Aerospace giant Boeing NYSE:BA is set to open a 43-acre facility, its largest outside the U.S., in India.
Boeing has set a target of ~$1.25 billion per year in sourcing from India and is investing nearly $200 million in the complex near Kempegowda International Airport in India. Earlier this year, Boeing announced a $100 million infrastructure investment to train pilots in the country.

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Russia becomes UAE’s main gold source

The United Arab Emirates relied heavily on Russia as its primary source of gold in 2022, importing 96.4 tons. This quantity accounted for approximately one-third of Russia’s annual gold production and represented a remarkable increase of over 15 times compared to 2021.

Traditionally, the UAE has been a crucial hub for trading precious metals, particularly those originating from Africa and India. However, it was only last year that the country emerged as a significant player in the Russian gold trade.

With Western sanctions limiting Russia’s conventional export channels, mining companies in the country were compelled to seek alternative avenues for selling their gold. Consequently, Dubai, Istanbul, and Hong Kong emerged as key centers for Russian gold trade, as reported by Bloomberg.

In addition to Russia, Mali and Ghana also served as major gold suppliers to the UAE, providing 95.7 tons and 81 tons, respectively.

Meanwhile, Switzerland emerged as the predominant destination for Arab gold exports, receiving a substantial amount of 145 tons.

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🇨🇳 No more Chinese metals for the West

China’s exports of germanium and gallium fell sharply in August, according to customs data showed on Wednesday, after Beijing imposed new controls on exports of the two metals used for chip production.

China exported no wrought germanium products last month, down from 8.63 metric tons in July, when shipments more than doubled year-on-year, as overseas buyers rushed to lock in shipments ahead of the restrictions.

There were also no exports of wrought gallium products in August. In July, exports were 5.15 tons and 7.67 tons in the same month in 2022, the data showed.

In July, China announced export restrictions on eight gallium and six germanium products, which came into effect on August 1.

This is the latest step in an escalating standoff between Beijing and Washington over access to materials used in the production of high-tech microchips.

Meanwhile, the chart by FT shows just how big a role China plays in the production and processing of rare earth metals.

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