US Seeks to Counter China's Mineral Dominance with Trade Zone Plan
Washington D.C. - The United States has launched an initiative to establish a trade zone for critical minerals, aiming to reduce China's control over the industry. The effort was announced Wednesday at the first Critical Minerals Ministerial event hosted by the State Department, according to BBC World and BBC Technology reports.
The ministerial event brought together representatives from countries and organizations including the UK, European Union, Japan, India, South Korea, Australia, and the Democratic Republic of Congo. Delegates discussed the availability of and access to minerals crucial for manufacturing products ranging from smartphones to weapons, BBC World reported.
The US plan seeks to address concerns about the concentration of critical mineral supply chains in China. These minerals are essential for various industries, including technology, defense, and renewable energy. By creating a trade zone, the US hopes to diversify supply sources and ensure a more stable and secure access to these vital resources.
In other technology news, UK Research and Innovation (UKRI), the public body responsible for allocating £8 billion of taxpayer money annually to research and innovation in the UK, is facing significant funding challenges. Ian Chapman, the head of UKRI, warned in an open letter that the organization will need to make "hard decisions" on funding future projects. According to BBC Technology, the government has instructed UKRI to "focus and do fewer things better," which Chapman said would result in "negative outcomes for some." This represents a major reorganization of the way Britain's scientific research and innovation are prioritized and funded with public money, and has angered many in the research community.
Meanwhile, Netflix and Warner Bros Discovery faced scrutiny from US senators regarding their proposed $82 billion merger. During a Senate antitrust subcommittee hearing on Tuesday, members from both Democratic and Republican parties 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 other news, Pinterest recently terminated two engineers for tracking which employees were affected by recent layoffs. The company, which announced job cuts impacting approximately 15% of its workforce (around 700 roles), stated it was "doubling down on an AI-forward approach," according to a memo from chief executive Bill Ready, as reported by BBC Technology. The engineers reportedly "wrote custom scripts improperly accessing confidential company information to identify the locations and names of all dismissed employees," the report stated.
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