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Asian shares mixed, China benchmark end up 0.23%

Asian shares mixed, China benchmark end up 0.23%

Asian stocks ended mixed on Thursday as investors digested a pair of disappointing reports on the U.S. economy and looked ahead to key non-farm payrolls data on Friday for direction.
The dollar remained under pressure ahead of the European Central Bank's rate decision later in the day and amid bets the Federal Reserve will deliver two quarter-point cuts by year-end, in October and December. Gold was little changed while oil edged up slightly on dollar weakness.
Chinese markets eked out modest gains, a day after U.S. President Donald Trump described Chinese President Xi Jinping as "extremely hard" to strike a deal with.
The benchmark Shanghai Composite index rose 0.23 percent to 3,384.10 while Hong Kong's Hang Seng index jumped 1.07 percent to close at 23,906.97.

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China issues rare six-month valid earth licenses to suppliers of top US automakers amid global trade tensions
China issues rare six-month valid earth licenses to suppliers of top US automakers amid global trade tensions

Mint

timean hour ago

  • Mint

China issues rare six-month valid earth licenses to suppliers of top US automakers amid global trade tensions

China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, two sources familiar with the matter said, as supply chain disruptions begin to surface from Beijing's export curbs on those materials. At least some of the licenses are valid for six months, the two sources said, declining to be named because the information is not public. It was not immediately clear what quantity or items are covered by the approval or whether the move signals China is preparing to ease the rare-earths licensing process, which industry groups say is cumbersome and has created a supply bottleneck. China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. China's dominance of the critical mineral industry, key to the green energy transition, is increasingly viewed as a key point of leverage for Beijing in its trade war with U.S. President Donald Trump. China produces around 90% of the world's rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts. Suppliers of three big U.S. automakers, General Motors, Ford and Jeep-maker Stellantis got clearance for some rare earth export licenses on Monday, one of the two sources said. GM and Ford each declined to comment. Stellantis said it is working with suppliers "to ensure an efficient licensing process" and that so far the company has been able to "address immediate production concerns without major disruptions." China's Ministry of Commerce did not immediately respond to a faxed request for comment. China's critical-mineral export controls have become a focus on Trump's criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions. On Thursday, Trump and Chinese President Xi Jinping had a lengthy phone call to iron out trade differences. Trump said in social-media post that "there should no longer be any questions respecting the complexity of Rare Earth products." Both sides said teams will meet again soon. U.S. auto companies are already feeling the impact of the restrictions. Ford shut down production of its Explorer SUV at its Chicago plant for a week in May because of a rare-earth shortage, the company said. The approval for the auto suppliers follows a green light granted to a U.S. electronics firm's suppliers last week and another one issued earlier this week to suppliers of a U.S. non-auto company, the first person said, declining to name the companies. "We have to give the Chinese the benefit of the doubt that they're working through this. It's up to them to show that they are not weaponizing it," said the person. Reuters reported on Wednesday that China has introduced a tracking system for its rare earth magnet sector in a move to improve its control over the sector and crackdown on smuggling.

Trump's campus crackdown an opportunity for India to create its own Ivy League but it has a rival
Trump's campus crackdown an opportunity for India to create its own Ivy League but it has a rival

First Post

timean hour ago

  • First Post

Trump's campus crackdown an opportunity for India to create its own Ivy League but it has a rival

With Trump's stricter US immigration policies, experts see India as a potential global education hub. Top universities are improving but face challenges like low funding and limited academic freedom read more As US President Donald Trump intensifies his tough stance on international students, experts say India has a unique opportunity to position itself as a global education hub—though it faces stiff competition from China. According to The Economist, India is home to nearly half of the world's college-age population. Its top universities are improving and gaining recognition, even as the country struggles with low public spending on education and limited academic freedom. Trump's immigration and education policies have made the US a less welcoming destination for foreign students. This shift has opened the door for countries like India to attract global talent—students and researchers who may now be reconsidering their academic futures in the United States. STORY CONTINUES BELOW THIS AD India's top colleges have a lot working in their favour. In fact, admission rates at the country's most prestigious institutions can dip as low as 0.2%, compared to Ivy League acceptance rates of 3–9%. English language proficiency, a deeply ingrained culture of academic ambition, and a vast youth population give India a competitive edge. Half of the world's university-age population resides in India. Parents instill a strong sense of ambition in their children, and India has an advantage due to its broad English language competence. However, India is currently not listed in the top 100 worldwide league rankings. China, on the other hand, now holds the top spot in numerous polls despite only making it into the worldwide top 100 in the 2010s. China is already actively working to recruit global talent as part of a years-long strategy. To entice Chinese scholars back from the West, China has lavished money on one-time incentives and large research grants during the last decade. When the Trump administration said it would work to 'aggressively revoke' the visas of Chinese students in 'critical fields', Chinese institutions have moved quickly to capitalise. Universities in Hong Kong and Xi'an have announced that they will simplify admissions for Harvard transfer students. An ad from a body affiliated with the Chinese Academy of Sciences welcomed 'talents who have been dismissed by the U.S. NIH,' or National Institutes of Health. STORY CONTINUES BELOW THIS AD India, by contrast, has the demographic advantage and a growing higher education sector. If it can address key issues in its education system, it has the potential to build its own Ivy League and compete globally in higher education. Money has a significant role in the issue. India has allocated 4.1% to 4.6% of its GDP on education over the last decade. China's spending as a percentage of GDP may be comparable, but its GDP per person is five times that of India. China's intellectual charm offensive is outmatched by India's shortage of rupees. In recent years, more scientists have returned to China, driven in part by government recruiting schemes that promise millions of dollars in financing, as well as housing subsidies and other benefits. China's spending on R&D is currently second only to the United States. Chinese schools such as Tsinghua and Zhejiang University are now consistently ranked among the top in the world for science and technology. STORY CONTINUES BELOW THIS AD Another concern is intellectual freedom. Indian academics teach from a government-mandated syllabus and are overseen by the University Grants Commission. When planning a conference with overseas colleagues, researchers must obtain authorisation from central ministries, as well as government permission to travel abroad for work. Hiring at public colleges is subject to the whims of the ruling party, as the government monitors top-level selections. India's best shot at building a globally competitive higher education system may lie in the rise of private universities. Two decades ago, fewer than 20 private universities existed; today, there are more than 400, accounting for around a quarter of total enrolment. Many of these are backed by major industrial houses, boast world-class campuses, and are increasingly attracting international faculty. Experts believe these private institutions are poised to outperform their public counterparts, largely due to their greater autonomy. Freed from extensive affirmative action mandates and political interference in faculty appointments, private universities can hire top talent more freely and respond faster to global academic trends. STORY CONTINUES BELOW THIS AD If the Indian government can find a way to support private universities without overstepping, India may finally be able to create its own Ivy League, and emerge as a serious player in global higher education.

NATO boosts defence budget, but US carries largest burden
NATO boosts defence budget, but US carries largest burden

India Today

timean hour ago

  • India Today

NATO boosts defence budget, but US carries largest burden

On June 5, North Atlantic Treaty Organisation Secretary General Mark Rutte announced an ambitious new defence spending target for all members, including the United States. The proposed target sets total defence investments at five per cent of GDP, comprising 3.5 per cent for core defence capabilities and 1.5 per cent for defence- and security-related investments such as infrastructure and announcement aligns with US President Donald Trump's longstanding call for NATO allies to increase their defence spending to five per cent, aiming to close existing capability gaps, strengthen deterrence, and prepare for emerging global EXPENDITUREAccording to the NATO Defence Expenditure report (2014-2024), defence spending among NATO member countries has increased significantly over the past decade. The United States remains the largest spender, with an estimated defence expenditure of $755 billion in 2024 — 3.4 per cent of its GDP — marking a 14.3 per cent increase since 2014. Notably, Poland has shown the highest growth rate of 213.7 per cent, increasing its defence budget from $8.6 billion in 2014 to an estimated $26.8 billion in 2024, now accounting for 4.12 per cent of its GDP. Other countries like Turkey and the Netherlands have also more than doubled their defence spending, with growth rates of 128.7 and 113.9 per cent, MANY MEET 2% SPENDING?Till now, NATO members have been required to spend at least two per cent of their GDP on defence to meet the alliance's guidelines. But in reality, not all of them spent that much. The number of NATO allies meeting the two per cent target, however, has steadily increased alongside the growth in total member 2014, only three out of 28 members (11 per cent) met the target. By 2020, 30 per cent of allies were spending at least two per cent of their GDP on defence. This number rose sharply to 23 out of 32 members (72 per cent) by 2024. During this period, the alliance expanded with Montenegro joining in 2017, North Macedonia in 2020, Finland in 2023, and Sweden in 2024, contributing to the increase in total SPENDS MORE?In January this year, the Trump administration urged NATO allies to significantly increase their spending, emphasising that European nations should take primary responsibility for their total defence expenditure has steadily increased over the past decade, rising from $910 billion in 2014 to an estimated $1,185 billion in 2024, based on 2015 prices and exchange rates. While the United States remains the largest contributor, accounting for around 73 per cent of NATO's total defence spending in 2014, its share is gradually decreasing. By 2024, the US is projected to contribute about 64 per cent of the total defence expenditure, amounting to $755 the same time, defence spending by European allies and Canada increased from $250 billion to an estimated $430 billion, although this amount remains lower than US spending. Despite the increase in defence spending, some NATO countries still fall short of the two per cent GDP target. The question is whether the recent rise in spending is largely driven by pressure from Trump, as the US is the largest contributor to NATO's Watch

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