JL MAG Rare-Earth says it obtained export licenses for rare earth products to US, Europe
BEIJING, June 11 (Reuters) - Chinese rare earth permanent magnet producer JL MAG Rare-Earth (300748.SZ), opens new tab on Wednesday said it has obtained export licenses issued by Chinese authorities for exports of rare earth products to regions including the U.S., Europe and Southeast Asia.
The company applied for export licenses after China announced a decision to curb exports of rare earths products in April, and the applications are being approved "in succession", the company said in a post on the official investor relations platform for the Shenzhen stock exchange.
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Reuters
39 minutes ago
- Reuters
Exclusive: Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump's tariffs
NEW DELHI, June 13 (Reuters) - Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple's efforts to bypass high U.S. tariffs imposed on China. The numbers, being reported by Reuters for the first time, show Apple has realigned its India exports to almost exclusively serve the U.S. market, when previously the devices were more widely distributed to countries including the Netherlands, the Czech Republic and Britain. During March-May, Foxconn exported iPhones worth $3.2 billion from India, with an average 97% shipped to the United States, compared to a 2024 average of 50.3%, according to commercially available customs data seen by Reuters. India iPhone shipments by Foxconn to the United States in May 2025 were worth nearly $1 billion, the second-highest ever after the record $1.3 billion worth of devices shipped in March, the data showed. Apple and Foxconn did not respond to Reuters requests for comment. U.S. President Donald Trump on Wednesday said China will face 55% tariffs after the two countries agreed on a plan, subject to both leaders' approval, to ease levies that had reached triple digits. India is subject, like most U.S trading partners, to a baseline 10% tariff and is trying to negotiate an agreement to avert a 26% "reciprocal" levy that Trump announced and then paused in April. Apple's increased production in India drew a strong rebuke from Trump in May. "We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here," Trump recalled telling CEO Tim Cook. In the first five months of this year, Foxconn has already sent iPhones worth $4.4 billion to the U.S. from India, compared to $3.7 billion in the whole of 2024. Apple has been taking steps to speed up production from India to bypass tariffs, which would make phones shipped from China to the U.S. much more expensive. In March, it chartered planes to transport iPhone 13, 14, 16 and 16e models worth roughly $2 billion to the United States. Apple has also lobbied Indian airport authorities to cut the time needed to clear customs at Chennai airport in the southern state of Tamil Nadu from 30 hours to six hours, Reuters has reported. The airport is a key hub for iPhone exports. "We expect made-in-India iPhones to account for 25% to 30% of global iPhone shipments in 2025, as compared to 18% in 2024," said Prachir Singh, senior analyst at Counterpoint Research. Tata Electronics, the other smaller Apple iPhone supplier in India, on average shipped nearly 86% of its iPhone production to the U.S. during March and April, customs data showed. Its May data was not available. The company, part of India's Tata Group, started exporting iPhones only in July 2024, and only 52% of its shipments went to U.S. during 2024, the data showed. Tata declined to comment on the numbers. Indian Prime Minister Narendra Modi has in recent years promoted India as a smartphone manufacturing hub, but high duties on importing mobile phone components compared to many other countries means it is still expensive to produce the devices in India. Apple has historically sold more than 60 million iPhones in the U.S. each year, with roughly 80% made in China.
Reuters
2 hours ago
- Reuters
China's Zhejiang Sanhua targets up to $1 billion in Hong Kong listing
June 13 (Reuters) - Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls ( opens new tab aims to raise up to HK$8.12 billion ($1.03 billion) via a Hong Kong listing, reflecting a broader trend of mainland companies tapping into the capital markets rebound. The company, which develops environment-friendly thermal management solutions, is offering 360.3 million H-shares at a maximum offer price of HK$22.53 each, according to an exchange filing on Friday. Sanhua's Shenzhen-listed shares have gained more than 10% this year, valuing the company at 96.59 billion yuan ($13.47 billion). Its shares are set to begin trading in Hong Kong on June 23. The offering highlights the latest sign of recovery in Hong Kong's equity capital markets, which have remained mostly subdued over the past two years. The stock exchange "serves as a good channel for financing for overseas expansions", said Bintuo Ni, research associate at Daiwa Capital Markets. As of June 11, companies have raised about $9.7 billion through IPOs and secondary listings in the city, a sharp rise from $1.05 billion during the same period last year, according to data compiled by LSEG. The surge in activity comes despite ongoing geopolitical tensions between China and the United States, and is being attributed to renewed interest from international investors in Chinese equities. The deal would add Sanhua to the list of mainland-traded companies that are attempting to establish a foothold in Hong Kong, alongside firms such as CATL ( opens new tab and Jiangsu Hengrui Pharmaceuticals ( opens new tab. The most recent company to apply for a secondary listing in Hong Kong was soy sauce maker Foshan Haitian Flavouring and Food Co ( opens new tab, which is seeking to raise up to HK$9.56 billion. In 2024, the company reported a nearly 7% increase in net profit, reaching 3.12 billion yuan. ($1 = 7.8489 Hong Kong dollars) ($1 = 7.1726 Chinese yuan)
The Independent
4 hours ago
- The Independent
It might be tempting to put 401(k) contributions on hold, but sticking with it is a better strategy
Amid this year's market turmoil, I've heard investors wonder if they should hit pause on 401(k) contributions until things settle down. Though this approach sounds tempting, it's better to stick with your investment strategy instead of waiting for conditions to improve. Running the numbers To test how a 'wait and see' approach would have fared compared with continuing to invest, I looked at four different market downturns of the 21st century. In each case, I looked at results under two different scenarios: an investor who started saving $500 per month and continued to do so throughout downturns, and another investor who stopped saving until the market started to improve. I assumed all contributions were invested in stocks. (In the first four cases below, I assumed that contributions were only paused during the bear market in question and then resumed for all the periods that followed.) Case 1: March 2000–October 2002 Stocks suffered cumulative losses of about 33% from early 2000 through October 2002. But an investor who started investing $500 per month in March 2000 and kept doing that even throughout the turmoil would have about $700,000 as of March 31, 2025. The 'wait and see' investor, on the other hand, would have about $573,000. Case 2: October 2007–February 2009 The market downturn in 2008 was the second-worst calendar year for equity investors in recent market history. An investor who started investing $500 per month in October 2007 and continued making monthly investments would have about $360,000 as of March 31, 2025. An investor who paused contributions until March 2009 would have about $307,000 as of the same date. Case 3: February and March 2020 The covid-19-driven market downturn led broad stock market indexes to shed about 34% of their value from Feb. 19, 2020. But after this sharp downturn, the rebound was even more impressive, with stocks posting gains of 28.7% during 2021. As a result, the 'keep buying' investor would have still ended slightly ahead by March 2025, even after suffering through market downturns in 2022 and early 2025. Case 4: January 2022–October 2022 The 2022 market reversal was a sharp reaction to 2021's unexpected spike in inflation, followed by a series of aggressive interest-rate hikes. As a result, the Morningstar US Market Index lost about 19% from January through October of that year. But thanks to the market's dramatic rebound, the 'keep buying' investor would have ended about $7,000 ahead by March 2025. Case 5: January 2000–March 2025 The differences are even more dramatic over a longer period. For this analysis, I assumed that an investor started contributions of $500 per month in January 2000, paused during each of the four above downturns, and then resumed contributions after the market had bottomed out. But even in this seemingly ideal scenario, consistent contributions won out. The consistent 401(k) contributor ended up nearly $200,000 ahead of the stop-and-start investor. The reason? Consistent contributions meant there were more dollars around to benefit when the market rebounded, while hitting pause on contributions meant the opposite. And the impact compounds over time. The 'wait and see' investor would have skipped out on 61 months' worth of contributions for a total of $30,500 but ended with a balance about $184,000 lower than the 'keep buying' approach. Why retirement savers shouldn't give up These examples make a strong case for sticking with the plan, even during a bear market. But this analysis probably overstates the results for 'wait and see' investors because it assumes that investors somehow knew when the market would start recovering. Not only is it tough to get the timing right for a market recovery, but keeping money on the sidelines means betting against the odds. Statistically speaking, the market goes up more than it goes down. Watching a 401(k) lose money isn't fun to live through, but things eventually turn around.
