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ASK Investment Managers unveils new PMS fund under special opportunities
ASK Investment Managers (ASK), part of the Blackstone-backed ASK Asset & Wealth Management group, announced the launch of its new equity PMS strategy— ASK Special Opportunities Portfolio. The minimum investment ticket size of the ASK Special Opportunities Portfolio will be ₹50 lakh, and the company is targeting to raise ₹1,000 crore from this portfolio. The minimum investment ticket size of the fund will be ₹50 lakh, and the firm is targeting to raise ₹1,000 crore from this portfolio. The portfolio strategy will be market-cap agnostic and free from sectoral limitations and comprise 15 to 30 stocks, with no single stock exceeding 10 per cent of the overall portfolio.
Gold plunges ₹1,800 to ₹95,050/10 gm
Gold prices plunged ₹1,800 to ₹95,050 per 10 grams in the national capital on Thursday amid a decline in precious metal rates in the overseas markets, according to the All India Sarafa Association. The yellow metal of 99.5 per cent purity slumped ₹1,800 to ₹94,600 per 10 grams (inclusive of all taxes). Gold of 99.9 and 99.5 per cent purity had closed at ₹96,850 and ₹96,400 per 10 grams Wednesday.
Oil prices fell by about $2 on Thursday on expectations for a US-Iran nuclear deal that could result in sanctions easing, while a build in US crude oil inventories last week heightened investor concerns about oversupply. Brent crude futures were down $1.99, or 3 per cent, to $64.10 a barrel at 0806 GMT US West Texas Intermediate (WTI) crude futures were down $2.05, or 3.3 per cent, to touch $61.10.
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Mint
an hour ago
- Mint
Trump says Xi agreed to restart the flow of rare earth minerals. Why are rare earths important for Chinese economy?
U.S. President Donald Trump told news agencies on Friday, 6 June 2025, that China's Xi Jinping has agreed to allow the export of rare earth minerals and magnets to the United States after a new round of talks amid the ongoing trade war. 'Yes, he did,' responded President Donald Trump when a reporter onboard Air Force One asked him about Xi's agreement on the rare earth deal. Trump reassured people that the US-China talks have resulted in a 'very positive conclusion,' which aims to make rare earth minerals no longer a topic of question. 'We're very far advanced on the China deal,' said Donald Trump, cited by the news agency Reuters. The Asian nation has also granted temporary export licenses to rare-earth suppliers of the top three automakers in the United States, reported the news agency, citing people aware of the development. According to Mint's earlier report, China imposed restrictions on its global export of rare earth minerals and magnets in April 2025. Although these restrictions came forth amid the ongoing trade and tariff war between the United States and other world nations, they are not specific to the US but apply to all other nations. Foreign companies like Tesla, Lockheed Martin, etc, from the aerospace, semiconductors, electronics, consumer goods, weapons, and auto sectors are the ones who are affected by this export curb, as they heavily rely on foreign imports for their component manufacturing. Indian automakers and clean energy companies have also suffered as China dominates the market for these rare earth commodities, and export curbs jeopardise the supply chains of many firms around the world. According to the Centre for Strategic & International Studies data, China refines over 92 per cent of the world's rare earth minerals, establishing a global dominance in the sector over other nations. Rare earth materials are used to manufacture many things which people rely on on a daily basis, from smartphone components to wind turbines. According to the news agency Reuters' report, apart from the 92 per cent production, the Asian nation also contributes to nearly 60 per cent of the global rare earth mine production. Several companies around the world are dependent upon the Chinese exports of these rare earth materials for use in the production of other finished goods. These rare earth metals, such as Cerium oxide, Bastnasite, Neodymium oxide, Lanthanum carbonate, Praseodymium, Dysprosium, and Terbium, are among other metals and magnets used to make commodities such as Batteries, Aircraft components, Electric Vehicles (EVs), Solar Cells, Wind Turbines, etc. According to an agency report, the world has 17 elements, including 15 silvery-white metals. The rarity of these materials is determined by the quality of them found in the Earth's crust. As there are very few deposits spread across the world, for China, this acts as a factor to assert global dominance. Data collected from Statista shows that the annual export value of China's rare earths was around $488.8 million. This has dropped marginally over 54 per cent when compared to its 2022 levels of $1,046.8 million. According to an earlier agency report, China restricted at least 16 minerals and related products since 2023, the latest ones coming after the nation retaliated against the US over the tariff war.
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First Post
an hour ago
- First Post
New disputes cloud fragile truce as US, China trade talks in London
US-China trade talks in London this week are expected to take up a series of fresh disputes that have buffeted relations, threatening a fragile truce over tariffs. read more US-China trade talks set to begin in London on Monday face renewed turbulence as a series of disputes threaten the fragile truce reached last month over tariffs. The two countries had agreed in Geneva to suspend most of the 100%-plus tariffs imposed during their escalating trade war, aiming for a 90-day suspension to ease global recession fears. However, tensions flared almost immediately after the May 12 announcement. The US Commerce Department issued guidance suggesting the use of Huawei's Ascend AI chips could breach US export controls, citing concerns that the chips were developed using restricted American technologies. STORY CONTINUES BELOW THIS AD The move drew a sharp response from Beijing. 'The Chinese side urges the US side to immediately correct its erroneous practices,' a spokesperson from China's Commerce Ministry said. US export restrictions targeting China's tech industry, particularly advanced semiconductors, have long been a point of contention between the two powers. President Donald Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. Trump announced on social media the next day that trade talks would be held on Monday in London. The latest frictions began just a day after the May 12 announcement of the Geneva agreement to 'pause' tariffs for 90 days. The US Commerce Department issued guidance saying the use of Ascend AI chips from Huawei, a leading Chinese tech company, could violate US export controls. That's because the chips were likely developed with American technology despite restrictions on its export to China, the guidance said. The Chinese government wasn't pleased. One of its biggest beefs in recent years has been over U.S. moves to limit the access of Chinese companies to technology, and in particular to equipment and processes needed to produce the most advanced semiconductors. 'The Chinese side urges the US side to immediately correct its erroneous practices,' a Commerce Ministry spokesperson said. STORY CONTINUES BELOW THIS AD US Commerce Secretary Howard Lutnick wasn't in Geneva but will join the talks in London. Analysts say that suggests at least a willingness on the US side to hear out China's concerns on export controls. One area where China holds the upper hand is in the mining and processing of rare earths. They are crucial for not only autos but also a range of other products from robots to military equipment. The Chinese government started requiring producers to obtain a license to export seven rare earth elements in April. Resulting shortages sent automakers worldwide into a tizzy. As stockpiles ran down, some worried they would have to halt production. Trump, without mentioning rare earths specifically, took to social media to attack China. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted on May 30. China's Commerce Ministry addressed the matter last week when asked about claims that it had violated the Geneva agreement. It asserted that it was the United States that had undermined the truce by issuing new export control guidelines for AI chips, halting the sale of chip design software to China, and initiating visa revocations. STORY CONTINUES BELOW THIS AD 'The United States has unilaterally provoked new economic and trade frictions,' the ministry said in a statement posted on its website. US Secretary of State Marco Rubio defended the visa move in a May 28 statement, calling it necessary for national security. Over 270,000 Chinese students studied in the US in the 2023–24 academic year. As negotiators prepare for the London meeting, analysts warn that progress could be undermined if both sides continue to escalate disputes across trade, technology, and geopolitical lines. US Secretary of State Marco Rubio said in a May 28 statement that the United States would 'aggressively revoke visas for Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.' More than 270,000 Chinese students studied in the US in the 2023-24 academic year. With inputs from agencies.
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Business Standard
an hour ago
- Business Standard
RInfra takes flight with ₹5,000 crore bet on aircraft upgrade business
Reliance Infrastructure is looking to turbocharge its defence vertical with a focus on aircraft upgrade programmes, eyeing an opportunity of ₹5,000 crore over the next 7-10 years, sources said. This strategic foray positions Reliance Infrastructure as India's first private sector company to independently execute a comprehensive aircraft upgrade programme without being the original manufacturer -- a domain traditionally dominated by public sector units and OEMs. According to a company source, the company has already marked a significant milestone by successfully upgrading 55 Dornier-228 aircraft under a contract with Hindustan Aeronautics Ltd (HAL), in collaboration with US-based avionics firm Genesys. Initially awarded a contract for 37 aircraft, Reliance secured a repeat order for an additional 18 units following the successful execution of an earlier contract. The total value of the Dornier upgrade contract was ₹350 crore, sources said. The upgraded Dornier fleet is operational with the Indian Air Force, Indian Navy, and Indian Coast Guard. With military aircraft and helicopte₹having a service life of 30-40 years, regular upgrades -- particularly of avionics, mission systems, and safety equipment -- are vital. Industry experts estimate that lifecycle investments in upgrades and MRO can reach up to 200-300 per cent of the original acquisition cost of a platform. Globally, the market for military aircraft and helicopter upgrades stands at over ₹5,00,000 crore annually, and is projected to rise to ₹700,000 crore in the next seven years. India, with a vast inventory of legacy platforms, offe₹a substantial domestic opportunity, especially as the armed forces modernise older fleets for next-gen warfare. Reliance Infrastructure is now looking to scale up its aircraft and helicopter upgrade capabilities, working with global partne₹to deliver world-class solutions. In addition to the Dornier upgrade success, the company is also a key player in the performance-based logistics (PBL) program for Rafale fighter jets in India, in partnership with Thales of France. Reliance investments in this domain align with the vision of 'Atmanirbhar Bharat' while tapping into a multi-billion-dollar global market. With its growing portfolio and proven execution, Reliance Infrastructure is poised to become a major private player in the defence aviation ecosystem, bridging the gap between cutting-edge global technology and the operational needs of India's armed forces. For industry stakeholde₹and investors, Reliance's aircraft upgrade strategy represents a high-potential play in India's defence manufacturing and services sector, with scope for international collaboration and recurring revenue models.
