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China to Block Its Rare-Earth Experts From Spilling Their Secrets

China to Block Its Rare-Earth Experts From Spilling Their Secrets

China has told companies in its rare-earth industry to give the government lists of employees with technical expertise, aiming to ensure they don't divulge trade secrets to foreigners.
The queries point to the growing geopolitical significance of China's control over the materials, which are widely used in cars, electronics and weapons and stand at the center of the U.S.-China trade war.

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FedEx shares fall as dismal forecast fans concerns over Trump tariffs
FedEx shares fall as dismal forecast fans concerns over Trump tariffs

New York Post

time31 minutes ago

  • New York Post

FedEx shares fall as dismal forecast fans concerns over Trump tariffs

FedEx shares plunged as much as 5% Wednesday after the company revealed a disappointing profit forecast as President Trump's tariffs weigh on global transit. The package delivery giant said it expects earnings per share of $3.40 to $4 in the current quarter, just slightly lower than forecast expectations of $4.05. But the underwhelming forecast sent investors fleeing, since the company often acts as a bellwether for several other industries. Advertisement FedEx shares fell Wednesday after the company reported a lower-than-expected profit forecast for the current quarter. Christopher Sadowski 'FedEx is like the economy's Fitbit. Express shows business demand, Ground tracks e-commerce, and Freight reflects industrial strength,' said Michael Ashley Schulman, partner at Running Point Capital Advisors. 'Right now, all three are looking sluggish.' The stock pared back gains from earlier losses, when it plunged about 6% Wednesday morning. Advertisement FedEx executives said they expect tariff policies to continue weighing on US-China air trade. That's a big deal for the company, which is more exposed to China than rival UPS. Trump initially levied a massive 145% rate on China. In a deal with the nation, he has since lowered it to 30% – but that's still far higher than previous rates. FedEx is also suffering from Trump's end to the 'de minimis' exemption, which previously allowed shipments worth less than $800 to enter the country duty-free, FedEx Chief Customer Officer Brie Carere said during a post-earnings call. Advertisement The shipping carrier often acts as a bellwether for several other industries. Christopher Sadowski Trump argued that Chinese fast-fashion sites like Temu and Shein abused the tax loophole, and that others might have used it to sneak in fentanyl and illicit materials, since 'de minimis' goods were able to skirt around customs checks. FedEx did not provide a full-year earnings or profit forecast on Wednesday, which is 'quite telling,' according to Russ Mould, investment director at AJ Bell. 'This may result in some consternation in the markets beyond just the fortunes of FedEx itself,' Mould said. Advertisement The company did, however, announce that it plans to carry out $1 billion in cost-cutting reductions in fiscal year 2026. FedEx's 'cost cutting drive is continuing, but it's clear that it'll face more challenges ahead amid ongoing trade unpredictably,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Fear over the impact from Trump's tariffs – as CEO Raj Subramaniam warned that global demand 'remains volatile' – overshadowed FedEx's better-than-expected quarterly earnings. In the quarter ended May 31, the company reported adjusted earnings per share of $6.07, far above expectations of $5.84. FedEx posted revenue of $22.22 billion, above projections of $21.79 billion. Its US daily package volume was up 6% from the year before, and its US ground home delivery volume was up 10%.

China Market Update: Six Agencies Announce 'Financial Support To Boost & Expand Consumption'
China Market Update: Six Agencies Announce 'Financial Support To Boost & Expand Consumption'

Forbes

time31 minutes ago

  • Forbes

China Market Update: Six Agencies Announce 'Financial Support To Boost & Expand Consumption'

CLN Asian equities cheered the confirmation of the de-escalation in the Middle East and a potential July US interest rate cut, led by Hong Kong, Mainland China, and Taiwan. China's markets grinded higher across the trading day on strong volume and breadth. The key catalyst was that six Chinese government agencies announced the release of the "Guiding Opinions on Financial Support to Boost and Expand Consumption" following the State Council's guidance on expanding 'financial support to boost and expand consumption'. The People's Bank of China (PBOC), National Development & Reform Commission (NDRC), Ministry of Finance (MoF), Ministry of Commerce (MoC), China Banking & Insurance Regulatory Commission (CBIRC), and the China Securities Regulatory Commission (CSRC) release focused on six topics and 19 key measures to 'combine the implementation of the strategy of expanding domestic demand with deepening the structural reform of the financial supply side, increase the investment in the financial resources provided by consumption, and improve the level of financial services for consumer demand'. The measures include: The NDRC will host a press conference tomorrow on the subject. Vice Premier He Lifeng was in Hebei to 'conduct on-site research on the exchange of old appliances for new ones, real estate development and sales'. Premier Li spoke at the Summer Davos in Tianjin, stating that China's status as a "super-sized consumption powerhouse' will be upheld. It seems to be a recurring theme! Hong Kong and Mainland-listed financial stocks had a strong day, led by brokers and insurance as beneficiaries of the push to expand use of the plan to expand and promote personal pensions and annuities. Also helping brokerage stocks was Guotai Junan International, which gained +198% after being approved by Hong Kong's Securities and Futures Commission (SFC) to allow crypto trading. Internet stocks had a good day as well, as it was a very broad rally in both markets. Mainland investors bought a healthy $1.22 billion worth of Hong Kong-listed stocks and ETFs via Southbound Stock Connect today, as 53% of Hong Kong trading was Connect-related. To me, this continues to show a lack of foreign investor involvement, despite the strong rally since January 2024. The Mainland market is finally showing some animal spirits as 117 stocks hit 52-week highs versus only 4 hitting 52-week lows. Mainland military stocks outperformed on news that a military parade will be held on September 3rd, celebrating the 80th anniversary of the end of World War II All told, it was a strong day! New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read 1 Chart1 Chart2 Chart3 Chart4 Chart5 Chart6

Conservatives fear welfare reforms will not head off ‘tax rises' this autumn
Conservatives fear welfare reforms will not head off ‘tax rises' this autumn

Yahoo

time37 minutes ago

  • Yahoo

Conservatives fear welfare reforms will not head off ‘tax rises' this autumn

Angela Rayner has said she is 'proud' of Labour's record in Government, after the Tories challenged her to say whether she was 'embarrassed to be defending' proposed welfare reforms. Deputy Prime Minister Ms Rayner promised a debate on the welfare Bill next Tuesday as planned, despite 120 Labour MPs publicly backing a move to block the reforms. She criticised the Conservatives for having 'no plan, no idea', amid Labour efforts to temper benefits spending. But shadow chancellor Sir Mel Stride warned that 'tax rises are coming' in this autumn's budget, with the number of benefits claimants set to rise. Sir Mel asked: 'When you cut out the blather, isn't the reality that this Labour Government has condemned us to higher taxes, more debt, fewer jobs, more pain for businesses right up and down our country? 'Borrowing up, unemployment up, inflation up, yet (the Deputy Prime Minister) tells us the Government's plan is working. 'It's not just me who isn't convinced, the people behind her are not convinced either and neither are the public. 'In fact, I'm not even sure if (Ms Rayner) herself is convinced, so can I ask her, isn't she just a little embarrassed to be defending policies she doesn't even agree with herself?' At the despatch box, Ms Rayner replied: 'I'm proud we've got a huge boost to the minimum wage, the biggest uplift to affordable housing in a generation, and expanding free school meals to half a million children. 'The Tories' choice? Billions of pounds in unfunded tax cuts for the very wealthiest. 'We know where that gets us, it's the same old Tories' failed approach. 'They haven't listened and they haven't learned a thing.' Earlier during Deputy Prime Minister's Questions, Ms Rayner vowed not to 'walk away and stand by and abandon millions of people trapped in the failing system left behind by him and his colleagues'. Asked whether a vote on Tuesday 'will actually go ahead', including a potential vote on the reasoned amendment put forward by critics which would block the reforms, Ms Rayner replied that it 'will'. Sir Mel continued: 'There you have it, there will be a vote in this House on Tuesday on the welfare Bill, although many on the backbenches could be forgiven for thinking they've heard this before with the winter fuel payment, where they were marched up the hill – and we all know where that story ended. 'But on this side of the House, we're absolutely clear, we will help her to get their Bill through, if they can commit to actually reducing the welfare bill and getting people off benefits and into work. 'Can (Ms Rayner) make that commitment right now, yes or no?' The Deputy Prime Minister replied: 'Well, if ever we needed a reminder of the party opposite having no shame, it's their demands for this Bill. 'He demands a programme to help people into work – exactly what this Bill does – after he left one in eight young people out of the economy.' She added: 'He demands further welfare savings, from the man who was in charge, as the welfare bill absolutely ballooned. 'They say cut welfare bill, they failed. 'They say put people in work, they failed. 'They say no tax increases, they failed.' The reforms would 'see the number of people on welfare rising for every single year going forward' with 'no commitment' to cut the number of claimants, Sir Mel warned. 'And even if they manage to deliver these reforms, almost every respected economist now says tax rises are all but inevitable in the autumn,' he continued. 'But after the budget, the Chancellor (Rachel Reeves) said, and I quote, 'I'm not coming back for more taxes'. 'British businesses have been hit again and again by Labour's economic mismanagement. 'They are desperate for certainty, so can (the Deputy Prime Minister) give them that certainty now and repeat to the House the Chancellor's promise not to raise taxes at the budget?' Ms Rayner replied that the Tories had 'no plan, no idea' and added: 'This is a bit rich – unbelievable. 'Inflation above 11%, the biggest tax rises? By their party. 'I take no lectures and on this issue in particular, they can't make their minds up. 'First they said our reforms were taking too long, then they say they were rushed, then their front bench said our measures are too tough, and now they say they need to be tougher.' Responding, Sir Mel said: 'The whole House will have heard that (Ms Rayner) did not repeat the Chancellor's promise not to raise taxes and Britain's businesses have today been put on notice – tax rises are coming.' The Universal Credit and Personal Independence Payment Bill, if agreed, would restrict personal independence payment (Pip) eligibility and curb rises the sickness-related element of universal credit, with the aim of getting more people back into work and saving up to £5 billion a year. Conservative MP for Fylde Andrew Snowden later asked Ms Rayner who she would sack if she were in charge of a reshuffle, and criticised Chancellor Ms Reeves 'for killing economic growth', Work and Pensions Secretary Liz Kendall 'for the botched handling of the welfare Bill', and Prime Minister Sir Keir Starmer. Ms Rayner suggested Mr Snowden might want 'a go' at asking questions from the despatch box, in place of Sir Mel. 'I'm just wondering when they're going to give the shadow justice secretary (Robert Jenrick) a go,' she added 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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