Singapore's ShopBack rewards app scoops up inflation-hit consumers
SINGAPORE -- ShopBack, a Singapore-based rewards platform, is gaining traction in Asia and beyond as price-conscious consumers seek more value amid the rising cost of living.
In an interview with Nikkei Asia, co-founder and Chief Commercial Officer Joel Leong said the startup is expanding into offline retail and everyday spending categories as part of its growth strategy, with merchants also looking to spur consumption. ShopBack is best known for cashback services on e-commerce and travel sites.
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Japan Today
9 hours ago
- Japan Today
Critical minerals give China an edge in trade negotiations
A town is built among the hills near Ganzhou in southern China's Jiangxi province on March 19. By SIMINA MISTREANU China's dominance over critical minerals in global supply chains was a powerful bargaining chip in trade talks between Beijing and Washington that concluded with both sides saying they have a framework to pursue a deal. China has spent decades building the world's main industrial chain for mining and processing such materials, which are used in many industries such as electronics, advanced manufacturing, defense and health care. Mines and factories in and around Ganzhou, a key production hub for rare earths, underpin China's control over the minerals. Many residents grew up collecting rocks containing the valuable minerals from the forested hills surrounding the southern city and today make a living from mining, trading or processing them. Responding to ever higher tariffs and other controls on advanced technology, China told exporters of certain key rare earths and other critical minerals to obtain licenses for every shipment abroad. Approvals can take weeks, leading to supply chain disruptions in the U.S. and other countries. President Donald Trump said Wednesday that China would make it easier for American industry to obtain much-needed needed magnets and rare earth minerals, clearing the way for talks to continue between the world's two biggest economies. In return, Trump said, the U.S. will stop efforts to revoke the visas of Chinese nationals on U.S. college campuses. But details remain scarce. Beijing has not confirmed what the negotiators agreed to, and Chinese President Xi Jinping and Trump himself have yet to sign off on it. The Chinese Commerce Ministry said Saturday it had approved a 'certain number' of export licenses for rare earth products, apparently acknowledging Trump's personal request to Xi during a phone call last week. And on Wednesday, the Ganzhou-based rare-earth conglomerate JL MAG Rare-Earth Co. confirmed it had obtained some export licenses for shipments to destinations including the U.S., Europe and Southeast Asia. Experts say, however, Beijing is unlikely to do away with the permit system enabling it to control access to those valuable resources. The only scenario in which China might deregulate its critical minerals export is if the U.S. first fully removes tariffs imposed on Chinese goods as part of the trade war, said Wang Yiwei, a professor of international affairs at Renmin University, echoing the Chinese government's earlier stance. 'Without that,' he said, 'it will be difficult to blame China for continuing to strengthen its export controls.' In 1992, Deng Xiaoping, the leader who launched China's ascent as the world's biggest manufacturing power, famously said 'the Middle East has oil, China has rare earths,' signaling a desire to leverage access to the key minerals. Several generations later, Beijing has made its rich reserves of rare earths, a group of 17 minerals that are abundant in the earth's crust but hard, expensive and environmentally polluting to process, a key element of China's economic security. In 2019, during a visit to a rare earth processing plant in Ganzhou, Xi described rare earths as a 'vital strategic resource.' China today has an essential monopoly over 'heavy rare earths,' used for making powerful, heat-resistance magnets used in industries such as defense and electric vehicles. The country also produces around 80% of the world's tungsten, gallium and antimony, and 60% of the world's germanium -– all minerals used in the making of semiconductors, among other advanced technologies. The risks of dependency on Chinese suppliers first came into focus in 2010, when Beijing suspended rare earths exports to Japan due to a territorial dispute. The ban was lifted after about two months, but as a precaution, Japan invested in rare earths processing plants in other countries and began stockpiling the materials. Beijing's across-the-board requirement for export licenses for some critical minerals has put pressure on world electronics manufacturers and automakers. Some auto parts makers in Europe have shut down production lines due to delays in supply deliveries, according to the European Association of Automotive Suppliers. In the U.S., Tesla CEO Elon Musk said a shortage of rare earths is affecting his company's work on humanoid robots. In the drab industrial hub of Ganzhou, cradled by the scenic Dayu Mountains, the U.S.-China trade war is still a distant stressor. Miners and small mineral traders interviewed by The Associated Press said they are more concerned about depleting the mountains' once-abundant resources. Zhong, a tungsten factory manager in Ganzhou who would only give his last name, worked his way up to manager from a miner, but he's unsure there is a future for him and others in the industry. 'I find growing difficulties to source tungsten these days,' he said, adding that smaller mines and trading companies are slowly disappearing as the resources are dwindling. Tungsten is an ultra-hard metal used in armor-piercing ammunition, nuclear reactors and semiconductors. At least five tungsten mines have closed in the area in recent years, according to state media. Remaining reserves are deeper and harder to extract and process after decades of exploitation, said Li Shangkui, chairman of the Ganzhou-based Jiangxi Yuean Advanced Materials Co., Ltd. Processing factories in Ganzhou now routinely source materials from other provinces or other countries. Zhong's plant imports some raw materials from places like Africa and Cambodia. Major state-owned and private companies in Ganzhou are also ramping up investments abroad. Tungsten producer Ganzhou Haisheng, for instance, announced last year a $25 million investment in a new tungsten plant in Thailand. Whatever the challenges in procuring raw materials, China likely will seek to maintain its dominance in critical minerals, said Fabian Villalobos, an engineer and critical minerals expert at the RAND think tank. Between 2020 and 2023, the U.S. imported at least 70% of the rare earth compounds it used from China, according to the U.S. Geological Survey. It has diversified its sources in recent years, but still mainly relies on China. Since beginning his second term in office, Trump has made improving access to critical minerals a matter of national security. But the U.S. has an incredibly long way to go to catch up with China, experts say. The sole operational U.S. rare earths mine, in Mountain Pass, California, is unable to separate heavy rare earths. It sends its ore to China for processing. The U.S. Defense Department has provided funding to the mine's owner, MP Materials, to build new separation facilities. It will take months to build and still only produce a fraction of what is needed. Friction over the issue has opened the way for government-backed financing that was unavailable before, said Mark Smith, who ran the Mountain Pass mine in the early 2010s and now leads NioCorp. It's seeking about $780 million in financing through the U.S. Export-Import Bank to build a processing facility in Nebraska for critical minerals including rare earths. The Defense Department has committed $439 million to building domestic rare earth supply chains, but building a complete mining and processing industrial chain like China's could take decades. 'There are going to be some real issues here unless we can figure out how to get along with China for a period of time while we're developing our own resources and our mainstream processing,' Smith said. The spotlight on critical minerals also provides opportunities for smaller miners to invest in extracting and processing some critical minerals, such as tungsten, considered 'niche' because they are needed in relatively small amounts in key industries, said Milo McBride, an expert on sustainability and geopolitics at the Carnegie Endowment for International Peace. 'For many of these companies, the business strategy hedges on a scenario where the U.S. and China become more confrontational and where trade relations become more uncomfortable,' McBride said. 'And all of a sudden, what was once an uneconomic project somewhere outside of China starts to make more sense.' Associated Press news researcher Shihuan Chen contributed to this story. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
13 hours ago
- Japan Today
Hakuho's lofty 'global sumo' ambitions bolstered by generous backers with deep pockets
In a June 9 press conference, former sumo stablemaster Miyagino, a retired yokozuna (grand champion) who formerly competed under the name Hakuho, announced his resignation from the Japan Sumo Association. The Mongolian-born Hakuho, now age 40, holds sumo's all-time record of 45 tournament victories, but was nudged out of sumo when the stable he managed, Miyagino, was disbanded over his failure to discipline Mongolia-born Hokuseiho, a senior wrestler who had allegedly physically abused junior grapplers. But as Shukan Post (June 20) reports, Hakuho's seemingly ignominious departure from sumo may have a silver lining, as he informed the media that he still hopes "to share sumo's appeal with many people around the world, not just in Japan." An unnamed stablemaster remarked that Hakuho no doubt expects to continue organizing the annual "Hakuho Cup," a junior sumo tournament held every February at the Kokugikan sumo arena in Ryogoku since 2010. And thanks to cash contributions from wealthy supporters, Hakuho is said to be in good shape financially. "His retirement ceremony in January 2023 made news because of the extremely high ticket price of 5 million yen," confided a supporter, who noted that several major corporations such as Otsuka Pharmaceutical and Tokyo-based amusement machine giant Sankyo Co Ltd were among the sponsors. "He's also known to have a close relationship with Toyota Chairman Akio Toyoda," the stablemaster noted. Nagoya hosts a grand sumo tournament each July. As opposed to traditionally spartan lodgings for wrestlers at Buddhist temples, since 2019, the grapplers of Hakuho's stable had been cozily accommodated at the Toyota Sports Center in Toyota City, Aichi Prefecture, an air-conditioned sports facility that also houses an athletics track, gymnasium and swimming pool. Toyota also sponsored Hakuho's dampatsushiki (hair-cutting retirement ceremony), where Chairman Toyoda was accorded the honor of being the penultimate person to snip off Hakuho's topknot, just before his stablemaster. "Toyoda's substantial gift of 5 million yen set tongues wagging," a Hakuho supporter was quoted as saying. Rather than sponsorship via the Sumo Association, Toyota appears to be backing Hakuho on a personal basis. "Hakuho is also involved with the Sports Academy, an industry-government-academia collaboration project established by Toyota, Chukyo University and Toyota City," the supporter noted. Asked if he would continue to support Hakuho, Toyoda was quoted as saying, "I have a good relationship with him as a friend. When we met from time to time, our conversation was always about the development of Japanese sumo, connecting the world through sumo, and what we can do for the next generation. "Hakuho's love of sumo and his sincere dedication to the development and passing on of sumo culture has resonated with many people, leading to the founding of the Tokai Miyagino Stable Supporters Association two years ago," Toyoda continued. "I am also a friend and serve as honorary chairman of the supporters' association. I'd like to consult with him about any assistance I can provide for his future activities." By harnessing his relationships with global companies, Hakuho aims to "expand sumo globally," Toyoda added. "Hakuho says he plans to create a new organization and first get involved in sumo events, and then set up a global organization for amateur sumo," an unnamed sumo journalist tells Shukan Post. "Just as judo was internationalized in the past, he wants to develop sumo into a global sport, creating a 'Second Sumo Association,' with himself as its head, that would organize a Sumo World Cup." The groundwork for that is already in place in the form of the aforementioned "Hakuho Cup," which this year marked its 15th anniversary. "The Japan Sumo Association did not participate in the sponsorship, but Hakuho himself solicited sponsors, and was supported by special sponsors including Sankyo and Toyota," the journalist explained. "Despite Hakuho's stable having been shuttered last year, entrants into this year's Hakuho Cup attracted an impressive 203 organizations and 1,144 wrestlers from 15 countries and regions, including amateurs from 40 of Japan's 47 prefectures, as well as from Mongolia, Hawaii, South Korea, Brazil, Poland and Ukraine." The sumo journalist remarked that Hakuho possesses exceptional skills at recruiting sponsors and organizing events. It's entirely possible that a fight for the international sumo market will unfold in the future, but from Hakuho's perspective, such a fight would further expose the "closed nature" of the association that forced him out. "Some members of the association look down on the former yokozuna, saying, 'Once he's gone, without the association's affiliation, he's a nobody.' But is it really going to be that simple?" the journalist asked. "Hakuho is trying to use his situation to his advantage, to recruit and develop talented foreign wrestlers and internationalize sumo," he added, predicting "The day may come in the future when a Japanese team is defeated by Mongolia, led by Hakuho, in a Sumo World Cup." © Japan Today
Japan Today
15 hours ago
- Japan Today
Miso soup as a full meal developed as next evolution of traditional side dish
By SoraNews24 A traditional Japanese meal has at least three cornerstones: rice, miso soup, and another food, such as grilled fish or simmered vegetables, known as okazu in Japanese. Rice acts as the backbone of the meal, while the okazu brings a little nutritional pizzazz, and miso soup serves a kind of nebulous role as both a liquid food and side dish that whets your whistle while also having a flavorful kick and health benefits of its own. There's also a lot that can be done with miso soup. It's basic components are water, soup stock, and a fermented soybean paste known as miso. Beyond that, you're free to toss in whatever else you want, with tofu, seaweed, and mushrooms among the common choices. It's exactly that freedom that led Tokyo-based startup Misovation to create what they call 'the next evolution in miso soup'. This range of soups, also called Misovation, uses different kinds of miso from across Japan and combines it with a large amount of complementary ingredients. One thing all these hearty soups have in common is that there's enough nutrition for each one to stand as a meal on its own. ▼ Step aside, rice! You're the side dish now. Misovation hopes their soups will catch on abroad as well as in Japan. Despite being a quintessential Japanese food, miso soup consumption is said to be on the decline, especially among younger people who opt for more convenient foods. Unfortunately, McDonald's doesn't offer miso soup, which is a shame because I think it would go really well with a Big Mac. This change in trends, along with other problems like rising food prices, has been hitting miso breweries hard and around 400 have gone out of business in the past 35 years. That's why Misovation works with several breweries to help showcase their unique flavors both at home and abroad. For example, their Sakura soup is made with Nanohana Miso made by Yamani Miso, the only surviving brewery in Sakura City, Chiba Prefecture, an area once called the 'Miso Room' because of all the production that went on there. ▼ Production at Yamani Miso Image: PR Times In terms of convenience, even making miso soup the traditional way isn't terribly hard, but Misovation makes it even easier by dumping the flash-frozen ingredients into a bowl, adding water, and popping it in the microwave for about six minutes. Each bowl is said to have all the protein, fiber, probiotics, and other good stuff the body needs in a single meal. ▼ Microwaving a traditional Japanese food like this might seem a little gauche, but miso soup requires gentler heating than usual to preserve the taste and nutrition and microwaves can be well suited to do that. It is an amped-up form of the miso soup from days gone by, and some might not be as keen to eat such a filling version of it. For those people, Misovaton also has the Misobox, a subscription based miso soup delivery service in which instant versions of select regional 'craft miso soups' are sent right to your doorstep. Misovation can also be enjoyed on a subscription basis with new varieties being sent to you regularly, but however you do it, take the time to enjoy some miso soup to keep its healthy culture alive and support those who make it. After all, McMiso isn't likely to come out anytime soon even if the marketing practically writes itself. Source, images: PR Times Read more stories from SoraNews24. -- Should you place miso soup on the right or the left? -- Miso soup capsule toys look good enough to eat, come with recipes to make the real thing!【Photos】 -- Miso soup could help protect against cancer, research suggests External Link © SoraNews24
