Latest news with #AdamDunnett
South China Morning Post
7 days ago
- Business
- South China Morning Post
EU industry could grind to a halt over China's rare earth restrictions
Chinese government restrictions on the export of rare earth elements have forced some European companies to halt production using the highly sought-after minerals essential for making smartphones and electric vehicles Advertisement The measures announced by Beijing on April 4 were seen as retaliation against US President Donald Trump 's 'reciprocal tariffs', but European industry now warns it is being caught in the crossfire. The EU Chamber of Commerce in China has held several meetings with China's Ministry of Commerce, its secretary general Adam Dunnett told the South China Morning Post, and senses Beijing is overwhelmed with applications to export the minerals vital for many hi-tech goods. 'Thousands of applications need to be reviewed but the ministry's resources are limited. We've seen a sprinkling of approvals in the last week, but some companies have lodged dozens of applications … some have had to stop production,' Dunnett, also vice-chair of the European Business Organisation, told journalists in Brussels on Tuesday. Rare earths consist of 17 elements. On April 4, Beijing added seven of these – dysprosium, gadolinium, lutetium, samarium, scandium, terbium and yttrium – to its export control list, plus several rare earth magnets, two days after Trump announced 'reciprocal tariffs'.
Time of India
03-06-2025
- Automotive
- Time of India
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry ," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90per cent of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. US Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a US business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship."
Yahoo
24-03-2025
- Business
- Yahoo
BPM expands global reach with UK launch
BPM, a US-based public accounting and advisory firm, has officially launched its operations in the UK. Through its new UK presence, BPM plans to offer a complete range of services, including audit, tax, and advisory to international firms. To lead the firm's UK venture, BPM has appointed four professionals including Adam Dunnett, Dominic King, Sean O'Sullivan, and Nick Whitehead. These individuals will guide the company's expansion efforts and strengthen its international presence. BPM aims to position itself as a major player in the UK's inward investment sector, offering essential accounting and tax advice to businesses entering the UK market for the first time, as well as those needing local expertise. It will focus on sectors such as enterprise software, fintech, and professional services, where it aims to leverage its global experience and technical expertise to become a trusted partner for clients in these industries. This expansion is part of BPM's ongoing efforts to extend its global footprint, building on its recent entrance into the Canadian market in June 2024. BPM boasts a team of more than 1,200 professionals across more than 35 US states, as well as key global markets including India, Canada, and, now, the UK. BPM CEO Jim Wallace said: 'Expanding into the UK is a natural next step in BPM's global growth strategy. 'With its robust infrastructure, thriving talent pool, and dynamic tech and financial sectors, the UK remains a top destination for international businesses. 'With our expanded presence, we are well-positioned to help clients seize new growth opportunities with high-quality accounting and consulting services.' "BPM expands global reach with UK launch" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
