UK Battery Maker Adopts Chinese Tech to Avoid Britishvolt Fate
After the collapse of Britishvolt Ltd., another startup is having a go at making batteries in the UK. This one, though, doesn't plan on building its own in-house technology or racing to build a giant battery factory.
Coventry-based Volklec has reached a license deal with the battery arm of China's Far East Smarter Energy Co. that will allow it to start producing batteries for products like electric bikes later this year at the UK Battery Industrialisation Centre in its home city. The UK startup will use the Chinese firm's technology to begin making cells next year for cars and other sectors such as aerospace and marine craft, which are also adopting electric power.
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Yahoo
20 minutes ago
- Yahoo
Trump says Xi agreed to restart flow of crucial minerals, but analysts say China won't give up its ‘rare earth card'
US President Donald Trump said Chinese leader Xi Jinping has agreed to restart the flow of crucial rare earth materials, after announcing a new round of US-China trade talks will be held in London on Monday. Trump made the comments a day after holding his long-awaited phone call with Xi, during which the two leaders agreed to resume negotiations stalled over mutual accusations of violating the truce reached in Geneva last month. For Washington, a major sticking point has been China's export restrictions on rare earth minerals and magnets, which are essential for everything from cars to fighter jets, and critical to American industries and defense. In the weeks since the fragile detente, Washington has accused Beijing of slow-walking approvals for rare earth exports and reneging on its promise made in Geneva, with Trump expressing increasing urgency to speak to his Chinese counterpart to iron things out. After a 90-minute call on Thursday, Trump said he and Xi had 'straightened out' some points related to rare earth magnets, describing it as 'very complex stuff.' But he did not specify what exactly had been agreed upon. Asked Friday if Xi had agreed to restart the flow of rare earth minerals and magnets, Trump told reporters abroad Air Force One: 'Yes, he did.' He did not further elaborate on how fast that would happen, or the volume of the materials that would be released. The Chinese readout of the call did not mention rare earths. Instead, it quoted Xi as saying that China had 'seriously and earnestly' complied with the trade truce agreement. Asked about it at the Chinese foreign ministry's daily briefing on Friday, a spokesperson sidestepped the question, saying it was a matter for other agencies to address. China, which controls 90% of the global processing of rare earths, imposed export restrictions on some minerals and magnets on April 4 at the height of the tariff war, after Trump slapped 'reciprocal' levies on Chinese goods. The new system does not ban exports outright, but requires government approval for each shipment. Chinese scholars who advise the government suggested on Thursday that Beijing is not ready to give up the powerful leverage bestowed by its dominance on the rare earth supply chain – and may seek to use it to get Washington to ease its own export controls aimed at blocking China's access to advanced US semiconductors and technologies. While American businesses are likely to see more shipments approved in the next couple of weeks, the export licensing regime is here to stay, said Wu Xinbo, director of the Center for American Studies at Fudan University in Shanghai. He noted that, according to official rules set by China's Commerce Ministry, applications for export licenses can take up to 45 working days to be approved. 'In principle, I can agree to export to you, but I can speed things up or slow them down. In reality, on a technical level, it also depends on the overall bilateral trade and economic atmosphere,' he said. 'If the bilateral relationship is good, then I'll go a bit faster; if not, I'll slow down. But you can't say I'm violating the agreement – I'm still following the standard procedures.' Some Chinese suppliers of US companies have recently received six-month export licenses, the American Chamber of Commerce in China said Friday, but it noted that uncertainty remains amid a large backlog of license applications. Jin Canrong, a professor of international relations at Renmin University in Beijing, said the importance Trump attaches to rare earths shows how effective China's 'rare earth card' is. 'I hadn't realized just how important this rare earth card was before. Now the US side is clearly anxious and eager to resolve this issue,' he said in a video on social media on Thursday. 'But of course, we'll link this issue to others – the US is restricting China on chips and jet engines, then China certainly has every reason to make use of this card.' 'As for whether China will change its rare earth export control policy, that probably still needs to be negotiated in more detail' Jin added. Some Chinese scholars have expressed hope that US technology restrictions on China may now be up for negotiation, after Trump announced that Commerce Secretary Howard Lutnick – whose department overseas US export controls – will join Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer in the next round of trade talks. 'The issue of US export controls may no longer be an area that is completely non-negotiable in the future,' Cui Fan, an economics professor at the University of International Business and Economics in Beijing and advisor to the Chinese Commerce Ministry, wrote in a social media post. Beijing has insisted that its export controls are in line with international practices, non-discriminatory and not targeted at any specific country. Hours before the two leaders jumped on the phone on Thursday, a spokesperson for China's commerce ministry reiterated that stance at a regular news conference, citing the 'clear dual-use attributes' of rare earth materials. Dual-use items refer to those with both civilian and military applications. 'The Chinese government reviews export license applications for dual-use items in accordance with laws and regulations, and for applications that meet the requirements, China will grant approval to promote and facilitate compliant trade,' spokesperson He Yongqian said. The strict licensing system has significantly disrupted the global supplies of these materials and triggered production turmoil across industries in America and Europe, raising alarms among officials and businesses alike. A survey of member companies conducted by the American Chamber of Commerce in China late week found that, among those affected by rare earth export controls, 75% say their stock would run out within three months. CNN's Kit Maher contributed to reporting.
Yahoo
28 minutes ago
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Here's why the Scottish Mortgage share price is back at 1,000p
The Scottish Mortgage Investment Trust (LSE: SMT) share price has risen to £10 again in recent days. This means it's up nearly 50% over the past two years, and 23% since early April. Here, I want to look at what might have fuelled the recent turnaround, and whether it could continue. Scottish Mortgage's focus on disruptive companies more often than not leads it to the tech-packed US stock market, particularly the Nasdaq. Around 61% of the FTSE 100 investment trust's portfolio is in US stocks. Therefore, a recovery in share prices across the pond has underpinned Scottish Mortgage's short-term performance. The Nasdaq is now 28% higher than its April trough. That said, there have also been some notable jumps in a few key holdings. Latin American e-commerce giant MercadoLibre hit an all-time high in early June, as did audio streaming platform Spotify. Indeed, Spotify stock is now up 805% since the start of 2023! While the trust has been selling some Nvidia shares recently, it's still a significant holding (around 2.3% of the portfolio). And the AI chip king has also been on a hot streak, surging 51% since the April sell-off. It should also be noted that the FTSE 100 itself is now just a whisker away from a 52-week high — and therefore a new record. One key theme that Scottish Mortgage has invested in heavily is the digitalisation of global finance. It has called this one of 'the world's most transformative trends'. Key holdings here include MercadoLibre and Nu Holdings (Nubank) in Latin America, Affirm and Stripe (unlisted) in the US, and Sea Limited and Ant Group (unlisted) in Asia. Sea is up 61% this year, while Affirm has rebounded 62% since early April. Somewhat rarely for the trust, it does have a couple of UK-based fintechs in the portfolio. These are money transfer app Wise and neobank Revolut, which is private. The Wise share price jumped close to a record high this week after the firm posted strong annual results. Wise also said it intends to transfer its primary listing to the US, which will allow it to work towards inclusion in major US indexes. Whether the trust keeps rising in the near term is largely dependant on what the US market does. We know Trump's tariffs are hurting the global economy, so this is a risk to American corporate earnings and the value of Scottish Mortgage's portfolio. Investors in the trust need to be prepared to ride out sometimes stomach-churning periods of volatility. On the flip side, the global IPO market is warming back up again (though not in London, unfortunately). Revolut is reportedly preparing for a public listing that could value the company at over $45bn, while Ant Group might list in Hong Kong later this year. These massive IPOs could help boost Scottish Mortgage's net asset value (NAV), assuming they're well-received by investors. It would also help relieve worries about the true value of its unlisted assets. Either way though, I still think Scottish Mortgage shares are worth considering. They're currently trading at an 10.8% discount to NAV, which I think is attractive given the long-term growth potential of the portfolio. The post Here's why the Scottish Mortgage share price is back at 1,000p appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Ben McPoland has positions in MercadoLibre, Nu Holdings, Nvidia, and Scottish Mortgage Investment Trust Plc. The Motley Fool UK has recommended MercadoLibre, Nu Holdings, Nvidia, Sea Limited, and Wise Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 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
Business Upturn
an hour ago
- Business Upturn
Populous Acquires Fentress Architects, Expanding Global Aviation Portfolio
Kansas City, Mo., United States: Populous, the world-renowned design firm specializing in sport and entertainment venues, today announced the acquisition of Denver-based Fentress Architects, a global leader in iconic aviation projects and prominent public buildings, including convention centers, museums and government facilities. This press release features multimedia. View the full release here: Los Angeles International Airport. Designed by Fentress Architects. This strategic acquisition unites two of the most respected names in architecture, combining Populous' unparalleled expertise in designing memorable experiences with Fentress' award-winning portfolio of aviation, civic and cultural landmarks. The acquisition significantly broadens the scope and scale of services that Populous can offer clients across the globe. Bruce Miller, Populous Global Chair and CEO, commented: 'We are committed to expanding the breadth of our practice. Fentress Architects has long been known for its visionary aviation and public architecture, exceptional design quality and commitment to innovation. Uniting our aviation team with Fentress to form Fentress Studios, a Populous Company, symbolizes our dedication to design quality. Adding Fentress' expertise and client base to the Populous global aviation and transportation portfolio, as well as synergies across convention center design, will enable us to transform the future of people-centric design and supercharge our global impact in those sectors.' Founded in 1980, Fentress Architects has designed more than $52 billion of architectural landmarks worldwide, including Denver International Airport, Incheon International Airport, Miami Beach Convention Center and the National Museum of the Marine Corps. The firm is known for creating architecture that is sustainable, contextual and deeply connected to the communities it serves. Curt Fentress, Founder and Principal in Charge of Design at Fentress Architects, commented: 'Populous shares our values of design excellence and people-centric thinking. Together, we will continue to redefine great architecture and its capacity to ignite social and economic change through inspired design for people.' Fentress Architects will rebrand as Fentress Studios, a Populous Company, with the studios continuing to be based in Denver and Washington D.C. The acquisition further propels Populous' capabilities in aviation, transportation and public sector design. About Populous Populous is a global design firm that began with a singular focus — to draw people together around the things they love, through experiences that capture all the senses and amplify the pure emotion shared in human moments. Over the last 40+ years, the firm has designed more than 3,500 projects worth over $60 billion across emerging and established markets. Populous' comprehensive services include architecture, interior design, event planning and overlay, branded environments, wayfinding, and graphics, planning and urban design, landscape architecture, aviation and transport design, hospitality and sustainable design consulting. Populous has over 1,500 employees in 32 global offices on four continents with regional centers in Kansas City, London and Brisbane. For more information, visit About Fentress Architects Fentress Architects is an international design firm that passionately pursues the creation of innovative, sustainable, and iconic architecture. The firm's work includes landmarks such as the Tom Bradley International Terminal at LAX, the Ralph L. Carr Colorado Supreme Courts, and the Royal Norwegian Embassy. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
