Hong Kong Court Freezes $1.8 Billion Linked to Inheritance Feud
Deputy High Court Judge Gary CC Lam on Aug. 1 granted the freeze order, which will remain in place pending rulings by the Hangzhou court, as key issues hinge on mainland Chinese law, according to the 42-page ruling.
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Bloomberg
22 minutes ago
- Bloomberg
MMG Warns Peru Election Poses Risk to Las Bambas Copper Mine
Peru's presidential election in April could lead to disruptions at MMG Ltd.'s flagship Las Bambas copper mine, Chief Executive Officer Zhao Jing Ivo said during an earnings call on Wednesday. Las Bambas, the largest copper mine in Peru, is the Chinese company's most profitable asset, but its operations have been dogged by years of social unrest. Zhao said he expects a heightened risk of protests around the elections, adding that 'we have to leave some room for contingencies.'
The Hill
30 minutes ago
- The Hill
Vietnam wants to be the next Asian tiger and it's overhauling its economy to make it happen.
HANOI, Vietnam (AP) — Beneath red banners and a gold bust of revolutionary leader Ho Chi Minh in Hanoi's central party school, Communist Party chief To Lam declared the arrival of 'a new era of development' late last year. The speech was more than symbolic— it signaled the launch of what could be Vietnam's most ambitious economic overhaul in decades. Vietnam aims to get rich by 2045 and become Asia's next 'tiger economy' — a term used to describe the earlier ascent of countries like South Korea and Taiwan. The challenge ahead is steep: Reconciling growth with overdue reforms, an aging population, climate risks and creaking institutions. There's added pressure from President Donald Trump over Vietnam's trade surplus with the U.S., a reflection of its astounding economic trajectory. In 1990, the average Vietnamese could afford about $1,200 worth of goods and services a year, adjusted for local prices. Today, that figure has risen by more than 13 times to $16,385. Vietnam's transformation into a global manufacturing hub with shiny new highways, high-rise skylines and a booming middle class has lifted millions of its people from poverty, similar to China. But its low-cost, export-led boom is slowing, while the proposed reforms — expanding private industries, strengthening social protections, and investing in tech, green energy. It faces a growing obstacle in climate change. 'It's all hands on deck…We can't waste time anymore,' said Mimi Vu of the consultancy Raise Partners. The export boom can't carry Vietnam forever Investment has soared, driven partly by U.S.-China trade tensions, and the U.S. is now Vietnam's biggest export market. Once-quiet suburbs have been replaced with industrial parks where trucks rumble through sprawling logistics hubs that serve global brands. Vietnam ran a $123.5 billion trade surplus with the U.S. trade in 2024, angering Trump, who threatened a 46% U.S. import tax on Vietnamese goods. The two sides appear to have settled on a 20% levy, and twice that for goods suspected of being transshipped, or routed through Vietnam to avoid U.S. trade restrictions. During negotiations with the Trump administration, Vietnam's focus was on its tariffs compared to those of its neighbors and competitors, said Daniel Kritenbrink, a former U.S. ambassador to Vietnam. 'As long as they're in the same zone, in the same ballpark, I think Vietnam can live with that outcome,' he said. But he added questions remain over how much Chinese content in those exports might be too much and how such goods will be taxed. Vietnam was preparing to shift its economic policies even before Trump's tariffs threatened its model of churning out low-cost exports for the world, aware of what economists call the 'middle-income trap,' when economies tend to plateau without major reforms. To move beyond that, South Korea bet on electronics, Taiwan on semiconductors, and Singapore on finance, said Richard McClellan, founder of the consultancy RMAC Advisory. But Vietnam's economy today is more diverse and complex than those countries were at the time and it can't rely on just one winning sector to drive long-term growth and stay competitive as wages rise and cheap labor is no longer its main advantage. It needs to make 'multiple big bets,' McClellan said. Vietnam's game plan is hedging its bets Following China's lead, Vietnam is counting on high-tech sectors like computer chips, artificial intelligence and renewable energy, providing strategic tax breaks and research support in cities like Hanoi, Ho Chi Minh City, and Danang. It's also investing heavily in infrastructure, including civilian nuclear plants and a $67 billion North–South high-speed railway, that will cut travel time from Hanoi to Ho Chi Minh City to eight hours. Vietnam also aspires to become a global financial center. The government plans two special financial centers, in bustling Ho Chi Minh City and in the seaside resort city of Danang, with simplified rules to attract foreign investors, tax breaks, support for financial tech startups, and easier ways to settle business disputes. Underpinning all of this is institutional reform. Ministries are being merged, low-level bureaucracies have been eliminated and Vietnam's 63 provinces will be consolidated into 34 to build regional centers with deeper talent pools. Private business to take the lead Vietnam is counting on private businesses to lead its new economic push — a seismic shift from the past. In May, the Communist Party passed Resolution 68. It calls private businesses the 'most important force' in the economy, pledging to break away from domination by state-owned and foreign companies. So far, large multinationals have powered Vietnam's exports, using imported materials and parts and low cost local labor. Local companies are stuck at the low-end of supply chains, struggling to access loans and markets that favored the 700-odd state-owned giants, from colonial-era beer factories with arched windows to unfashionable state-run shops that few customers bother to enter. 'The private sector remains heavily constrained,' said Nguyen Khac Giang of Singapore's ISEAS–Yusof Ishak Institute. Again emulating China, Vietnam wants 'national champions' to drive innovation and compete globally, not by picking winners, but by letting markets decide. The policy includes easier loans for companies investing in new technology, priority in government contracts for those meeting innovation goals, and help for firms looking to expand overseas. Even mega-projects like the North-South High-Speed Rail, once reserved for state-run giants, are now open to private bidding. By 2030, Vietnam hopes to elevate at least 20 private firms to a global scale. But Giang warned that there will be pushback from conservatives in the Communist Party and from those who benefit from state-owned firms. A Closing Window from climate change Even as political resistance threatens to stall reforms, climate threats require urgent action. After losing a major investor over flood risks, Bruno Jaspaert knew something had to change. His firm, DEEP C Industrial Zones, houses more than 150 factories across northern Vietnam. So it hired a consultancy to redesign flood resilience plans. Climate risk is becoming its own kind of market regulation, forcing businesses to plan better, build smarter, and adapt faster. 'If the whole world will decide it's a priority…it can go very fast,' said Jaspaert. When Typhoon Yagi hit last year, causing $1.6 billion in damage, knocking 0.15% off Vietnam's GDP and battering factories that produce nearly half the country's economic output, roads in DEEP C industrial parks stayed dry. Climate risks are no longer theoretical: If Vietnam doesn't take strong action to adapt to and reduce climate change, the country could lose 12–14.5% of its GDP each year by 2050, and up to one million people could fall into extreme poverty by 2030, according to the World Bank. Meanwhile, Vietnam is growing old before it gets rich. The country's 'golden population' window — when working-age people outnumber dependents — will close by 2039 and the labor force is projected to peak just three years later. That could shrink productivity and strain social services, especially since families — and women in particular — are the default caregivers, said Teerawichitchainan Bussarawan of the Centre for Family and Population Research at the National University of Singapore. Vietnam is racing to pre-empt the fallout by expanding access to preventive healthcare so older adults remain healthier and more independent. Gradually raising the retirement age and drawing more women into the formal workforce would help offset labor gaps and promote 'healthy aging,' Bussarawan said. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Business Insider
an hour ago
- Business Insider
Nvidia and AMD: What Trump's China AI Pay-to-Play Means for the AI Chip Stocks
Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) have been at the center of the contentious debate over AI chip export licensing to China. The April ban, which impacted roughly $8 billion of Nvidia's quarterly revenue and about $1.5 billion of AMD's annual revenue, was a major setback for the chip giants. That's why the reported policy shift in July was seen as a real boon for both – at least at first glance. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. However, in true Trump administration fashion, any policy reversal comes with strings attached. On Sunday, the Financial Times reported that Nvidia and AMD have agreed to hand over 15% of revenue from their H20 and MI308 chips to the U.S. government in exchange for the export licenses needed to sell these products in China. That caveat, Bernstein's Stacy Rasgon argues, casts a shadow over what initially looked like a win. 'News of license grants following Jensen's meeting with Trump later last week was welcome,' said the 5-star analyst, 'but [the] news about government payments required in return colors it a bit.' Even so, Rasgon points out that retaining 85% of revenue is still better than earning nothing, though he questions the precedent such an arrangement sets. Blocking Nvidia and AMD from China, he warns, would effectively hand the market to Huawei and drive Chinese developers deeper into its ecosystem, an outcome far from ideal for U.S. interests. His bigger worry is that this 'slippery slope' could extend to other products and industries, forcing companies to pay simply for market access. On top of that, Rasgon says the rationale isn't entirely clear: 'Sure it might raise some money, but doesn't seem to address any strategic issues beyond a grab for dollars.' It's possible that both companies could pass the cost along, particularly Nvidia, given the extraordinary demand for its products, which far outstrips AMD's. If implemented, Rasgon thinks this kind of charge could generate a few billion dollars for the US government and trim gross margins on these products by roughly 5–15 percentage points, depending on how it's accounted for. For Nvidia, with H20 demand around $20 billion, the government's cut could reach $3 billion. For AMD, with perhaps a couple of billion in demand, the hit might be a few hundred million. And while both have excluded China from current guidance, renewed licenses, even at a cost, could still mean incremental upside. Every ~$10 billion in H20 revenue for Nvidia and ~$1 billion in MI308 revenue for AMD translates to roughly $0.25 in EPS; the 15% payment trims that to about $0.20. All told, Rasgon assigns an Outperform (i.e., Buy) rating to NVDA with a $185 price target, while maintaining a Market Perform (i.e., Neutral) rating for AMD with a $140 target, implying a 20% downside. (To watch Rasgon's track record, click here) As for the rest of the Street's takes here, Nvidia claims a Strong Buy consensus rating, based on a mix of 35 Buys, 3 Holds and 1 Sell. The average target stands at $187.57, a figure that makes room for modest 12-month returns of 2%. (See NVDA stock forecast) Meanwhile, the analyst consensus rates AMD stock a Moderate Buy, based on a combination of 26 Buys and 12 Holds. Shares are expected to appreciate by ~4% over the coming year, considering the average target clocks in at $181.36. (See AMD stock forecast) To find good ideas for AI stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
