ICYMI: US Set to Open First Rare Earth Mine in Decades
Ramaco Resources, Inc. and Ramaco Rare Earth, LLC are hosting a landmark ribbon cutting and groundbreaking ceremony on Friday, July 11, to commemorate the opening of the Brook Mine Carbon Ore Rare Earth project. It will be the first new rare earth mine in the United States in more than 70 years and first new coal mine in Wyoming in over 50 years.Randall Atkins, Chairman and CEO of Ramaco Resources, details the importance of the project to America's pursuit of reclaiming its leadership in critical minerals and energy independence. Sam speaks with Carol Massar, Tim Stenovec and Joe Deaux on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
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MP Materials Strikes Deal With Pentagon to Build US Rare Earth Magnet Supply Chain
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.MP Materials rose as much as 60%, the most intraday since the company’s IPO in 2020, after the firm struck a multibillion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400 million in equity and a $1 billion loan commitment.Bloomberg Intelligence sees the company's public-private partnership with the Pentagon not only providing capital but also setting a price floor of $110 per kilogram for MP's NdPr products for the next 10 years, significantly higher than the current market price of $63. It's effective 4Q25. The pact includes an offtake agreement for 7,000 metric tons of additional magnets produced following MP's 10X expansion, from 1,000 currently, reducing market-demand risk. This partnership accelerates MP's build-out of a fully integrated value chain, from mines to permanent magnets.Today's show features: James Litinsky, Founder, Chairman and Chief Executive Officer of MP Materials Corp. and Bloomberg News Economic Statecraft Reporter Joe Deaux on MP’s supply chain deal with the US Defense Department Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies, on Delta’s quarterly results and the outlook for major US airlines heading into earnings season Bloomberg News Senior Technology Reporter Kurt Wagner on Elon Musk’s Grok chatbot and Linda Yaccarino’s departure from X Veronica Willis, Global Investment Strategist with the Wells Fargo Investment Institute on the market and economic outlook for the rest of 2025 into 2026. See omnystudio.com/listener for privacy information.
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ICYMI: Hybrid Works Persists
IWG, formerly known as Regus, is a global provider of flexible workspace solutions. They offer a wide range of office solutions including serviced offices, co-working spaces, and virtual offices under various brands like Regus, Spaces, and Signature by Regus. IWG merged its digital assets with The Instant Group in 2022, creating a leading global marketplace for flexible workspace.Mark Dixon, the company's CEO, discusses the global commercial real estate market, specifically when it comes to flexible office space, as well as key trends related to hybrid work. Mark speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek DailySee omnystudio.com/listener for privacy information.
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Yaccarino Stepping Down as CEO of Musk’s X After Two Years
Linda Yaccarino, who was hired two years ago by Elon Musk as chief executive officer of X, is stepping down less than three months after the social-media platform was absorbed by Musk’s artificial intelligence startup, xAI.“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino said in a post on X Wednesday. “I’ll be cheering you all on as you continue to change the world.”The former NBCUniversal executive was hired by Musk in May 2023 after he’d already fired or lost about 75% of employees at the company previously called Twitter. Over the course of her two-year tenure, Yaccarino was charged with reversing an advertiser exodus from the platform, triggered in part by Musk’s own erratic content moderation decisions and posts. Advertisers were concerned that their products would be listed next to hate speech or violent content.It was a difficult task. X revenue fell by close to 50% and missed internal targets in 2023, and several major advertisers departed the platform or paused spending after Musk endorsed an antisemitic post in late 2023. He told marketers who were boycotting the platform to “Go f—- yourself” at a conference after the incident. At the time, Yaccarino told staff that the company’s “free speech” mission would continue with or without advertiser support. “Our principles do not have a price tag, nor will they be compromised — ever,” Yaccarino wrote.Revenue has since improved from those lows, and advertising sales were projected to increase 16.5% this year, according to Emarketer. Yaccarino, who spent more than 11 years as a top advertising executive at NBCUniversal, is known for her strong relationships in the ad world.Today's show features: Dan Ives, Global Head of Technology Research at Wedbush Securities top headlines from the tech industry including Nvidia’s market cap and Elon Musk’s social media response to Ives making suggestions for the Tesla board Wendy Cutler, Vice President at the Asia Society Policy Institute on President Donald Trump’s tariffs impacting Asian trading partners Bloomberg News US Semiconductor & Networking Reporter Ian King on Nvidia reaching a market cap of $4 trillion Dr. Steven Skancke, Chief Economic Advisor at Keel Point on FOMC minutes and the White House’s criticism of Federal Reserve Chair Jerome Powell See omnystudio.com/listener for privacy information.
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ICYMI: The Banks of Tomorrow
Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. BitGo, which custodies billions of dollars in crypto assets for clients, is weighing an initial public offering as soon as this year, Bloomberg News previously reported. The custodian’s corporate structure already includes two state-regulated trust companies, one in New York and one chartered in South Dakota.Bloomberg News personal finance reporter Paige Smith details the push by tech-focused firms into the traditional US financial system. Paige speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
South Africa