Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Ray Dalio, the co-founder of the largest hedge fund in the world, warned Wednesday that a move by the Chinese to restrict the production and export of rare earth metals to the U.S. would constitute a "major escalation" of the protracted trade war between the globe's two largest economies.
In a blog post on LinkedIn, Bridgewater Associates' Dalio said that such metals are essential to many American technology companies working at the cutting edge of innovation.
"Refined rare metals are a critical import that American companies don't produce and need to get from China to produce many needed products in the U.S. such as mobile phones, magnets, night vision glasses, gyroscopes in jets, LED lights, glass, and ceramics," he wrote.
Dalio's comments came shortly after a Chinese official warned that products made from such materials should not be used against China's development, a statement many on Wall Street viewed as a veiled threat. The comment from the official, first reported by Chinese broadcaster CCTV, followed President Xi Jinping's well-telegraphed visit last week to rare earth mining and process facilities in the southern province of Jiangxi.
That, too, added to speculation that Beijing could flex that industry as a possible trump card if trade tensions worsen. Most recently, President Donald Trump's administration said it would forbid the export of certain U.S. technologies to Chinese telecommunications company Huawei.
Dalio, who founded Bridgewater in 1975, is considered one of the most successful hedge-fund managers of the modern era, having grown assets under management to over $160 billion throughout his involvement.
And while rare earths account for a small fraction of the $420 billion U.S. goods deficit with China, their worth to American firms outpaces their nominal value. As Dalio noted, those materials are critical in the creation of goods including iPhones, electric vehicles and precision weapons.
What's "worth keeping in mind is how Chinese and Americans fight wars differently (the Chinese more strategically by gaining relative strength and the Americans more by exchanging blows until one side gives up)," the longtime Bridgewater executive wrote.
"While all of this enters into my thinking, what is now most important at this time of brinksmanship is seeing what actually happens next," he added.