Euronext Targets Retail Traders in ‘Battle of the Bund' Redux
Euronext NV plans to challenge Deutsche Börse AG's decades-long hegemony of European bond futures by appealing to retail traders.
The Paris-based exchange operator is introducing so-called mini futures that will be smaller than traditional contracts with a view to attracting these investors, said Charlotte Alliot, Euronext's head of financial derivatives. The planned launch in September follows a boom in Euronext's fixed-income trading business, where revenue rose 23.7% last quarter.
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China's Rare Earths Weapon Could Kill Europe's Auto Industry
China earlier this year introduced restrictions on its exports of rare earths. The move marked a new stage in the US- China trade spat, when the two sides no longer tried to out-tariff each other but took to more concrete steps. The problem is, the restrictions don't just apply to U.S. companies. And they may well deliver the fatal blow to Europe's struggling auto industry. China controls 90% of the world's rare earths processing capacity. It is the indisputable, if not exactly celebrated in the West, master of the rare earths industry. And now, it is using this position to make a point to trade partners that have gone above and beyond to restrict Chinese exports to their own countries and regions—essentially the same thing that Washington does when it uses the dominance of the dollar to sanction governments it doesn't see eye to eye with. Rare earths are used in a perhaps surprisingly wide variety of products. More specifically, it's rare-earth magnets that are troubling carmakers on both sides of the ocean. 'Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras,' the Alliance for Automotive Innovation, an industry body, wrote in a letter addressed to the Trump administration in early May. The letter, cited by Reuters in a recent report on the rare earths restrictions, is one of what looks like a cry for help that is only going to get louder. It was signed by auto industry leaders including Toyota, Volkswagen, and General Motors, which thanked the administration for trying to resolve the issue. If they didn't, the carmakers said, it would be only a matter of time before car factories started shutting same is happening in Europe, and it's worse—because with Trump, U.S. carmakers no longer have to worry about EVs. With the current European parliament and the Commission, local carmakers do have to worry about EVs, a lot. Because EVs feature greater amounts of those rare earths than internal combustion engine cars. And European carmakers have been mandated with the production and sale of certain minimum numbers of these EVs over the next three years. 'I informed my Chinese counterpart about the alarming situation in the EU car industry — the rare earth and permanent magnets are essential for industrial production… this is extremely disruptive for industry,' the European Union's trade commissioner, Maros Sefcovic, said this week, as quoted by the Financial Times. He added that the 'Carmakers are warning of huge production difficulties in a short period of time.' The clock, in other words, is ticking and China does not really seem in a hurry to stop it. The restrictions that Beijing implemented in mid-April are not literal—or direct. They are in the form of a new licensing regime for anyone who wants to buy rare earth magnets from Chinese producers. To do that, the prospective buyer needs to apply for a license, provide a substantial amount of information, and wait. As a Bosch spokesperson described it, the application process was 'complex and time-consuming, partly due to the need to collect and provide a lot of information.' Because of this complexity, only a few car parts suppliers have been granted such licenses, making the car companies' freak-out only a matter of time, really. But this is coming at a really bad time for European carmakers, despite the substantial rise in EV sales. They are still to turn in a solid profit on their electric cars and they are supposed to be making ever more of these—which means a lot more rare earths. Things are not that swell in the United States, either, after President Donald Trump accused the Chinese of violating a deal the two earlier agreed, on the temporary relaxation of trade warfare, including tariffs and other trade restrictions—only to be slapped back with the accusation that he did that first, by restricting semiconductor exports. Things are not looking good for the car industry right now but there is, as always, a silver lining. It consists in the fact that the world is entirely dependent on a single source of rare earths and this is not a sustainable or secure state of affairs. There has been a lot of talk in both Europe and the United States about building their own supply chains in such critical materials but action has not really been forthcoming. Even if it was, building a supply chain from scratch takes many years—just ask China. Yet the rare earths drama may boost Europe's resolve to actually start working on that supply chain, however long it takes to build it. Import dependence can be fatal. By Irina Slav for More Top Reads From this article on
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Starmer to visit Canada amid Trump threats
Sir Keir Starmer will visit Canada for security talks next week amid Donald Trump's threats to annex the country. The Prime Minister will meet Mark Carney, his Canadian counterpart, on June 14 for discussions concerning security and economic co-operation, according to The Times. It comes after the US president warned that he was prepared to wreck the Canadian economy in an attempt to force it to become the 51st US state. Mr Trump has already doubled tariffs on steel imports to 50 per cent, piling pressure on Ottawa following a meeting with Mr Carney in Washington. Fears have been raised of 'catastrophic' job losses, factory closures and disruption to supply chains in Canada in the wake of the tariffs. The UK is exempt from the 50 per cent tariff following a deal between London and Washington. But the US president, in a post on Truth Social, said there would be financial consequences of Canada remaining independent. He said the country would be faced with the $61 billion (£49 billion) cost of being covered by his proposed Golden Dome missile defence system. However, he added it would be 'zero dollars if they become our cherished 51st State'. The post was written hours after King Charles opened the 45th Canadian Parliament in May. During his speech the King underlined the Commonwealth country's sovereignty in 'dangerous and uncertain' times. Mr Carney told the Canadian broadcaster CBC he wished to join ReArm Europe, a plan designed to beef up European defence, in a drive to make Canada less reliant upon the US. The EU has also indicated it is looking to forge stronger ties with Canada given its links to Nato and the level of support it is offering to Ukraine. Mr Carney said: 'Seventy-five cents of every [Canadian] dollar of capital spending for defence goes to the United States. That's not smart.' The Canadian prime minister, in an interview with Sky News last month, was highly critical of Mr Starmer's decision to offer the US president a second state visit to the UK as the move had sparked fury in Canada. 'To be frank, we weren't impressed by that gesture … given the circumstance. It was at a time when we were being quite clear about the issues around sovereignty.' He made clear that the invitation for the King – Canada's head of state – to be in attendance at the opening of Parliament in Ottawa was 'not coincidental'. Sir Keir, who is yet to meet the former Bank of England governor since he won the Canadian election in April, wished to hold talks with Mr Carney due to them both being centre-left leaders within the G7. Number 10 has declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
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SOLVE FSHD and Modalis Announce Strategic Collaboration to Develop an Innovative CRISPR-Based Epigenome Editing Treatment for Facioscapulohumeral Muscular Dystrophy
VANCOUVER, British Columbia & TOKYO & WALTHAM, Mass., June 08, 2025--(BUSINESS WIRE)--SOLVE FSHD, a venture philanthropy organization dedicated to accelerating treatments for facioscapulohumeral muscular dystrophy (FSHD), and Modalis Therapeutics Corporation (TSE 4883; "Modalis"), a CRISPR-based epigenome editing therapeutics company focused on rare genetic diseases, today announced a strategic collaboration to develop an innovative therapy for FSHD, a debilitating muscular disorder affecting approximately 1 million individuals worldwide. The novel therapy leverages Modalis's proprietary CRISPR-GNDM® (Guide Nucleotide-Directed Modulation) technology, which can dynamically modulate gene expression without introducing double-strand DNA breaks. SOLVE FSHD will provide strategic funding to support the development of Modalis's MDL-103 program. MDL-103 is an innovative therapeutic solution that continuously suppresses the expression of the DUX4 gene, the toxic disease-causing gene for FSHD, which becomes abnormally activated due to epigenetic changes in the D4Z4 repeat region on chromosome 4. MDL-103 is designed to have durable activity over long periods of time under the control of a strong, muscle-specific promoter, and is delivered to the muscles of patients using a muscle-tropic AAV delivery system. Modalis's CRISPR-GNDM® technology has the potential to transform the treatment of FSHD by epigenetically silencing the expression of DUX4. "SOLVE FSHD is pleased to partner with Modalis and to add them to our diverse portfolio of collaborators that are advancing potential therapies for FSHD," stated Eva Chin, Executive Director of SOLVE FSHD. "SOLVE FSHD identified Modalis as a company committed to finding a cure for this debilitating condition. We were impressed by their unique approach to targeting the epigenetic cause of FSHD, using a platform technology that has shown promise in other neuromuscular diseases. We believe that the support from SOLVE FSHD will allow Modalis to accelerate the advancement of MDL-103 into clinical trials." "We are delighted to be working in partnership with SOLVE FSHD and greatly appreciate the invaluable support for the development of MDL-103," said Haru Morita, CEO of Modalis. "This strategic collaboration is a strong validation of Modalis's CRISPR-GNDM® technology and our MDL-103 program. As a pioneer in this technology, we have demonstrated promising long-term drug efficacy in mouse models, shown durable target engagement and safety in non-human primates, and exhibited excellent biodistribution in neuromuscular disorders. We believe that MDL-103, which incorporates CRISPR-GNDM® technology with a muscle tropic AAV delivery system, has significant potential as a breakthrough treatment for FSHD." About SOLVE FSHD SOLVE FSHD is a venture philanthropic organization established to catalyze innovation and accelerate key research in finding a cure for FSHD. Established by renowned Canadian entrepreneur and philanthropist, Chip Wilson, the Wilson family has committed $100 million to kick-start funding into projects that support the organizations' mission to solve FSHD by 2027. The goal of SOLVE FSHD is to find a solution that can slow down or stop muscle degeneration, increase muscle regeneration and strength, and improve the quality of life for those living with FSHD, visit About Modalis Therapeutics Corporation Modalis was founded in 2016 and conducts research and development activities in Massachusetts, USA. Modalis is a pioneering leader in the field of epigenetic medicine. Modalis develops therapeutics for patients suffering from serious genetic disorders such as neuromuscular diseases, CNS diseases, and cardiomyopathies. Modalis's proprietary CRISPR-GNDM® technology is capable of specifically up or down modulating the expression of disease-relevant genes without introducing double-strand DNA breaks. For more information, visit View source version on Contacts SOLVE FSHDAlexandra Grant, House of Wilsonalexandrag@ Modalis Therapeutics CorporationCorporate Planning Departmentmedia@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
