Australia must try to keep working relationships with U.S. and China while 'being coerced' by both
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
China Rare-Earth Magnet Exports Jump 158% After Trade Truce
(Bloomberg) -- China boosted shipments of rare earth magnets in June — including to the US — after a global supply squeeze that threatened factory closures and inflamed trade tensions. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Total cargoes of the magnets rose to 3,188 tons last month, according to Chinese data on Sunday, more than double volumes of 1,238 tons in May in the midst of China's curbs. Flows to the US alone rose to 353 tons, up from just 46 tons. Total shipments were still substantially lower than before Beijing launched export controls in early April. China put restrictions on seven of 17 rare earth elements, which also extended to the powerful magnets used in high-tech manufacturing from electric vehicles to smartphones and fighter jets. That threatened deep disruptions to US industry and encouraged President Donald Trump to agree a trade truce. After trade negotiators struck an agreement in June in Geneva to ease tensions, Trump said China had agreed to fully supply rare earths and magnets. On July 1, US Treasury Secretary Scott Bessent said shipments of magnets from China had picked up but still weren't flowing fast enough. China's curbs didn't just target the US, with manufacturers worldwide fretting about the magnet shortage, and governments appealing to Beijing for relief. The export controls complicated already fragile ties between China and the European Union, where carmakers are heavily reliant on Chinese magnets. Not Enough The customs data supports anecdotal reports of an improvement in supplies, but also confirms that flows remain well below typical levels. Overall, June's volume was still only about two thirds of last year's monthly average. China makes about 90% of the world's rare earth permanent magnets, and the magnet shock of the last few months has added urgency to efforts by western governments to build supply chains that don't run through China. Earlier this month, the Pentagon agreed to buy a stake in MP Materials Co. — the only American rare earths miner — to fund construction of a major new magnets plant. The EU has seen some small improvements in the issuing of licenses for its magnets supplies since a meeting between the bloc's trade chief Maros Sefcovic and Chinese commerce minister Wang Wentao last month, according to a senior EU official, who declined to be identified discussing a sensitive matter. But 'systemic' issues remain and the subject will be on the agenda of the EU-China summit in Beijing later this week, the person said. China hasn't approved any license for magnet exports to Indian automakers since April, and some 30 applications are pending, Shailesh Chandra, the president of the Society of Indian Automotive Manufacturers, said at a press event in Mumbai on Tuesday. Supplies to India rose to 172 tons in June, up from 150 tons in May. On the Wire The massive economic stimulus and boost to clean power from a 1.2 trillion yuan ($167 billion) mega-dam in Tibet has proven alluring enough for Chinese leaders to set aside concerns about potential damage to biodiversity and relations with India. US tariffs — now averaging 40% overall — threaten a heavy blow to China's industry, according to Bloomberg Economics. Chinese authorities vowed 'zero tolerance' for the smuggling of strategic minerals and said it would strengthen law-enforcement to crack down on illegal shipments and the unauthorized transfer of related technology. China's trade with the world is within reasonable bounds and the nation isn't out to dominate global markets, a senior official said, pointing to figures showing domestic consumption is driving economic growth. This Week's Diary (all times Beijing) Monday, July 21 China sets monthly Loan Prime Rates, 09:00 Tuesday, July 22 Nothing major scheduled Wednesday, July 23 Iron ore resource development conference in Ningbo, Zhejiang, day 1 CCTD's weekly online briefing on Chinese coal, 15:00 CSIA's weekly polysilicon price assessment Thursday, July 24 EU-China summit in Beijing China solar association's mid-year conference in Datong, Shanxi, day 1 Iron ore resource development conference in Ningbo, Zhejiang, day 2 CSIA's weekly solar wafer price assessment Friday, July 25 China solar association's mid-year conference in Datong, Shanxi, day 2 Iron ore resource development conference in Ningbo, Zhejiang, day 3 China's weekly iron ore port stockpiles Shanghai exchange weekly commodities inventory, ~15:30 Saturday, July 26 Nothing major scheduled Sunday, July 27 China's industrial profits for June, 09:30 --With assistance from Alisha Sachdev and Alberto Nardelli. (Updates with details from fifth paragraph) A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Elon Musk's Empire Is Creaking Under the Strain of Elon Musk What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. 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
Yahoo
12 minutes ago
- Yahoo
Bonatech, a leading Chinese membrane materials company, announces completion of Series A financing
JINAN, China, July 20, 2025 (GLOBE NEWSWIRE) -- Bonatech, a company specialising in the application of membrane technology for the research and development of membrane materials and the manufacturing of membrane equipment, has announced the completion of its Series A financing. This is a reflection of investors' confidence in Bonatech's ability in the field of membrane materials, enabling the high-quality development of the biomanufacturing industry and providing customers with full-process product delivery from laboratory to industrialisation. Bonatech Partners have stated the following: "For over 13 years, we have built a dynamic and innovative platform to support global partners and bring more outstanding membrane filtration process technology to market. We are delighted to announce that we have entered into a strategic partnership with Jinan High-tech Finance and Shandong Luxin Venture Capital. Jinan High-tech Finance and Luxin Venture Capital have a long-term vision, a strong culture and an excellent track record in the investment field. They are ideal choices to support Bonatech's continued expansion." The founder of Bonatech stated: Bonatech Technology is a specialist in the field of membrane material research and development, with a focus on the manufacturing of membrane equipment and the application of membrane technology. The company has mastered the development methods of advanced inorganic membrane materials and high-performance composite membrane materials, and has built a membrane industry chain covering "membrane elements-membrane assemblies-membrane equipment-membrane applications". This product is used in a variety of industries, including the pharmaceutical industry, synthetic biology, food and beverage, and more. The company is a leading domestic technology innovation enterprise, integrating advanced membrane material research and development with membrane technology applications. We are confident that Bonatech will become a leading supplier of system solutions in the field of global separation and purification in the near future. About Bonatech Bonatech is headquartered in Jinan, Shandong, China. The company specialises in the research, development and production of membrane materials. The product range includes ceramic, spiral organic, hollow fibre, electrodialysis and pervaporation membranes, as well as other membrane components. The company is currently developing and applying membrane separation technology, with a particular focus on membrane applications for separation and purification in cutting-edge technology industries such as biomedicine, synthetic biology, new energy, and semiconductors. The company has gradually evolved from a professional complete equipment provider in the field of membrane technology applications to the material field of membrane component development. It has developed into a group enterprise that now covers the entire membrane industry chain, including "membrane components, membrane components, membrane equipment, membrane applications". Following over 4,000 case process verifications on a global scale, it is considered trustworthy. For more information, visit or contact us at info@ A photo accompanying this announcement is available at 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
14 minutes ago
- Bloomberg
Malaysia to Look Into Claim 1MDB Fugitive Jho Low Is in China
Malaysia will look into a report that fugitive Low Taek Jho, wanted in connection with the multibillion dollar collapse of state fund 1MDB, is living in China. The country has not received information on the whereabouts of Low, better known as Jho Low, Prime Minister Anwar Ibrahim said on Saturday, state news agency Bernama reported. Anwar said he would need to check with the home ministry, which didn't respond to calls early Monday.
