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How US buyers of critical mineral bypass China's Export Ban
According to records from customs and shipping, at least one Chinese company is involved in this trade. China is the largest supplier of antimony, gallium and germanium used in semiconductors, telecommunications and military technology. Beijing banned the export of these minerals to America on December 3, following Washington's crackdown against China's chip industry. The shift in trade flows highlights the struggle for vital minerals, and China's struggle for enforcement of its curbs. It is competing with the U.S. to achieve economic, military and technology supremacy. Trade data shows that U.S. shipments are being rerouted via third countries, a problem which Chinese officials have admitted. Three industry experts, including two executives from two U.S. firms who claimed to have obtained restricted minerals in China recently, confirmed this assessment. Customs data shows that the U.S. imported 3,834 tons of antimony oxides between December and April from Thailand and Mexico. This was almost three times more than the previous years combined. Thailand and Mexico meanwhile shot up to the top three markets for Chinese antimony exports this year according to Chinese data until May. In 2023, which was the last year of exports before Beijing began to restrict them, neither country made it into the top 10. According to RFC Ambrian consultancy, Thailand and Mexico both have one antimony smelter. The latter was only reopened last April. According to RFC Ambrian, neither country has significant quantities of antimony. The U.S. is on track to import antimony, germanium, and gallium at the same or higher levels than before the ban. However, prices will be higher. Ram Ben Tzion is the co-founder and CEO at Publican's digital platform for vetting shipments. He said that although there were clear signs of transshipment in trade data, it was not possible to identify companies involved. He said, "We're seeing a pattern and it's consistent." He added that Chinese companies were "super-creative" in their efforts to bypass regulations. In May, China's Commerce Ministry stated that "unspecified" overseas entities "colluded" with domestic lawbreakers to circumvent its export restrictions and that stopping this activity was vital to national security. It did not respond to any questions regarding the change in trade flows that occurred since December. Similar questions were not answered by the U.S. Commerce Department or Thailand's Commerce Ministry, nor Mexico's Economy Ministry. The U.S. does not prohibit American buyers from buying antimony, germanium, or gallium of Chinese origin. Chinese companies can export the minerals to other countries than the U.S. with a valid license. Levi Parker, founder and CEO of U.S. based Gallant Metals told us how he gets about 200 kg gallium per month from China. He did not name the parties because of the possible repercussions. Firstly, agents who buy in China purchase material from the producers. He said that a shipping firm then routes the packages via another Asian nation, with re-labeling as art supplies, iron, or zinc. Parker stated that the workarounds weren't cheap or perfect. Parker said that he would love to import 500kg regularly, but that he was concerned about the risk of attracting scrutiny. Chinese logistics companies are "very cautious" due to this. BRISK TRADE Thai Unipet Industries is a Thailand-based branch of Chinese antimony manufacturer Youngsun Chemicals. According to previously unreported records, the company has done brisk business with the U.S. over recent months. According to 36 bills recorded by ImportYeti, Export Genius and ImportYeti, Unipet shipped 3,366 tonnes of antimony-based products from Thailand to America between December and may. This was about 27 times more than the volume Unipet transported in the same time period last year. They do not always indicate the origin of raw materials. The records do not provide specific proof of transshipment. Thai Unipet could not be reached for a comment. A person answered when I called the number for the company listed on the shipping record. She said that the number did not belong to Unipet. No response was received when I mailed my questions to Unipet’s registered address. Youngsun Chemicals - Unipet's parent company - did not respond to any questions regarding the U.S. shipment. Unipet's U.S. shipments were purchased by Texas-based Youngsun & Essen. Before Beijing's antimony trioxide ban, Youngsun Chemicals imported the majority of its antimony from Youngsun Chemicals. Jimmy Song, the president of Youngsun & Essen, did not respond to questions regarding imports. China launched a major campaign against the transshipment of minerals and their smuggling in May. Offenders may be fined and banned from exporting in the future. James Hsiao of the Hong Kong-based law firm White & Case said that serious cases could also be classified as smuggling and lead to jail sentences exceeding five years. He said that Chinese laws are applicable to Chinese companies even when transactions take place overseas. Hsiao said that in cases of transshipment the Chinese authorities could prosecute sellers who failed to do enough due diligence to identify the end-user. For those willing to risk it, there are big profits to be made overseas where the shortages of gallium, antimony, and germanium have sent prices to record highs. China's antimony and Germanium exports are still lower than before the restrictions. Ben Tzion, a Beijing-based economist, says that Beijing must now ensure that its export control regime is effective. "While all of these policies are in place, the enforcement of them is a totally different scenario," said he.
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Maguire: Turkey's clean energy growth is bad for the gas market bulls
Turkey is one the fastest growing power markets in the world, and natural gas and LNG exporters have targeted the country as an important potential growth market. They may be disappointed by the rapid expansion of Turkey's clean energy supplies. Solar capacity has increased dramatically in Turkey, and last month solar electricity production surpassed gas-fired electricity for the first time. The country's very first nuclear plant will be starting up production within the next few months. Turkey has also deployed utility-scale battery systems to store excess power from wind farms and solar farms, which can be dispatched at times of peak demand. It aims to achieve 80 gigawatts hours (GWh), or storage capacity for batteries by 2030. The combination of increasing clean energy supplies and expanding storage capacity is likely to limit Turkey's usage of gas and fossil fuels for power production. Gas market bulls may need to look elsewhere to find growth potential. GROWTH PATH The World Bank's data shows that the Turkish economy has grown by 4.7% per year on average since 2019. This is four times faster than the Eurozone and almost twice as fast as the global economy during the same period. Data from Ember show that the country's demand for electricity jumped 14% between 2019 and 2024. This is in stark contrast with the 5% decline in demand in the European Union during the same period. According to Ember, the Turkish electricity demand is primarily driven by government spending on infrastructure, heavy industry, and manufacturing. The total will reach 340 Terawatt Hours (TWh), in 2024. Re-shoring certain heavy industries, such as steel and cement production in Germany, has also contributed to the increase of energy consumption in Turkey over the past few years. GAS CUTS Gas-fired power generation in Turkey has been declining for the last three years despite this steady increase in power usage. According to Ember, coal-fired power plants are the largest source of electricity in Turkey. They accounted for 36 percent of the country's electricity supply last year. The key to the coal industry's survival has been cheap shipments coming from Russia. Since 2022, when it was sanctioned for its invasion of Ukraine, Russia has had difficulty finding willing buyers. In order to ensure that Turkey's electricity suppliers continue to purchase coal, Russian coal exporters discounted their prices in comparison with other coal vendors. As a result, they have gained a majority share of Turkey’s coal purchases starting 2022. Data from commodity intelligence firm Kpler show that Russia has provided roughly 88% (or more) of Turkey's imports of coal so far in 2025. This compares to an average of 24% between 2018 and 2021. The steady supply of coal has led to a reduced demand in Turkey for natural gas, which is more expensive. Gas-fired power plants supplied only 19% the electricity in Turkey last year. Solar farms (7%) followed by wind farms (11%) as the next biggest electricity sources in Turkey. On the Rebound? The Turkish gas-fired electricity generation has risen by 52% in the first half 2025 compared to the first half 2024. This has given gas market bulls reason for optimism. The recent gas-fired electricity generation peaks are still below the previous production spikes. This suggests that Turkey's energy firms remain cautious about over-relying on gas to produce electricity. Solar power continues to grow, with the output of solar and wind farms reaching a record 30 percent share in electricity last month. The first of four reactors planned for Turkey's first Nuclear Power Plant is expected to begin production in the next few months. Once the Akkuyu power plant is operational, it will supply utilities with clean energy that can be used on demand instead of coal or gas power to balance system needs. Global Energy Monitor (GEM) reports that nearly 90% of 13,000 megawatts of new capacity is coming from clean sources. Nuclear plants are the single largest source of new capacity being developed in the near future, with 4,800 MW. GEM data indicates that solar farms, with 1,336MW, and wind farms, with 2,460 MW, represent the second largest share of capacity. Clean energy sources will make up more than half the total capacity of Turkey's electricity firm once completed, with only 890 MW new gas and 700 MW new coal capacity. This leaves very little room for natural gas to make a sustained contribution to the Turkish energy mix even if Turkey's growth in power demand continues to exceed that of regional and international peers. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Traton reports slight increase in Q2 delivery but US tariffs weigh
Traton, a German truck manufacturer, reported on Wednesday that second-quarter deliveries were up 1% year on year in spite of the uncertainty surrounding U.S. tariffs. Volkswagen's subsidiary, International Motors, reported a 10% rise in sales of 17,600 vehicles after a fire in a supplier plant during the previous quarter. The U.S. Market faces continued uncertainty about the impact of tariffs on imports and economic forecasts, according to a press release. It also noted that sales for the unit in the first half of the year had decreased by 2%. Traton shares were up 2.4% by 1028 GMT. Fabio Hoelscher of Warburg Research said that Traton’s two most important segments - Scania and MAN - were above estimates and grew sequentially. Hoelscher said that Traton's comments from the pre-close call for the second quarter continue to indicate a weaker 3rd quarter, and the guidance is still optimistic given the current economic conditions. German automakers are pushing for a With President Donald Trump, we will replace the 25% tax on imports of cars and auto parts to the United States. This is a heavy burden on consumers. Demand In their key markets.
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British Airways wants the UK to be added to China's Visa Waiver Scheme
An executive at British Airways said that the company would like Britain to be added to China's list of countries eligible to receive its 30-day visa free scheme in order to increase demand following its suspension of Beijing flights last summer. China has steadily extended its 30-day visa-free scheme. In June, 55 countries were included. The policy does not cover Britain, even though British passport holders were eligible for a 240 hour transit visa-free period last year. Neil Chernoff told the media in Shanghai that the airline was working with the UK Government and the China Government to see if they could get the UK involved with this programme. I think we could improve the demand by doing that. British Airways, along with other foreign airlines, suspended its flights to Beijing on October 1. They are struggling due to a ban of flying over Russian airspace as well as a slower-than-expected recovery in Chinese travel following the pandemic. The longer flights around Russia result in higher fuel costs and crew costs. Also, aircraft utilization is lower. This puts Chinese carriers at a competitive disadvantage with airlines who can fly over Russia. Chernoff stated that "in a country like China, where they are not under the same restrictions as we are in the UK, their flight times will be shorter, and therefore, they'll have a better product." British Airways, who still fly daily to Shanghai and Hong Kong is constantly evaluating if it should bring back the Beijing route. Chernoff stated that the demand has not kept up with the increasing supply of vaccines since pandemic. Chernoff, speaking at an event to celebrate the 20th anniversary British Airways' Shanghai route, said that there was no timetable for when the direct flights between London Heathrow and Beijing would resume. The British Foreign Office didn't immediately respond to an inquiry for comment. British Airways and China Southern have a joint venture. On Wednesday, British Airways announced that it would deepen the partnership by allowing both parties to collect and redeem frequent flyer points. Reporting by Casey Hall and Sophie Yu. Mark Potter edited the article.
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Russia launches 700 drones against Ukraine after Trump promises to send more weapons
Russia launched 728 drones against Ukraine overnight. This was just hours after U.S. president Donald Trump had pledged to send additional defensive weapons to Kyiv, and criticised Russian President Vladimir Putin in an unusually harsh manner. This attack was part of an escalating series of air attacks in recent weeks, which have included hundreds of drones as well as ballistic missiles. The air defences of Ukraine are being strained at a critical time in the war. According to Yurii Ihnat, the air force spokesperson on Ukrainian TV, Kyiv's army downed most of the drones. However, some hypersonic missiles fired by Russia caused damage that was not specified. Volodymyr Zelenskiy, the president of Ukraine, who is scheduled to meet with U.S. ambassador Keith Kellogg on Wednesday in Rome, said that the strike demonstrated the need for "biting" sanctions on the sources used by Russia to fund the war. This includes those who purchase Russian oil. Trump said Tuesday that he would consider supporting a bill imposing harsh sanctions on Russia. This includes tariffs of 500% on nations who buy Russian oil and gas, uranium, and other exports. "We are constantly bombarded with bullshit by Putin." Trump told a cabinet gathering that Putin is always very nice, but his words are meaningless. Trump replied, "I would not tell you." When asked by a journalist what actions he planned to take against Putin. We're going to surprise you. Separately Europe is working on new sanctions against Moscow. Trump, who came to power in this year with the promise of a quick end to the conflict in Ukraine, now has a more accommodative tone towards Moscow, a change from the Biden Administration's staunch backing for Kyiv. The initial talks between Russia, Ukraine and the United States to end the Kremlin invasion of February 2022 have not yielded much fruit. Moscow has yet to accept a ceasefire that was proposed by Trump and accepted in Kyiv. The U.S. President's promise to provide more defensive weapons seemed to reverse a Pentagon Decision days earlier to halt some crucial munitions to Ukraine despite increased Russian attacks which have killed dozens of people in recent weeks. After the attack on Wednesday, German Chancellor Friedrich Merz stated that all diplomatic methods to end the war had been exhausted. He promised to continue his support for Kyiv. Zelenskiy, following Trump's promise, said on Tuesday that he had ordered a greater expansion of contacts with United States in order to ensure crucial deliveries of military supplies, especially air defence. POLAND SCRAMBLES JET Residents of Kyiv, and other major cities, spent the night in shelters for air raids such as metro stations. A part of the overnight Russian strike targeted a region in western Ukraine, close to NATO member Poland. Zelenskiy stated that the city of Lutsk in northwestern Ukraine, about 200 km from Poland, was a main target. He listed 10 other provinces throughout Ukraine, where damage had also been reported. Polish and allies aircraft were Activated The Polish military has said that it is committed to ensuring air safety. Regional authorities reported that although buildings in Lutsk were damaged, no injuries or deaths occurred during the largest airstrike of the war against the city, which has a population of 200,000. Ihor Poleschuk, the mayor of the city, reported that a storage facility and parking structures had caught fire. Ivan Rudnytskyi said that 50 Russian drones, five missiles, and other aircraft were flying in the airspace of Volyn, which includes Lutsk. (Reporting and editing by Frank Jack Daniel, Peter Graff and Lidia Kelly)
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Dubai's Emirates signss preliminary agreement to add crypto to payment
Emirates' parent company announced in a Wednesday statement that the airline has reached a preliminary agreement with Crypto.com, which will enable its customers to pay through the platform's payment system. Adnan Kazim said that the partnership would be implemented next year and aimed to tap into "younger tech-savvy segments of customers who prefer digital currency", according to a statement by Adnan Kazim. In recent years, the United Arab Emirates is emerging as an important hub for crypto companies. Several have opened or are seeking to expand their businesses, and they've enabled payment via cryptocurrency in areas such as real estate, education fees, and transportation. Dubai's largest free zone, the DMCC hosts over 650 crypto companies. The city has set up the watchdog VARA to regulate the virtual asset sector in 2022. In recent years, other airlines have adopted cryptocurrency as a payment option. Air Arabia, a Dubai-listed airline, announced in May that it would accept the stablecoin AE Coin backed by UAE dirhams for bookings. (Reporting by Federico Maccioni)
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America's largest grid struggles to meet the demand from AI
America's biggest power grid is being strained by data centers and AI bots that consume more power than can be produced. In some areas of PJM Interconnection territory, which includes 13 states from Illinois to Tennessee to New Jersey, electricity bills will increase by over 20% this summer. This region has the most data centres in the world. Pennsylvania's governor has threatened to abandon the grid. The CEO announced his departure. And the chairman of PJM’s board of directors and another member of the board were voted out. The turmoil at PJM began a year ago when prices at the annual capacity auction jumped by more than 800%. The auction prices are passed on to the power bills of everyday people. Now PJM is rushing towards its next auction of capacity on Wednesday when prices could rise even more. The auction is designed to prevent blackouts. It establishes a rate that generators will agree to supply electricity at during times of extreme grid stress, which are usually the coldest and hottest days of the year. The auction's high prices should have spurred new power plant construction. However, this hasn't been done quickly enough in PJM’s region where aging power plants are continuing to retire while data center demand is exploding. PJM made things worse by delaying the auctions and pausing applications for new plants. This was according to more that a dozen experts, including power developers, energy lawyers, and regulators. In an interview, Pennsylvania Governor Josh Shapiro said: "We need speed and transparency from PJM. We also need to keep costs low for consumers with PJM." "I'm encouraged by the fact that they have taken steps in this direction. We'll continue to work on it." PJM claims that the crunch in supply and demand is largely due to factors beyond its control. These include state energy policies, which closed fossil-fuel-fired power plants too early, and the growth of data centers in "Data Center Alley", in Northern Virginia, and other burgeoning Mid-Atlantic hubs. Jeffrey Shields, PJM spokesman, said that prices will continue to rise as long as the demand for energy continues to grow faster than supply. "Right away, we need all the megawatts we can get." Shields stated that new projects with a total of 46 gigawatts – enough to power 40,000,000 homes – have been approved in the past few years. "But they are not being built due to local opposition, supply-chain backups, or financing issues which have nothing to do PJM," Shields explained. PJM lost over 5.6 gigawatts of net power in the past decade, as more plants closed than were put into service. This is according to a PJM report filed this year with regulators. PJM will add about 5 gigawatts to its power generation capacity by 2024. This is less than the smaller grids of California and Texas. Data center demand continues to grow. PJM anticipates an increase in demand of 32 gigawatts on its system by 2030. All but two of these gigawatts will come from data centers. POWER HUNGRY CHABOTS In the last few years, a convergence of events has resulted a skyrocketing rate for power capacity at PJM. PJM regulators have repeatedly delayed auctions as they considered multiple rule changes, giving developers less planning time for the construction of power plants. In 2022, PJM halted processing new applications for power plants connections, after being overloaded by more than 2,000 requests. Each of these projects required engineering studies to connect to the grid. PJM claims that its interconnection line has not caused the shortage in supply. In 2023, ChatGPT was a household brand and the demand for it exploded. The tech giants began searching the U.S. grid for available capacity, which contributed to a spike in the auction prices in 2024. Consumer advocates from Maryland and New Jersey, among other states, filed complaints to federal regulators asking for the auction to be re-done. Shapiro repeatedly threatened to remove Pennsylvania from the grid, as it is the largest electricity exporting state, and the "P", in PJM if the costs didn't come down. In June, when asked if the option of leaving PJM was still open, Governor Shapiro replied: "It's on the table." During the fallout of the scandal, PJM CEO Manu Ashthana announced that he was leaving his post by the end the year. He cited a move to Texas with his family. Asthana has not responded to any requests for comment. In May, citing fears of blackouts and the need to maintain two natural gas and oil power plants in Pennsylvania that were scheduled to retire by May, the Trump Administration ordered them to operate through the summer. DELAYS IN CONNECTION Shields stated that PJM, in response to the backlash of protests, has implemented multiple reforms. These include capping prices at 325 megawatts per day and holding auctions every 6 months instead annually. PJM has also moved to speed up the connections of 51 projects to its network, although many are expected to be online in 2030 or 2031. Constellation Energy’s Three Mile Island Nuclear Plant, now known as Crane Clean Energy Center and restarted by Microsoft, is one of them. The plant won't be ready to operate until at least 2027, even under PJM’s expedited plan. Joshua Macey is an energy expert at Yale Law School and says that PJM does not process new applications quickly enough. He said, "It is pointless to fix the interconnection queue if it hasn't been done." Reporting by Laila KEARNEY (Editing by Liz Hampton, Michael Learmonth and Michael Hampton)
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Shares of UK travel company Jet2 fall as global concerns and delayed bookings weigh.
Jet2, a British low-cost travel and airline company, said that it was too early to make a forecast of the fiscal year 2026 due to uncertainty in the global economy and delayed bookings. Shares fell sharply on Wednesday as a result. Bookings may be further affected by a heatwave in Europe, wildfires across France and Greece and geopolitical disruptions. Jet2 announced in a press release that bookings for summer 2025 are still being made nearer departure. The airline's summer seat capacity has been revised downwards to approximately 18.5 million seats, down from the 18,6 million originally guided in April. A majority of the 5,8 million seats available for winter 2025/2026 have yet to be sold. The shares of the company known for its low-cost flights and holiday packages fell as much as 8,4% and were trading at a 5.7% loss by 0732 GMT. The continued trend of later bookings combined with geopolitical risk and an economic environment in flux could affect consumer sentiment during the critical summer months, said Julie Palmer, partner, Begbies Traynor. Jet2 stated that customers would still be willing to travel overseas if prices were attractive and that the company was currently performing in line with expectations. Richard Hunter, Interactive Investor's head of markets, attributed part of the decline in Jet2 shares to profit-taking. Shares are up nearly 12% this year. Jet2 has reported an 11 percent increase in its annual profit, before FX revaluation or tax, to 577.7 millions pounds ($785.2) for the fiscal year ending March 31. It also increased its dividend to 16.5 pence a share. The market expects the profit to be 579 million pounds in 2026. $1 = 0.7357 pound (reporting and editing by Sumana Nady and Rachna uppal in Bengaluru)
India's Travel Food Services IPO is fully subscribed at the final day of auction
The $234 million IPO of Indian airport restaurant operator Travel Food Services was pushed through by institutional investors on Wednesday, as retail investors stayed away due to concerns over U.S. Trade Deals.
India's ninth largest IPO this year took place in a month where firms were expected to raise $2.4billion through initial share sales.
The bids from institutions were 5,23 times more than the reserved shares. Retail bids were at 0.44 as of 2:12 pm IST.
Sunny Agarwal is the head of fundamental equity analysis at SBICAPS Securities. She said that the overhang of an upcoming trade agreement with the U.S. was likely to keep risk-averse retail and non-institutional investors away from TFS's IPO.
India is the third largest aviation market in the world. As disposable incomes increase, passengers spend more on food and beverages and other premium services, such as lounges.
CRISIL, a ratings agency, projects that India's airport quick-service restaurant sector will grow between 17%-19% per year to reach 170 billion to 180 billion rupees in fiscal 2034. The lounge sector could even grow by up to 24% at 165 billion rupees.
Travel Food Services is a joint venture of the UK's SSP Group with India's K Hospitality Corp. It operates restaurants like Jamie Oliver's Pizzeria and Krispy Kreme, and 37 lounges at 18 airports in India, Malaysia, and Hong Kong.
The three-day IPO, which ends on Wednesday, is an offer to sell. Its largest shareholder, the Kapur Family Trust has sold a stake of 20 billion rupees (13.81%) at the upper end of the price range between 1,045 and 1,100 rupees.
TFS allocated shares worth almost 6 billion rupees on Friday to large institutional investors, including the sovereign wealth funds ADIA & Norges.
(source: Reuters)