Chilean lithium miner SQM is set to start talks with state miner Codelco about lithium projects in coming weeks. The Chilean government announced in April it planned stronger state control of the metal. SQM, the world's second-largest lithium producer, saw its lithium sales volumes dip 15% in the first quarter of 2022, but average prices surged 34%.
Global chipmakers including Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel and US chipmaker Micron, have agreed to invest billions of dollars in Japan as countries seek to reduce their dependence on Taiwan’s semiconductor industry, which is under threat of invasion by China. Rising tensions between the west and China have spurred on this shift towards reducing reliance on Taiwan. Semiconductors are an essential component to modern-day technology & electronic equipment, and Taiwan is home to 65% of the world’s semiconductors and almost 90% of the most advanced chips.
The official emblem for the 2026 World Cup and the WeAre26 campaign has been launched by Toronto officials, with the logo featuring the numbers ‘2’ and ‘6’ in thick block numerals, FIFA trophies and a unique colour scheme chosen by the host cities in North America. The campaign aims to celebrate cultural diversity, while infrastructure and aesthetics in the area will be improved to accommodate visitors. The tournament will be held in Canada, the US and Mexico.
Leaders of sports organizations in Boston, including New England Patriots owner Jonathan Kraft, joined Massachusetts Governor Maura Healey to unveil Boston Soccer 2026's branding initiatives for the state's participation in the 2026 World Cup. The competition, which will stage matches across the US, Canada and Mexico, is expected to generate hundreds of millions of dollars for the Boston area as well as draw 400,000 visitors to its 16 matches. Gillette Stadium in Foxborough, owned by Kraft Sports Group, is among the venues slated to host games.
Collision has requested $40m to stay in Toronto. In 2018, the conference asked for CAD 3.8m ($2.8m), a free venue, free internet and travel reimbursement for press, speakers and staff. The event has since received CAD6.5m annually and has targeted Canadian rivals, according to this opinion piece in The Globe and Mail. Investors should focus on home-grown resources such as Mesh and Traction rather than chasing star-studded events with nothing to offer fledgling firms, it added.
Disney has cancelled plans to build a $900m complex in Florida, which would have seen the company relocate 2,000 jobs to the state. The company’s head of parks said the decision was due to “changing business conditions” and cited “leadership changes” as the reason for shelving plans. The state’s Governor Ron DeSantis has frequently disagreed with Disney since March when it criticised legislation that would limit the teaching of gender identity and sexuality in schools. In response, DeSantis moved to strip Disney of its long-standing self-governing power over its 25,000-acre resort Walt Disney World.
Almost 75% of the 2,532 supposedly banned books identified by advocacy group PEN America in its report of censorship in US public schools during the 2021-22 school year are in fact available in school online catalogues, according to a Wall Street Journal review. The report included many classic works of literature that are openly available. A quarter of the books listed were not found when examined. The group claims that 40% of banned books have protagonists or prominent secondary characters of colour, and 21% address race and racism. Almost a dozen schools are said to have banned The Hate U Give.
Ryan Manucha has won the Donner Prize for his book on interprovincial trade in Canada. Manucha's "Booze, Cigarettes and Constitutional Dust-Ups: Canada's Quest for Interprovincial Free Trade," has been dubbed the country's best public policy book. The prize, which is typically worth CAD$30,000, was awarded $60,000 this year to celebrate the prize's 25th anniversary.
New Zealand golfer Ryan Fox had a mixed round at the PGA Championship opening day, with his tee time pushed back under near-freezing conditions. Fox had suffered from pneumonia and his wife gave birth fewer than two weeks ago. Despite these challenges, Fox opened with a 68. While some hit by frost saw delayed starts to their round, Michael Block, a 46-year-old pro who went through the PGA Professional Championship, finished even-par. World No. 1 and Masters champion Jon Rahm had his worst-ever opening round at a major with a six-over 76.
Leaders of the world's seven most powerful democracies will attend the G7 summit in Hiroshima to discuss issues including economic policy, security, climate change, energy and gender. The G7 leaders will also host discussions with leaders outside the G7, such as Vietnamese Prime Minister Tan Dung, to address the rise of developing nations. Chinese military aggression from North Korea and Russia will be among the topics to be covered. Pledges of continuing support for Ukraine will see Ukrainian President Volodymyr Zelensky join the session via the internet, and there will also be a focus on Beijing's increasing threats against Taiwan.
The US dollar is close to a six-month peak against the yen as a result of rising US Treasury yields and optimism surrounding debt ceiling talks between President Biden and US Congressional Majority Leader Kevin McCarthy. Previous fears over an unprecedented US debt default were calmed, leading markets to speculate about where US interest rates may head. US data showing potential for a tight US labour market contributed to expectations that the Federal Reserve would deliver another rate hike in a bid to lessen inflation. Two Fed policymakers have said US inflation is not dropping quickly enough for the central bank to halt its interest rate hike campaign.
The UK’s pledge of £1bn ($1.4bn) to boost its semiconductor industry over the next decade has been criticised as “insignificant” by industry figures, compared to the $50bn promised by the US and €43bn pledged by the EU. The boost is intended to expand the domestic industry, protect national security and reduce the risk of supply chain disruption. However, the UK currently has to import critical silicon chips from Taiwan. Simon Thomas of UK start-up Paragraf described the announcement as “quite frankly flaccid” and Garner consultant Gaurav Gupta said it would not create a UK company capable of competing with major chip producers.
Radio 4, a flagship radio show broadcasted by the BBC, has reportedly lost over a million of its listeners within the last 12 months, which would signify a drop of over 6%. According to Rajar, a UK radio listening survey, this marks the station's poorest results since 2010, while its flagship programme, the Today Programme, has experienced a steady decline over the last year, with audiences dropping to a 24-year low. Ofcom, the UK’s media regulator, has warned the British public broadcaster to give Radio 4’s ageing listeners “the serious programming they want” or risk a ratings decline, stating that the organisation aims too much of its content towards young audiences. Responding to the report, Radio 4’s controller, Mohit Bakaya, has suggested that the broadcaster’s recent expansion into other platforms such as BBC Sounds has impacted listening figures on traditional linear radio.
A recent article in Sydney Morning Herald extols the pleasures and vitality of stews and notes that they are coming back into vogue as people search for dishes that connect them to their grandmothers and the past. With more time available these days to cook hearty dishes, stews have been rediscovered as an essential part of the household culinary mix. Stews are also seen as a way to use less expensive cuts of meat. The article recalled the writer's recent trip through some of Europe's most charming smaller cities where she researched the local stews, including the carbonnade in Brussels cooked in the local beer and the waterzooi in Ghent, which comprises a chicken stew studded with carrots, leeks and potatoes in a creamy sauce thickened with egg yolks. At a time of year when cold and flu risk is heightened, stews are seen as a valuable addition to the menu, with their reputation as an immune-boosting comfort food.
Argentina will host the Under-20 World Cup after replacing Indonesia, which was forced to withdraw as a participant and organiser due to protests against hosting the Israel football team. The late switch of venues was a dramatic race to the start line for participants and organisers alike. The competition, involving 24 international teams, started on May 20 in four Argentinean cities. Argentina, which failed to qualify initially, will participate as host. Other contenders are continental champions England, Brazil and Senegal, who had a perfect qualification campaign in Africa. The top two teams of each of the six groups and the four best third-place finishers will advance to the round-of-16. European teams have won the most recent four editions of the Under-20 World Cup, staged for the 23rd time.
Peter Frankopan, a professor of global history at Oxford University and the author of "The Silk Roads: A New History of the World" and "The New Silk Roads: The Present and the Future of the World", spoke with journalist Benjamin Law for Good Weekend magazine about the role of religion in his life and for humanity, his commandments for writing, the inevitability of persecution and killing and global governance. He also spoke about UK politics, and while he has trust of the public, he doesn't have credibility in all areas and has no plans to run.
UK savers can now invest in the first long-term asset funds (LTAFs) following over six years of research by the UK government and the financial regulator on pension fund diversification into illiquid assets such as roads, bridges, airports, and private equity. With stock market volatility, advocates for the infrastructure sector believe it is a potential alternative to equities offering an inflation hedge, low volatility, higher dividend yields based on inflation-linked revenue streams, and defensive capabilities. The LTAF's launch suggests it is time to invest in infrastructure. Infrastructure investment covers water, energy, roads, airports, education, border security, healthcare, and communication systems. Investments in schools, hospitals, and renewable energy generators can be considered lower risk than assets exposed to the economic cycle, says Gravis' Head of Energy and Infrastructure Ed Simpson. There is also potential to align the sector with environmental, social, and economic considerations, with key types of infrastructure playing a central role in building a greener future. The bullish infrastructure sector is looking to align with Biden's $1.2tn infrastructure law and the EU's Global Gateway investment programme. However, there are also uncertainties and risks associated with these assets; governments can be guided more by politics than economics, fall out with private partners, and change policies with elections.
India's Motherson Sumi Wiring reports near three-fold surge in Q4 profit
Reuters
23-05-19 09:57
Indian automotive components manufacturer Motherson Sumi reported a three-fold jump in quarterly profits thanks to a recovery in the automotive industry and improved operational efficiencies. It also cited festival demand and buying ahead of the introduction of new fuel emission regulations as factors in driving sales. The company, of which Sumitomo Wiring Systems holds a 25% stake, makes wiring harnesses and other electrical wires. Domestic retail vehicle sales in March rose 14% year on year to 2 million, according to the Federation of Automobile Dealers Associations.
Bank of Japan Governor Kazuo Ueda has reiterated that the bank is committed to ultra-loose monetary policy to hold off inflation while other countries look to tighter policies. Rising inflation in Japan is due to cost-push factors rather than strong domestic demand, Ueda said. Responding to this rise in costs with tighter monetary policy is not advised, for fear of hurting the domestic economy. The Bank of Japan also faces the challenge of waiting to see whether recent wage hikes will be durable.
Hong Kong Stock Exchange (HKEX) will launch a dual counter trading model on 19 June allowing investors to interchange securities listed in both Hong Kong dollars and renminbi counters. The latest measures are hoped to "enrich Hong Kong's RMB products ecosystem", said HKEX CEO Nicolas Aguzin. He added, "it will give issuers and investors more choice and it will support the ongoing internationalisation of RMB". Major companies including Ping An Insurance Group, AIA Group and Tencent have already submitted applications for a dual currency counter.
