Latest news with #EuropeanCompanies
New York Times
4 days ago
- Business
- New York Times
The Gem of a Town in North Carolina That Powers the World's Tech
ACROSS THE COUNTRY Residents have a saying in Spruce Pine, that a piece of their home is in tech across the globe. But could geopolitical tensions hurt their mining tradition, and their lucrative quartz business? WHY WE'RE HERE We're exploring how America defines itself one place at a time. In Spruce Pine, N.C., a vast deposit of quartz has turned this small mountain town into an economic treasure. By Eduardo Medina Photographs by Mike Belleme Eduardo Medina reported from Spruce Pine, N.C., and took home a piece of amazonite. The jagged ridges in the green mountains above Spruce Pine look strange at first, as if they were scratched into the surface by giant claws. From afar, visitors sometimes confuse them for snow. In fact, they are mines that hold some of the world's purest quartz, a smoky gray mineral that is essential for manufacturing silicon wafers that eventually become computer chips in smartphones and other high-tech products. No other place on Earth has as much or as minable pure quartz as Spruce Pine, in western North Carolina. It's a geological Goldilocks, as raw minerals are in high demand and China is tightening its grip on mineral exports in its trade war with the Trump administration. Two European companies operate the mines with much secrecy, and are responsible for almost the entire global market of high-purity quartz, according to industry experts. Tell Us About Where You Live Want all of The Times? Subscribe.
Bloomberg
6 days ago
- Business
- Bloomberg
European Firms Lose Confidence in China Operations, Survey Shows
European companies operating in China are the most pessimistic about growth prospects since 2011, a new survey shows. Some 29% of respondents were downbeat on the outlook for their sector over the next two years, according to an annual report published on Wednesday by the European Union Chamber of Commerce in China.
Globe and Mail
7 days ago
- Business
- Globe and Mail
European companies cut costs, scale back investments in China as its economy slows
BEIJING (AP) — European companies are cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices, according to an annual survey released Wednesday. Their challenges reflect broader ones faced by a Chinese economy hobbled by a prolonged real estate crisis that has hurt consumer spending. Beijing also faces growing pushback from Europe and the United States over surging exports. 'The picture has deteriorated across many key metrics,' the European Union Chamber of Commerce in China said in the introduction to its Business Confidence Survey 2025. The same forces that are driving up Chinese exports are depressing the business outlook in the Chinese market. Chinese companies, often enticed by government subsidies, have invested so much in targeted industries such as electric vehicles that factory capacity far outpaces demand. The overcapacity has resulted in fierce price wars that cut into profits and a parallel push by companies into overseas markets. In Europe, that has created fears that growing imports from China could undermine its own factories and the workers they employ. The EU slapped tariffs on Chinese EVs last year, saying China had unfairly subsidized electric vehicle production. 'I think there's a clear perception that the benefits of the bilateral trade and investment relationship are not being distributed in an equitable manner,' Jens Eskelund, the president of the EU Chamber in China, told reporters earlier this week. He applauded efforts by China to boost consumer spending but said the government must also take steps to ensure that supply growth doesn't outpace that in demand. The survey results show that the downward pressure on profits increased over the past year and that a fall in business confidence has yet to bottom out, Eskelund said. About 500 member companies responded to the survey between mid-January to mid-February. 'It is just very difficult for everyone right now in an environment of declining margins,' he said.
Washington Post
7 days ago
- Business
- Washington Post
European companies cut costs, scale back investments in China as its economy slows
BEIJING — European companies are cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices , according to an annual survey released Wednesday. Their challenges reflect broader ones faced by a Chinese economy hobbled by a prolonged real estate crisis that has hurt consumer spending. Beijing also faces growing pushback from Europe and the United States over surging exports .
Associated Press
7 days ago
- Business
- Associated Press
European companies cut costs, scale back investments in China as its economy slows
BEIJING (AP) — European companies are cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices, according to an annual survey released Wednesday. Their challenges reflect broader ones faced by a Chinese economy hobbled by a prolonged real estate crisis that has hurt consumer spending. Beijing also faces growing pushback from Europe and the United States over surging exports. 'The picture has deteriorated across many key metrics,' the European Union Chamber of Commerce in China said in the introduction to its Business Confidence Survey 2025. The same forces that are driving up Chinese exports are depressing the business outlook in the Chinese market. Chinese companies, often enticed by government subsidies, have invested so much in targeted industries such as electric vehicles that factory capacity far outpaces demand. The overcapacity has resulted in fierce price wars that cut into profits and a parallel push by companies into overseas markets. In Europe, that has created fears that growing imports from China could undermine its own factories and the workers they employ. The EU slapped tariffs on Chinese EVs last year, saying China had unfairly subsidized electric vehicle production. 'I think there's a clear perception that the benefits of the bilateral trade and investment relationship are not being distributed in an equitable manner,' Jens Eskelund, the president of the EU Chamber in China, told reporters earlier this week. He applauded efforts by China to boost consumer spending but said the government must also take steps to ensure that supply growth doesn't outpace that in demand. The survey results show that the downward pressure on profits increased over the past year and that a fall in business confidence has yet to bottom out, Eskelund said. About 500 member companies responded to the survey between mid-January to mid-February. 'It is just very difficult for everyone right now in an environment of declining margins,' he said.
