Latest news with #USFirms
Bloomberg
17 hours ago
- Business
- Bloomberg
Europe's Arms Revival Pits Homegrown Wares Against US Stalwarts
Europe's arms manufacturers are duking it out with American rivals to win their slice of the region's fast-growing military pie, as governments embark on an unprecedented expansion of defense spending. The jockeying between European and US firms was in the spotlight at the Paris Air Show this week, where talk of fighter jets, drones and missiles led the conversation, instead of the commercial aircraft orders that typically dominate the expo.
Yahoo
2 days ago
- Business
- Yahoo
China has granted rare earth export licences to some firms, commerce ministry says
BEIJING (Reuters) -China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved, but declined to give further details such as the exact amount and how many had been extended to U.S. firms. "China will continue to strengthen the approval process for compliant applications, and is willing to further enhance communication and dialogue with relevant countries on export controls," He Yadong, a ministry spokesperson told a regular news conference.
Reuters
2 days ago
- Business
- Reuters
China has granted rare earth export licences to some firms, commerce ministry says
BEIJING, June 19 (Reuters) - China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved, but declined to give further details such as the exact amount and how many had been extended to U.S. firms. "China will continue to strengthen the approval process for compliant applications, and is willing to further enhance communication and dialogue with relevant countries on export controls," He Yadong, a ministry spokesperson told a regular news conference.
Reuters
13-06-2025
- Business
- Reuters
Euro zone industry, trade take big hits in April amid tariff turmoil
FRANKFURT, June 13 (Reuters) - Euro zone industry and trade took major hits in April, likely reflecting U.S. tariffs announcements, challenging the view of economists that the bloc is holding up well in the face of economic turmoil. Industrial production fell by 2.4% on the month in April, more than the already-weak expectations for a 1.7% fall in a Reuters poll of economists, as every segment within industry suffered a contraction, data from Eurostat showed on Friday. Trade also suffered, with the surplus of the 20 nations sharing the euro falling to just 9.9 billion euros compared with the previous month's 37.3 billion euros. The weak figures are not unexpected as U.S. firms frontloaded purchases in February and March in anticipation of the April 2 tariff announcement. But the April reversal is larger than many had anticipated, indicating downside risks to economic growth forecasts, which are already below 1% for the year. The euro zone's exports to nations outside the bloc fell by 8.2% on the month, while figures for the broader EU showed a 9.7% drop, Eurostat said. The EU's total exports to the U.S., its biggest trading partner, totalled 47.6 billion euros in the month, well down on the 71.1 billion reported a month earlier, which included the frontloading and was itself considered unusually high. The drop was mainly driven by sharply lower chemicals exports, likely relating mostly to pharmaceutical exports from Ireland, which hosts a number of international firms that are located there for tax reasons. Irish pharmaceutical exports to the U.S. surged in the months leading up to the tariffs, pushing up economic growth to exceptional levels. The figures also explain why Irish industry contracted by 15% on the month, leading euro zone production lower. The hit to industry was so large that it erased nearly all gains from the past year, and output in April was just 0.8% higher than a year earlier, with only non-durable consumer goods showing any annualised increase. Still, surveys conducted since the April turmoil indicate some modest optimism in manufacturing, suggesting that the sector is not going back into recession even if its recovery will be shallow.
Reuters
23-05-2025
- Business
- Reuters
Exclusive: India may let US, foreign firms bid for government contracts, sources say
NEW DELHI, May 23 (Reuters) - India is opening up a chunk of its protected government procurement market to foreign firms, including the U.S, two government sources said, in a shift that could extend to other trading partners after it was offered to the UK under a trade deal this month. The government is likely to allow U.S. firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington, the sources said. Total public procurement - including by federal, state and local governments and state-run firms - is worth an estimated $700 billion-$750 billion per year, according to government estimates. Most is reserved for domestic firms, with 25% set aside for small businesses, although sectors like railways and defence can buy from foreign suppliers when domestic options are unavailable. Earlier this month, India and the UK agreed on a free trade pact that gives British firms access to federal government contracts in select sectors - covering goods, services and construction - on a reciprocal basis. "In a policy shift, India has agreed to open its public procurement contracts gradually to trading partners including the U.S. in a phased manner and reciprocal manner," said one of the officials, with the knowledge of the matter. Only a portion of the government's procurement contracts - mainly linked to federal projects worth around $50-$60 billion - will be opened to foreign firms, while state and local government purchases will be excluded, the official said. "Following the UK pact, India is ready to open a part of its public procurement market to the U.S. as well," said a second official. Both sources requested anonymity, as details of the ongoing talks have not been made public. The commerce ministry did not respond to requests for comment on the U.S. proposal or extending the plan to other nations. India has long resisted joining the World Trade Organisation's Government Procurement Agreement, citing the need to protect small businesses. In its March report on foreign trade barriers, the U.S. Trade Representative said India's restrictive procurement policies pose challenges for U.S. firms due to "changing rules and limited opportunities." Indian Trade Minister Piyush Goyal visited Washington this week to advance trade talks, with both sides aiming to sign an interim agreement by early July, officials said. New Delhi is pushing to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by U.S. President Donald Trump on April 9 for major trading partners, which includes a 26% tariff on imports from India. The commerce ministry said in a text message that UK firms would only be allowed limited access to bid for contracts of non-sensitive federal entities, excluding state and local government procurement. UK-based suppliers can bid for Indian tenders above 2 billion rupees ($23.26 million) while the UK will offer non-discriminatory access to Indian suppliers under its public procurement system, the ministry said. The government has assured small industry that a quarter of the orders will be reserved for them, said Anil Bhardwaj, secretary general of the Federation of Indian Micro, Small and Medium Enterprises (FISME), a leading industry body. "Opening procurement to foreign firms on a reciprocal basis offers an opportunity for Indian businesses in overseas markets as well," he said. ($1 = 85.9810 Indian rupees)
