Increasing Export Restrictions on Critical Minerals Threaten Energy Transition, OECD Says
Rising export restrictions on lithium, cobalt and other raw materials critical to the energy transition threaten to slow the move to a greener economy, according to the Organization for Economic Cooperation and Development.
In a new report, the OECD said that over the last decade, export restrictions on critical minerals-usually in the form of taxes-have increased more than fivefold. From January 2009 to December 2020, the total number of export controls on industrial raw materials surged to 18,263 from 3,337. Now roughly 10% of the global value of critical raw material exports face at least one export restriction measure.
Ernst & Young Halts Breakup Plan After Revolt by U.S. Leaders
Ernst & Young has axed its plan for a split of its auditing and consulting arms, marking a dramatic and costly retreat from a proposal that was meant to reshape the accounting profession but ended amid bitter infighting at the firm.
Global leaders of the Big Four firm said Tuesday they were “stopping work on the project” because the heads of EY’s U.S. arm, the biggest member of the global network, had decided not to move forward, according to a note sent to EY’s 13,000 partners.
Glencore Revises Bid for Teck Resources to Allay Coal Concerns
Glencore PLC said it would add a cash component to its roughly $23-billion merger proposal for Teck Resources Ltd., as the commodities company seeks to win over the Canadian miner’s shareholders for a deal that would create a copper giant.
Glencore last week detailed a bid to combine with Teck and create two separate companies for their merged metals and coal businesses. Teck said it had rejected that all-share offer in part because it would expose its shareholders to Glencore’s large thermal coal business.
Hungary Sees U.S. Among Top Three Adversaries, Purported Leaked CIA Document Says
WARSAW-Hungarian Prime Minister Viktor Orban named the U.S. as one of the top three adversaries for his Fidesz Party, according to a purportedly leaked Central Intelligence Agency assessment-underscoring the depth of a longtime rift between Washington and a North Atlantic Treaty Organization member that has increasingly defended its ties with Russia and China.
The document was part of a larger trove of leaked papers that provided details about the war in Ukraine, shown the extent of American intelligence about Russian military intelligence and shown a light on Washington’s intercepted communications about U.S. allies.
France’s Macron Renews Call for a Sovereign Europe Less Reliant on Foreign Powers
French President Emmanuel Macron called on Europe to forge its own sovereignty in an address that risks heightening trans-Atlantic tensions after he said on a trip to China last week that Europe shouldn’t be pulled into tensions between Washington and Beijing over Taiwan.
Mr. Macron delivered the speech Tuesday at The Hague, where the French leader began a two-day state visit to the Netherlands. Russia’s invasion of Ukraine and the Covid-19 pandemic, Mr. Macron said, had exposed Europe’s reliance on foreign suppliers of essentials like medicine and energy. Europe has turned to the U.S. for natural gas deliveries that have allowed it to end its decadeslong dependence on Russian supplies.
New Spyware Firm Said to Have Helped Hack iPhones Around the Globe
Hacking tools sold by a little-known Israeli vendor have been used to break into the iPhones of journalists and political opposition figures by silently exploiting Apple Inc.’s iPhone software, cybersecurity researchers said.
The intrusions are linked to QuaDream Ltd., which markets spyware under the name “Reign,” according to new research published Tuesday by Citizen Lab, a research group at the University of Toronto, and Microsoft Corp.
Write to [email protected]
Expected Major Events for Wednesday
04:30/NED: Feb International trade
05:00/FIN: Feb Balance of Payments
06:00/NOR: Feb Monthly GDP
06:30/HUN: Mar CPI
07:00/CZE: Mar Unemployment data
07:00/SVK: Feb Construction production
23:01/UK: Mar RICS Residential Market Survey
All times in GMT. Powered by Onclusive and Dow Jones.
Write to us at [email protected]
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-12-23 0014ET
