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Glencore to Buy $115M Cobalt from Industry Veteran for U.S. Stockpile

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Glencore has reached an agreement to purchase nearly 2,000 metric tons of cobalt from industry veteran Rami Weisfisch, worth around $115 million at current market prices. The deal, spanning 12 months in 2026, is expected to supply the United States for its planned National Defense Stockpile under Project Vault, a program backed by $12 billion in public and private funding. The cobalt, originally acquired by Weisfisch in 2015, is stored across Europe and the U.S., and marks the end of Weisfisch’s 50-year involvement in the cobalt industry.

The move comes amid heightened U.S. efforts to secure critical materials, including cobalt, to reduce reliance on China, the dominant global supplier and processor of strategic metals. Glencore’s CEO Gary Nagle confirmed the company’s participation in Project Vault, following the cancellation of a U.S. Defense Logistics Agency tender for cobalt last year. The deal uses pricing tied to Fastmarkets assessments, ensuring alignment with current market conditions.

Cobalt prices have surged approximately 160% since February 2025, reaching $26 per pound ($57,320 per ton), driven by tight supply and rising global demand. Democratic Republic of Congo, the top producer, imposed export quotas from February to mid-October, disrupting supply chains. China, the largest cobalt processor, has been most affected by these restrictions, scrambling to secure cobalt for its industries, including lithium-ion battery production for electric vehicles and mobile devices.

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German Chancellor Merz Visits China Amid Trade Challenges

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German Chancellor Friedrich Merz has embarked on his first official visit to China, leading a delegation of senior German business leaders, including heads of Volkswagen, BMW, and Mercedes-Benz. The trip aims to strengthen economic ties as Germany faces growing trade deficits and competitive pressures from China’s booming electric vehicle industry. Merz’s visit comes amid concerns over supply chain vulnerabilities and global economic rivalry.

China, Germany’s largest trading partner in 2025, has reversed years of trade surpluses, leaving Germany with a deficit of nearly €90 billion. German officials warn that export controls, overcapacity, and rising competition from Chinese firms have created a challenging environment for German manufacturers, prompting calls for Merz to negotiate better terms for industry.

During his visit, Merz is scheduled to meet President Xi Jinping and Prime Minister Li Qiang, signing economic agreements and visiting major facilities, including a Mercedes-Benz EV plant and Siemens Energy site. The trip reflects Germany’s strategic effort to balance trade relations with China while addressing EU measures protecting local industries from underpriced imports.

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China Signals Possible Tariffs on French Wine Amid EU Trade Tensions

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China could investigate French wine imports or impose reciprocal tariffs on European Union products if France pushes for tougher trade measures against Chinese goods, a social media account linked to state broadcaster CCTV said on Wednesday. The warning followed a French strategy report urging the EU to consider a 30% blanket tariff on Chinese imports or a 30% depreciation of the euro against the renminbi to counter rising low-cost imports. The account said such measures would breach World Trade Organization rules and amount to a “declaration of trade war.”

The comments unsettled markets, with shares of French spirits makers Remy Cointreau and Pernod Ricard falling before trimming losses. French government spokesperson Maud Bregeon said the proposal had not been adopted by the government, though she did not dismiss its rationale. France’s trade and finance ministries have yet to issue formal responses.

The latest tensions echo last year’s dispute when China launched an anti-dumping probe into EU brandy, widely seen as retaliation for EU tariffs on Chinese electric vehicles — tariffs France supported. While Beijing has reiterated its willingness to engage in dialogue with France and the EU, it also stressed it is prepared to respond firmly to any trade challenges.

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Estonia Warns of Russian Military Buildup

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Estonia’s foreign intelligence service has reported that Russia is rebuilding its military forces in response to Europe’s rearmament, though it does not plan to attack any NATO state in the near term. According to the report, Moscow aims to delay and hinder Europe’s ability to conduct independent military action, viewing European rearmament over the next two to three years as a significant concern.

The intelligence service highlighted Russia’s rapid expansion of ammunition production, which allows for stockpiling supplies for potential future conflicts while continuing operations in Ukraine. Any hypothetical attack on Estonia could involve coordinated drone operations across land, air, and sea. Estonia emphasized the need for the continent to invest in defense and internal security to deter potential aggression.

The report also noted Russia’s continued view of the U.S. as its main adversary while attempting to use diplomatic channels to ease sanctions and influence the Ukraine conflict. It highlighted Moscow’s strategic alignment with China, which could use Russian cooperation to challenge Western influence globally, particularly in the context of energy and military technology collaboration.

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Macron Urges Europe to Assert Global Power

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French President Emmanuel Macron has called on Europe to step up as a global power, warning that the continent faces a “wake-up call” amid rising challenges from China, Russia, and the United States. Speaking to European media ahead of an EU summit in Brussels, Macron emphasized the need for the EU to strengthen its economy, defense, and democratic systems, arguing that Europe must act cohesively to secure its strategic interests.

Macron proposed EU-wide mutualized loans, or “eurobonds for the future,” to fund industrial and technological investment. He highlighted the growing global demand for such shared European debt, while urging member states to protect key industries like security, clean energy, and artificial intelligence without resorting to protectionism.

The French leader stressed Europe’s vulnerability in a changing world order, citing climate change, dwindling U.S. security guarantees, and China’s rising influence. Macron urged the 27-member EU to embrace its collective strength of 450 million people, insisting that becoming a global power is the natural continuation of the European project to maintain peace and build a robust market.

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Suspected Chinese Spies Arrested in French Village

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Two Chinese nationals, aged 27 and 29, have been arrested in the quiet south-western French village of Camblanes-et-Meynac, near Bordeaux, on suspicion of espionage. Locals became wary after the men, who had rented a house via Airbnb, installed a large parabolic satellite dish in their garden, coinciding with disruptions to nearby internet services. French authorities seized a significant amount of computer equipment during a raid by the General Directorate for Internal Security (DGSI).

The suspects, who arrived last month on work visas claiming to be engineers in wireless communications, are accused of attempting to capture satellite data from Starlink and sensitive information from military and critical installations in the region. Two other Chinese-origin men living in France were also charged with assisting the operation. They are currently in custody facing charges of “delivering information to a foreign power.”

South-western France, home to major aerospace, defense, and telecommunication hubs, has been a recurring target for Chinese espionage. Experts highlight previous incidents, including satellite dish installations near Toulouse and breaches at the University of Bordeaux. Authorities are increasingly publicizing such cases to emphasize the espionage threat, though locals remain bemused by spies setting up in their typically peaceful villages.

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Germany Says It Will Remain Closer to U.S. Than China Despite Strains

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Germany will remain closer to the United States than to China, despite recent tensions in transatlantic relations, Foreign Minister Johann Wadephul said on Monday. Speaking in Singapore, Wadephul stressed that Germany is “not in equidistance” between Washington and Beijing, adding that the U.S. continues to be Europe’s most important partner, particularly when it comes to security.

He acknowledged growing friction with Washington, including criticism from the Trump administration over Europe’s defence spending and reliance on U.S. military support. However, Wadephul warned against turning to China as an alternative, saying it would be the “wrong answer” for Europe to assume that closer ties with Beijing could replace the U.S. relationship, even as some Western countries pursue new trade deals with China.

Wadephul said Europe’s firm and united response to U.S. claims over Greenland showed the continent could defend its interests by clearly defining red lines. He also highlighted the European Union’s expanding network of free trade agreements as a key pillar of rules-based global trade and said the bloc is moving quickly to finalise new deals in the Asia-Pacific region, including with Malaysia, Thailand, the Philippines and Australia.

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Dutch Court to Decide Control Battle Between Nexperia and Wingtech

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Dutch chipmaker Nexperia faces a public court battle in Amsterdam as European managers challenge its Chinese owner Wingtech over company control. The dispute has contributed to a shortage of chips used by car manufacturers and escalated last September when the Dutch government temporarily seized control of Nexperia over fears of transferring operations and intellectual property to China. The seizure was later revoked to ease tensions with Beijing.

Nexperia produces silicon wafers in Europe, which are shipped to China for cutting and packaging. In October, the Amsterdam Enterprise Court suspended Wingtech founder Zhang Xuezheng as Nexperia CEO and stripped Wingtech of control over the shares, citing concerns about mismanagement and potential conflicts of interest due to Zhang’s ownership of a Shanghai factory selling wafers to Nexperia. The current hearing will determine whether a full investigation into alleged mismanagement should proceed or if previous rulings should be reversed.

Wingtech is expected to argue that Zhang’s plans were in line with Chinese market opportunities, highlighting significant sales and growth prospects in China. Meanwhile, Nexperia has split operations between Europe and China, stopped shipments to China due to nonpayment, and is investing $300 million in Malaysia to serve non-Chinese customers. The Dongguan subsidiary has rebranded as “Nexperia China” and plans to replace European production with Chinese alternatives, including output from Zhang’s WingSkySemi plant.

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G7 and Allies Explore Reducing Dependence on Chinese Rare Earths

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Finance ministers from the G7 countries, along with officials from Australia, Mexico, South Korea, and India, met in Washington on January 12 to discuss strategies for reducing dependence on Chinese rare earths. The meeting, convened by U.S. Treasury Secretary Scott Bessent, focused on securing alternative supply chains for critical minerals through measures such as price floors and new international partnerships. No joint statement was issued, but officials highlighted broad agreement on the urgency of diversifying sources.

Japanese Finance Minister Satsuki Katayama emphasized short-, medium-, and long-term approaches to strengthen non-Chinese rare earth supplies. Proposed measures include promoting labor and human rights standards in mineral sourcing, deploying financial incentives, trade and tariff tools, and minimum price settings. Countries participating in the discussions, along with the EU, represent 60% of global demand for critical minerals, which are vital for defense, semiconductors, renewable energy, and battery technologies.

German Finance Minister Lars Klingbeil and South Korean Finance Minister Koo Yun-cheol stressed the importance of proactive steps, including developing domestic supplies, recycling, and technology collaborations to create resilient supply chains. While participants warned against forming an anti-China coalition, they agreed on the need for urgent action to secure critical minerals and reduce vulnerability to export restrictions, particularly amid China’s recent curbs on materials destined for Japan’s military.

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Huawei Reconsiders Future of Its New French Factory Amid Europe’s Tougher Stance

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Huawei is reassessing the future of its newly completed manufacturing plant in eastern France as slow 5G deployment and growing restrictions on Chinese telecom equipment reshape its European plans. The €200 million facility near Strasbourg, finished in September, remains unused, with officials and executives suggesting the company is undecided about proceeding. The plant was meant to produce wireless base-station equipment and create up to 500 jobs, marking Huawei’s first manufacturing site in Europe.

Europe’s political climate has shifted significantly since the project was announced, with several governments toughening their stance on Chinese technology. Germany recently moved to ban Chinese components from future 6G networks, while broader EU measures aim to phase out Chinese telecom equipment. These developments, combined with sluggish 5G uptake, have placed Huawei in a difficult strategic position. Local authorities also cancelled a previously agreed €800,000 subsidy due to persistent uncertainty around the project’s future.

Sources say Huawei is considering “all options,” including selling the 52,000-square-metre site, with industrial groups already touring the facility. Security concerns and policy shifts have slowed the company’s ambitions in Europe despite its 35–40% market share in 4G and 5G equipment. While its European prospects dim, Huawei is experiencing strong growth in other sectors such as smartphones and smart-driving technology, prompting analysts to suggest the company may redirect resources where demand is rising fastest.

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