DIRS.INFO The most relevant business & tech news

☆ China has a reputation for exporting shoddy weapons, but its sales may get a boost from Russia's blunders in Ukraine
▼ + stars: | 2023-07-11 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

If Russia's arms exports falter because of the war in Ukraine, China's appeal may only grow. Despite the drawbacks, Chinese arms exports may get a boost from the war in Ukraine. Mazhar ABID/Gamma-Rapho via Getty ImagesQuality concerns could be one reason for a pre-Ukraine decline in Chinese arms sales. On the other hand, SIPRI also found that German and British arms sales declined 35% and Israeli sales fell 15% during the same period. "As Russia's weapons availability may change as the war continues, China is prepared for when that time arrives."

Persons: Cindy Zheng, AAMIR QURESHI, Zheng, —, Mazhar ABID, SIPRI, NOEL CELIS Organizations: Service, RAND Corporation, Kamra, Getty, Nigerian Air Force, Pakistan —, Stockholm International Peace Research Institute, Germany's Puma, Getty Images Arms Locations: China, Beijing, Ukraine, Wall, Silicon, Islamabad, Africa, South Asia, Nigeria, Soviet, Myanmar, Bangladesh, Pakistan, Aslat, Karachi, Stockholm, Russia, AFP, Venezuela, Iran

Exports last year were 94 metric tonnes, up 25% on 2021. Last year's exports totaled 44 metric tonnes in both wrought and unwrought form. As of September 2022 the DLA was storing 14 metric tonnes of germanium metal and 6.9 metric tonnes of scrap. An outright ban could be counter-productive, as China found out when it halted exports of rare earths to Japan in 2010. China has no shortage of pressure points to push, from rare earths to cobalt to lithium and even electric vehicle batteries.

Persons: Germany's, Wei Jianguo, Barbara Lewis Organizations: U.S, Chips, Export, United States Geological Survey, Alliance, Defense Logistics Agency, Teck Resources, Agency, Solutions, Democratic, Gecamines, World Trade Organization, China, Toyota, Honda, Audi, Commerce, China Daily, Reuters, Thomson Locations: U.S, China, United States, Teck, NYR.BR, Clarksville, Tennessee, New York, Australia, Europe, Democratic Republic of Congo's, Russia, Japan, Beijing, West

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

☆ Opinion | The Many Minds Behind Biden’s Biggest Economic Idea
▼ + stars: | 2023-06-23 | by ( Peter Coy | ) www.nytimes.com time to read: +4 min

Gina Raimondo, as secretary of commerce, is responsible for several of the Biden administration’s biggest swings at industrial policy, so it’s little surprise that she’s on board. I’ve assembled quotes from a variety of administration officials to give a sense of the diversity of thinking on worker-centric industrial policy. I’m giving the most space to Jake Sullivan, the national security adviser, because his April 27 speech at the Brookings Institution was rightly seen as supplying intellectual scaffolding for Biden’s agenda. “Protecting our foundational technologies with a small yard and high fence.” The small yard means protecting only technologies that are truly matters of national security. He quoted Biden as saying that the two nations can and should cooperate on climate, macroeconomic stability, health security and food security.

Persons: Biden, Janet Yellen, ” She’s, Katherine Tai, Gina Raimondo, I’ve, Jake Sullivan, Sullivan, ”, What’s, ” Tai Organizations: Treasury, Biden, Brookings Institution, National Press Locations: U.S, United States, China, ”

☆ Their parents made China the world's factory. Can the kids save the family business?
▼ + stars: | 2023-06-19 | by ( David Kirton | ) www.reuters.com time to read: +9 min

Du, like tens of thousands of other young Chinese factory bosses, is inheriting a basic manufacturing business that can no longer rely on the labour-intensive model that made China the world's largest exporter of goods. Those skills would come in handy in a factory the Chinese state set up in 1951 and privatised in 2002. Like five of the other chang er dai who spoke to Reuters, Zhang never planned to take over the factory. Chang er dai, however, help lift the bottom, which is also important for preserving China's share of world manufacturing, two industry experts told Reuters. Not all chang er dai will get there.

Persons: Steven Du, Du, Zhang Zhipeng, Mao Zedong's, Du said, Zhang, Zhang Zeqing, Chang, Zhou Yuxiang, Tian Weihua, Tian, Zhang Ying, David Kirton, Marius Zaharia, David Crawshaw Organizations: Shenzhen Research Institute of High, Reuters, Apple, Agricultural Products, Lake Technologies, Science, Technology Innovation Research Institute, University of Arts, Workers, Thomson Locations: RUICHANG, China, Shanghai, Southeast Asia, India, New Zealand, United States, TW, Wisconsin, Ruichang, France, London, Ningbo

☆ Flight training for Chinese military pilots targeted in latest US export crackdown
▼ + stars: | 2023-06-12 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

June 12 (Reuters) - The Biden administration on Monday added 43 entities to an export control list, including Frontier Services Group Ltd, a security and aviation company previously run by Erik Prince, for training Chinese military pilots and other activities that threaten U.S. national security. The Test Flying Academy of South Africa, a flight school under scrutiny by authorities in Britain for recruiting British ex-military pilots to train Chinese military fliers, was also added to the U.S. Commerce Department's Entity List. The aviation-related companies were listed for providing training to Chinese military pilots using Western and NATO sources, according to a rule posted for the Federal Register. Thirty-one Chinese entities in total were added to the list, some for acquiring U.S.-origin items in support of China's military modernization, such as hypersonic weapons development. Nine Chinese and Pakistani companies were added based on their contributions to Pakistan’s ballistic missile program and other weapons contributions.

Persons: Biden, Erik Prince, Prince, Karen Freifeld, Chris Sanders, Alistair Bell Organizations: Frontier Services Group Ltd, Flying Academy of South, U.S . Commerce, Frontier Services Group, United, United Arab Emirates, Federal Register, U.S, Shanghai Supercomputing Technology, Solutions, Thomson Locations: U.S, Flying Academy of South Africa, Britain, China, Kenya, Laos, United Arab Emirates, South Africa, United Kingdom, Xinjiang, China's, Latvia

☆ Australia gets U.S. backing for critical minerals industry
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 22 (Reuters) - Australia has won the support of the United States for development of its critical minerals industry after the two countries reached an agreement to coordinate polices and investment to support the industry's growth. Australia supplies around half of the world's lithium as well as other minerals like rare earths used in batteries for electric cars and defence, and is also setting itself up as a major hydrogen producer. The agreement paves the way for Australian suppliers of these minerals, and renewable energy, to be treated as domestic suppliers under the U.S. Defence Production Act, Australian Prime Minister Anthony Albanese said on Sunday. "This is about creating an enormous opportunity for Australia and I can't underline how significant this is," Albanese told press at the Quad Leaders Summit in Hiroshima. The compact will establish climate, clean energy and a shared energy industrial base as a central pillar of the Australia-United States Alliance, they said.

☆ From sunglasses to milking machines, US halts more exports to Russia
▼ + stars: | 2023-05-19 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

"You can't even ship contact lenses or sunglasses now," said Washington lawyer Kevin Wolf, a former Commerce official, as he reviewed the new rules. Wolf said "it would be simpler to describe the items that are not controlled for export to Russia." The targeted companies include aircraft repair and parts production plants, gunpowder, tractor and automobile factories, shipyards and engineering centers in Russia. The U.S. and a coalition of 37 other countries have imposed unprecedented export controls on Russia since its assault on Ukraine in February 2022. Last week, U.S. authorities arrested two Russian men living in Florida for allegedly sending U.S. airplane parts and components to Russian airlines in violation of export controls.

New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion involving third countries, and seek to undermine Russia's future energy production and curb trade that supports Russia's military, the people said. The Biden administration has previously pushed G7 allies to reverse the group's sanctions approach, which today allows all goods to be sold to Russia unless they are explicitly blacklisted. The precise language of the G7 leaders' joint declarations is still subject to negotiation and adjustment before it is released during the summit. He is expected to address G7 leaders, either virtually or in-person, during their summit in Hiroshima, the officials said. Food security in the aftermath of the war is also expected to be a major topic at the G7.

☆ Germany is finally focusing on defending NATO, but its military 'lacks almost everything' it needs to do it, a former German general says
▼ + stars: | 2023-05-07 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

That's the warning from a former German general who argues that Germany must refurbish its badly neglected armed forces — though this will take years to accomplish. Today, the German military is just 183,000-strong, and it can't meet its recruiting goals. In 2020, German defense spending was only 1.4% of GDP, well short of 2% goal that NATO members have pledged to hit by 2024. "Armament procurement concentrated on armored transport vehicles rather than on battle tanks and infantry fighting vehicles," Vad writes. RONNY HARTMANN/AFP via Getty ImagesDespite years of calls by France for pan-European defense, coordinating German defense procurement with other EU states — each with distinct military needs and political priorities – is difficult.

☆ EU plans to boost ammunition production to aid Ukraine
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, May 2 (Reuters) - The European Union's executive wants to set aside more than 500 million euros ($550 million) to increase ammunition production to help Ukraine and replenish the stocks of EU member countries. Under a plan to be presented by the European Commission on Wednesday, the EU would give subsidies to European arms firms for investments that increase production of ammunition and missiles. The latest element of the ammunition drive aims to give arms firms incentives to increase their production. It would set aside 500 million euros from the EU budget to part-finance projects that increase capacity. Breton said the EU had a substantial industrial base for the production of ammunition but "it does not have the scale today to meet the security needs of Ukraine and our Member States".

☆ Investing in Space: Relativity CEO bets on bigger rockets, A.I. capabilities
▼ + stars: | 2023-04-27 | by ( Morgan Brennan | ) www.cnbc.com time to read: +5 min

While it didn't reach space, the most powerful rocket ever built marked a milestone and shined a light on a broader industry trend: building bigger rockets. Take Relativity Space, a CNBC Disruptor 50 company valued at more than $4 billion, that has emerged as the posterchild of the trend. Even Rocket Lab is busy developing a more powerful rocket than its current small launch-focused Electron. CNBC's weekly "Manifest Space" podcast focuses on the billionaires and brains behind the ever-expanding opportunities beyond our atmosphere. In "Manifest Space," sit back, relax and prepare for liftoff.

☆ China protests U.S. sanctioning of firms dealing with Russia
▼ + stars: | 2023-04-15 | by ( ) www.cnbc.com time to read: +4 min

Beijing on Saturday protested U.S. sanctions against additional Chinese companies over their alleged attempts to evade U.S. export controls on Russia, calling it an illegal move that endangers global supply chains. "The U.S. should immediately correct its wrongdoing and stop its unreasonable suppression of Chinese companies. China will resolutely safeguard the legitimate rights and interests of Chinese companies," it added. However, Foreign Minister Qin Gang on Friday said China won't sell weapons to either side in the war, responding to Western concerns that Beijing could provide outright military assistance to Russia. "Regarding the export of military items, China adopts a prudent and responsible attitude," Qin said at a news conference alongside visiting German counterpart Annalena Baerbock.

☆ Opinion: How the battle for Bakhmut exposed Russia’s ‘meat-grinder’
▼ + stars: | 2023-04-14 | by ( Michael Bociurkiw | ) edition.cnn.com time to read: +10 min

It will also be recorded in history as a battle that exposed more than anywhere the meat-grinder approach of Russian fighting. Taking Bakhmut would be the first Russian gain since it captured (and later lost) the key southern Ukrainian city of Kherson in November. That Ukrainian forces have demonstrated such endurance in the battle for Bakhmut should come as little surprise. Like the current battle for Bakhmut, it too became emblematic of Ukraine’s tenaciousness to defend itself against Russia’s aggression – particularly considering the Ukrainian Armed Forces were far less prepared and equipped. “The battle for Bakhmut in winter-spring 2023 will surely enter the history books as the bloodiest battle in Europe since World War II,” said Masliychuk.

☆ U.S. proposes 56% vehicle emissions cut by 2032, requiring big EV jump
▼ + stars: | 2023-04-12 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

The proposal, if finalized, represents the most aggressive U.S. vehicle emissions reduction plan to date, requiring 13% annual average pollution cuts and a 56% reduction in projected fleet average emissions over 2026 requirements. The EPA is also proposing new stricter emissions standards for medium-duty and heavy-duty trucks through 2032. The proposal is more ambitious than President Joe Biden's 2021 goal, backed by automakers, seeking 50% of new vehicles by 2030 to be electric vehicles (EVs) or plug-in hybrids. Dan Becker, director of the Safe Climate Transport Campaign, said the EPA proposal should have been tougher. Medium-duty vehicle rules are projected to cut emissions by 44% over 2026.

☆ US government’s proposal to boost EV sales is challenging but not impossible
▼ + stars: | 2023-04-12 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

By 2032, electric vehicles would need to make up about two-thirds of all the new cars sold in America. And even as EV market share rises to two-thirds, it’s not like EVs will flood America’s roads overnight, he said. Reaching two-thirds EV market share mark by 2032 isn’t a sure thing, said Cantor, but it should be manageable. The increasing number of automakers entering the EV market will also help, said Ivan Drury, an industry analyst with Edmunds.com. General Motors also has a number of EV models coming in the next year or two.

☆ China has not provided extensive assistance to Russia as part of its war against Ukraine even as the two countries forge closer ties, senior Treasury officials say
▼ + stars: | 2023-04-07 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

One senior Treasury official said that China is, as of now, unwilling to provide material support to Russia at scale and in a significant way, pointing instead to Russian efforts to source material from North Korea and Iran. The US and its allies have also taken more direct action, sanctioning a Chinese satellite company providing intelligence to Russian forces in January and putting some Chinese companies on the US export control list. But in recent months officials have also begun to see some results from their public and private efforts. Turkish officials told the US last month that their government has been taking further action to block the transit of sanctioned goods directly to Russia, according to a source familiar with the discussion. In a speech earlier this year on the anniversary of Russia’s invasion, US Deputy Treasury Secretary Wally Adeyemo publicly warned Russian intelligence services that the US is monitoring their efforts and is cracking down.

☆ Ongoing supply shortages threaten U.S. infrastructure and war efforts
▼ + stars: | 2023-03-29 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

"One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. On the other hand, ongoing demand for auto and farm equipment has kept stocks of microchips that act as electronic brains in that machinery tight. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

The supply chain woes that sent costs soaring and spurred shortages of everything from toilet paper to passenger cars are easing for retail-focused industries, but remain stubbornly persistent in important growth sectors like autos, machinery, defense and non-residential construction, experts said. "One of the big issues as we're trying to ramp up the military industrial base is having enough electronic components," Miller said. Companies that make war weapons like shoulder-fired Javelin and Stinger missiles are awaiting U.S. funding before starting new production for Ukraine. "Any general shortage in semiconductors will affect defense," said Brad Martin, director of Rand Corp's National Security Supply Chain Institute. "As we've moved through the past year or so, we have seen gradual improvement in our supply chain, including semiconductors ... Short-term disruptions will continue to happen," GM spokesman Dan Flores told Reuters in an email.

☆ Going to war? Good news! The United States is 13 years behind in ammunition production.
▼ + stars: | 2023-03-26 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Since production capacity changed after the Cold War, the US can no longer keep up with wartime demands. In fulfilling those promises, The New York Times reported the US has sent Ukraine so many stockpiled Stinger missiles that it would take 13 years of production at recent capacity levels to replace them. US officials in January proposed a production increase up to 90,000 rounds of 155mm ammunition each month to keep up with demand. The United States has rarely seen production shortages in ammunition and missiles to the degree the country currently faces. While improvements to production facilities have been budgeted for going forward, the US is currently pushing suppliers to capacity to meet current wartime demands in Ukraine and keep pace with China's production.

☆ Exclusive: Canada budget to have tax credit for equipment used to produce EVs -sources
▼ + stars: | 2023-03-23 | by ( Steve Scherer | ) www.reuters.com time to read: +4 min

The credit will be available for future investments in equipment used to extract and process critical minerals used in EVs, a second source said, and to purchase equipment used in manufacturing along the entire EV supply chain, including for batteries. Last year, Canada budgeted C$3.8 billion ($2.8 billion) to scale up exploration and infrastructure for critical minerals. Canada has an abundance of the critical minerals used to produce EVs. Last autumn, Canada announced investment tax credits for companies that purchase finished clean energy systems, like solar panels. Instead, the new tax credit will apply to manufacturers buying equipment to build things like solar panels.

☆ Relativity Space made history by launching the first 3D printed rocket into space. Here's how the company aims to beat Elon Musk to Mars by 2024.
▼ + stars: | 2023-03-23 | by ( Marianne Guenot | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +1 min

Ellis sees his race to Mars as more of a collaboration than a competition. A photo montage shows SpaceX's Super Heavy booster next to Elon Musk, pictured n Berlin, Germany. SpaceX's upcoming planned Starship launch is a big part of NASA's plan to return to the moon, and ultimately Mars. Once it can demonstrate it can bring a payload to Mars, the next step is to bring its printers there. "At first that may be spare parts and other small replacement components for things that break down once you're there.

☆ Biden to Cement Australia Subs Deal at Summit With Albanese, Sunak
▼ + stars: | 2023-03-13 | by ( Andrew Restuccia | Michael R. Gordon | ) www.wsj.com time to read: 1 min

President Biden has made China a central focus of his foreign-policy agenda. President Biden is set to meet in California on Monday with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak as their three nations work to boost their military capabilities in the Indo-Pacific in a bid to counter China’s growing armed forces. The centerpiece of the summit at a San Diego naval base will be an announcement that Australia will acquire nuclear-powered submarines under a decadeslong plan that will require billions of dollars of new investment in the defense industrial base in all three countries.

The agreement will also see U.S. and British submarines deployed in Western Australia to help train Australian crews and bolster deterrence. This first phase of the plan is already underway with the U.S. Virginia-class nuclear-powered attack submarine Asheville visiting Perth in Western Australia, officials said. Briefing a small group of reporters on Friday, Sullivan dismissed China's concerns and pointed to Beijing's own military buildup, including nuclear-powered submarines. 'DOUBLE DIGIT BILLION' INVESTMENTAustralia had agreed to contribute funds to boost U.S. and British submarine production and maintenance capacity, the official said. Australia's nuclear-powered submarine program with the United States and Britain will cost Australia up to A$368 billion ($245 billion) by 2055, a defense official said.

☆ U.S. hits Chinese, Russian firms for aiding Russian military
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 24 (Reuters) - The Biden administration on Friday added Chinese and Russian companies, including Russia's no. 2 mobile phone operator, to a trade blacklist for allegedly supporting the Russian military, deepening its crackdown on Moscow on the first anniversary of its invasion of Ukraine. The moves show President Joe Biden's administration is broadening its efforts to thwart Russia's military, targeting companies globally for helping Moscow evade export restrictions and access key technologies. The U.S. Commerce Department added Public Joint Stock Company Megafon, Russia's second largest mobile phone operator, to its entity list for allegedly "acquiring and attempting to acquire" U.S. technology to support Russia's military. Of the scores of new additions to its trade restriction list, 79 were Russia-based, five are listed under China, and two are based in Canada.

Search resuls for: "Industrial Base"

25 mentions found