Reuters was more than two minutes ahead of major rivals with news that China had banned exports to the United States of the critical minerals gallium, germanium and antimony, with immediate effect, a day after Washington’s latest crackdown on China’s semiconductor sector. 

China’s move marked the latest escalation in trade tensions between the world’s two largest economies ahead of President-elect Donald Trump taking office next month and sparked fresh concern that Beijing could next target other critical minerals, including those with even broader usage such as nickel or cobalt. 

The post China bans export of critical minerals to US as trade tensions escalate appeared first on Reuters News Agency.

Reuters was first to report that India has issued a notice to German automaker Volkswagen for allegedly evading $1.4 billion in taxes by “wilfully” paying lesser import tax on components for its Audi, VW and Skoda cars. Volkswagen shares fell as much as 2.13% on the Frankfurt stock exchange after the Reuters report. 

Why it matters 

News about the potential liability, which could be as high as $2.8 billion with penalties, could strain VW’s India business. The company is a small player in India but has plans to invest $1.8 billion to build EVs and hybrids in Maharashtra. The Wolfsburg-based carmaker is also locked in an escalating dispute with its labour in Germany over plant closures and layoffs while Chinese competitors are attacking Europe’s established carmakers on their home turf. 

The post Volkswagen India unit faces $1.4 billion tax evasion notice appeared first on Reuters News Agency.

As cited in Reuters special report, Donald Trump’s return to power portends a shakeup in the U.S. approach to addressing America’s fentanyl crisis and what counternarcotics officials say is the biggest obstacle to solving it: China. 

The post Trump camp says China is ‘attacking’ US with fentanyl, they aim to fight back  appeared first on Reuters News Agency.

India’s Andhra Pradesh state is likely to suspend a power purchase deal linked to Adani Group due to the U.S. indictment of the group’s billionaire founder Gautam Adani over an alleged bribery scheme, Reuters exclusively revealed. 

Why it matters 

The suspension, likely to be announced soon, would be the first such action by an Indian state government after U.S. prosecutors charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unidentified Indian government officials to obtain solar power-supply contracts. 

The post India’s Andhra Pradesh state likely to suspend Adani power deal  appeared first on Reuters News Agency.

Sony is in talks to acquire Kadokawa, the Japanese media powerhouse behind the “Elden Ring” game, Reuters exclusively reported, as the technology giant looks to add to its entertainment portfolio. Shares of Tokyo-listed Kadokawa, were flooded with buy orders after the report and finished the day up 23%, having risen by their daily limit.  The company later confirmed it had received an initial letter of intent for the acquisition – a full day after Reuters clients first had the news. 

Why it matters 

Known as the inventor of the Walkman, Sony has transformed from an electronics manufacturer into an entertainment and technology juggernaut spanning movies, music, games and chips. 

Sony’s focus includes anime, whose growth worldwide has been fueled by the spread of streaming services and greater familiarity with Japanese culture. 

The post Sony is in talks to buy media powerhouse behind ‘Elden Ring’ appeared first on Reuters News Agency.

Reuters was first to report that Indian billionaire Mukesh Ambani is targeting a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100 billion, but plans to launch his retail unit’s IPO much later. The story shed light on the plans of Asia’s richest man, who has for years been silent on the timelines of the mega IPOs of Reliance Jio and Reliance Retail.  

Why it matters 

News of the IPO timelines is critical for some of the world’s biggest investors and also for India’s equity markets. Reliance is targeting that the Jio listing will be India’s biggest ever stock offering. A lot is riding on the two Reliance IPOs as Ambani has raised $25 billion collectively for digital, telecom and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority in recent years, valuing both ventures at over $100 billion. 

The post Ambani’s Reliance Jio IPO set for 2025, retail debut much later  appeared first on Reuters News Agency.

China is considering approving next week the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy, a fiscal package which is expected to be further bolstered if Donald Trump wins the U.S. election, two sources with knowledge of the matter told Reuters. 

Why it matters 

The planned total amount, to be raised by issuing both special treasury and local government bonds, equates to over 8% of the output of the world’s second-largest economy, which has been hit hard by a protracted property sector crisis and ballooning debt of local governments.  

The post Eyeing US election, China considers over $1.4 trillion in extra debt over next few years  appeared first on Reuters News Agency.

Reuters exclusively reported that one of the frontrunners to become Japan’s next premier said that any U.S. move to block Japan’s Nippon Steel from buying U.S. Steel on national security grounds would be “very unsettling.” Shigeru Ishiba, a former defence minister, told Reuters in an interview that the move could dent trust between the allies. The White House is close to announcing that President Joe Biden will block the $15 billion deal, Reuters reported this week. 

The post US opposition to Nippon Steel deal ‘very unsettling’, Japan PM hopeful says appeared first on Reuters News Agency.