China using its dominance in these key materials-vital to cars, iPhones and more-as leverage in negotiations
Bloomberg
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Hans India
39 minutes ago
- Hans India
Integrated seafood, tourism hub to be developed on Malaysia's West coast
Kuala Lumpur: An integrated hub project for seafood production, maritime services, and sustainable tourism has been launched to uplift the region's fisheries sector and support sustainable coastal community development, Malaysia's Selangor state Chief Minister Amirudin Shari said on Saturday. The Sekinchan Integrated Landing Port will especially uplift the coastal district of Sabak Bernam, transforming it from a support district into a driver of growth, Amirudin said at the launch of the initiative. "It is about unlocking long-term value through infrastructure that empowers people, sustains livelihoods, and positions Selangor as a state that leaves no region behind. We are building a foundation that will benefit not just today's generation, but those to come," he said. An initial investment of 500 million ringgit (118.2 million US dollars) has been identified for fishing-related infrastructure and improvements for the entire Sekinchan Integrated Landing Port initiative, which is set to kick off by the end of 2026, reports Xinhua news agency. Phase 1 of the hub will be developed over five years, with 80 per cent of it being built over water. It will include a centralised jetty and fisheries complex, a fish auction hall, a logistics center as well as coastal enhancements including a new public beach, retail amenities, and serviced accommodation, MBI Selangor, a body established by the state government to manage the state's assets and investments, said in a statement. The project is expected to generate direct employment opportunities through newly created economic activities, enhance the district's attractiveness as a tourism destination, and open new channels for local entrepreneurs to promote and commercialise community-based products. In a separate development, on June 19, official data showed that Malaysia's domestic tourism expenditure for the first quarter of 2025 was recorded at 29.4 billion ringgit (6.9 billion US dollars), an increase of 22.1 per cent year-on-year. The Department of Statistics Malaysia said in a statement that the number of domestic visitors in Malaysia also experienced a significant surge to record 69.7 million visitors for the first quarter of 2025, rising 18.9 per cent as compared to the same quarter of the previous year. Meanwhile, for quarter-on-quarter comparison, domestic visitors went up 4.3 per cent as compared to the fourth quarter of 2024. (1 ringgit equals 0.23 US dollars)
Fibre2Fashion
2 hours ago
- Fibre2Fashion
ICE cotton gains further on short covering amid trade deal prospects
ICE cotton futures continued to rise on Friday as easing trade tensions lifted market sentiment. Former President Trump's announcement of prospective trade deals with multiple countries encouraged speculators to cover their short positions. ICE cotton posted gains throughout the week, with only a few contracts dipping slightly on Monday. The most active December 2025 contract on ICE settled at 69.32 cents per pound (0.453 kg), up 0.52 cent. The contract reached an intraday high of 69.52 cents, the highest level since April 25, marking a two-month high. It gained a total of 262 points, or 3.9 per cent, over the six sessions during the week. Other contracts gained between 18 and 66 points on Friday. On a weekly basis, cotton contracts posted gains ranging from 167 to 348 points. ICE cotton futures extended gains as easing US-China trade tensions and short covering lifted sentiment. December 2025 contract hit a two-month high at 69.32 cents/lb. Strong weekly gains, lower deliverable stocks, and a weaker US dollar supported the rally. China's confirmation of the trade framework with the US further boosted market optimism. Except for a slight dip on Monday in the expiring July and nearby October contracts, all cotton contracts ended higher each day this week. Trading volume stood at 35,926 contracts, while the cleared volume for June 26 was 39,350 contracts. The average daily trading volume for the week was calculated at 40,958 contracts, indicating robust activity and interest in cotton futures. According to ICE data, deliverable stock under the No. 2 cotton futures contract was 51,495 bales as of June 26, significantly down from 61,136 bales on the previous trading day, suggesting a tightening supply situation. Market analysts said the US' announcement of its intent to reach trade agreements with multiple countries prompted speculators to cover short positions, contributing to the price rally. A weakening US dollar during the session also supported cotton prices, as commodities priced in dollars become more affordable to international buyers when the greenback declines. A spokesperson from China's Ministry of Commerce confirmed that China and the United States had finalised details under the China–US London Framework. As part of the agreement, China will review and approve export applications for controlled items according to its laws, and the US will cancel several restrictive measures against China—potentially boosting trade sentiment and cotton demand. The easing of trade tensions between the US and China, one of the world's largest cotton consumers, is viewed as a positive fundamental factor for the global cotton market, further supporting this week's rally. ICE cotton for December 2025 settled at 69.32 cents per pound (up 0.52 cent). Cash cotton was settled at 67.55 cents (up 0.66 cent), the July 2025 contract at 67.52 cents (up 0.45 cent), the October 2025 contract at 68.80 cents (up 0.66 cent), the March 2026 contract at 70.60 cents per pound (up 0.48 cent), and the May 2026 contract at 71.59 cents (up 0.43 cent). Fibre2Fashion News Desk (KUL)
Time of India
3 hours ago
- Time of India
China's $50 billion chip fund switches tack to fight US curbs
China 's main chip investment fund is planning to focus on the country's key shortcomings in sectors like lithography and semiconductor design software, adjusting its approach to better overcome US efforts to stop its technological advances. The third phase of the state-backed National Integrated Circuit Industry Investment Fund, better known as Big Fund III , will focus on backing local companies and projects in areas considered bottlenecks to technological advances, people familiar with the matter said. That includes lithography systems, where Dutch firm ASML Holding NV dominates, and chip design tools, an arena controlled by US companies Cadence Design Systems Inc. and Synopsys Inc. The new vehicle has so far secured only a portion of the 344 billion yuan ($48 billion) of capital it originally sought when first created more than a year ago as Beijing is being more cautious with its semiconductor bets, according to the people, though the shortfall should be temporary. The Big Fund III plans to hold its investments for a longer period compared to the two previous phases, they said, declining to be named discussing a private government initiative. A years long US-led campaign to curb China's access to chips, equipment and software has appeared to stall Beijing's ambitions in semiconductors, essential to creating cutting-edge AI. Chinese President Xi Jinping has declared the elimination of such choke-points a top priority, particularly as local artificial intelligence players including DeepSeek and Alibaba Group Holding Ltd. are trying to compete on the global stage with deep-pocketed US rivals such as OpenAI in a critical field. China's Big Fund for years sprinkled capital throughout most sectors of the semiconductor industry, from leading manufacturers such as Semiconductor Manufacturing International Corp. to small design companies. It's now adopting a more targeted approach, after massive investments during the fund's first two phases failed to deliver real breakthroughs beyond a surprisingly sophisticated Huawei Technologies Co. mobile processor in 2023. Big Fund III is preparing to make its first major investments in coming months, the people said. Part of its directive is to spur industry consolidation, through deal-making or otherwise, they added. If the new vehicle achieves the scale it originally aimed for, it will be China's largest-ever semiconductor fund, bigger than the previous two phases combined. It counts China's Ministry of Finance, state-owned banks and several local government-backed funds as limited partners, according to corporate data provider Tianyancha. It's created three sub-funds to help identify investment targets throughout the supply chain, the people said. China's Ministry of Finance did not respond to a faxed request for comment. Messages to an email for Big Fund III listed on Tianyancha went unanswered. It's unclear whether the fund's managers have identified potential investment or deal targets. Some of the biggest names in China's chipmaking equipment space include Shanghai Zhangjiang High-Tech Park Development Co., which holds an 11% stake in privately-held lithography machine maker Shanghai Micro Electronics Equipment Group Co. Chinese media outlets have also speculated that Huawei eventually wants to build its own lithography machines, required to make cutting-edge AI chips that can rival Nvidia Corp.'s offerings. Empyrean Technology Co. is one of Chinese's best hopes of competing with leading global chip design software providers including Cadence and Synopsys. China's national chip fund was inaugurated about a decade ago with roughly 100 billion yuan in capital, and has since spearheaded the state's investments in all things semiconductors. It's serving as an important signal of Beijing's policy imperatives, as well as a scorecard for government endorsement. In recent years though, it's faced setbacks in achieving its mission, both internal and external. The US banned Nvidia from selling its best AI accelerators to China, while allies such as Japan and the Netherlands have joined the campaign to ringfence the country's tech sector. Stung by a lack of scientific achievement, Beijing initiated a series of anti-graft probes into top chip industry officers in 2022.
