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☆ G7 leaders accuse China of ‘enabling’ Russia war on Ukraine in stark warning
▼ + stars: | 2024-06-14 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

CNN —China’s support for Russia is “enabling” its war in Ukraine, leaders of the world’s most advanced economies warned Friday in a hardening of tone against Beijing, while threatening further sanctions against actors that materially support Moscow’s war machine. “China’s ongoing support for Russia’s defense industrial base is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications,” the G7 leaders said in the communique Friday. The US and European Union have already slapped sanctions on Chinese companies, and this week, the US imposed fresh sanctions on China-based firms supplying semiconductors to Russia. “So it is, in fact, helping Russia.”Leaders of the G7 nations gathered in southern Italy this week, with boosting support for Ukraine top of the agenda. “We express serious concern about the increasing use of dangerous maneuvers and water cannons against Philippine vessels.”

Persons: “, Joe Biden, Filippo Monteforte Organizations: CNN, Beijing, of, European Union, ”, Ukraine, Getty, EU Locations: Russia, Ukraine, Italy, United States, Europe, China, Western, Moscow, Beijing, “ China, AFP, European, East, South China, South

A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations. Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership. The proposal must now pass various legal hurdles and be backed by European states, where the majority of frozen Russian assets are held. Further loans secured against the interest accrued by Russian frozen assets could be forthcoming, U.S. Treasury Secretary Janet Yellen signaled on Thursday. The annual summit comes as most of the G7 leaders face their own domestic upheavals including national elections and falling approval ratings.

Persons: Charles Michel, CNBC's Steve Sedgwick, Joe Biden, Volodymyr Zelenskyy, Putin, we're, Biden, Michel, Janet Yellen, Yellen, We're, Russia's, Ursula von der Leyen, Georgia Meloni Organizations: U.S, West, . Security, Kyiv, Treasury, Bank, European Commission Locations: Ukraine, Moscow, Russia, Russian, Canada, France, Germany, Italy, Japan . U.S, Kuwait, U.S, Borgo Egnazia, Puglia

☆ There's a risk of a global trade war starting in November if U.S. administration changes: Barclays
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a risk of a global trade war starting in November if U.S. administration changes: BarclaysAjay Rajadhyaksha, global chairman of research at Barclays, discusses the EU's latest round of tariffs on China's electric vehicles.

Persons: Barclays Ajay Rajadhyaksha Organizations: Barclays

☆ The leaders at this year's G7 summit look weaker than ever
▼ + stars: | 2024-06-14 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Read previewThe G7 summit has long been a showcase of global leadership and power. But 2024's group of leaders appears to be one of the weakest that has attended the summit for some time. French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, US President Joe Biden, and Japanese Prime Minister Fumio Kishida at the G7 summit. 'Brittle at best'Payne argued that some of the G7 leaders aren't outright weak; rather, they face circumstances that threaten their authority. And right now, the domestic foundations of most of the G7 leaders are brittle at best," he added.

Persons: —, Inderjeet Parmar, Emmanuel Macron, Olaf Scholz's, Rishi Sunak, Giorgia Meloni, Joe Biden, Fumio Kishida, Antonio Masiello, Andrew Payne, Payne, Donald Trump, Hunter Biden's, Parmar, aren't Organizations: Service, Business, Politico, City University of London, EU, Olaf Scholz's Social Democrats, Christian Democrats, Social Democrats, White House Locations: Canada, France, Germany, Italy, Japan, Italian, Ukraine

☆ Yen on guard ahead of BOJ; euro stutters with weekly loss in sight
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: +4 min

The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss. The yen was a touch weaker at 157.08 per dollar and on track for a marginal weekly loss of about 0.2%, though moves were largely subdued ahead of the conclusion of the BOJ's two-day monetary policy meeting later on Friday. The euro was little changed at $1.0737, and was poised for a weekly loss of roughly 0.6%. Against the British pound, the euro was last languishing near a 22-month low and staring at a weekly decline of 0.9%.

Persons: Ray Attrill, Wall, Powell, Jean Boivin, Emmanuel Macron's, Macron, France's, Erik, Jan van Harn Organizations: Bank of, National Australia Bank, New Zealand, Federal Reserve, BlackRock Investment Institute, Fed, Aussie, Rabobank Locations: Bank of Japan, BlackRock

☆ Markets fear the French far right could trigger a financial crisis
▼ + stars: | 2024-06-14 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +5 min

President Emmanuel Macron called the snap elections Sunday after his party lost to the far right in a vote for EU lawmakers, a shock move that rattled markets for French stocks and government bonds. There has been widespread speculation since then that the National Rally, the party of far-right doyenne Marine Le Pen, is poised to become the most powerful force in parliament, unseating Macron’s centrist bloc. The risk of something similar happening in France is real, according to the country’s finance minister, Bruno Le Maire. “This comes down to the (parties’) plans that are on the table, whether we can, yes or no, finance this debt,” Le Maire said. The National Rally has promised to raise public spending and slash VAT on electricity and fuel.

Persons: Emmanuel Macron, Pen, ”, Truss, Bruno Le Maire, Le Maire, “, ” Le Maire, ’ jitters, Ludovic Marin, La Tribune Dimanche, Frank Gill, Moody’s, ” Joseph Ataman, Mark Thompson Organizations: London CNN —, EU, National, ‘, AAA, Getty Images Stock, haven’t, CNN, BFMTV, La Tribune, National Rally, European Central Bank, ECB Locations: France, ‘ France, French, Portugal, Europe, Italy, AFP, Paris, London

☆ The fashion industry needs better sourcing and waste practices — fast. Cloud computing could be a long-term fix.
▼ + stars: | 2024-06-13 | by ( Jake Hall | ) www.businessinsider.com time to read: +8 min

Cloud computing is gaining tractionCloud computing offers on-demand services, from storage to software, over the internet. And the fashion industry has gradually been waking up to the potential of cloud computing. In her report, "Fashion Transformation 4.0: Beyond Digitalization & Marketing in Fashion Industry," she said that the fashion industry must embrace new technologies in order to survive. "Fashion is a terribly old-fashioned industry," Alies ter Kuile, the cofounder of Fashion Cloud, said. With cloud computing, retailers can avoid overbuying stock — a key driver of fashion's textile-waste problem.

Persons: —, It's, Porter, Eon, there's, Bharati Rathore, Rathore, ter, ter Kuile, they're, Ter Kuile, Alan Holcroft, Steven Gonzalez Monserrate Organizations: Service, Green, Google, University of South, Marketing, Fashion Industry, Brands, Cegid Locations: University of South Wales, Dutch, ter Kuile

☆ Soccer union launches legal action against FIFA over fixture congestion
▼ + stars: | 2024-06-13 | by ( Sammy Mncwabe | Samuel Joseph | ) edition.cnn.com time to read: +5 min

CNN —FIFA is facing a legal challenge over the world governing body’s “unilateral” decision to set the international match calendar – notably an expanded 32-team FIFA Club World Cup – unions representing soccer players said in a statement on Thursday. CNN has reached out to FIFA for comment on the legal action. As their union, we have a duty to intervene and to enforce their legal rights as employees. Manchester City lift the Club World Cup trophy in 2023 - the competition is set to expand from seven teams to 32 in 2025. Francois Nel/Getty ImagesIn addition to the larger Club World Cup, all three European club competitions will be expanded to 36 teams for the 2024/2025 season.

Persons: –, ”, David Terrier, “ It’s, Maheta Molango, “, Molango, Gianni Infantino, ” Infantino, Francois Nel, Vinícius Júnior, Ballon d’Or, Ronaldinho, Vinícius Jr, Jude Bellingham, Wayne Rooney –, David Beckham Organizations: CNN, FIFA, FIFA Club, English, ’ Association, des, FIFPRO, European Court of Justice, of Fundamental, Commerce, PFA, World League, of Football, FIFA Congress, Manchester City, Champions League, Europa League, Conference League, Manchester United Locations: FIFPRO Europe, Europe, United States, Brussels, FIFPRO, Bangkok, Manchester, Real Madrid, Brazil, Madrid, England, Bellingham

☆ Chinese EV stocks surge after EU slaps up to 38% additional import tariffs
▼ + stars: | 2024-06-13 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Citi analysts said the EU's additional tariffs were "generally benign," while one analyst from Morningstar pointed out that the additional duties were "modest" in comparison to U.S. hikes on Chinese EVs last month. Stock Chart Icon Stock chart icon BYD vs GeelyOn Wednesday, the EU said it would impose extra tariffs on Chinese EV players with a large footprint in Europe. BYD will be subject to additional tariffs of 17.4%, Geely will get an extra 20% duty. Citi analystsThe EU said in a statement it has provisionally concluded that Chinese EV makers benefits from "unfair subsidization," which resulted in "threat of economic injury" to EU's EV industry. watch nowThe additional duties come after the EU launched a probe in October.

Persons: Geely, Li, Morningstar, Joe Biden, Vincent Sun, Europe Joseph Webster, Webster, BYD, Tesla, Paul Triolo Organizations: Automotive Exhibition, Getty, Nurphoto, European Union, Li Auto, SAIC, Citi, EU, EV, Morningstar, Wednesday, Ministry of Commerce, Atlantic Council's Global Energy Center, Volvo, Nomura, Albright, Group Locations: Beijing, China, Geely, EU, Europe, U.S, Hungary, Swedish, Belgium

☆ Russia accused of using hunger as a weapon of war in Ukraine
▼ + stars: | 2024-06-13 | by ( Sophie Tanno | Ivana Kottasová | ) edition.cnn.com time to read: +8 min

Mariupol, a port city on the Sea of Azov, was encircled and captured by Russian forces at the start of the full-scale invasion of Ukraine. This included the establishment of ad hoc distribution points for food, water and other basic necessities. They were attacking food distribution points.”There were numerous opportunities for Russian forces to alleviate civilian suffering, he said, but they failed to do so. Ukrainian authorities and some international officials have previously accused Russia of robbing the country of grain and other commodities in areas it occupied. Accusations that Russia is using food as a weapon of war have been mounting ever since the first reports emerged in the spring of 2022 of grain being stolen by Russian troops.

Persons: “, Nikolai Osychenko, ”, Osychenko, Mariupol, Alexei Alexandrov, ’, Yousuf Syed Khan, Cross, ” Khan, Pavel Klimov, Khan, Vladimir Putin Organizations: CNN, Mobile, Team, Global, International Criminal Court, ICC, EU Commission, Russia’s Ministry of Defense, Mariupol City, Global Rights, International Committee, United Nations, Reuters, Russian Locations: Russia, Mariupol, Ukrainian, Netherlands, United Kingdom, United States, Azov, Russian, Ukraine, Ukraine’s Donetsk Oblast, Mariupol City, “, Moscow, Syria, Aleppo City

☆ EU tariffs on EVs sting China but won’t halt BYD’s advance
▼ + stars: | 2024-06-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

The impact on China’s EV makers will vary depending on the level of tariff and each company’s cost structure. “One critical issue for China is that the EU accounted for 38% of China’s EV exports in 2023,” Sebastian said. In February, nine government agencies, including the Commerce Ministry and the central bank, vowed to provide support to accelerate Chinese EV makers’ global push. Tesla prices to riseIn contrast to BYD, state-owned carmaker SAIC is in a “disastrous” situation facing 38.1% in additional tariffs, according to Sebastian. Soula said China could retaliate by imposing tariffs on some European goods such as luxury cars, premium brandies or airplane parts.

Persons: Hong Kong CNN —, BYD, Tesla, Gregor Sebastian, ”, ” Sebastian, Etienne Soula, It’s, Sebastian, Geely, Andrew Bergbaum, don’t, Soula Organizations: Hong Kong CNN, European Union, EV, China’s, Alliance, Democracy, German Marshall Fund of, Commerce Ministry, SAIC, Volvo, European Commission, UBS, EU Locations: China, Hong Kong, European, Europe, Beijing, Asia, Brazil, Turkey, United States, EU, America, Shanghai, Hungary, Italy, Spain

☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ G7 leaders agree to loan Ukraine money backed by profits from frozen Russian investments
▼ + stars: | 2024-06-13 | by ( Betsy Klein | Michael Williams | ) edition.cnn.com time to read: +6 min

CNN —Group of Seven leaders have reached an agreement to loan money to Ukraine backed by the profits from frozen Russian investments, a senior administration official confirmed Thursday. While Ukraine is not a G7 member, its president, Volodymyr Zelensky, attended the summit and participated in a Thursday evening joint news conference with Biden. “Would we stand with Ukraine?” Biden said at the news conference. The United States, the G7 and countries around the world have consistently answered that question by saying yes we will. The loan will be drawn from funds frozen by Western leaders in the wake of Russia’s invasion of Ukraine in 2022.

Persons: Volodymyr Zelensky, Biden, “, ” Biden, … we’re, ”, Jake Sullivan, Donald Trump, Trump, Vladimir Putin, Zelensky, ” Zelensky, … Organizations: CNN — Group, Seven, Ukraine, House, Republican Locations: Ukraine, United States, Italy, Puglia, Russia, Ukrainian, Europe, November’s, Israel, Taiwan

☆ G7 leaders huddle in Italy, escaping political peril at home
▼ + stars: | 2024-06-13 | by ( Kevin Liptak | ) edition.cnn.com time to read: +7 min

Rarely has the yearly gathering of the world’s leading economies been so overshadowed by the political vulnerabilities of nearly all its members. She emerged as the only European G7 leader bolstered by last week’s European Parliament elections. “I am proud that Italy will present itself to the G7, to Europe with the strongest government of all. The leaders of France and Germany are contending with very different sets of political circumstances. Whether it is Trump at the G7 table next year or Biden is among the great unknowable questions hanging over the gathering.

Persons: Joe Biden’s, Donald Trump, Emmanuel Macron, don’t, Jake Sullivan, Sullivan, Biden, –, ”, Volodymyr Zelensky, Zelensky, “, Josh Lipsky, Giorgia Meloni, Meloni, Trump, Brothers, ” Meloni, Rishi Sunak, Canada’s Justin Trudeau —, Japan’s Fumio Kishida, who’s Organizations: CNN, Parliamentary, National Assembly, “, Ukraine, GeoEconomics, Atlantic Council, Italian, United, Conservative Political, Conference, Reuters, Trump Locations: Italy, Puglia, France, United Kingdom, United States, Paris, Ukraine, Russia, Kyiv, it’s, China, India, Brazil, Turkey, United Arab Emirates, Europe, Germany, Britain, Sicily, haggling, Quebec, Biarritz

☆ China became the world's factory by selling cheap goods. This strategy won't work for EVs.
▼ + stars: | 2024-06-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China, the world's factory, is known for producing affordable goods quickly. But China EV makers shouldn't leverage on their price advantage in the long run as it's not sustainable, said a Bain consultant. The EU will impose up to 48.1% tariffs on Chinese EV imports next month to protect European economies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina has been the world's factory floor for the last 40 years, propelling it into the position of the world's second-largest economy.

Persons: — Organizations: EU, EV, Service, Business Locations: China, Bain

☆ Europe risks trade war with China by hiking tariffs on its electric cars
▼ + stars: | 2024-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

The European Commission, the EU’s executive arm, launched the probe in October to establish whether Chinese EV prices are artificially low because of subsidies and so hurt European carmakers. Europe is the main destination for Chinese EV exports. The new EV tariffs are likely to kick off intense negotiations between Beijing and Brussels aimed at averting a damaging trade war. Many of them manufacture cars in China and then sell them in Europe, a set-up that will be more costly as a result of the higher tariffs. Alternatively, Beijing could pledge investment into EU countries and promise better market access in China for EU firms, the Rhodium analysts wrote.

Persons: ” Will Roberts, BYD, Roberts, …, Olaf Scholz, ”, Joe Biden, Olesya Dmitracova, Mark Thompson, Shawn Deng, Alex Stambaugh Organizations: London CNN, European Union, European Commission, Commission, Volvo, SAIC, EV, EU, Rho Motion, China’s Ministry of Commerce, Rho, Renault’s, CNN, “, France EU, Group Locations: China, Beijing, European, Brussels, Washington, EU, Europe, Renault’s Dacia, “ Beijing, Germany, France, Spain, United States, Hungary, London, Hong Kong

☆ France's Macron says he won't quit if his party loses in snap election vote
▼ + stars: | 2024-06-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

French President Emmanuel Macron speaks with CNBC's Andrew Ross Sorkin (not shown), in Paris on May 23, 2024. French President Emmanuel Macron on Wednesday affirmed that he would not step down if his party suffers in the recently called snap elections for France's Parliament. The snap election is a gamble for Macron, who has characterized the race as a choice for the French people between nationalism and demagoguery or liberal values and a strong, united European Union. The European Parliament election results indicated waning enthusiasm among voters for the EU, which analysts say surfaced at least in part due to rising frustration over issues like immigration, living costs and crime. France's right-wing National Rally (NR) party won a historic 31.37% of the French vote for the European Parliament, more than double the 14.6% won by Macron's Renaissance party.

Persons: Emmanuel Macron, CNBC's Andrew Ross Sorkin, Macron, Gabriel Attal Organizations: France's, CNBC, Sunday, French, Union, EU, Macron's Locations: Paris, France, Germany, Austria, Europe, it's, France's

☆ EU investigation of Chinese EV subsidies based on 'facts and evidence': Trade commissioner
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU investigation of Chinese EV subsidies based on 'facts and evidence': Trade commissionerValdis Dombrovskis, the EU's commissioner for trade, discusses tariffs on Chinese electric vehicle imports.

Persons: Valdis Dombrovskis

Employees work on the assembly line of new energy vehicles at a factory of Chinese EV startup Leapmotor on April 1, 2024 in Jinhua, Zhejiang Province of China. The additional tariffs are the result of an EU probe that began in October. Main Chinese BEV producer BYD was struck with a 17.4% tariff, with Geely slapped with a 20% duty. "We strongly oppose the use of increased tariffs as a strategy to obstruct the normal global trade of electric vehicles. watch nowGlobal EV trade tensions

Persons: Shi Kuanbing, Valdis Dombrovskis, Dombrovskis, BEV, BYD, Geely, Elon Musk's Tesla, Tesla, Nio Organizations: Visual China, Getty, Union, EV, European Commission, EU, CNBC, China's Ministry of Commerce, Google, World Trade Organization, SAIC, Global Locations: Jinhua, Zhejiang Province, China, Europe, Shanghai

☆ Why the far-right surge in European elections could be an omen for Trump
▼ + stars: | 2024-06-11 | by ( Stephen Collinson | ) edition.cnn.com time to read: +5 min

US voters don’t take direction from foreigners, and American presidential elections, which play out state by state, are far different from those for the European Union. Another lesson of the European elections is that in an age of inflation, incumbents are vulnerable to a disgruntled electorate. French President Emmanuel Macron and German Chancellor Olaf Scholz are smarting from their rebuke in European elections that rewarded far-right parties that echo the continent’s dark past. Canadian Prime Minister Justin Trudeau’s low approval ratings mean he might not even lead his Liberal Party into elections due by the end of next year. Macron, who heads a centrist party that was routed in the European elections, may be betting that the higher turnout in legislative elections could reverse the trend.

Persons: CNN —, Donald Trump’s, Hillary Clinton’s, Joe Biden, Trump, Biden, he’ll, Emmanuel Macron, Olaf Scholz, Justin Trudeau’s, Rishi Sunak, Macron, Le Pen, Jordan Bardella, Le Pen’s, ” He’s, ” Organizations: CNN, European Union, Canadian, Liberal Party, British, Conservative, “ Make, GOP, Labour Party, Trump, National Rally, Paris Locations: Britain, Europe, Italy, Poland, Normandy, EU

☆ Much more difficult for EU to make protectionist moves, says think tank
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMuch more difficult for EU to make protectionist moves, says think tankDaniel Hegedus of the German Marshall Fund of the United States discusses EU-China trade ties and the prospect of tariffs.

Persons: Daniel Hegedus Organizations: EU, German Marshall Fund of Locations: States, China

☆ CFR's Richard Haass on EU election fallout: It's a really bad time to be an incumbent
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFR's Richard Haass on EU election fallout: It's a really bad time to be an incumbentRichard Haass, Council on Foreign Relations president emeritus and Centerview Partners senior counselor, joins 'Squawk Box' to discuss the fallout from Sunday's EU elections, what it says about the politics in Europe and elsewhere around the world, what it means for business and investors going forward, and more.

Persons: Richard Haass Organizations: Foreign, Centerview Partners Locations: Europe

☆ Potential EU tariffs on Chinese EVs won't have much impact: Strategist
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPotential EU tariffs on Chinese EVs won't have much impact, strategist saysAnthony Sassine, senior investment strategist at KraneShares, says Chinese manufacturers "are so efficient, are so ahead of the curve, that tariffs like this I don't think will impact too much the pricing here."

Persons: Anthony Sassine

☆ Norway discovers Europe's largest deposit of rare earth metals
▼ + stars: | 2024-06-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Mining firm Rare Earths Norway says it has discovered Europe's largest proven deposit of highly prized rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the broader region. One of the few deposits not owned or controlled by China, the discovery of continental Europe's largest rare earths deposit is considered a welcome boost in Europe's bid to break China's rare earths dominance. Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a "great milestone" for the company. "It is important to state that there is absolutely no extraction of rare earth elements in Europe today," Reistad said via videoconference on Monday. Rare Earths Norway said the rare earths deposit in Telemark, roughly 210 kilometers (130 miles) southwest of Oslo, is likely to underscore Norway's position as an integral part of Europe's rare earth and critical raw material value chain.

Persons: Alf Reistad, Reistad Organizations: Tech Co, Mining, Nordic, Rare, Norway, CNBC Locations: Mongolia, Baotou, Inner Mongolia, China, Norway, Sweden, Europe, videoconference, Telemark, Oslo

☆ Macron's snap election gamble in France resurfaces an old criticism — that he's arrogant
▼ + stars: | 2024-06-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Left-leaning newspaper Liberation described the snap election call as an "extreme gamble," while the center-right Le Figaro ran a brief headline Monday: "Le choc" ("shock"). That happened well before the humiliation of the European election results, in which Macron's Renaissance party got less than half as many votes as the far-right Rassemblement National ... In the meantime, other commentators and newspapers, such as Les Echos, have characterized Macron's move as a game of poker. Macron's supporters defend the president as a self-made and ambitious man who has a direct way of speaking to voters. "First, he has interpreted the vote for the European Parliament as a personal insult, as a rejection of his domestic policy direction.

Persons: Emmanuel Macron, Xi Jinping, Ursula von der Leyen, Gonzalo Fuentes, Emmanuel Macron's, Macron, drubbing, Jordan Bardella, Le Figaro, Alexis Brézet, Fenoglio, Macron's, it's, Robert Ladrech, Chirac Organizations: Reuters, Macron's Renaissance Party, National Assembly, Le Monde, CNBC, Keele University Locations: Paris, France, what's, EU

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