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Business Oct 18th America threatened China with an extra tariff of 100% and export controls on “critical software” from November 1st, reigniting the trade war between the two countries. President Donald Trump said the measures were in response to new Chinese restrictions on exports of rare-earth minerals, used in high-tech products from smartphones to electric vehicles (EVs). 美国威胁将从11月1日起对中国加征100%的额外关税，并对“关键软件”实施出口管制，重新点燃了两国之间的贸易战。美国总统唐纳德·特朗普表示，这些措施是针对中国对稀土矿物出口实施新限制的回应。这些稀土矿物被广泛用于从智能手机到电动汽车（EV）等高科技产品中。 Stockmarkets slumped after Mr Trump’s announcement. On October 10th the S&P 500, an index of big American firms, fell by 2.7% (its biggest one day drop since he unveiled his “Liberation Day” tariffs in April) before recovering some of its losses. Meanwhile America and China introduced tit-for-tat port fees. America now charges Chinese ships $50 per tonne of cargo to dock at its ports. In return Chinese ports will collect a levy of 400 yuan ($56) per tonne from American ships, as well as those controlled by firms that are more than 25% American owned. China will increase its fees over the next three years. 在特朗普发表声明后，股市大幅下跌。10月10日，代表美国大型企业的标普500指数下跌了2.7%（这是自他在4月份宣布“解放日”关税以来最大的一日跌幅），随后收复了部分跌幅。与此同时，美国和中国相继推出了针锋相对的港口费用。美国现在对中国船只在其港口停靠时，每吨货物征收50美元的费用。作为回应，中国港口将对美国船只，以及由美国企业持股超过25%的船只，每吨货物征收400元人民币（约合56美元）的费用。中国计划在未来三年内逐步提高这一收费标准。 The Netherlands took control of Nexperia, a Dutch-based, Chinese-owned firm that makes chips for consumer goods and cars. In 2024 America accused Wingtech, Nexperia’s owner, of helping China acquire semiconductor equipment and placed it on a blacklist that makes it near impossible for American firms to do business with it. Last month America said it would put restrictions on the subsidiaries of blacklisted firms, too.The Dutch government said that, if Nexperia lost its ability to deliver chips, it could pose a risk to “economic security”. 荷兰控制了Nexperia，这是一家总部位于荷兰、由中国控股的公司，主要生产消费品和汽车芯片。2024年，美国指控Nexperia的母公司闻泰科技帮助中国收购半导体设备，并将其列入黑名单，使美国公司几乎无法与其开展业务。上个月，美国表示将对黑名单公司的子公司也施加限制。荷兰政府表示，如果Nexperia失去芯片交付能力，可能会对“经济安全”构成威胁。 Jerome Powell indicated that the Federal Reserve might cut interest rates at its next meeting on October 29th. The Fed’s chair warned that “downside risks to employment have risen”. The Fed lowered its main interest rate to 44.25% on September 17th, its first cut since December 2024. 杰罗姆·鲍威尔表示，美联储可能在10月29日的下次会议上降息。美联储主席警告称，“就业下行风险上升”。美联储于9月17日将主要利率降至44.25%，这是自2024年12月以来的首次降息。 The price of silver hit a record $53 an ounce, beating the previous nominal high of $49.95 that it reached in 1980. The precious metal’s price has risen by more than 80% this year, beating even gold’s blistering rally. The surge has been driven by investors seeking protection from inflation, as well as growing industrial demand: silver is used in everything from solar panels to EVs. 白银价格创下每盎司53美元的历史新高，突破了其在1980年创下的名义最高价49.95美元。今年以来，这种贵金属的价格已上涨逾80%，涨幅甚至超过了黄金的强劲反弹。此次飙升主要受到两方面推动：一是投资者为了对冲通胀风险而大量买入，二是工业需求的持续增长——白银被广泛应用于从太阳能电池板到电动汽车等各类产品中。

Business Oct 14th Jaguar Land Rover re-started some production for the first time since being hit by a cyber-attack on August 31st. Some concerns have been voiced about the £1.5bn ($2bn) loan for the carmaker backed by the British government. Critics point out that JLR was reportedly uninsured against the attack and that the loan creates a moral hazard. Mark Carney, Canada’s prime minister, met Donald Trump in the White House to discuss trade. Canadian officials described the talks as “positive”.Mr Trump went further, talking of the pair’s “mutual love”. The Americanpresident also held a phone call with Luiz Inácio Lula da Silva, his Braziliancounterpart, which both sides said was friendly. Lula also pressed Mr Trumpabout trade. Paramount agreed to buy the Free Press, a news and analysis website, for $150m and appointed its founder, Bari Weiss, as editor-in-chief of CBS News, which is owned by Paramount. It is the media conglomerate’s first big acquisition under its new owner, David Ellison, who merged it with his Skydance production company. The deal is sweet revenge for Ms Weiss. She resigned from the New York Times in 2020 amid a spectacular falling out over the newspaper’s internal politics

Business Oct 9th 2025 The Net-Zero Banking Alliance made it official and decided to disband. The alliance was created with great fanfare four years ago to align the banking industry with climate-change targets and counted some of the biggest American and European lenders among its members. But many of the firms eventually withdrew amid a backlash against environmental, social andgovernance (ESG) policies. The price of gold rose above $4,000 an ounce for the first time. With little economic data being released in America because of the government shutdown to inform their decisions, investors are piling into the traditional haven amid speculation that the Federal Reserve will make more cuts tointerest rates. Worries about fiscal policy in America, Britain, France and Japan are also making gold more attractive The International Energy Agency forecast that the world’s global renewable power capacity will more than double by 2030, increasing by 4,600 gigawatts. That is roughly the equivalent of adding the combined power generation capacity of China, the European Union and Japan. Solar will account for 80% of the increase. America is now expected to add 250GW of renewable capacity, 50% less than in the IEA’s previous forecast. Launched in the 1980s, Airbus’s A320 has become the world’s most delivered aeroplane, according to reports based on data from Cirium, an aviation-data firm. Boeing’s 737, which debuted in the 1960s, had held the record for decades. Between them Airbus and Boeing have delivered 25,000 of both narrow-bodied jets. Industrial production in Germany shrank by 4.3% in August compared with July, driven by an 18.5% contraction in car manufacturing. That was in part because of factories’ holiday dates, though the industry faces many challenges, including tariffs. Car production in Germany is now at its lowest level in more than 20 years, bar the financial crisis in 2007-09 and covid-19

Business October 9th 2025 OpenAI was at the centre of another big deal, agreeing to buy chips worth tens of billions of dollars from AMD and potentially take a 10% stake in the company; AMD’s share price surged by over 40%. The transaction will see OpenAI deploy AMD’s graphics- processing units to expand its data-centre capacity, starting with AMD’s forthcoming MI450 chips in late 2026. SoftBank agreed to buy the robotics business of ABB, a Swedish-Swiss engineering company, for $5.4bn. A long-time believer in the future of robots, Masayoshi Son, SoftBank’s boss, said its “next frontier is physical AI”. With stocks soaring in anything related to AI, the Bank of England warned that “the risk of a sharp market correction has increased”. The central bank noted that the appreciation in the share prices of America’s big technology companies has augmented concentration within stockmarket indices, with just the top five members of the S&P 500 accounting for nearly 30% of its market share. This suggests that an AI bubble could burst if the future profits that are predicted for the technology do not materialise. Fifth Third, an American bank with a strong presence in the Midwest, struck a $10.9bn deal to acquire Comerica, which operates throughout the Sunbelt, creating the country’s ninth-largest lender by assets. Comerica had been under pressure from an activist investor to put itself up for sale.