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Rupert Murdoch’s audacious bid to cement his eldest son’s control over one of the world’s most influential media empires has failed, a US report said Monday.The first family of news — commanding a stable that includes Fox News, The Wall Street Journal and a host of British and Australian media — had been the inspiration for the hit TV series “Succession.”Like the fictional version, this real-life fight pitted the children of a powerful patriarch against each other for who should be the face and the voice of the empire after the old man dies.Murdoch, now 93, had long intended that his children inherit the empire, and jointly decide its direction.The eldest daughter, Prudence, has had little involvement in the family business, but at various times the other three — Lachlan, James and Elisabeth — have all been considered as successors.But in recent years Murdoch senior had reportedly grown concerned that Fox News — the crown jewels of the collection — might drift away from its lucrative right-wing moorings after his death, to reflect the more centrist views of James and Elisabeth.He had therefore sought to designate Lachlan — who currently heads Fox News and News Corp — as the controlling player in the wider business.That had required rewriting the terms of an irrevocable trust that passed power to the four siblings jointly, stripping three of them of voting power, while allowing them to continue to benefit financially.Rupert Murdoch had argued that giving control to Lachlan — who is understood to share his father’s worldview — was in the financial interests of the whole brood.- ‘Carefully crafted charade’ -The family intrigue played out behind closed doors in a Nevada courtroom, where Murdoch senior and his four children were understood to have given several days’ evidence in September.In a decision filed at the weekend, probate commissioner Edmund J. Gorman Jr. said the father and son had acted in “bad faith” in trying to rewrite the rules, The New York Times reported, citing a copy of the sealed court document.The plan to alter the trust’s structure was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles.””The effort was an attempt to stack the deck in Lachlan Murdoch’s favor after Rupert Murdoch’s passing so that his succession would be immutable,” the Times cited the ruling as saying.”The play might have worked; but an evidentiary hearing, like a showdown in a game of poker, is where gamesmanship collides with the facts and at its conclusion, all the bluffs are called and the cards lie face up.”The court, after considering the facts of this case in the light of the law, sees the cards for what they are and concludes this raw deal will not, over the signature of this probate commissioner, prevail.”Murdoch’s lawyer, Adam Streisand, did not immediately reply to an AFP request for comment.The ruling is not final, and must now be ratified or rejected by a district judge. That ruling could be challenged, perhaps provoking another round of legal arguments.The complicated structure of the irrevocable trust reflects the colourful familial relationships that shaped Rupert Murdoch’s life as he built the multibillion-dollar empire.The trust was reported to have been the result of a deal agreed with his second wife — mother of Lachlan, Elisabeth and James — who wanted to ensure her offspring would not be disenfranchised by children Murdoch had with his third wife, Wendi Deng.The Murdoch empire has transformed tabloid newspapers, cable TV and satellite broadcasting over the last few decades while facing accusations of stoking populism across the English-speaking world.Brexit in Britain and the rise of Donald Trump in the United States are credited at least partly to Murdoch and his outlets.

China on Monday launched an investigation into US chip giant Nvidia for allegedly violating its anti-monopoly laws, a top government agency said, as the two countries race for global chipmaking dominance.Beijing’s state administration for market regulation, the authority on antitrust issues, launched the probe “in accordance with the law,” according to a statement shared online.Nvidia is also suspected of violating commitments it made in 2020, the statement said, when it acquired Israeli data center firm Mellanox.After Beijing announced the probe, shares in Nvidia dropped 2.6 percent by Wall Street’s close on Monday, precipitating a US stocks retreat.”We are happy to answer any questions regulators may have about our business,” an Nvidia spokesman said in a statement.Nvidia succeeds “on merit… and customers can choose whatever solution is best for them,” the California-based company added.China and the United States have in recent weeks clashed over exports of key chipmaking technology, where Nvidia is a major player.Beijing last week said it would restrict exports to the United States of some components critical to making semiconductors, after Washington announced curbs targeting China’s ability to make advanced chips.Among the materials banned from export are the metals gallium, antimony and germanium, China’s commerce ministry said in a statement that cited “national security” concerns.In its own latest curbs, Washington has announced restrictions on sales to 140 companies, including Chinese chip firms Piotech and SiCarrier, without additional permission.The move expands Washington’s efforts to restrict exports of state-of-the-art chips to China, which can be used in advanced weapons systems and artificial intelligence.The new US rules also include controls on two dozen types of chipmaking equipment and three kinds of software tools for developing or producing semiconductors.The US tech behemoth has seen its profits soar on the back of strong demand for its artificial intelligence technology.In November, Nvidia surpassed Apple to become the highest-valued company in the world as the AI boom continues to excite Wall Street.But the Chinese market has been a rare weak spot.The US government in 2023 restricted Nvidia from selling some of its top AI chips to China, which the United States sees as a strategic competitor in the field of advanced semiconductors.Although Nvidia in November reported record high quarterly revenue, investors were wary of US-China tensions reheating with the return of Donald Trump to the White House.But during an event in Hong Kong last month, Nvidia’s Taiwan-born CEO Jensen Huang told reporters “open science and open research in AI is absolutely global” and that “nothing” would stop that.

World oil prices advanced Monday on moves by China to boost its economy as traders tracked an uncertain future for Syria and the wider crude-rich Middle East.Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts.Wall Street stocks retreated, with both the S&P 500 and Nasdaq pulling back from all-time highs as investors await key US inflation data later in the week.Gold, seen as a haven investment, pushed higher.”The week has kicked off on a largely upbeat tone following the welcome announcement that Chinese authorities plan to enact further stimulus over the year ahead,” noted Joshua Mahony, analyst at traders Scope Markets.”This shift has already fueled sharp gains in key assets, with the Hang Seng surging 2.8 percent and commodities like copper, zinc, iron ore, and palladium rallying on expectations of increased demand.”Oil prices rose around 1.5 percent as traders tracked developments in Syria after president Bashar al-Assad was ousted over the weekend as Islamist-led rebels swept into Damascus.Investors also reacted to developments in China where President Xi Jinping and other top leaders said Monday they would adopt a more “relaxed” approach to monetary policy as they hashed out plans to boost the economy next year.The world’s second-largest economy is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target for this year.Leaders are also eyeing the second term of Donald Trump in the White House, with the president-elect indicating he will reignite his hardball trade policies, fueling fears of another standoff between the superpowers.Elsewhere in Asia, South Korean stocks tumbled as the country was racked with political uncertainty after President Yoon Suk Yeol escaped impeachment following his brief imposition of martial law last week.The Paris stock market rose on Monday, with President Emmanuel Macron apparently eyeing a broad alliance to form a new French government, after Michel Barnier was ousted last week over his 2025 budget plan. – Rates and inflation -Investors also have their eyes on possible cuts to interest rates.The European Central Bank is expected to lower borrowing costs this week and the US Federal Reserve holds its rate meeting next week.But US consumer price inflation (CPI) and wholesale price inflation data are due to be released this week, which could influence the Fed’s decision.Among individual companies, shares in Nvidia fell 2.6 percent at the start of trading after China on Monday launched an investigation into the US chip giant for allegedly violating its anti-monopoly laws.Hershey surged 10.9 percent following reports it had been approached by Mondelez over a potential takeover. Mondelez lost 2.3 percent.- Key figures around 2130 GMT -New York – Dow: DOWN 0.5 percent at 44,401.93 (close)New York – S&P 500: DOWN 0.6 percent at 6,052.84 (close)New York – Nasdaq Composite: DOWN 0.6 percent at 19,736.69 (close)Paris – CAC 40: UP 0.7 percent at 7,480.14 (close)Frankfurt – DAX: DOWN 0.2 percent at 20,345.96 (close)London – FTSE 100: UP 0.5 percent at 8,352.08 (close)Seoul – Kospi: DOWN 2.8 percent at 2,360.58 (close)Tokyo – Nikkei 225: UP 0.2 percent at 39,160.50 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,414.09 (close)Shanghai – Composite: DOWN 0.1 percent at 3,402.53 (close)Euro/dollar: DOWN at $1.0555 from $1.0568 on FridayPound/dollar: UP at $1.2746 from $1.2744Dollar/yen: UP at 151.21. yen from 150.00 yen Euro/pound: DOWN at 82.78 from 82.92 penceBrent North Sea Crude: UP 1.4 percent at $72.14 per barrelWest Texas Intermediate: UP 1.7 percent at $68.37 per barrelburs-jmb/dw

Air India has placed an order to buy 100 more Airbus aircraft, the Tata Group-owned carrier said Monday, in a deal aimed at bolstering its fleet and winning over flyers.The airline said the deal consisted of 10 widebody A350 and 90 narrowbody A320 family aircraft.The new purchase, the company said in a statement, is “in addition” to the orders for 470 aircraft Air India placed with Airbus and Boeing last year.When the two deals were announced, it was the largest order unveiled at the same time by a commercial carrier, with list price calculations for the jets suggesting an estimated value north of $70 billion.”The latest order takes the total number of aircraft that Air India ordered with Airbus in 2023 from 250 aircraft, comprising 40 A350 and 210 A320 family aircraft, to 350,” the carrier said in a statement, without giving price details on the latest order.Since taking over the former national carrier in 2022, the sprawling Tata Group conglomerate has sought to turn around the loss-making airline by ordering new aircraft and upgrading its existing fleet.Tata Sons chairman Natarajan Chandrasekaran said the airline saw a “clear case” for Air India to expand its future fleet beyond the 470 aircraft ordered in 2023.”These additional 100 Airbus aircraft will help to position Air India on the path to greater growth and contribute to our mission of building Air India into a world-class airline that connects India to every corner of the world,” Chandrasekaran said in a statement.Airbus CEO Guillaume Faury said in a statement that he was pleased by Air India’s latest investment.”Having personally witnessed the formidable growth of the Indian aviation sector… I am glad to see Air India renew its trust in Airbus with this additional order,” he said.

Chinese President Xi Jinping and other top leaders said Monday they would adopt a more “relaxed” approach to monetary policy as they hashed out plans to boost the economy next year.The world’s second-largest economy is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt — all of which threaten Beijing’s official growth target for this year.Leaders are also eyeing the second term of Donald Trump in the White House, with the president-elect indicating he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.On Monday, the Politburo, the country’s top decision-making body, “held a meeting to analyse and study the economic work of 2025″, state news agency Xinhua said.”We must vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand,” Xinhua quoted officials as having said.”Next year we should… implement a more active fiscal policy and an appropriately relaxed monetary policy,” they added.Analysts at SG Markets said the shift represented the first of its kind since 2011.”The readout from the Politburo meeting… is striking all the right notes, with a few notably more dovish phrases and some unusually plainly straightforward pledges,” they wrote in a note.Another analyst said the shift “shows the government recognises the urgency of economic challenges China faces”.And the announcement of efforts to significantly boost consumption in the coming year represents “another positive signal”, wrote Zhang Zhiwei, President and Chief Economist of Pinpoint Asset Management, in a note.- Struggling to rebound -Beijing has unveiled a string of measures since September aimed at bolstering growth, including cutting interest rates, cancelling restrictions on homebuying and easing the debt burden on local governments.And in October, the central bank said it had cut two key interest rates to historic lows.But economists have warned that more direct fiscal stimulus aimed at shoring up domestic consumption is needed to restore full health in China’s economy as fears of a renewed trade war with the United States mount.Underscoring the continued sluggish consumption facing China, official data on Monday showed consumer price growth slowed last month.The consumer price index, a key measure of inflation, came in at 0.2 percent, down from 0.3 percent in October, the National Bureau of Statistics said.That was below the 0.4 percent forecast in a Bloomberg survey of economists.With meetings this week intended to set out broad approaches rather than specific policies, Ting Lu, Chief China Economist at Nomura, wrote in a note that “we expect little from the conference, despite some hyped market expectations”.”Due to the property meltdown, the fiscal crisis, and worsening tensions with the US, China’s economy is not in a normal downcycle, so it may take much more than the recent ‘bazooka’ stimulus package to truly reboot the economy,” wrote Ting.- ‘High pressure’ crackdown -Beijing’s leadership also said it would intensify an anti-corruption drive, calling for a “high-pressure posture in punishing” graft.Xi has overseen a wide-ranging campaign against official corruption since coming to power just over a decade ago, with critics saying it also serves as a way to purge political rivals.Recent efforts have focused on the military, with top official Miao Hua last month joining a host of high-ranking figures to be removed from their positions in just over a year.Officials on Monday pledged to “strengthen the mechanism for investigating and addressing unhealthy practices and corruption”.They also called for China to “deepen integrated efforts to rectify unhealthy practices and combat corruption”, according to state media.

South Korean stocks tumbled Monday as the country was racked with political uncertainty after President Yoon Suk Yeol escaped impeachment following his brief imposition of martial law last week.The retreat came on a tough day for Asian markets despite another record on Wall Street, though Hong Kong bounced in the afternoon after China said it would adopt a looser approach to monetary policy.Traders were also keeping tabs on Syria after president Bashar al-Assad’s removal.Investors in Seoul were on edge after a near-total boycott of Saturday’s impeachment vote by Yoon’s People Power Party (PPP) doomed it to failure.However, the main opposition party said Sunday it would try again, while police arrested the defence minister in charge of the martial law operation and the interior minister resigned.They and Yoon are being investigated for alleged insurrection. The president was also hit Monday with a travel ban.The crisis has fuelled concerns about Asia’s number four economy, which was already struggling and faces further pain as Donald Trump heads back to the White House threatening to resume his hardball trade policy.Michael Wan at MUFG said the hit to the country’s markets “may include slower tourism inflows, weaker domestic demand, and a dent to corporate sentiment, especially if street protests become more vociferous and the budget passage remains in stalemate”.”South Korea was already one of the more vulnerable forex markets in Asia to Trump 2.0’s policies, and the political uncertainty also comes at a juncture just when leadership is needed to navigate these significant global policy shifts.”The won was trading at around 1,435 per dollar Monday, compared with 1,413 on Friday.Hong Kong stocks jumped as top Chinese leaders met to draw up their economic plans for next year, with the Politburo — the top decision-making body led by President Xi Jinping — saying it will embrace an looser monetary policy. Shanghai ended lower, closing before the announcement.Officials said that next year they should “implement a more active fiscal policy and an appropriately relaxed monetary policy”, official news agency Xinhua said.The decision comes as Beijing prepares for Trump’s second presidency amid concerns of another painful trade war between the superpowers.Data released Monday showed Chinese consumer prices rose less than expected last month, reinforcing the need for more support following a raft of measures at the end of September.”Hopes are for a clear commitment to support the economic recovery and close the shortfall in domestic demand. Growth and deficit targets are likely to be discussed,” said analysts at National Australia Bank.Elsewhere in Asia, Tokyo, Taipei and Jakarta rose while Mumbai, Manila, Bangkok and Wellington fell. Singapore and Sydney were flat.Traders had been given a healthy lead from Wall Street, where the S&P 500 and Nasdaq both ended at record highs after figures showed the US economy added more jobs than forecast last month.Focus is now on the Federal Reserve’s policy meeting next week when it is tipped to cut interest rates again.Developments in Syria are also being tracked after Assad’s fall at the weekend as rebels swept into Damascus, triggering celebrations across the country and beyond.The government fell 11 days after the rebels began a surprise advance, more than 13 years after Assad’s crackdown on anti-government protests ignited Syria’s civil war.The euro remained on the back foot but slightly stronger than last week when it took a hit after France’s new government fell after a no-confidence vote, while the European Central Bank is expected to lower borrowing costs this week.President Emmanuel Macron, who had faced calls to step down, lifted sentiment when he said would serve out his term and that a budget could be passed in the coming weeks.Macron held talks with French political leaders on the left and right on Friday as he sought to quickly name a new prime minister after Michel Barnier’s ouster over his 2025 budget plan.London, Paris and Frankfurt rose at the open.- Key figures around 0810 GMT -Seoul – Kospi: DOWN 2.8 percent at 2,360.58 (close)Tokyo – Nikkei 225: UP 0.2 percent at 39,160.50 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,414.09 (close)Shanghai – Composite: DOWN 0.1 percent at 3,402.53 (close)London – FTSE 100: UP 0.4 percent at 8,343.64 Euro/dollar: DOWN at $1.0554 from $1.0566 on FridayPound/dollar: UP at $1.2752 from $1.2740Dollar/yen: UP at 150.33 yen from 149.97 yen Euro/pound: DOWN at 82.77 from 82.93 penceWest Texas Intermediate: UP 0.8 percent at $67.73 per barrelBrent North Sea Crude: UP 0.7 percent at $71.63 per barrelNew York – Dow: DOWN 0.3 percent at 44,642.52 points (close)

Australian police said Monday they are hunting for three suspects over an arson attack on a Melbourne synagogue, designating it a terrorist act.Mask-wearing attackers set the Adass Israel Synagogue ablaze before dawn on Friday, police said, gutting much of the building.Some congregants were inside the single-storey building at the time but no serious injuries were reported.The fire sparked international condemnation, including from Israel’s Prime Minister Benjamin Netanyahu.Police have “three suspects in that matter, who we are pursuing”, Victorian police chief commissioner Shane Patton told a news conference.Investigations over the weekend had made “significant progress”, Patton said, declining to provide further details of the operation.Officials from the federal and state police, as well as Australia’s intelligence agency, met on Monday and concluded that the fire was “likely a terrorist incident”, the police chief said.”Based on that, I am very confident that we now have had an attack, a terrorist attack on that synagogue,” he said.Counter-terrorism police have joined the probe.Under Australian law, a terrorist act is one that causes death, injury or serious property damage to advance a political, religious or ideological cause and is aimed at intimidating the public or a government.The official designation unlocks help from other federal agencies for the investigation, said Australian National University terrorism researcher Michael Zekulin.”Basically you get additional resources that you might not otherwise get,” he told AFP.- ‘Heinous act’ -There is no information to suggest further attacks are likely and Australia’s terror threat assessment will remain at its current level of “probable”, said Mike Burgess, director-general of the Australian Security and Intelligence Organisation.Australian Prime Minister Anthony Albanese, who has denounced the synagogue attack as an “outrage”, announced the creation of a federal police taskforce targeting anti-Semitism.”Anti-Semitism is a major threat and anti-Semitism has been on the rise,” Albanese told a news conference, citing the synagogue blaze and recent vandalism.The taskforce will be made up of federal police to be deployed across the country as needed, officials said.They will focus on threats, violence and hatred towards the Jewish community and parliamentarians.The war in Gaza has sparked protests from supporters of Israel and Palestinians in cities around Australia, as in much of the world.Netanyahu attacked the Australian government’s stance in the run-up to the fire.”This heinous act cannot be separated from the anti-Israel sentiment emanating from the Australian Labor government,” he said after the attack.”Anti-Israel sentiment is anti-Semitism.”Australia voted last week for a United Nations General Assembly resolution that demanded the end of Israel’s “unlawful presence in the Occupied Palestinian Territory”.New Zealand, Britain, and Canada were among 157 countries that voted for the resolution, with eight against.Australian Attorney-General Mark Dreyfus rejected Netanyahu’s accusation.”He’s absolutely wrong. I respectfully disagree with Mr Netanyahu,” Dreyfus told national broadcaster ABC on Monday.”Australia remains a close friend of Israel, as we have been since the Labor government recognised the State of Israel when it was created by the United Nations. Now that remains the position.”

Australian police said on Monday they are hunting for three suspects over an arson attack on a Melbourne synagogue, which has been designated as a terrorist act.Mask-wearing attackers set the Adass Israel Synagogue ablaze before dawn on Friday, police said, gutting much of the building.Some congregants were inside the single-storey building at the time but no serious injuries were reported.The fire sparked international condemnation, including from Israel’s Prime Minister Benjamin Netanyahu.Police have “three suspects in that matter, who we are pursuing”, Victorian police chief commissioner Shane Patton told a news conference.Investigations over the weekend had made “significant progress”, Patton said, declining to provide further details of the operation.Officials from the federal and state police, as well as Australia’s intelligence agency, met on Monday and concluded that the fire was “likely a terrorist incident”, the police chief said.”Based on that, I am very confident that we now have had an attack, a terrorist attack on that synagogue,” he said.Counter-terrorism police have joined the probe.Under Australian law, a terrorist act is one that causes death, injury or serious property damage to advance a political, religious or ideological cause and is aimed at intimidating the public or a government.The official designation unlocks help from other federal agencies for the investigation, said Australian National University terrorism researcher Michael Zekulin.”Basically you get additional resources that you might not otherwise get,” he told AFP.- ‘Heinous act’ -Prime Minister Anthony Albanese has condemned the fire as an “outrage”, describing it at the weekend as an act of terrorism and pointing to a “worrying rise in anti-Semitism” in Australia.The war in Gaza has sparked protests from supporters of Israel and Palestinians in cities around Australia, as in much of the world.Netanyahu attacked the Australian government over the fire.”This heinous act cannot be separated from the anti-Israel sentiment emanating from the Australian Labor government,” he said on Friday.”Anti-Israel sentiment is anti-Semitism.”His comments came just days after Australia voted for a United Nations General Assembly resolution that demanded the end of Israel’s “unlawful presence in the Occupied Palestinian Territory”.New Zealand, Britain, and Canada were among 157 countries that voted for the resolution, with eight against.Australian Attorney General Mark Dreyfus rejected Netanyahu’s accusation.”He’s absolutely wrong. I respectfully disagree with Mr. Netanyahu,” Dreyfus told Australia’s national broadcaster ABC on Monday.”Australia remains a close friend of Israel, as we have been since the Labor government recognised the State of Israel when it was created by the United Nations. Now that remains the position.”

South Korean stocks fell more than one percent Monday as the country was racked with political uncertainty after President Yoon Suk Yeol averted impeachment following his brief imposition of martial law last week.The retreat came on a broadly upbeat day for Asian markets despite another record on Wall Street, while traders were also awaiting a high-level economic meeting in China and keeping tabs on Syria after President Bashar al-Assad’s removal.Equities in Seoul pared their initial losses of more than two percent but investors remained on edge after a near-total boycott of Saturday’s impeachment vote by Yoon’s People Power Party (PPP) doomed it to failure.However, the main opposition party said Sunday it would try again, while police arrested the defence minister in charge of the martial law operation and the interior minister resigned.They and Yoon are being investigated for alleged insurrection.The crisis has fuelled concerns about Asia’s number four economy, which was already struggling and faces further pain as Donald Trump heads back to the White House threatening to resume his hardball trade policy.Michael Wan at MUFG said the hit to the country’s markets “may include slower tourism inflows, weaker domestic demand, and a dent to corporate sentiment, especially if street protests become more vociferous and the Budget passage remains in stalemate”.”South Korea was already one of the more vulnerable forex markets in Asia to Trump 2.0’s policies, and the political uncertainty also comes at a juncture just when leadership is needed to navigate these significant global policy shifts.”The won was trading at around 1,431 per dollar Monday, compared with 1,413 on Friday.Shanghai and Hong Kong stocks advanced as top Chinese officials prepare to hold a two-day economic work conference to outline their targets and stimulus plans for next year.The gathering comes as Beijing prepares for Trump’s second presidency amid concerns of another painful trade war between the superpowers.Data released Monday showed Chinese consumer prices rose less than expected last month, reinforcing the need for more support following a raft of measures at the end of September.Elsewhere in Asia, Tokyo, Taipei, Jakarta and Wellington also rose while Sydney and Singapore fell.Traders had been given a healthy lead from Wall Street, where the S&P 500 and Nasdaq both ended at record highs after figures showed the US economy added more jobs than forecast last month.Focus is now on the Federal Reserve’s policy meeting next week when it is tipped to cut interest rates again.Meanwhile, the euro remained on the back foot but slightly stronger than last week when it took a hit after France’s new government fell after a no-confidence vote.President Emmanuel Macron, who had faced calls to step down, lifted sentiment when he said would serve out his term and that a budget could be passed in the coming weeks.Macron held talks with French political leaders on the left and right on Friday as he sought to quickly name a new prime minister after Michel Barnier’s ouster over his 2025 budget plan.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,197.57 (break)Hong Kong – Hang Seng Index: FLAT at 19,868.74Shanghai – Composite: UP 0.5 percent at 3,419.69Seoul – Kospi Index: DOWN 1.7 percent at 2,387.14Euro/dollar: DOWN at $1.0554 from $1.0566 on FridayPound/dollar: UP at $1.2741 from $1.2740Dollar/yen: DOWN at 149.95 yen from 149.97 yen Euro/pound: DOWN at 82.85 from 82.93 penceWest Texas Intermediate: UP 0.5 percent at $67.56 per barrelBrent North Sea Crude: UP 0.5 percent at $71.46 per barrelNew York – Dow: DOWN 0.3 percent at 44,642.52 points (close)London – FTSE 100: DOWN 0.5 percent at 8,308.61 (close) 

China’s retaliatory export controls could take a toll on the growing US clean energy sector and its defense industry, analysts say, as a trade tussle escalates between the world’s two biggest economies.Beijing announced this week it would ban exports of gallium, germanium and antimony to the United States, targeting materials used for everything from semiconductors to solar cells.China also tightened restrictions on graphite, which is key to the electric vehicle industry.The moves, which Beijing said were to safeguard national security, swiftly followed Washington’s own curbs to hobble China’s ability to make advanced computer chips.While trade tensions have been simmering, US President-elect Donald Trump’s arrival at the White House in January is likely to ratchet up the temperature on trade — with the Republican already vowing sweeping tariffs on Chinese imports.Analysts say it would take time to assess the impact of the new Chinese curbs on US industries, though any immediate hit should be limited.Some see Beijing’s moves as symbolic for now, even as ramifications depend on how China enforces the new rules.”This certainly could drive up costs,” said Arun Seraphin of the National Defense Industrial Association. “It could create situations where you can’t produce what you need.””It’s certainly going to drive a lot of uncertainty for companies who want to plan out their supply chain,” he told AFP.China is a major producer of the three metals in question.In August, it unveiled export controls on some antimony products and since then, shipments have plunged. Restrictions announced in 2023 on gallium and germanium also hit exports to the United States.- Defense tech -“Gallium, germanium, and antimony are vital inputs for defense technologies,” said Gracelin Baskaran and Meredith Schwartz of the Center for Strategic and International Studies (CSIS) in a recent analysis.Gallium and germanium are increasingly preferred over traditional silicon for high-performance chips used in defense applications, CSIS added.It noted these materials have properties that boost device performance, speed, and energy efficiency.Antimony is used in fireproofing and has defense-related uses, too.While China is investing in munitions and buying high-end weapons systems more rapidly than the United States, the US industrial base lacks capacity to meet defense tech production needs, the report warned.”Bans on vital mineral inputs will only further allow China to outpace the United States in building these capabilities,” it said.The US Geological Survey estimates that if China’s net exports of gallium and germanium were completely restricted simultaneously, US GDP could decrease by $3.4 billion.- Clean energy -Besides defense, gallium-based semiconductors are used in radio frequency electronics, LEDs for lighting and high-efficiency solar cells, the US Geological Survey noted.Although gasoline vehicles do not call for graphite, electric vehicles (EVs) require an average of 136 pounds (61.7 kilograms) of the material, CSIS said.This could prove dicey for the United States, which has spurred billions in private sector investments for its domestic EV supply chain through subsidies via the Inflation Reduction Act.The act is a package of energy transition policy and social reforms under President Joe Biden.Seraphin told AFP that although Washington also pushed to attract investment and build up US semiconductor manufacturing capacity through the CHIPS and Science Act, these efforts do not yet target components such as germanium.- Challenges -Beijing’s retaliation this week steps up the restrictions on gallium and germanium announced in 2023 — as China hit back at previous US semiconductor export controls.”The industry was likely somewhat surprised by the swiftness of the imposition of a broader ban, but has been conditioned over the past year to expect some restrictions,” Paul Triolo of Albright Stonebridge Group told AFP.He noted that China’s commerce ministry had already implemented a licensing regime around these key minerals, including “rolling three-month licenses to try and prevent stockpiling.”While there has been some effort to stockpile minerals like graphite and gallium, this does not appear to be coordinated between US authorities and allies to reduce reliance on China over the long haul.It will be tricky to create capacity for processing and producing products based on these minerals outside China, Triolo believes, due to costs and regulatory challenges.”Companies are reluctant to enter these markets without long-term guarantees of subsidies, given the dominance of Chinese firms,” he said.