Hedge Funds Tout Japanese Tires, Hungarian Drugs at Sohn HK
Chinese e-commerce firm PDD Holdings Inc. was another pick at the annual gathering, which is taking place in the city in support of the Karen Leung Foundation.
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Bessent Sees Nvidia, AMD China Agreements as a Model for Others
(Bloomberg) -- Treasury Secretary Scott Bessent said the recent deal to allow Nvidia Corp. and Advanced Micro Devices Inc. to resume lower-end AI chip sales to China, on the condition they give the US government a 15% cut of the related revenue, could serve as a model for others. 'I think we could see it in other industries over time,' Bessent said Wednesday in a television interview on . 'Right now, this is unique, but now that we have the model and the beta test, why not expand it?' Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets Bessent credited President Donald Trump with the 'very unique solution' of allowing Nvidia to expand in China and become a bellwether for Chinese technology, with the US taxpayer getting 'a share of' the reward. The revenue the Treasury receives from the arrangement will go to pay down debt, he said. 'If we could make a substantial debt' repayment, that would then allow for discussions about a program of sending money to taxpayers, he also said. Asked about reporting that China is urging its companies to avoid the Nvidia H20 processors now allowed for its market, Bessent said 'sure, we can discuss that' with the Chinese. 'But it also tells me that they are worried about the Nvidia chips becoming the standard in China.' China Talks On Tuesday, Bessent said that he'd be meeting again with his Chinese counterparts 'within the next two or three months,' speaking on Fox Business. He dismissed the possibility of China emulating other US trading partners in winning tariff relief in return for boosting investments in the US. When asked if China could make pledges worth billions of dollars like Japan, South Korea and the EU have as part of their trade agreements, Bessent said 'my sense is no because a lot of the buyout or the funds from the buyout are going to go to critical industries that we need to reshore and a lot of those need to be reshored away from China.' Whether the industry was semiconductors, rare-earth magnets, pharmaceuticals or steel, 'my sense is that isn't what will happen,' Bessent said in an interview with Fox Business on Tuesday. Tech and AI have been among the most high profile of areas of competition between the world's two biggest economies. President Donald Trump has extended a pause of higher tariffs on Chinese goods for another 90 days into early November, a move that stabilized trade ties between the world's two largest economies while they try to forge an agreement. Chinese companies in sectors such as electric vehicles have opened factories abroad to access new markets, a move that could also help them skirt US tariffs. He also indicated that Washington wanted to see measures from China over an extended period to stem the flow of chemicals used to make fentanyl before lowering duties Trump put in place over the issue. 'We will need to see months, if not quarters, if not a year, of progress on that before I could imagine those tariffs coming down,' he said. --With assistance from Philip Glamann. (Updates with comments from Bessent's Bloomberg TV interview.) Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Dubai's Housing Boom Is Stoking Fears of Another Crash The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results A $340 Million New York Office Makeover Is Converting Boardrooms to Bedrooms ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
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Hudbay Minerals sells Copper World stake, reports Q2 results, shares up
TORONTO — Shares of Hudbay Minerals Inc. soared higher after it announced a deal to sell a 30 per cent stake in its Copper World project in Arizona to Mitsubishi and reported its second-quarter results. The company says Mitsubishi has committed to investing US$600 million, including US$420 million for a 30 per cent equity interest in the project at closing and US$180 million within 18 months of closing. Hudbay says the deal secures a long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses. Hudbay also reported US$117.7 million in a second-quarter net earnings attributable to owners or 30 cents US per diluted share for the quarter ended June 30 compared with a loss of US$16.5 million or four cents US per diluted share a year earlier. On an adjusted basis, Hudbay says it earned 19 cents US per share in its latest quarter compared with an adjusted result of zero cents US per share a year ago. Revenue totalled US$536.4 million in its latest quarter, up from US$425.5 million in the same quarter last year. Hudbay shares were up C$2.36 at C$15.93 in trading on the Toronto Stock Exchange on Wednesday morning. This report by The Canadian Press was first published Aug. 13, 2025. Companies in this story: (TSX:HBM) The Canadian Press 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
Bloomberg
28 minutes ago
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US Chip-Gear Maker Sued in China Over Alleged Trade Secret Theft
Top US chip-equipment supplier Applied Materials Inc. was sued by a rival in China over what that company characterized as trade secret theft, a further escalation in the technology war between the world's two largest economies. Beijing E-Town Semiconductor Technology Co. filed a lawsuit with the Beijing Intellectual Property Court against Applied Materials, according to a company statement to the Shanghai Stock Exchange.
