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GE Vernova to supply US govt with rare earth yttrium
Energy heavyweight GE Vernova (NYSE: GEV) has confirmed a strategic arrangement with the United States government to secure and boost stockpiles of yttrium, a collaboration explicitly aimed at safeguarding access to this critical input for the outfit's gas turbine manufacturing operations. CEO Scott Strazik detailed the initiative during the company’s 2025 Investor Update yesterday, explaining that the partnership addresses recent export curbs implemented by China, which remains the dominant global producer of yttrium. Supply chain constraints The move comes after China restricted shipments of yttrium and six other elements back in April following the imposition of U.S. tariffs, a retaliation that saw prices for these materials outside China surge by around 4,400% between January and November. Yttrium is utilised in thermal barrier coatings that allow turbines to function at the high temperatures necessary for power generation, prompting Strazik to note the firm is "focused on it every day" regarding material availability. While current inventories are sufficient to cover production requirements through the remainder of 2025 and into 2026, the federal cooperation is designed to extend coverage beyond this timeframe
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Airbus says Europe’s AI battlefield a decade away
Airbus CEO Guillaume Faury said Europe’s AI-driven battlefield will take a decade to build. Faury has urged the continents to be more collaborative on defence since Russia’s invasion of Ukraine and told CNBNC the protocols to exchange data between countries and teams on the battlefield were still “quite limited”. Airbus has become part of efforts to improve information sharing between European countries through what Faury called a “combat cloud” to better share data between “satellites, tankers, fighter jets, helicopters, and also objects on the ground” for security purposes. The project is also part of the Future Combat System. “That’s a key enabler of the future digital battlefield that is going to take place when there is confrontation in the future,” Faury told CNBC’s Charlotte Reed in a fireside chat at the Adopt AI conference in Paris this week. However, Faury also added that the cloud system could take a while to be built. “It will take a decade, maybe a decade and a half, before we are at the level we want to be,” Faury said. “But there are incremental ways of connecting objects that are being applied already.” Faury has been vocal about his frustrations regarding defence efforts since the start of
Deals
Fifth Third Bancorp acquires Comerica in all-stock deal
Diversified financial services company Fifth Third Bancorp has agreed to acquire fellow regional bank Comerica for US$10.9 billion (A$16.5 billion) in an all-stock deal that will create the ninth-largest United States bank with assets of $288 billion. Under the terms of the deal – which is expected to finalise in the first quarter of 2026 - Comerica stockholders will receive 1.8663 Fifth Third shares for each Comerica share they own. The transaction’s value stems from Fifth Third’s closing price from Friday of $82.88, which is a 20% premium to Comerica’s 10-day volume-weighted average stock price. When the deal closes, Fifth Third shareholders will own around 73% of the combined company, while Comerica investors will hold 27%. “Joining with Fifth Third – with its strengths in retail, payments and digital – allows us to build on our leading commercial franchise and further serve our customers with enhanced capabilities across more markets,” noted Comerica CEO Curt Farmer. Fifth Third CEO Tim Spence described the tie-up as a pivotal moment that accelerated the bank’s plans to build density in high-growth markets and deepen its commercial capabilities. “The things that have defined Fifth Third over the course of t
Deals
USA Rare Earth closes in on deal with White House
Shares in USA Rare Earth (USAR.O) were up 18% to a record high on Friday following revelations the mining company's recently appointed CEO Barbara Humpton was interested in doing a deal with the Trump administration. The stock’s share price rally - which has helped its market capitalisation double in the last 12 months to US$2.59 billion - follows the Trump administration’s decision to enter recent deals to help support the industry and break United States dependence on China. The administration has taken a 5% stake in Lithium Americas (LAC.TO) and a separate 5% stake in the company's Thacker Pass joint venture with General Motors (GM.N) in the last week. Its decision to invoke emergency powers to boost critical-minerals production earlier this year follows China's decision to halt exports. China had halted exports of rare earths, a group of 17 metals used to make magnets that turn power into motion, in March as part of a trade spat with Trump. While that showed some signs of easing in June, broader tensions underscored the need for greater U.S. output. MP Materials had also unveiled a multibillion-dollar deal with the U.S. government in July to boost output of rare earth magnets, with the Pentagon becoming the
Deals
Berkshire Hathaway, Occidental confirm OxyChem deal
Warren Buffett's Berkshire Hathaway will buy Occidental Petroleum’s chemicals arm OxyChem for US$9.7 billion (A$14.7 billion) cash. Their announcement on Thursday confirmed a report in the Wall Street Journal about the sale of OxyChem, a global manufacturer of commodity chemicals used in water treatment, pharmaceuticals, healthcare and commercial and residential development. Occidental said it expected to use $6.5 billion of the proceeds to reduce debt below $15 billion as planned following its acquisition of CrownRock. “This transaction strengthens our financial position and catalyses a significant resource opportunity we’ve been building in our oil and gas business for the last decade,” Occidental President and Chief Executive Officer Vicki Hollub said in a news release. She said the sale would unlock more than 20 years of low-cost resource “runway” and deliver meaningful near and long-term value. “Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team,” Berkshire Hathaway Vice Chairman of Non-Insurance Operations Greg Abel said in the release. An Occidental subsidiary will retain OxyChem’s legacy environmental liabilities, and Glenn Springs Holdings Inc. will continue

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US govt locks in Thacker Pass domestic lithium supply
The Trump administration just added another chip to its growing sovereign wealth fund stack - and this time it's lithium. America is betting that direct equity stakes and price floors can level the playing field against Chinese market manipulation - and reshape America's critical minerals supply chain in the process. Locking in a 5% equity stake in Lithium Americas and a stake in the lithium mine itself, the U.S. Department of Energy now has exposure to the treasures contained within Thacker Pass in Nevada. A good deal? Probably. The government let Lithium Americas defer US$182 million-worth of debt payments over five years on their hefty $2.2 billion DOE loan. In return, Uncle Sam gets a seat at the table of what's set to become one of North America's largest sources of the battery metal.Why lithium matters (again)Thacker Pass is expected to pump out 40,000 tonnes (t) of battery-quality lithium carbonate annually when it opens in late 2027 - enough to power some 800,000 electric vehicles. Having already bet big on securing upstream materials for batteries, carmaker General Motors holds a sizeable 38% stake after dropping a cool $625 million on the project last year. The investment also gives it the rights to pur
Deals
GIP bid talk lights up AES, shares rocket 16.8%
Shares in United States utility company AES soared on a report that it will be acquired by Global Infrastructure Partners (GIP) for US$38 billion, including debt (A$57.5 billion). Talks were in the final stages and could conclude in the coming days, according to the Financial Times (FT) newspaper. “However, sources cautioned that the negotiations could still fall through,” the FT wrote in this story. AES (NYSE: AES) shares closed $2.21 (16.79%) higher at $15.37, capitalising the company at $10.94 billion, and helping offset some of the losses from a slump of more than 30% over the last year. GIP had declined to comment to the FT, and AES has not responded to requests for comment. AES’ focus on renewable energy made it a target for a sell-off generated by investor concern about the effect of President Donald Trump's rollback of green energy tax incentives. Bloomberg previously reported in July that AES was exploring a sale after receiving takeover interest from GIP and Brookfield. Investor interest in utility companies is increasing due to surging demand for electricity driven by artificial intelligence and data centres, which use a lot of power. GIP, which was acquired by BlackRock in 2024 for $12.5 billion
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Berkshire nears US$10bn deal to buy Occidental unit
Warren Buffett’s Berkshire Hathaway is reportedly nearing a deal to buy Occidental Petroleum’s petrochemical unit for around US$10 billion (A$15.13 billion), as Occidental seeks to unload its assets. The deal could be finalised within days, the Wall Street Journal reported. The OxyChem subsidiary manufactures chemical products like polyvinyl chloride and chlorine. Occidental has been divesting assets in recent years to reduce its debt. It said in an August earnings release that it had completed “$950 million of additional divestitures since the start of the second quarter of 2025, of which approximately $370 million has already closed”. The company said it had $23.34 billion in net long-term debt at the end of 2025’s second quarter, having repaid $3.0 billion of its debt in the year’s first half. The OxyChem subsidiary’s pre-tax income was $213 million in Q2, down from $296 million year-over-year. Berkshire is Occidental’s largest shareholder, owning a 27% stake. In 2019, it pledged $10 billion to support Occidental’s $55 billion purchase of Anadarko Petroleum. The OxyChem acquisition would be Berkshire’s largest since 2022, when it bought insurance provider Alleghany Corporation for $11.6 billion. Berkshire d
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Pfizer makes deal with Trump for tariff relief
United States President Donald Trump announced an effort to lower drug costs in America through the creation of a “TrumpRx” direct-to-consumer website. This will be done through a partnership with Pfizer, making prescription drugs in the Medicaid program for low-income Americans cheaper. “The United States is done subsidising the health care of the rest of the world,” Trump said at a news conference. “By taking this bold step, we’re ending the era of global price gouging at the expense of American families.” Pfizer has now become the first drug company to voluntarily agree to all the terms of Trump’s 31 July letter that was sent out to 17 major pharmaceutical companies. The letter was sent due to Trump’s discontent with Americans paying far more for medications than people in peer countries. This led to Trump reviving his “Most Favored Nation” prices effort in May. The direct purchasing platform, TrumpRx, will allow American patients to purchase medications at a significantly reduced price. A large majority of the company’s primary care treatments and some select specialty brands will be available through the site at savings as high as 85% and on average 50%. “By working closely with the Administration, we