ASM International says it started manufacturing tools in the US
ASM International has begun local production of chipmaking tools in the US, CEO Hichem M'Saad said, citing US tariff concerns. With 21% of its revenue from the US, ASM is more exposed than peers like ASML. Manufacturing has started in Phoenix, Arizona.
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Dutch chip-making equipment supplier ASM International has started local production of tools for US chipmakers in response to the US tariffs backdrop, its Chief Executive said on Wednesday."We've already started to manufacture some of the tools for our customers in the US, just to get us started," CEO Hichem M'Saad said a day after the company reported quarterly earnings."I think that our global installed base, our global infrastructure, allows us to really have manufacturing in many places - and Phoenix , Arizona, is one of them."ASM is the most exposed to the US market among European peers such as ASML or BESI , with US sales accounting for 21% of its revenue last year.
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Time of India
42 minutes ago
- Time of India
Russia skirts Western sanctions to ramp up its military footprint in Africa
Even as it pounds Ukraine, Russia is expanding its military footprint in Africa , delivering sophisticated weaponry to sub-Saharan conflict zones where a Kremlin-controlled armed force is on the rise. Skirting sanctions imposed by Western nations, Moscow is using cargo ships to send tanks, armored vehicles, artillery and other high-value equipment to West Africa, The Associated Press has found. Relying on satellite imagery and radio signals, AP tracked a convoy of Russian-flagged cargo ships as they made a nearly one-month journey from the Baltic Sea. The ships carried howitzers, radio jamming equipment and other military hardware, according to military officials in Europe who closely monitored them. The deliveries could strengthen Russia's fledgling Africa Corps as Moscow competes with the United States, Europe and China for greater influence across the continent. The two-year-old Africa Corps, which has links to a covert branch of Russia's army, is ascendant at a time when U.S. and European troops have been withdrawing from the region, forced out by sub-Saharan nations turning to Russia for security. Mali, Burkina Faso and Niger have been battling fighters linked with al-Qaida and the Islamic State group for more than a decade. At first, mercenary groups with an arms-length relationship to the Kremlin entered the fray in Africa. But increasingly, Russia is deploying its military might, and intelligence services, more directly. Live Events "We intend to expand our cooperation with African countries in all spheres, with an emphasis on economic cooperation and investments," Kremlin spokesman Dmitry Peskov said. "This cooperation includes sensitive areas linked to defense and security." From the ports, Russian weapons are trucked to Mali Russia's 8,800-ton Baltic Leader and 5,800-ton Patria are among hundreds of ships that Western nations have sanctioned to choke off resources for Russia's war in Ukraine. The ships docked and unloaded in Conakry, Guinea, in late May, AP satellite images showed. Other ships made deliveries to the same port in January. They delivered tanks, armored vehicles and other hardware that was then trucked overland to neighboring Mali, according to European military officials and a Malian blogger's video of the long convoy. The military officials spoke to AP about Russian operations on condition of anonymity. The AP verified the blogger's video, geolocating it to the RN5 highway leading into Bamako, the Malian capital. After the latest delivery in Conakry, trucks carrying Russian-made armored vehicles, howitzers and other equipment were again spotted on the overland route to Mali. Malian broadcaster ORTM confirmed that the West African nation's army took delivery of new military equipment. AP analysis of its video and images filmed by the Malian blogger in the same spot as the January delivery identified a broad array of Russian-made hardware, including 152 mm artillery guns and other smaller canons. AP also identified a wheeled, BTR-80 armored troop carrier with radio-jamming equipment, as well as Spartak armored vehicles and other armored carriers, some mounted with guns. The shipment also included at least two semi-inflatable small boats, one with a Russian flag painted on its hull, as well as tanker trucks, some marked "inflammable" in Russian on their sides. The military officials who spoke to AP said they believe Russia has earmarked the most potent equipment - notably the artillery and jamming equipment - for its Africa Corps, not Malian armed forces. Africa Corps appears to have been given air power, too, with satellites spotting at least one Su-24 fighter-bomber at a Bamako air base in recent months. Moscow's notorious secret unit For years, French forces supported counterinsurgency operations in Mali and neighboring Burkina Faso and Niger. But France pulled out its troops after coups in Mali in 2020 and 2021, in Burkina Faso in 2022 and Niger in 2023. Russian mercenaries stepped into the vacuum. Wagner Group , the most notable, deployed to Sudan in 2017 and expanded to other African countries, often in exchange for mining concessions. It earned a reputation for brutality, accused by Western countries and U.N. experts of human rights abuses, including in Central African Republic, Libya and Mali. Of 33 African countries in which Russian military contractors were active, the majority were Wagner-controlled, according to U.S. government-sponsored research by RAND. But after Wagner forces mutinied in Russia in 2023 and their leader, Yevgeny Prigozhin, was killed two months later in a suspicious plane crash, Moscow tightened its grip. Russian military operations in Africa were restructured, with the Kremlin taking greater control through Africa Corps. It is overseen by the commander of Unit 29155, one of the most notorious branches of Russia's shadowy GRU military intelligence service, according to the European Union. Unit 29155 has been accused of covertly attacking Western interests for years, including through sabotage and assassination attempts. The EU in December targeted Unit 29155 Maj. Gen. Andrey Averyanov with sanctions, alleging that he is in charge of Africa Corps operations. "In many African countries, Russian forces provide security to military juntas that have overthrown legitimate democratic governments, gravely worsening the stability, security and democracy of the countries," the EU sanctions ruling said. These operations are financed by exploiting the continent's natural resources, the ruling added. The Russian Ministry of Defense didn't immediately respond to questions about Averyanov's role in Africa Corps. Africa Corps recruitment Researchers and military officials say the flow of weapons from Russia appears to be speeding Africa Corps' ascendancy over Wagner, helping it win over mercenaries that have remained loyal to the group. Africa Corps is also is recruiting in Russia, offering payments of up to 2.1 million rubles ($26,500), and even plots of land, for signing a contract with the Ministry of Defense, plus more on deployment. Within days of the latest equipment delivery, Wagner announced its withdrawal from Mali, declaring "mission accomplished" in a Telegram post. Africa Corps said in a separate post that it would remain. The changeover from Wagner to Africa Corps in Mali could be a forerunner for other similar transitions elsewhere on the continent, said Julia Stanyard, a researcher of Russian mercenary activity in Africa. "Bringing in this sort of brand-new sophisticated weaponry, and new armored vehicles and that sort of thing, is quite a bit of a shift," said Stanyard, of the Switzerland-based Global Initiative Against Transnational Organized Crime. Armed groups in Mali have inflicted heavy losses on Malian troops and Russian mercenaries. The al-Qaida linked group JNIM killed dozens of soldiers in an attack this month on a military base. Insurgents also killed dozens of Wagner mercenaries in northern Mali last July. Some of the latest hardware could have been shipped over specifically in response to such attacks, military officials said. They said the jamming equipment, for example, could help defend against booby traps detonated using phone signals. Russian escort's red flags The latest convoy attracted attention because a Russian Navy warship, the Boykiy, escorted the ships after they set off in April from Russia's Kaliningrad region on the Baltic. Last October, in what's considered a hostile act, the Boykiy's radar systems locked onto a French Navy maritime surveillance plane on patrol against suspected Russian efforts to sabotage underwater cables, according to military officials. The convoy included a third sanctioned Russian cargo ship, the Siyanie Severa. It continued onward as Baltic Leader and Patria unloaded in Conakry, docking in Bata, Equatorial Guinea. Satellite imagery from May 29 shows trucks lined up on the dock as the ship unloaded. The AP could not verify whether the cargo included weapons or the ultimate destination for the shipment, though Wagner has maintained a strong presence in the nearby Central African Republic.
Mint
an hour ago
- Mint
MORNING BID EUROPE-Investors itching for progress in US-China talks
A look at the day ahead in European and global markets from Johann M Cherian With precious little to report out of Sino-U.S. trade talks in London, investors are ready to pounce on almost any sign a thaw in the frigid relationship between the two superpowers is just around the corner. Stocks in Asia are creeping higher, as are U.S. and European equity futures, while the dollar was also a tad firmer after President Donald Trump said he was getting "good reports" from Monday's meeting with China. Talks resume at 0900 GMT on Tuesday at Lancaster House and markets want a deal to flesh out details around U.S. tech export controls and those around Chinese rare earths, and of course, where the final average rate of tariffs will settle. Recent data indicates the trade war is taking a toll on both major economies, which could soon rattle other major economies. Global investors are also in the market for fresh trade deals, with about a month left before Trump's tariff pause expires. Also expected out of the UK will be an employment report with investors and the Bank of England keen on how pay growth - a reflection of broader price pressures - fared in April. Signs of cooling wage growth could be a relief for BoE policymakers who are currently divided on the approach to further monetary policy easing. Meanwhile, the global healthcare sector was caught in the crossfire as vaccine sceptic U.S. Health Secretary Robert F. Kennedy Jr. fired all members of a U.S. Centers for Disease Control and Prevention panel of vaccine experts. The move could be a headache for companies such as GSK , Sanofi, AstraZeneca, Moderna and BioNTech as they face longer waits for vaccine approvals. Advertising firms weren't spared from scrutiny either as the Wall Street Journal reported that the U.S. Federal Trade Commission has sought information from some of the industry's leading firms. Omnicom, WPP, Dentsu, Interpublic Group and Publicis Groupe were among those asked by the watchdog on whether advertising and advocacy groups violated antitrust laws by coordinating boycotts of certain sites. Key developments that could influence markets on Tuesday: - UK May BRC retail sales - UK April employment data - U.S. 3-year Treasury note auction - Reserve Bank of Australia Governance Board meeting Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. This article was generated from an automated news agency feed without modifications to text.
Time of India
an hour ago
- Time of India
Elon Musk is the $350 billion rocket man who fell to earth
The popcorn emoji is out in force as the world's richest person feuds with its most powerful leader. Even Thierry Breton, the European regulator who was a frequent target of Elon Musk 's ire, is at it. Still, as entertaining as the billionaire's spat with Donald Trump may be, it also carries costly lessons for a $630 billion space economy dominated by Musk's Space Exploration Technologies Corp. — such is the danger of codependence between de facto monopolies and increasingly protectionist states. This danger wasn't high on the agenda at the peak of Trump's bromance with Musk, when the president-elect described SpaceX 's reusable rocket revolution in the way a Renaissance monarch might have praised a successful colonial expedition — with a mix of national pride, geopolitical influence and financial potential: 'I called Elon. I said, 'Elon, was that [landing maneuver] you?' He said, 'Yes, it was.' I said, '...Can Russia do it?' 'No.' 'Can China do it?' 'No.' 'Can the United States do it, other than you?' 'No, nobody can do that.' 'That's why I love you, Elon.'' Since then, the love has turned to stardust as the contradictions inherent in Musk's $350 billion space empire spill over. The hypocrisy of a billionaire pitching himself as 'dark MAGA' and taking a chainsaw to government spending while SpaceX (and Tesla Inc.) benefits from $22 billion worth of government contracts is exacerbating the clash of egos, with Trump threatening to withdraw taxpayer support. Meanwhile, Musk's casual threat — quickly withdrawn — to halt the Dragon capsule upon which NASA relies to ferry astronauts echoed the geopolitical blackmail exerted on the battlefield in Ukraine, where the billionaire has in the past halted attacks against Russia via SpaceX unit Starlink. These are high-stakes threats with huge societal costs. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She lives in a 150 sq. ft. Tree House - Don't judge until you see the inside Tips and Tricks Undo We are no longer in the realm of enterprising conquistadors but conflicted taxpayer-backed trade empires. Even if Musk deserves credit for his part in SpaceX's domination in both rocket launches and satellite communications, with 80% market share in the former and over 8,000 Starlink satellites in orbit, the feud's weaponization of space suggests innovation has taken a backseat to favoritism. SpaceX's successes this year have not been on the launchpad but rather inside the corridors of power, where its market share looks like a lever for rent extraction instead of exploration. Rule changes to high-speed internet subsidies have opened the door to Starlink awards, as has the prospect of a defense 'Golden Dome.' Trump's tariff bullying against other countries has been reportedly accompanied by a push for regulatory approvals for Starlink. And putting a Musk ally atop NASA appears to have been a last straw for the MAGA movement. While NASA and the Pentagon remain heavily reliant on SpaceX, the silver lining to all this is that Musk's competitors must get the message and step up their game. US commercial space companies including Jeff Bezos's Blue Origin have been contacted by government officials about rocket readiness, according to the Washington Post (owned by Bezos). Over in the EU, which is desperately trying to not miss another technological revolution, governments are getting serious about reenergizing legacy players like Eutelsat Communications SA, which is in talks to raise €1.5 billion ($1.7 billion) that would double the French state's stake to 30%. The continent is also eyeing its first 'hop' test of a reusable booster project called Themis, which I glimpsed while on a recent tour of Airbus SE and Safran SA's Arianespace SAS manufacturing facility near Paris. Live Events But one gloomy possibility is that a prolonged MAGA-Musk war makes space a chillier place for everyone. NASA is already facing hefty budget cuts; snapbacks and U-turns driven by personal rivalries won't inspire confidence. (Let's not forget Inc. once blamed Trump's personal dislike of Bezos for the loss of a $10 billion Pentagon contract.) And Europeans have a huge gap to close: A report by think tank Institut Montaigne notes that its military space spending is one-fifteenth the US's, while Bloomberg Intelligence's John Davies estimates Eutelsat's OneWeb network requires an extra €4 billion or more of capital spending by 2030. More mergers and more state meddling are likely in a de-Musking world — though hopefully with some lessons learned ahead of time.
