WASHINGTON – Billionaire Elon Musk, U.S. President Donald Trump‘s close ally, is due to be briefed on Friday by the Pentagon on the U.S. military’s plan for any war that might break out with China, the New York Times reported on Thursday, citing U.S. officials.
Access to the closely guarded military plan would mark an sharp expansion of Musk’s role as a Trump adviser who has spearheaded efforts to cut U.S. government spending.
It would also fuel questions about conflicts of interest for Mr. Musk, who as the head of both Tesla TSLA.O and SpaceX has business interests in China and with the Pentagon.
The White House has previously said Mr. Musk will recuse himself if any conflicts of interest arise between his business dealings and his role in cutting federal government spending.
The briefing for the China war plan has about 20 to 30 slides that lay out how the United States would fight such a conflict, the New York Times reported.
The Pentagon confirmed that Musk will be visiting on Friday but did not share further details.
“The Defense Department is excited to welcome Elon Musk to the Pentagon on Friday. He was invited by Secretary (Pete) Hegseth and is just visiting,” a Pentagon spokesperson said.
But another official Pentagon account on X, known as DoD Rapid Response, said: “The NYT is a propaganda machine that desperately needs to clickbait people into reading their FAKE news articles.”
A U.S. official, speaking on the condition of anonymity, said that the briefing for Musk would be attended by senior U.S. military officials in the Pentagon and would be an overview on a number of different topics, including China.
Washington and Beijing have had tense relations for years over differences ranging from access to technology, trade tariffs and cybersecurity to TikTok, Taiwan, Hong Kong, human rights and the origins of COVID-19. – Reuters
Glaciers around the globe are disappearing faster than ever, with the last three-year period seeing the largest glacial mass loss on record, according to a UNESCO report released on Friday.
The 9,000 gigatons of ice lost from glaciers since 1975 are roughly equivalent to “an ice block the size of Germany with the thickness of 25 meters,” Michael Zemp, director of the Switzerland-based World Glacier Monitoring Service, said during a press conference announcing the report at the UN headquarters in Geneva.
The dramatic ice loss, from the Arctic to the Alps, from South America to the Tibetan Plateau, is expected to accelerate as climate change, caused by the burning of fossil fuels, pushes global temperatures higher. This would likely exacerbate economic, environmental and social problems across the world as sea levels rise and these key water sources dwindle.
The report coincides with a UNESCO summit in Paris marking the first World Day for Glaciers, urging global action to protect glaciers around the world.
Mr. Zemp said that five of the last six years registered the largest losses, with glaciers losing 450 gigatons of mass in 2024 alone.
The accelerated loss has made mountain glaciers one of the largest contributors to sea level rise, putting millions at risk of devastating floods and damaging water routes that billions of people depend on for hydroelectric energy and agriculture.
Stefan Uhlenbrook, the director of water and cryosphere at the World Meteorological Organization (WMO), said that about 275,000 glaciers remain globally which, along with the Antarctic and Greenland ice sheets, comprise about 70% of the world’s freshwater.
“We need to advance our scientific knowledge, we need to advance through better observing systems, through better forecasts and better early warning systems for the planet and the people,” Mr. Uhlenbrook said.
DANGERS AND DEITIES
About 1.1 billion people live in mountain communities, which suffer the most immediate impacts of glacier loss, due to the increasing risks with natural hazards and unreliable water sources. The remote locations and difficult terrains also make cheap fixes difficult to come by.
Rising temperatures are expected to worsen droughts in areas that rely on snowpack for freshwater, while increasing both the severity and frequency of hazards like avalanches, landslides, flash floods and glacial lake outburst floods (GLOFs).
One Peruvian farmer living downstream of a retreating glacier has taken the issue to court, suing German energy giant RWE for a portion of the glacial lake’s flood defenses proportionate to its historic global emissions.
“The changes we see in the field are literally heartbreaking,” glaciologist Heidi Sevestre, secretariat at the Arctic Monitoring and Assessment Program, told Reuters outside the UNESCO headquarters in Paris on Wednesday.
“Things in certain regions are happening actually much faster than we anticipated,” Ms. Sevestre added, noting a recent trip to the Rwenzori Mountains, located in Uganda and the Democratic Republic of the Congo in East Africa, where glaciers are now expected to disappear by 2030.
Ms. Sevestre has worked with the region’s indigenous Bakonzo communities who believe a deity called Kitasamba lives in the glaciers.
“Can you imagine the deep spiritual connection, this strong attachment they have towards the glaciers and what it might mean for them that their glaciers are disappearing?” Ms. Sevestre said.
Glacial melt in East Africa has led to increased local conflicts over water, according to the new UNESCO report, and while the impact on a global scale is minimal, the trickle of melting glaciers around the world is having a compounding impact.
Between 2000 and 2023, melting mountain glaciers have caused 18 millimeters of global sea level rise, about 1 mm per year. Every millimeter can expose up to 300,000 people to annual flooding, according to the World Glacier Monitoring Service.
“Billions of people are connected to glaciers, whether they know it or not, and that will require billions of people to protect them,” Ms. Sevestre said. – Reuters
BEIJING – In a dilapidated warehouse on the outskirts of the Chinese capital, businessman An Dawei inspected rows of giant fridges, industrial hobs and commercial bread ovens waiting to be resold to dining establishments.
“For the average person, opening a restaurant is almost a guaranteed failure,” said the 38-year-old who sells used kitchen equipment.
Behind every appliance is the tale of a failed Beijing restaurant, set up by those who often bet their life savings on a V-shaped economic recovery after the COVID-19 pandemic, only to see consumers skimp on eating out as China’s economy slowed.
That unleashed a price war in which food providers are offering coffees at 9.9 yuan ($1.40) and four-person set meals at 99 yuan ($14).
Expanding domestic demand is the top priority this year for China’s rulers, looking to offset the impact of U.S. tariffs and a protracted property crisis.
But consumer inflation fell in February at the quickest pace since January 2024, setting off concerns about a deflationary spiral.
Last year, An and his team dismantled 200 restaurants each month, or 270% more than the prior year, as the number of dissolved catering companies touched a historic high of almost 3 million nationwide, data from companies registry Qichacha shows.
“In first-tier cities like Beijing, Shanghai, Guangzhou and Shenzhen, the monthly restaurant closure rate exceeds 10%, sometimes even surpassing 15%,” said An.
At restaurants closing across the capital, his teams of workers stacked chairs, ovens, storage units and baking trolleys, using forklifts to load some on to vehicles to be taken away, while at one site a purchaser carried away tables.
The company’s revenue fell by just over a fifth in 2024, An said, as more smaller, low-overhead stores opened, such as drink shops and bakeries, which need a smaller outlay on equipment.
In a deserted mall near Beijing’s Olympic Park, the manager of a bakery franchise blamed high rents of 50,000 yuan ($6,900) per month and low foot traffic for its failure after 14 months.
“There are shops next door with similar products that don’t taste as good, but are 10 yuan cheaper. Normal people will basically buy the cheaper product,” said the manager, who spoke on condition of anonymity.
“People just have no money. Or if they do, they’re unwilling to spend like before, because it’s so hard to come by.”
VICIOUS CYCLE
A restaurant in China has an average lifespan of just about 500 days, analysts say, falling to as low as a year in Beijing, where municipal data show net restaurant profits plunged 88% in the first half of 2024.
“Mid-range enterprises are more likely to go bankrupt … because they are not cost-effective,” said food industry analyst Zhu Danpeng, referring to restaurants that charge 100 yuan to 120 yuan ($13 to $16) a person.
Cut-throat competition on price and ever-changing menus to attract jaded customers have left many establishments struggling for survival, An said, adding that many had been forced to trim costs to about 70 yuan to 80 yuan ($9 to $11) a customer.
At a key legislative session this month Chinese officials vowed greater efforts to crack down on “involution”, or excessive competition, but the restaurant industry is one of the areas in which the problem is most visible.
Many restaurants went out of business in 2024, slowing revenue growth in China’s food and beverage industry to a paltry 5.3% from the 2023 figure of 20.4%. The survivors had to cut profit margins dramatically to stay in business.
An traced the price war back to 2023, after China lifted pandemic curbs, which he said drove an influx of newcomers into the restaurant industry following mass layoffs in industries such as real estate, education, finance and tech.
The vicious cycle of competition will ultimately cost consumers, An added.
“Once (restaurants) can’t lose money anymore, they will find ways to make a profit, and they can only do that by reducing the quality of ingredients,” he said. – Reuters
LONDON – GB Energy will lead a 200 million pound ($260 million) solar panel project for hospitals and schools, Britain said on Friday, in the first investment for the state-owned company since it was set up last year with the aim of lowering energy bills.
A key part of the Labor government’s plan to improve public services in Britain and help revive the economy, GB Energy was established in October to drive investment in renewables.
The 200-million-pound deal could help dampen speculation around GB Energy’s funding ahead of a budget update speech from finance minister Rachel Reeves next Wednesday, when she is expected to announce cuts to public spending plans.
GB Energy will pay for solar panels on the roofs of schools and hospitals, in this first major project, with the first installations expected to be made this summer, the government said.
A jump in energy bills since the Ukraine war has heaped extra pressure on already strained health and education budgets, but the new solar panels and related renewable schemes will help cut those costs, the statement said.
“Great British Energy’s first major project will be to help our vital public institutions save hundreds of millions on bills to reinvest on the frontline,” energy minister Ed Miliband said.
“This is our clean energy superpower mission in action, with lower bills and energy security for our country.”
GB Energy will make this investment alongside the government as the parliamentary process to finalize its creation is not expected to complete until next month.
Of the total investment, about 80 million pounds has been earmarked for schools in England, while 100 million pounds will go on hospitals. GB Energy will also work with devolved governments on solar projects for their schools and hospitals. – Reuters
BRUSSELS – European Union leaders said on Thursday that they will continue to support Ukraine, but they did not immediately endorse a call by Ukrainian President Volodymyr Zelenskiy to provide at least 5 billion euros for artillery ammunition purchases.
“We need funds for artillery shells and would really appreciate Europe’s support with at least five billion euros ($5.42 billion) as soon as possible,” Mr. Zelenskiy told the EU leaders meeting in Brussels via video link.
The bloc’s foreign policy chief, Kaja Kallas, had also called on leaders to match words of support for Kyiv with deeds, as U.S. President Donald Trump pushes ahead with his efforts to end the war, including through a rapprochement with Russia.
“The stronger they are on the battlefield, the stronger they are behind the negotiation table,” Mr. Kallas said of the Ukrainians.
In a statement, all EU leaders except Hungary’s Viktor Orban pledged to “continue to provide Ukraine with regular and predictable financial support”. They also said EU members should “urgently step up efforts to address Ukraine’s pressing military and defense needs”.
There was no concrete answer on the 5 billion euros. But summit chair Antonio Costa said EU members had promised 15 billion euros in aid for Ukraine in recent weeks and he believed they would increase those pledges further.
Mr. Kallas had previously proposed a pledge up of to 40 billion euros in military aid to Ukraine in 2025, with each country contributing according to its economic size, but that hit resistance from some countries, particularly in southern Europe.
Bolstering the EU’s own defenses also featured on the summit agenda, reflecting deep fears that Moscow may attack an EU member in the coming years and doubts about the future of U.S. protection for Europe via the NATO defense alliance.
“We have to rearm ourselves because otherwise we will be the next victims of Russian aggression,” Lithuania’s President Gitanas Nauseda said.
But some southern European capitals have been more reticent, reflecting a division between those geographically closer to Russia that have given more aid to Ukraine and those farther away that have given less, as a share of their economies.
Spanish Prime Minister Pedro Sanchez said he did not like the term “rearm”, which the European Commission has used extensively in its push for more defense spending.
“It is important to take into account that the challenges that we face in the southern neighborhood are a bit different to the ones that eastern flank face,” he said.
Mr. Zelenskiy will be in Paris next Thursday to hold talks with a coalition of willing countries to discuss ways to help defend Ukraine, French President Emmanuel Macron said.
DEFENCE SPENDING
EU leaders also discussed the Commission’s defense proposals, which include a call for European countries to pool resources on joint military projects and buy more European arms.
“I think Europe has never moved faster than over the past few weeks,” Macron said.
“Europe was a community built to avoid war, then a single market. It had never built the tools to become a real power. It’s doing it now. We’re doing it in real-time and we’re doing it fast.”
Some, like Greek Prime Minister Kyriakos Mitsotakis, urged the EU to go further in financing defense spending and consider giving member states grants and not just loans.
Italian Prime Minister Giorgia Meloni expressed a preference for “truly common European instruments that do not directly burden the debt of states.”
Others, like Dutch Prime Minister Dick Schoof, said they were still very much opposed to joint euro bonds.
EU leaders spent the early evening debating economic challenges facing the bloc, notably its bid to stay competitive while decarbonizing its industries and catch up with rivals the United States and China in new fields such as AI.
They made clear the EU’s ability to invest in defense relied on its economic strength and called for progress this year in three fields – cutting red tape, securing affordable and clean energy and creating a more dynamic capital market to channel billions of euros of private money towards required investments. – Reuters
Elon Musk, the world’s richest man and a top adviser to U.S. President Donald Trump, was issued a summons in connection with the Securities and Exchange Commission’s lawsuit against him, a court filing on Thursday showed.
A process server gave the civil summons and other documents on March 14 to a security guard at the Brownsville, Texas, headquarters of SpaceX, the space technology company of which Mr. Musk is CEO, the filing said. An answer is due on April 4, according to the docket.
The SEC in January accused Musk of waiting too long to disclose in 2022 that he had amassed a large stake in Twitter, the social media company he later bought and renamed X.
The regulator said Mr. Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter’s common shares.
An SEC rule requires investors to disclose within 10 calendar days — or by March 24, 2022, in Mr. Musk’s case — when they cross a 5% ownership threshold.
Mr. Musk and his lawyer didn’t immediately respond to requests for comment. A spokesperson for the SEC declined to comment. – Reuters
WASHINGTON – U.S. President Donald Trump on Thursday invoked emergency powers to boost domestic production of critical minerals used widely across the economy as part of a broad effort to offset China’s near-total control of the sector.
The move is the latest by Mr. Trump to increase U.S. energy and minerals production and comes amid an escalating trade conflict with China, Canada and other large minerals producers that supply American manufacturers.
Lithium, nickel and other critical minerals are used in many electronics, and demand is expected to surge in coming years for production of electric-vehicle batteries. China is the world’s largest producer or processor of many critical minerals.
Mr. Trump signed an executive order that taps the Cold War-era Defense Production Act (DPA) as part of an effort to provide financing, loans and other investment support to domestically process a range of critical minerals.
The DPA gives the Pentagon wide berth to procure equipment necessary for national defense. Invoking it essentially declares that relying on rival nations for critical minerals constitutes a national security threat.
“The United States was once the world’s largest producer of lucrative minerals, but overbearing federal regulation has eroded our nation’s mineral production,” the president said in the order.
The order directs federal agencies to create a list of U.S. mines that can be quickly approved as well as which federal lands, including those controlled by the Pentagon, could be used for minerals processing.
The U.S. currently produces very little lithium and nickel; its only cobalt mine shuttered last year amid intense Chinese competition. The U.S. does have multiple copper mines, but only two smelters to process the red metal into pipes, wiring and other components. The U.S. has only one mine for rare earths, which are used to make magnets that turn power into motion.
Late last year, Beijing imposed an outright ban on exports of gallium, germanium and antimony to the United States, causing U.S. manufacturers to scramble for alternative supplies of those niche-but-vital materials.
The order also encourages faster permitting for mining and processing projects and a directive for the Interior Department to prioritize mineral production on federal land. The order directs agencies to help boost U.S. output of copper and gold, neither of which is considered a critical mineral by the U.S. Geological Survey.
An executive order from Mr. Trump had long been sought by U.S. miners, many of which had long complained that bureaucratic delays hampered output.
“Ramping up American mining is a national security imperative and President Trump’s strong action recognizes that,” said Rich Nolan, head of the National Mining Association trade group.
The Defense Production Act is a 1950 law that former President Harry Truman deployed to ramp up steel production for the Korean War.
Former President Joe Biden also invoked the law to encourage domestic production of critical minerals, adding battery materials such as lithium, nickel, graphite, cobalt and manganese to the list of items covered under the measure to help companies access $750 million in funds.
Former Newmont executive David Copley has been named to oversee the mining portfolio for the U.S. National Energy Dominance Council, two sources familiar with the appointment told Reuters. Copley will be the highest-ranking person in the federal government shaping mining policy, one of the sources said.
Mr. Trump also said on Thursday that the United States will sign a minerals and natural resources deal with Ukraine shortly. Last month he ordered a probe into potential new tariffs on copper imports. – Reuters
The Philippine Franchise Association (PFA) officially opens the Franchise Negosyo Para Sa Region II today, March 21, at SM City Tuguegarao. This exciting two-day event aims to connect aspiring entrepreneurs with top franchise brands through business matching sessions, providing networking opportunities and direct inquiries with franchisors.
The event features over 20 exhibitors representing more than 200 brands, offering visitors a chance to explore a diverse range of franchise opportunities. With the business matching sessions, visitors can meet one-on-one with franchise representatives, gain insights into investment options, and take the first step toward owning a successful franchise business.
Another key highlight is the free seminar, “How to Invest in the Right Franchise,” where seminar participants can learn practical tips on selecting and managing a franchise. This seminar aims to help attendees make wise franchise investments.
Finally, entrepreneurs can learn the beauty of expanding their brand exponentially through the “How to Franchise Your Business” Seminar on March 22, 2025, at the Callao Hall, G/F Go Hotels, Tuguegarao at 2:00 p.m. Participants can unlock how franchising can help them grow the number of their stores and locations effectively and efficiently.
The Franchise Negosyo Para Sa Region II is free to attend and is now open to the public. Doors open at 10:00 a.m. today, so don’t miss this opportunity to start your franchising journey and connect with the right business partners.
To register for the Expo and How to Invest in the Right Franchise Seminar, click this link: https://www.pfa.org.ph/regionalevents.
To register for the How to Franchise Your Business Seminar, click this link: https://www.pfa.org.ph/event-details/how-to-franchise-your-business-seminar-in-tuguegarao.
The Franchise Negosyo Para sa Region II is supported by DTI, OWWA, PCCI Region II, Local Chambers, SM Supermalls, PLDT Enterprise, Carrier — The Air Authority, Grainsmart Café, and Miguelitos Ice Cream.
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The SM Book Nook Reading Festival, held on Jan. 31, 2025, at the Book Nook in SM Aura, drew 500 book lovers of all ages for a dynamic celebration of Filipino literature and creativity. From engaging author meet-and-greets to lively performances and informative workshops, the festival offered a rich array of literary experiences.
Interactive storytelling and inspiration
One of the festival’s highlights was the launch of SM Book Nook’s innovative “Pass the Plot” board. This interactive activity encouraged participants to co-create a story, sentence by sentence, showcasing their collective creativity.
A major highlight of the event was the presence of renowned literary personalities such as National Artist for Literature Virgilio Almario (Rio Alma), Dean Tony Laviña, Hans Pieter Arao, and Jayson Fajardo. Attendees had the unique opportunity to connect with these esteemed authors, get their books signed, and engage in insightful conversations. The festival also showcased emerging talent, with popular independent authors like Therese Villarante-Langit connecting with readers and sharing their work.
A celebration of community and shared passion
A heartwarming moment unfolded when publishers and authors united for a meaningful cause — donating books to the SM Book Nook. This symbolic gesture underscored the collective mission of promoting a culture of reading and knowledge-sharing.
Engaging activities for all ages
The festival buzzed with activity throughout the day. Attendees participated in fun quiz games, delved into historical fiction readings, and engaged in thought-provoking book club discussions. Spoken word poetry performances by teens and young adults added a contemporary flair, while a session on zines with BBZ offered a glimpse into the world of independent publishing. Publishers like Bookshelf PH, Grana Books, and Aklat Alamid showcased their latest titles, and a special session on copyright law provided valuable information for aspiring authors.
The SM Book Nook Reading Festival proved to be more than just a book event. It was a lively community gathering, a celebration of Filipino storytelling, and a source of inspiration for both established and aspiring writers.
For more information about SM’s community programs and how you can get involved, visit https://www.smsupermalls.com/smcares/.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
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