Bloomberg The largest known deposit of rare earth minerals in Europe has just been discovered in Sweden’s Arctic, with potential to help the continent break free from China’s dominance on the market for the resources. The deposit, found by Swedish state-owned mining company LKAB, contains more than 1 million tons of rare earths, according to a statement on Thursday. ...

  Bloomberg South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets. Nuclear plants are now expected to account for almost one-third of generation capacity by 2030 up from about 24% forecast in earlier draft proposals, according to government documents published on Thursday. Renewable ...

  Bloomberg Sanjeev Gupta’s Liberty Steel will cut production in the UK and idle some sites, as soaring energy costs threaten hundreds of jobs across the group. Steel output at Liberty’s electric arc furnace in Rotherham will be reduced and replaced with imports from abroad. Two of the Liberty’s downstream production units — including a rolling mill in Newport — ...

  Bloomberg Taiwan Semiconductor Manufacturing Co. is bracing for weaker-than-expected sales by reducing spending, deepening concerns the technology industry’s slump is yet to bottom. The chip giant signaled this quarter could mark its first revenue drop in four years. But executives forecast slight growth for the full year on an expected recovery in demand for server chips. The company is ...

Bloomberg Infosys Ltd. raised its annual sales forecast, remaining upbeat on enterprise clients’ need to upgrade their software and shrugging off fears of a global economic downturn. Infosys said on Thursday it expected revenue to grow between 16% to 16.5% in the year to March, compared with the 15% to 16% growth it projected in October. Analysts on average expect ...

  Bloomberg Hong Kong has returned to the top five Asia-Pacific investment destinations by property consultancy CBRE for the first time since 2020, thanks to an expected pandemic recovery and low pricing. The report on real estate investor intentions for 2023 showed the Asian financial hub came in at number five after Tokyo, Singapore, Ho Chi Minh City and Sydney ...

  Bloomberg An expansion of Tesla Inc.’s plant in Shanghai has been delayed, according to people familiar with the matter, over data concerns that risk putting a roadblock in the way of the US electric-car maker’s ambition to keep growing in China. The so-called phase-three expansion originally slated to start mid-year would have seen the plant’s capacity double to around ...

  Bloomberg Fosun International Ltd. is weighing a sale of International Gemological Institute in a deal that could value the diamond-grading firm at about €200 million ($215 million), according to people with knowledge of the matter. The Chinese conglomerate is working with Deutsche Bank AG on the potential divestment of the Antwerp, Belgium-based institution, said the people, who asked not ...

  Bloomberg Malaysia, the world’s second-biggest palm oil producer, will consider halting exports to the European Union in retaliation for the bloc’s new deforestation regulation, according to the country’s deputy prime minister. The regulation is an act to block market access for palm oil and Malaysia will discuss with Indonesia — the top producer and exporter — about the option ...

Bloomberg The European Union and the UK are preparing to enter an intense phase of negotiations starting next week aimed at overcoming the dispute over the post-Brexit trading relationship well ahead of the anniversary of Northern Ireland’s peace agreement in April, according to people familiar with the matter. The aim is to move into a negotiating “tunnel” after UK foreign ...