China says it may speed up rare earths application approvals from EU
SHANGHAI, June 7 (Reuters) - China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms.
A statement on the commerce ministry's website also said it plans to issue a final announcement on its trade investigation of brandy imports from the EU on July 5, saying that the two sides were discussing a price pledge.
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Times
an hour ago
- Times
Rolls-Royce has wowed the City — can it charm airlines too?
With the temperature gauge nearing 40C, it was a typically stifling June day in downtown Delhi last Sunday. The temperature inside the air-conditioned Taj Mahal hotel was more amenable, but Sir Tim Clark was still getting hot under the collar. The British executive, who co-founded Emirates in 1985 and has led the airline since 2003, is known for lambasting aircraft engine manufacturers — and especially Rolls-Royce. Clark has refused to take delivery of multibillion-dollar order of Airbus aircraft until a fix can be found for what he has described as the 'defective' Rolls-Royce engines that power the specific type of planes. Is it frustrating, then, that Rolls's share price is at record highs? 'Just a bit,' he responded sardonically. • Rolls-Royce reinstates dividend and announces £1bn buyback To rub salt into the wound, Rolls's chief executive, Tufan Erginbilgic, cancelled a lunch date with him at the biennial Paris Air Show next week, the 75-year-old claimed during a fringe event as Delhi hosted the annual conference of airlines trade body IATA. This allegation was later hotly disputed by the Rolls camp. Clark is not alone among airline executives in directing his ire at the Derby-based engineering giant. Bosses at British Airways and Virgin Atlantic have been left fuming at chronic problems with Rolls engines that have grounded planes, leading to swathes of cancellations. The situation is worse still on the other side of the Atlantic. Issues with engines built by the Connecticut-based Pratt & Whitney led to a violent sell-off in Wizz Air shares last week. Bosses at the London-listed budget carrier were forced to issue a profit warning and remove forecasts amid concerns about contaminants in the powdered metal used to make its turbofan engines. Sentiment in the Square Mile towards Rolls-Royce, meanwhile, could hardly be more different. The company's shares have risen more than 800 per cent since Erginbilgic, a former BP executive, took office in January 2023. Five-year profit targets have been hit early, and investors have been showered with dividends and share buybacks. Rolls now boasts a stock market value of almost £75 billion, putting it among the five biggest companies in the FTSE 100 last week. The company's success has been built on the back of building and maintaining aircraft engines. Civil aerospace generates 51 per cent of Rolls's revenue and nearly two-thirds of its profits. So having won back the City, can it do the same with the airlines that ultimately keep it aloft? Rolls produces four main engine types: the clunkily named Trent XWB-84 and XWB-97, as well as the Trent 1000 and 7000. 'Yes, everybody who has Trent 1000s has the right to be very cross,' said Nick Cunningham, an analyst at the equity research firm Agency Partners. 'But the whole aero-engine industry is struggling with the latest generation of engines because they collectively ran up against the laws of physics — where the attempt to optimise fuel consumption, emissions and reliability ended up with them pushing the envelope too far.' The Trent 1000 is facing durability issues. 'The blades end up looking like someone with very bad teeth,' said Cunningham. 'We have been taking decisive action and moving quickly to prioritise the resources needed to reduce the impact created by the current industry wide supply chain constraints, it's the highest priority for our civil aerospace division,' Rolls said. The problem with the newer XWB — the -97 version of the engine that, so far, Emirates won't accept — is its propensity to be compromised in hot, sandy conditions such as those in the Middle East. The turbine blades are designed with tiny air-cooling holes. Inspections have found that these have become clogged up with glass, contained in sand blown into the engine, which melts and restricts airflow. A spokesman for Rolls said that Emirates had accepted the XWB-84 version of the engine on its A350-900 jets. The -97 will power A350-1000 aircraft. The interim response has been for Rolls to increase the number of engine inspections and replace parts more frequently. The company is working on a longer-term fix and could make an announcement as early as this month on progress. The increased number of inspections is one reason why BA and Virgin's jets are grounded more often. This has been compounded, across the aero-engine industry, by supply chain problems and labour issues. The roots of this can be traced back to the pandemic, which has led to planes being stuck in maintenance shops for longer. As a result, 15 per cent of the global fleet of aircraft is grounded, compared with the long-term average of 12 per cent, according to IATA. 'The single biggest challenge remains supply chain performance,' said Rob Watson, president of civil aerospace at Rolls. 'Things have improved, but there are still challenges. So that Covid impact is still washing through.' During the pandemic, engine manufacturers' complex network of suppliers had to stop production and furlough staff. Some of the suppliers failed. More recently, geopolitical events have affected access to raw materials. For example, titanium, a crucial metal in the production of engines, was almost exclusively sourced from Russia. 'We still see some fragility in our supply chain,' said Watson. 'So we've invested a lot in our forecasting capability, and we've now got an even better view of our supply chain's ability to order and deliver parts. 'We're doing a lot of work with our quality teams, making sure we've got the right quality in the supply chain and, in some cases, placing employees in supply chain organisations.' Cunningham at Agency Partners pointed out that labour shortages in maintenance workshops have put further strain on the ecosystem. 'All those old guys in the workshop that you used to see — the ones who, in the case of the American workshops, look like members of ZZ Top, and their equivalents in Europe — either got fired during Covid, or decided that it wasn't worth working the last few years of their career after being furloughed,' he said. This has left large parts of the sector with less experienced staff who are not as productive as their older predecessors. For BA, maintenance work on the Trent 1000 engines for its Boeing 787 Dreamliners means that the UK flag carrier has three to four planes grounded at any one time. Sources familiar with the situation said this will continue for the rest of 2025 at least. Such groundings put further pressure on other aircraft in BA's fleet — principally its older-generation Boeing 777 aircraft, which in turn require additional maintenance to compensate for extra flying hours. Sean Doyle, chief executive of British Airways, is thought to be waiting on Rolls to come up with a plan for 2026. BA this weekend declined to comment. • Everyone bashes it but BA is surging ahead … what's its secret? Virgin Atlantic said that aircraft availability continues to be 'slightly impacted' by the continued supply chain shortages related to Trent 1000 engines. 'We work very closely with Rolls-Royce to mitigate impact, and the reliability of our schedule is delivering strong results for our customers,' a spokeswoman said. British Airways recently gave the strongest sign yet that its patience with Rolls has run out in relation to the Trent 1000, however. BA's parent company, IAG, announced in May that an order of 32 Dreamliners would be powered by engines made by GE, Rolls's rival. Watson, Rolls-Royce's civil aerospace chief, said: 'Of course we were disappointed that IAG opted for GE on the recent Dreamliner order. But it's always our customers' choice. 'Let's not forget that at the same time the Dreamliner order didn't go our way, IAG placed a significant order of Rolls-Royce-powered Airbus aircraft [for BA's sister airlines Aer Lingus, Iberia and Level], which I think demonstrates the strong relationship we've built with IAG.' As for the Trent XWB-97 on which Clark at Emirates claims he is waiting, Erginbilgic has set aside £1 billion to find a long-term fix to legacy issues with it and other engines. 'Since he [Erginbilgic] took over from Warren East [as chief executive], he really has transformed that business,' said Clark. 'Maybe he's a little bit more confident about his engineering capabilities. But I haven't seen any 'we will give you the engine' or 'we will guarantee the engine'.' Maybe Clark will find out over their lunch later this month at the Paris Air Show. Assuming their date is still going ahead.
Telegraph
8 hours ago
- Telegraph
No more leprechaun economics: Ireland's tax swindle is finally ending
Donald Trump has sent Ireland to the naughty step. Once the altar boy of American commerce, Dublin now finds itself blacklisted alongside China, Germany and Vietnam, each a prime candidate for tariffs and sanctions. The offence? Running a surplus with the United States. On the face of it, the complaint seems petty. One country sells more than it buys. So what? But Ireland's problem, like the others on Trump's list, is that its surplus rests on a creed that has fallen out of favour. As offshoring hollowed out Middle America, the old Clinton mantra 'It's the economy, stupid' has begun to sound rather less clever than it once did. That, at least, is the mood in Trump's Washington. And judging by his campaign-trail fixation with the word tariff, many Americans agree: a reckoning is overdue. Ireland offers a particularly inviting target. Its surplus owes less to tangible exports than to tax gymnastics. A pill is made in Ireland for 50 cents, sold to a sister company (also in Ireland) for €10, and then shipped to the global market at the same price. The profit is booked in Dublin, while tax collectors elsewhere are left out of pocket. The trick doesn't stop there. Intellectual property is shifted to Irish subsidiaries, global sales are routed through Irish entities, and profits vanish into low or no-tax jurisdictions. Together, these sleights of hand form what we're invited to call the Irish economic miracle – a miracle that, by one estimate, deprives other countries of nearly $20 billion a year in tax revenue. The question being asked in Washington is: who benefits? Ireland, clearly. One in every eight euros of its tax revenue now comes from US firms. That's a fivefold increase since 2010, driven by Ireland's famously 'competitive' tax regime. It accounts for a large slice of a €150 billion bilateral surplus. When Irish Taoiseach Micheál Martin visited the Oval Office in March, Trump put it plainly: 'We do have a massive deficit with Ireland, because Ireland was very smart. They took our pharmaceutical companies away.' It's hard to argue with the logic. Ireland has been undeniably clever at attracting American capital. Spending it is another matter. Much of the money sits on Irish books without generating the economic activity one might expect. The state's coffers may be overflowing, but the windfall is narrowly concentrated. Public spending, as ever, has been handled with something shy of brilliance. From roads and hospitals to housing and energy, the services most visible to the public have seen little improvement, despite years of surging revenues. Meanwhile, resources have been channelled into more headline-friendly ventures: a €350,000 bike shed outside parliament; a vast new hospital project already among Europe's most expensive; and billions annually to accommodate asylum applicants – most of whom, the government has conceded, are economic migrants. The miracle, it seems, left little room for prudence. As every lottery winner learns, easy money tends to breed excess. But with full coffers, Ireland could afford to paper over the cracks. Meanwhile, American tech and pharma giants have flourished. Apple, Microsoft, Pfizer and others have routed billions through Ireland, to the delight of shareholders and pension funds. If Trump moves to close loopholes or impose tariffs, these are the interests he'll have to console ahead of the midterms. The losers, predictably, are the American workers left behind by the long, slow flight of industry and tax revenue. Worse off still are the countries quietly drained by Ireland's magic act. The sums involved are vast. The structures that move them are so complex they can feel impossibly abstract. But the consequences are not. According to modelling by the Universities of St Andrews and Leicester, this tax loss has deprived more than 100,000 children of school attendance and some 1.1 million people of access to basic sanitation. Quibble with the methods if you like, but the core truth is hard to deny: when profits are rerouted, people are short-changed. Not that Dublin seems overly troubled. Only last month, Ireland's Taoiseach declared: 'Ireland earns its living from an open and fair approach to world trade.' The most pious nations often turn out to be the most artful. Ireland rarely misses a chance to sermonise on Gaza, climate justice, or whichever cause currently allows it to cast itself as Europe's moral compass. But as La Rochefoucauld noted, hypocrisy is the tribute vice pays to virtue. And by that measure, Ireland has paid handsomely.
The Sun
12 hours ago
- The Sun
I jetted to China to furnish my UK house – for £1k I got a king-sized bed, mattress, tables, chairs and MORE
A YOUNG woman has jetted off to China to furnish her UK house. Shirley Bekker took to social media to share her experience, leaving people stunned by just how affordable it was. 2 She decided to spend six days in Foshan, China, to find furniture for her new house. And it seems to have worked in her favour; not only does she cut out the middleman by going to the manufacturers directly, but she was also able to get her furniture customised to her liking. Shirley spent the day looking for furniture for her bedroom and managed to kit it out for just £1,000. First, she looked for the ideal mattress to take home along with a bedframe. She ended up finding both and was able to customise the colour of the bedframe. In total, the two pieces cost her just £350. Next, she spotted a large chair and foot stool for her bedroom to match her new bed frame. "Shirley almost choked on her own saliva when the man said £185 for the set. But she quickly calmed down," the video read. "After reverse search imaging the chair, it revealed that the chair alone costs thousands of pounds in the UK. Eventually, she shook hands at £165." Next, she found a dressing table and chair that she was also able to customise for £170. Shoppers urged 'not to blink' and get their hands on Home Bargains garden essential that sold out fast last time and it makes your garden extra cute - TikTok homebargainsofficialuk While she was meant to be shopping for her bedroom, Shirley got distracted with the outside furniture and picked up an egg chair for just £45. She also bought a table and chair set for outside as well as a TV stand. "I spent £1000 today and managed to buy: king-sized custom bed, perfect mattress for my back, egg chair, Bistro table and chair, TV table, 6 handmade ceramic pots, dressing mirror, Japanese style chair and pouffe," added Shirley. The clip went viral on her TikTok account @ shirley_bekker with 319k views and 47k likes. People were quick to share their thoughts and were eager to try it for themselves. One person wrote: "Ok I've seen enough… anyone wanna go China and go halves on a shipping container to the UK???" Another commented: 'How much to ship to the UK? Cos I'm gonna need to book a flight to China." "Oh so we're being ripped off real bad here in the UK," penned a third. Meanwhile a fourth said: "This is crazy. I might make a trip too." "I have never been so influenced to go to China,' claimed a fifth. Someone else added: '£350 for the whole bed is insane."
