US Seeks to Counter China's Mineral Dominance; Bank of England Expected to Hold Interest Rates
Washington D.C. - The United States launched an initiative to establish a trade zone for critical minerals, aiming to challenge China's dominance in the industry. The effort was announced at the first Critical Minerals Ministerial event hosted by the State Department on Wednesday. The meeting included representatives from the UK, European Union, Japan, India, South Korea, Australia, and the Democratic Republic of Congo, according to BBC Technology. Delegates discussed the availability of and access to minerals crucial for manufacturing items ranging from smartphones to weapons.
In other news, the Bank of England's Monetary Policy Committee (MPC) was expected to maintain interest rates at its first meeting of the year. According to BBC Business, the MPC had previously cut the Bank rate from 4% to 3.75% in December and suggested a "gradual downward path" for rates. The Bank rate serves as the primary tool for the committee to keep inflation close to 2%. The majority of analysts predicted the MPC would hold the Bank rate at 3.75%.
Meanwhile, Elon Musk's SpaceX was reportedly acquiring his artificial intelligence (AI) start-up, xAI, in a move to consolidate his business interests. SpaceX confirmed the deal, posting a memo from Musk about the merger on its website, according to BBC Technology. While the terms of the deal were not disclosed, a source familiar with the matter said it valued xAI at $125 billion and SpaceX at $1 trillion, potentially making it the most valuable private company ever. Musk stated in his memo that the combination would form an "innovation engine" integrating AI, rockets, space-based internet, and media.
Separately, Netflix faced scrutiny from US senators regarding its proposed $82 billion takeover of Warner Bros Discovery. During a Senate antitrust subcommittee hearing on Tuesday, members from both Democrats and Republicans raised concerns about reduced competition, potential price increases, and the future of cinemas if the merger proceeds, according to BBC Technology. The deal is currently under review by the Department of Justice (DoJ).
In Minnesota, Target and other major businesses were facing pressure from employees concerned about immigration enforcement. Workers were urging firms to provide clearer guidance on how to respond if Immigration and Customs Enforcement (ICE) officers arrive at their worksites and to limit agents' access to stores and parking lots, according to BBC Business. Employees fear the Trump administration's immigration crackdown puts them at risk on the job.
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