Ivanhoe Mines CEO Robert Friedland on Copper Demand
Copper is needed now more than ever says Robert Friedland, Founder of Ivanhoe Mines and I-Pulse. He sees new mining opportunities in the Kingdom of Saudi Arabia, the Democratic Republic of Congo, and Kazakhstan among others. Robert spoke on 'The Pulse with Francine Lacqua' on Bloomberg TV (Source: Bloomberg)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Ford CEO says rare earths shortage forced it to halt production
Ford CEO Jim Farley said that a rare earth minerals shortage is hurting production and caused the automaker to temporarily shut down one of its plants last month, according to an interview with Bloomberg TV. Rare earth minerals, which are a set of 17 metallic elements, are integral to automobile production, and enable features like windshield wipers, seat belts and speakers to function. About 90% of the U.S.'s rare earth minerals come from China, the world's largest producer of rare earths, according to data from the Geological Survey. China has leveraged its grip on rare earths and their widespread utility amid a trade war with the U.S. In April, Beijing announced greater export controls on the materials — a sticking point in tariff negotiations — along with other retaliatory trade measures. The controls require businesses to apply for a license to export rare earths, which U.S. automakers say they have been struggling to secure. Earlier this week, on June 11, following two days of discussions in London, U.S. and Chinese negotiators struck an agreement under which Beijing would resume regular exports of rare earths to the U.S. "The centrality of rare earth export restrictions to the trade deal underscores the criticality of minerals to the U.S. economy as well as the severity of the chokehold Beijing holds on global supply chains," policy experts from the Center for Strategic and International Studies wrote in a research note. "Hand-to-mouth" Farley said the slowing flow of the critical minerals into the U.S. has presented a challenge for Ford. "It's day to day," he told Bloomberg TV Friday. "We have had to shut down factories. It's hand-to-mouth right now." Ford did not immediately respond to CBS MoneyWatch's request for comment. Ford Chief Financial Officer Sherry House addressed disruptions caused by new restrictions on rare earth minerals from China at a June conference. "There are many components that rare earth minerals are in. And any of those that are coming from China require you to now go through export control," she said. "And so there's an additional layer of administrative process that has to happen." The process isn't reliable, she added, noting that sometimes it goes "really smoothly," while other times applications are not approved quickly. "Most frequently, it goes through; it just may take more time," she said. For now, Ford is able to manage the cumbersome process, House said, but added that it has the potential to become a "larger issue for us." Farley also told the outlet that he is optimistic about the developments in trade talks between the U.S. and China, and hopes that rare earth supply constraints will ease soon. He added that Ford is awaiting approval of applications with China's Ministry of Commerce to export more rare earths. "We have applications into MOFCOM and they are being approved one at a time," Farley told Bloomberg TV. Video shows Air India plane crashing in Ahmedabad Air India plane crashes shortly after takeoff, carrying more than 240 people Israel ready to launch operation into Iran, U.S. officials say
Yahoo
3 hours ago
- Yahoo
Billionaire Michael Bloomberg opens his wallet for Andrew Cuomo's mayoral bid
NEW YORK — Billionaire Michael Bloomberg was no fan of Andrew Cuomo when the two served overlapping tenures as mayor and governor. But on Friday all appeared forgiven, with Bloomberg's $5 million donation to a super PAC boosting Cuomo's mayoral bid. It's the largest cash infusion yet to the entity and comes in the final 10 days of the Democratic primary to oust Mayor Eric Adams, once a Bloomberg ally. The former mayor — a party hopscotcher who is now a Democrat — is jumping in as Cuomo faces a threat from democratic socialist challenger Zohran Mamdani, whose views on hiking taxes on the rich and criticisms of Israel are anathema to Bloomberg. The donation dovetails with the former mayor's endorsement of Cuomo this week and arrives at a critical time for the ex-governor, as he tries to mount a comeback to lead the nation's largest city. Bloomberg and Cuomo, longtime rivals, now find themselves united by a mutual loathing of the Democratic Party's left flank. After conversations between their aides, the men met earlier this week following Cuomo's Bloomberg TV interview, someone familiar with the sitdown confirmed. The donation to the Cuomo-supporting super PAC Fix the City adds to Bloomberg's $2.6 million contributions this election cycle to groups supporting City Council candidates who back charter schools, long a pet issue for the former mayor. Mamdani represents the opposite of a Bloomberg-style ideal to lead the city: A 33-year-old state lawmaker with a thin resume, an upstart challenger once considered a long shot who wants to hike taxes on rich New Yorkers and has supported the Boycott, Divestment and Sanctions movement targeting Israeli goods. And so Bloomberg set aside his long-standing animus toward the former governor and instead praised his extensive managerial experience — Cuomo's calling card in the race. The leading contender has stepped up his criticism of Mamdani in recent days by pointing to his paltry legislative record in Albany and questioning whether the young lawmaker has the chops to stand up to President Donald Trump. The Cuomo campaign on Thursday released a TV ad underscoring both points, and Cuomo raised them during a caustic debate Thursday night. Some polls show a tightening race in the crowded field, following months of double-digit leads for Cuomo. A poll conducted by Data for Progress for a super PAC backing Mamdani showed Cuomo would defeat him 51 percent to 49 percent after eight rounds of voting. A survey by Public Policy Polling showed Mamdani leading Cuomo 35 percent to 31, but did not include a ranked-choice voting simulation. Other polls, including one released by Cuomo's campaign and performed by Expedition Strategies, found the ex-governor handily defeating Mamdani. A public poll is expected to be released next week. Helmed by Steve Cohen, a longtime Cuomo confidant, the pro-Cuomo super PAC has received contributions from wealthy hedge fund managers, real estate developers and Trump supporters like Bill Ackman. Its largest donation until Friday was $1 million from the online delivery firm DoorDash. The group has spent more than $10 million on TV and streaming ads, according to the media tracking firm AdImpact. And with this donation, it has raised more than $18 million since forming in March. Bloomberg is accustomed to dipping into his considerable fortune to fund political campaigns and causes. He spent $1 billion on his 104-day 2020 presidential campaign and funds nationwide gun control efforts. His net worth, amassed through the founding of his eponymous media business empire, stands at more than $104 billion, according to Forbes. Spending by the super PAC against Mamdani has backfired in recent days, after a never-sent mailer criticizing the democratic socialist included a doctored photo of him with a darker, heavier beard. Mamdani accused the group of stoking 'the very fears of that division in this city." A spokesperson for the PAC said the mailer was 'rejected for production and subsequently corrected.' The entity has also attracted scrutiny from campaign finance regulators who are probing whether Cuomo's campaign improperly communicated with the super PAC through a practice known as 'redboxing' on the candidate's website. Spokespeople for Cuomo and Fix the City have insisted campaign finance laws have been followed.
Politico
4 hours ago
- Politico
Billionaire Michael Bloomberg opens his wallet for Andrew Cuomo's mayoral bid
NEW YORK — Billionaire Michael Bloomberg was no fan of Andrew Cuomo when the two served overlapping tenures as mayor and governor. But on Friday all appeared forgiven, with Bloomberg's $5 million donation to a super PAC boosting Cuomo's mayoral bid. It's the largest cash infusion yet to the entity and comes in the final 10 days of the Democratic primary to oust Mayor Eric Adams, once a Bloomberg ally. The former mayor — a party hopscotcher who is now a Democrat — is jumping in as Cuomo faces a threat from democratic socialist challenger Zohran Mamdani, whose views on hiking taxes on the rich and criticisms of Israel are anathema to Bloomberg. The donation dovetails with the former mayor's endorsement of Cuomo this week and arrives at a critical time for the ex-governor, as he tries to mount a comeback to lead the nation's largest city. Bloomberg and Cuomo, longtime rivals, now find themselves united by a mutual loathing of the Democratic Party's left flank. After conversations between their aides, the men met earlier this week following Cuomo's Bloomberg TV interview, someone familiar with the sitdown confirmed. The donation to the Cuomo-supporting super PAC Fix the City adds to Bloomberg's $2.6 million contributions this election cycle to groups supporting City Council candidates who back charter schools, long a pet issue for the former mayor. Mamdani represents the opposite of a Bloomberg-style ideal to lead the city: A 33-year-old state lawmaker with a thin resume, an upstart challenger once considered a long shot who wants to hike taxes on rich New Yorkers and has supported the Boycott, Divestment and Sanctions movement targeting Israeli goods. And so Bloomberg set aside his long-standing animus toward the former governor and instead praised his extensive managerial experience — Cuomo's calling card in the race. The leading contender has stepped up his criticism of Mamdani in recent days by pointing to his paltry legislative record in Albany and questioning whether the young lawmaker has the chops to stand up to President Donald Trump. The Cuomo campaign on Thursday released a TV ad underscoring both points, and Cuomo raised them during a caustic debate Thursday night. Some polls show a tightening race in the crowded field, following months of double-digit leads for Cuomo. A poll conducted by Data for Progress for a super PAC backing Mamdani showed Cuomo would defeat him 51 percent to 49 percent after eight rounds of voting. A survey by Public Policy Polling showed Mamdani leading Cuomo 35 percent to 31, but did not include a ranked-choice voting simulation. Other polls, including one released by Cuomo's campaign and performed by Expedition Strategies, found the ex-governor handily defeating Mamdani. A public poll is expected to be released next week. Helmed by Steve Cohen, a longtime Cuomo confidant, the pro-Cuomo super PAC has received contributions from wealthy hedge fund managers, real estate developers and Trump supporters like Bill Ackman. Its largest donation until Friday was $1 million from the online delivery firm DoorDash. The group has spent more than $10 million on TV and streaming ads, according to the media tracking firm AdImpact. And with this donation, it has raised more than $18 million since forming in March. Bloomberg is accustomed to dipping into his considerable fortune to fund political campaigns and causes. He spent $1 billion on his 104-day 2020 presidential campaign and funds nationwide gun control efforts. His net worth, amassed through the founding of his eponymous media business empire, stands at more than $104 billion, according to Forbes. Spending by the super PAC against Mamdani has backfired in recent days, after a never-sent mailer criticizing the democratic socialist included a doctored photo of him with a darker, heavier beard. Mamdani accused the group of stoking 'the very fears of that division in this city.' A spokesperson for the PAC said the mailer was 'rejected for production and subsequently corrected.' The entity has also attracted scrutiny from campaign finance regulators who are probing whether Cuomo's campaign improperly communicated with the super PAC through a practice known as 'redboxing' on the candidate's website. Spokespeople for Cuomo and Fix the City have insisted campaign finance laws have been followed.
