investments

SEOUL, Nov. 7 (UPI) — After the inauguration of the Donald Trump in January, the South Korean government and its corporations were pressed to invest hundreds of billions of dollars in the United States to avoid high tariffs.

Observers expressed concern Friday that such large-scale overseas investments could end up harming Asia’s fourth-largest economy, which heavily depends on the manufacturing industry.

Late last month, Seoul agreed to invest $200 billion in cash and $150 billion in shipbuilding and other industrial projects in the United States over the coming years, with an annual ceiling of $20 billion.

In return, Washington would reduce tariffs on Korean exports to 15% from 25%, honoring the terms agreed upon in late July. Trump also vowed to provide propulsion technology to help the key U.S. ally in East Asia build a nuclear-powered submarine.

The deal coincided with Trump’s visit to Korea to meet his counterpart, President Lee Jae Myung, on the sidelines of the Asia-Pacific Economic Cooperation Summit.

“Beginning next year, our annual investments in the United States are expected to double compared to 2025. When corporate funds move abroad, companies will have less capacity to invest at home,” Sogang University economics Professor Hur Jung told UPI.

“The problem is that it appears to become a long-term trend, which is feared to lead to the hollowing out of Korea’s manufacturing sector. The government is required to put forth great efforts to address this,” he said.

Hur recommended the country to prioritize traditional industries, such as semiconductors and automobiles, rather than concentrate on artificial intelligence-based innovations, which have been the main focus of the incumbent Seoul administration.

Other analysts note that the worries go beyond the $350 billion investment plan, as many Korean corporations have announced major spending initiatives in the United States to avoid high tariffs.

For example, Korea’s state-backed companies and private enterprises promised up to $150 billion in investments in the United States in August, when Lee had his first summit with Trump.

Back then, Hyundai Motor Group unveiled a plan to funnel $26 billion in the United States until 2028, while Hanwha Group committed $5 billion to expand its shipyard in Philadelphia, which the Korean conglomerate acquired late last year.

Korean Air also plans to purchase 103 aircraft from Boeing by the end of the 2030s, which is expected to total $36.2 billion in value.

“Korea Inc. invested $106 billion in domestic facilities last year. And its companies are now ready to spend $150 billion in the United States alone after a single meeting between the two countries’ political leaders in August. Does it make sense?” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, asked rhetorically in a phone interview.

“Our foreign exchange reserves stand at just over $400 billion, and we are preparing to pour more than that amount into a single foreign market. Such an approach could weaken our ability to invest domestically, weighing heavily on the manufacturing-based economy,” he said.

According to the Organization for Economic Cooperation and Development, manufacturing accounts for 27% of South Korea’s gross domestic product, which is almost double the average among other member countries.

Against this backdrop, the Ministry of Trade, Industry and Resources is set to establish a forum involving related researchers and businesses to deal with the expected crisis. The Bank of Korea also warned of the gravity of the situation in an August report.

“As in past crises, our corporations, the government and households need to share a sense of urgency and work together to overhaul the country’s aging economic structure,” the central bank said at the time.

However, critics take issue with the complacency of top policymakers like Kim Yong-beom, chief presidential secretary for policy in the current administration, who downplayed fears about the hollowing out of the domestic manufacturing sector.

“Such assessments may be premature because many partner firms and key operations, including research and development centers, still remain based in Korea,” Kim told a conference in early September.

SANTIAGO, Chile, Nov. 4 (UPI) — Latin America is projected to receive $239 billion in mining investments through 2033, a study by consulting firm PwC indicates. Chile, Brazil, Argentina and Peru are expected to be the main beneficiaries, although most of the projects are not new initiatives.

“It’s a large and strategic figure in absolute terms and competitive compared with other resource-rich regions. Latin America maintains a leading position in transition minerals such as copper and lithium, as well as base minerals like iron,” Carlos Rivas, senior manager for PwC Chile’s mining sector consulting division, told UPI.

The analysis included projects from major mining companies such as BHP, China Shenhua Energy, Rio Tinto Group, Freeport-McMoRan, Zijin Mining Group and Glencore.

Rivas said much of the projected investment is needed for companies to maintain production levels amid declining ore grades and increasing environmental, social and governance requirements.

“New capital investment is required to address issues such as environmental permits, water, energy and logistics needs, and to diversify supply in the face of global concentration risks,” Rivas said.

Chile, which accounts for 22% of global copper production and 17% of lithium output, will receive the largest share of investments — about $83.2 billion — of which only 20% is earmarked for new projects.

“The predominance of brownfield projects [those developed on existing sites or infrastructure] at 80% reflects the maturity of Chile’s mining assets and a rational strategy,” Germán Millán, a partner in PwC Chile’s mining sector consulting division, told UPI.

“These projects generally carry lower financial risk and involve faster permitting processes. Exploration continues, but it competes for capital with emerging hubs such as Argentina and faces longer development cycles,” he said.

Millán said expansion projects include a significant component of technology investment that is highly relevant to the industry.

Brazil is projected to attract about $68.5 billion in mining investments, while Peru is expected to receive roughly $54.6 billion over the next eight years, with 60% of those projects focused on new developments.

Millán cited Argentina, where investments of about $33 billion are projected, with 70% of the total earmarked for new projects.

Among greenfield projects — those launched from scratch — new initiatives stand out in mining districts such as Vicuña, with ventures like Filo del Sol for copper, gold and silver exploration and Josemaría, which is related to copper.

Under development scenarios, Argentina could reach 1.2 million metric tons of copper production within a decade.

“For that to materialize, infrastructure must be secured in areas such as water, energy, roads and ports, along with predictable permitting processes, strong community engagement and access to capital,” Rivas said.

He added that with Chile’s support and expertise, “Argentina’s learning curve could be accelerated. There is strong growth potential if institutional frameworks, infrastructure and financing align, with partnerships that share risk and accelerate the development of studies and the execution of projects.”

PwC’s Mine 2025 study noted that the global mining supply is becoming increasingly concentrated, and that “in several cases, there is a growing mismatch between where mineral reserves are located and where they are produced. This situation creates both opportunities and supply risks.”

For copper, Chile and Peru remain among the world’s leading centers of production and reserves, reinforcing their role in new value chains despite rising output in other jurisdictions, such as the Democratic Republic of Congo.

For lithium, Australia, Chile and China lead production, while the largest reserves are situated in the Lithium Triangle — Chile, Argentina and Bolivia — “opening room for further development and potential cross-border synergies in South America. This concentration calls for responsible diversification and solid investment frameworks,” the report said.

TOKYO — President Trump treated his time in Japan on Tuesday as a victory lap — befriending the new Japanese prime minister, taking her with him as he spoke to U.S. troops aboard an aircraft carrier and then unveiling several major energy and technology projects in America to be funded by Japan.

Sanae Takaichi, who became the country’s first female prime minister only days ago, solidified her relationship with Trump while defending her country’s economic interests. She talked baseball, stationed a Ford F-150 truck outside their meeting and greeted Trump with, by his estimation, a firm handshake.

By the end of the day, Trump — by his administration’s count — came close to nailing down the goal of $550 billion in Japanese investment as part of a trade framework. At a dinner for business leaders in Tokyo, Commerce Secretary Howard Lutnick announced up to $490 billion in commitments, including $100 billion each for nuclear projects involving Westinghouse and GE Vernova.

“You’re great business people,” Trump told the gathered executives before the dinner. “Our country will not let you down.”

It was not immediately clear how the investments would operate and how they compared with previous plans, but Trump declared a win as he capped off a day of bonding with Takaichi.

Trump and Japanese PM swap warm words

The compliments started as soon as the two leaders met on Tuesday morning. “That’s a very strong handshake,” Trump said to Takaichi.

She talked about watching the third game of the U.S. World Series before the event, and said Japan would give Washington 250 cherry trees and fireworks for July 4 celebrations to honor America’s 250th anniversary next year.

Takaichi emphasized her ties to the late Japanese Prime Minister Shinzo Abe, her archconservative mentor who had forged a friendship with Trump during his first term through their shared interest of golf.

“As a matter of fact, Prime Minister Abe often told me about your dynamic diplomacy,” she said, later gifting Trump a putter used by Abe.

Trump told her it was a “big deal” that she is Japan’s first woman prime minister, and said the U.S. is committed to Japan. While the president is known for not shying away from publicly scolding his foreign counterparts, he had nothing but praise for Takaichi.

“Anything I can do to help Japan, we will be there,” Trump said. “We are an ally at the strongest level.”

Takaichi laid out a charm offensive, serving American beef and rice mixed with Japanese ingredients during a working lunch, where the two leaders also discussed efforts to end Russia’s war in Ukraine. White House press secretary Karoline Leavitt told reporters that Takaichi would be nominating Trump for the Nobel Peace Prize.

The two leaders signed black “Japan is Back” baseball caps that resembled Trump’s own red “Make America Great Again” caps.

Reporters arriving for the meeting were hustled past a gold-hued Ford F-150 outside the Akasaka Palace, which is Tokyo’s guest house for visiting foreign leaders.

Trump has often complained that Japan doesn’t buy American vehicles, which are often too wide to be practical on narrow Japanese streets. But the Japanese government is considering buying a fleet of Ford trucks for road and infrastructure inspection.

They vow a ‘golden age’ for alliance and cooperation on critical minerals

Both leaders signed the implementation of an agreement for the “golden age” of their nations’ alliance, a short affirmation of a framework under which the U.S. will tax goods imported from Japan at 15% while Japan creates a $550 billion fund of investments in the U.S.

Later, at a dinner at the U.S. embassy in Tokyo packed with CEOs including Apple’s Tim Cook, Trump reveled in the deals. Trump and Takaichi also signed an agreement to cooperate on critical minerals and rare earths.

Trump has focused his foreign policy toward Asia around tariffs and trade, but on Tuesday he also spoke aboard the USS George Washington, an aircraft carrier docked at an American naval base near Tokyo. The president brought Takaichi with him and she also spoke as Japan plans to increase its military spending.

The president talked about individual units on the aircraft carrier, his political opponents, national security and the U.S. economy, saying that Takaichi had told him that Toyota would be investing $10 billion in auto plants in America.

Trump arrived in Tokyo on Monday, meeting the emperor in a ceremonial visit after a brief trip to Kuala Lumpur, Malaysia, for the annual summit of the Association of Southeast Asian Nations.

Trump is scheduled to leave Japan on Wednesday for South Korea, which is hosting the Asia-Pacific Economic Cooperation summit. Trump plans to meet with South Korean President Lee Jae Myung.

On Thursday, Trump is expected to cap off his Asia trip with a highly anticipated meeting with Chinese leader Xi Jinping. There were signs that tensions between the U.S. and China were cooling off before the planned meeting in South Korea. Top negotiators from each country said a trade deal was coming together, which could prevent a potentially damaging confrontation between the world’s two largest economies.

Boak and Megerian write for the Associated Press. Megerian reported from Seoul, South Korea. Mayuko Ono and Mari Yamaguchi in Tokyo contributed to this report.

Louisbourg Investments increased its stake in ATS Corporation (ATS 2.97%), buying 113,773 shares in the third quarter for an estimated $3.3 million.

What Happened

According to a filing with the Securities and Exchange Commission released on Thursday, Louisbourg Investments added 113,773 shares of ATS Corporation (ATS 2.97%)in the third quarter. The estimated transaction value was $3.3 million based on the average price during the period. The fund held 215,295 shares, with a position value of $5.6 million, at the end of the quarter.

What Else to Know

The ATS Corporation stake is now 1.2% of Louisbourg Investments’ 13F reportable AUM.

Top holdings after the filing:

• NYSE:CNI: $28.5 million (6.2% of AUM)
• NASDAQ:SHOP: $15.1 million (3.3% of AUM)
• NASDAQ:MSFT: $13.3 million (2.9% of AUM)
• NYSE:WPM: $12.7 million (2.8% of AUM)
• NYSEMKT:IVV: $12.3 million (2.7% of AUM)

As of Monday afternoon, ATS Corporation shares were priced at $26.09, down 13% over the past year and well underperforming the S&P 500’s 13% gain in the same period.

Company Overview

Company Snapshot

• ATS provides automation solutions, including planning, design, build, commissioning, and servicing of automated manufacturing and assembly systems, as well as software and digital factory management tools.
• It generates revenue through turnkey automation projects, pre- and post-automation services, contract manufacturing, and value-added engineering and integration services across multiple industries.
• The company serves clients in life sciences, transportation, consumer products, food and beverage, electronics, nuclear, packaging, warehousing, distribution, and energy sectors worldwide.

ATS Corporation provides automation solutions to a broad range of industries worldwide. The company leverages advanced engineering and digital solutions to deliver end-to-end automation systems for complex manufacturing environments. Its focus on innovation, service, and integration enables customers to drive operational efficiency and sustainable production improvements.

Foolish Take

Louisbourg Investments’ $3.3 million purchase of 113,773 shares of ATS Corporation signals growing confidence in the Canadian automation company despite a rocky year for the stock. The new stake lifted ATS to about 1.2% of Louisbourg’s portfolio—a smaller weight than core holdings like Canadian National Railway and Shopify but one that adds industrial diversification to an otherwise tech-heavy mix.

ATS shares have fallen roughly 13% over the past year as margin pressures and leadership changes weighed on sentiment. In its latest quarter, the company reported 6% revenue growth to $736.7 million, driven by acquisitions and a strong backlog in life sciences and food automation. However, net income slipped to $24 million from $35 million a year ago, and adjusted EBITDA margin narrowed to 13.8% from 15.3%. Still, a $2.1 billion order backlog suggests solid demand and visibility ahead.

For Louisbourg, the position may represent a long-term bet on automation as manufacturers invest in efficiency and reshoring capacity. Compared to its larger tech holdings like Microsoft and Shopify, ATS adds a cyclical but strategic growth complement with exposure to high-value industrial innovation.

Glossary

13F reportable AUM: The portion of a fund’s assets under management disclosed in quarterly SEC Form 13F filings.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Turnkey automation projects: Complete automation solutions delivered ready for immediate use by the client.
Contract manufacturing: Outsourcing production to a third-party company that manufactures products on behalf of another firm.
Value-added engineering: Engineering services that enhance a product’s functionality, efficiency, or performance beyond basic requirements.
Integration services: Services that combine different systems or components into a unified, functioning whole.
Commissioning: The process of testing and verifying that a new system or equipment operates as intended before full operation.
Digital factory management tools: Software solutions designed to monitor, control, and optimize manufacturing operations digitally.
TTM: The 12-month period ending with the most recent quarterly report.

Graphene Investments SAS fully exited its stake in United Rentals (URI 0.09%) in Q3 2025, selling approximately 4,100 shares for an estimated $3.09 million for the period ended 2025-09-30, according to its October 7, 2025, SEC filing.

What happened

According to a filing with the United States Securities and Exchange Commission (SEC) dated October 7, 2025, Graphene Investments SAS sold out its entire holding in United Rentals during the third quarter. The firm’s liquidation involved approximately 4,100 shares as of 2025-09-30, with the estimated transaction value totaling $3.09 million based on average prices for the period.

What else to know

Graphene Investments SAS fully liquidated its United Rentals position, which previously made up 2.0% of reported assets; it now represents 0% of 13F AUM.

Top holdings after the filing:

• GOOGL: $9.36 million (5.9% of AUM) as of 2025-09-30
• AAPL: $7.49 million (4.7% of AUM) as of 2025-09-30
• MSFT: $6.53 million (4.1% of AUM) as of 2025-09-30
• NVDA: $6.49 million (4.1% of AUM) as of 2025-09-30
• AVGO: $5.67 million (3.6% of AUM) as of 2025-09-30

As of October 6, 2025, shares of United Rentals were priced at $987.34, up 23.07% over the past year, outperforming the S&P 500 by 7.95 percentage points over the past year.

Company Overview

Company Snapshot

United Rentals:

• Offers equipment rentals, including general construction, industrial equipment, specialty trench safety, power, HVAC, fluid solutions, and mobile storage products.
• Generates revenue primarily through rental fees, equipment sales, and value-added services such as maintenance and parts distribution.
• Serves construction and industrial companies, infrastructure contractors, municipalities, utilities, and government entities across North America, Europe, Australia, and New Zealand.
• Operates a network of 1,360 locations, employing approximately 27,900 people.

The company’s scale and diversified fleet enable it to serve a broad customer base across multiple end markets, supporting both large-scale infrastructure projects and day-to-day industrial needs.

Foolish take

While it may seem jarring that Graphene Investments liquidated its position in United Rentals — a stock it had held for years — it is worth noting that the stock was up 75% in the last six months alone.

Following the run, United Rentals’ price-to-earnings (P/E) ratio of 26 was near 10-year highs, and well above its average of 15 over the same time.

For some institutions, it may make sense to part ways with a stock once it reaches these higher valuations.

However, from a longer-term Foolish perspective, I think there is still a lot to like about United Rentals — but you might not want to go “all-in” at today’s price.

A serial acquirer with a long track record of success, the stock has delivered total returns of nearly 6,900% since its debut in 1997. This far outpaces the S&P 500’s returns of 1,040% over the same time.

In addition to its spending on M&A, United Rentals started paying a dividend in 2023 and has already raised its payments twice. It currently yields 0.7%, but only uses 18% of the company’s net income, giving it plenty of room for future increases.

The company has also rewarded shareholders with hefty share repurchases that have lowered United Rentals’ share count by 4% annually over the last decade.

Growing revenue and net income by 19% and 24% annually over the last decade, United Rentals should be on investors’ radars, even with its lofty valuation.

Glossary

13F AUM: The total market value of assets reported by institutional investment managers in their quarterly SEC Form 13F filings.
Liquidation: The process of selling all holdings in a particular asset or position, reducing the stake to zero.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or number of shares an investor holds in a company.
Filing: An official document submitted to a regulatory agency, such as the SEC, disclosing financial or investment information.
Outperforming: Achieving a higher return or better performance compared to a benchmark or index.
End markets: The industries or customer segments that ultimately use a company’s products or services.
Trench safety: Specialized equipment and services designed to protect workers in excavations and trenches.
HVAC: Heating, ventilation, and air conditioning systems used for climate control in buildings and industrial settings.
Value-added services: Additional offerings beyond core products, such as maintenance or parts distribution, that enhance customer value.
TTM: The 12-month period ending with the most recent quarterly report.

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SEOUL, Sept. 2 (UPI) — South Korea’s state-backed companies and private enterprises promised significant investments in the United States to coincide with President Lee Jae Myung’s summit with his American counterpart Donald Trump at the White House on Aug. 25.

From Washington’s perspective, more investments from South Korea contribute to the U.S. economy, and Seoul’s ruling Democratic Party described President Lee’s U.S. trip that led to those investments as a success.

But suspicions arise about whether such measures would also help South Korea. The main opposition People Power Party, for example, accused the Lee administration of overpromising.

“The Lee Jae Myung administration pledged another $150 billion in direct U.S. investment in addition to the existing $350 billion commitment, thus offering a massive ‘gift package’ totaling $500 billion,” the party’s chief spokesman, Park Sung-hoon, said in a statement.

“However, on critical issues directly tied to our national interest, not a single concrete achievement or clear outcome was secured,” he added.

Park pointed to Washington’s continued 25% tariff on made-in-Korea automobiles, despite a July understanding to reduce it to 15% in return for Korea’s $350 billion investment pledge.

Other Observers echoed concerns, as well.

“Just let me know what President Lee gained in return for promising much. At the very least, he should have secured a definite timeline for the 15% tariff reduction,” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, told UPI.

“Our foreign exchange reserves are just above $400 billion. I don’t think it’s plausible to invest more than our total reserves in a single foreign country. And if we do so, we risk losing the ability to invest within our own borders, which would be disastrous for our economy,” he said.

Lee Phil-sang, an adviser at Aju Research Institute of Corporate Management and former Seoul National University economics professor, concurred.

“My real concern is that President Lee may have made undisclosed concessions. I hope that hasn’t happened,” he said in a phone interview.

“The worst part of the summit is that we made lots of promises, while the U.S. offered little in return. I fear Washington will demand more in upcoming working-level talks following the Lee-Trump meeting,” he added.

By contrast, Leaders Index CEO Park Ju-gun downplayed the criticism. His company is a Seoul-based business tracker.

“Many Korean companies did not sign binding contracts. Most agreements were [memoranda of understanding], which might never materialize. And I don’t think that the overall investment in the U.S. would reach $500 billion. Many concerns are overblown,” Park said.

New investment promises from South Korean firms

Hyundai Motor Group announced that it would invest $26 billion in the U.S. between 2025 and 2028, expanding its push into automotive, steel and robotics. It marks a $5 billion increase from its original $21 billion commitment unveiled earlier this year.

With the funds, Hyundai Motor plans to boost vehicle production, build a new steel mill in Louisiana and construct a robotics facility with an annual capacity of 30,000 units.

Korean Air said the flagship carrier would channel $36.2 billion to buy 103 aircraft from Boeing, including 95 passenger planes and eight freighters, by the end of the 2030s.

Once finalized, the deal would raise the Seoul-based company’s total Boeing orders to 175 aircraft, up from the 72 already on its books.

Hanwha Group vowed to funnel $5 billion into Hanwha Philly Shipyard in Philadelphia to install additional docks and quays to crank up the capacity of the shipyard, which Hanwha acquired late last year from Norway’s Aker ASA.

Nuclear cooperation was another area where the South Korean side, led by state-run Korea Hydro & Nuclear Power Corporation, or KHNP, inked several agreements to support various U.S. projects.

Together with POSCO International, KHNP agreed to cooperate with Fermi America to take part in the construction of an 11-gigawatt power complex. It will explore potential investment by joining with Centrus Energy.

KHNP also teamed up with Korea’s Doosan Enerbility to collaborate with X-energy of Maryland and Amazon Web Services of Seattle with the aim of accelerating the deployment of small modular reactors and fuel in the United States.

Not all accords centered on U.S. investment. Korea Zinc, the world’s largest zinc smelter, signed a memorandum of understanding with Lockheed Martin to procure and supply of germanium, whish is used primarily in fiber optics, infrared optics and electronics.

They are plan work together in the critical minerals supply chain.

United States President Donald Trump has fired off a social media message calling on the head of the US technology firm Intel to resign from his post as chief executive officer.

Trump’s decision to denounce Intel CEO Lip-Bu Tan on Thursday morning sent the company’s stocks tumbling, amid the uncertainty about the future of its leadership.

“The CEO of INTEL is highly CONFLICTED and must resign, immediately,” Trump wrote. “There is no other solution to this problem. Thank you for your attention to this problem!”

Trump’s post appeared to be a response to reports that Tan has invested nearly $200m in Chinese technology manufacturing and chip firms, including some with links to the country’s military.

But the president’s social media message also raises concerns about his apparent willingness to get involved in the affairs of private companies, even calling for dramatic changes in leadership and direction.

Scrutiny on Tan’s ties to China

Tan, a longtime technology investor, is relatively new to his post. He was appointed as Intel’s CEO on March 12, and he also serves on the company’s board of directors.

Previously, Tan served in leadership positions at the software company Cadence Design Systems, and he was a founding partner for the venture capital firm Walden Catalyst Ventures.

His personal investments — and the investments of the venture funds he manages — caught the public’s attention shortly after his appointment at Intel, though.

In April, the news agency Reuters reported that, between March 2012 and December 2024, Tan invested in Chinese firms that create technology for the People’s Liberation Army, China’s armed forces.

For some US politicians, that raised a conflict of interest.

On Wednesday, for instance, Republican Senator Tom Cotton of Arkansas posted a letter on social media written to the chairman of Intel’s board of directors, Frank Yeary.

In it, he demanded more information about Tan’s hiring and his investments in China.

Cotton pointed out that, on July 28, Cadence Design Systems agreed to plead guilty to federal charges concerning the sale of technology and intellectual property to China’s National University of Defense Technology.

That plea deal resulted in criminal and civil penalties of more than $140m.

“I write to express concern about the security and integrity of Intel’s operations and its potential impact on US national security,” Cotton wrote in his letter to Yeary.

“Mr Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”

In an accompanying message to his social media followers, Cotton added that Intel “owes Congress an explanation”. Intel and Tan have yet to respond to the concerns.

Trump pushes ‘America First’ plan

For years, the US and China have been locked in tense competition for economic and political dominance, and the US has repeatedly accused China of attempting to poach American innovation and spy on its technology firms.

China, meanwhile, has denied such allegations, describing them as part of a US smear campaign.

Founded in 1968, Intel has long been a flagship US technology firm, known for producing computer parts like microprocessors. But in recent decades, the company has struggled to keep pace with its competitors, particularly as artificial intelligence (AI) has transformed Silicon Valley, Intel’s longtime home.

Trump, however, has sought to bolster domestic manufacturing with his “America First” economic agenda, which leverages tariffs to discourage the import of products from abroad.

On Tuesday, the Republican leader even said he planned to impose 100-percent tariffs on foreign chips and semiconductors sold in the US.

But Trump has faced criticism for testing the boundaries of his executive power — and, in some cases, seeking to impose his will on the running of private companies.

Since taking office for a second term, for instance, Trump has withheld federal funds from private universities in order to extract guarantees that those institutions would eliminate their diversity initiatives and implement disciplinary reforms, among other demands.

In an interview with Reuters, analysts appeared split over whether Trump was overplaying his hand.

“Many investors likely believe that President Trump has his hand in too many cookie jars, it’s just another signal that he’s very serious about trying to bring business back to the US,” said David Wagner, the head of equity and a portfolio manager at Aptus Capital Advisors, which has invested in Intel.

Meanwhile, Phil Blancato, the CEO of Ladenburg Thalmann Asset Management, told Reuters that Trump ousting Tan could have a chilling effect on US business.

“It would be setting a very unfortunate precedent,” Blancato said. “You don’t want American presidents dictating who runs companies, but certainly his opinion has merit and weight.”

It is unclear how Trump’s pressure campaign against Tan may affect Intel’s future.

Last year, Intel received $8bn in subsidies under the 2022 CHIPS and Science Act, to build further chip manufacturing plants in the US.

The Norwegian government on Tuesday said it would review its sovereign wealth fund’s investment in Israel after the Scandinavian country’s leading newspaper revealed that the nearly $2 trillion fund had a stake in an Israeli company aiding Israel’s war in Gaza.

The newspaper, Aftenposten, identified the company as the Bet Shemesh Engines Ltd (BSEL) group, which provides parts to Israeli fighter jets that are being deployed in its devastating war on Gaza.

In recent weeks, Israeli-induced starvation deaths have caused a global outcry, with Western countries ramping up pressure on Israel to end the war that has killed more than 60,000 Palestinians and ravaged Gaza – home to 2.3 million people.

More than 200 people have died of starvation as Israel has obstructed the entry of humanitarian aid despite its so-called “tactical pause” in its nearly two years of war.

So, what did Norway say, and are Israeli atrocities in Gaza and the rest of occupied Palestinian territory turning the tide of public opinion against it?

What did Norwegian leaders say?

Norwegian Prime Minister Jonas Gahr Stoere said that the investment in the Israeli firm was “worrying”. “We must get clarification on this because reading about it makes me uneasy,” Stoere told public broadcaster NRK.

Finance Minister Jens Stoltenberg, who manages the world’s largest fund, ordered the central bank to conduct a review of the fund portfolio to make sure Israeli companies aiding the occupation of the West Bank or the war in Gaza are barred from investments.

“The war in Gaza is contrary to international law and is causing terrible suffering, so it is understandable that questions are being raised about the fund’s investments in Bet Shemesh Engines,” Stoltenberg, a former NATO chief, said, referring to the growing public and political pressure.

The decision came weeks after Norway’s parliament rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territory.

“In light of … the deteriorating situation in Gaza and the West Bank, I will today ask Norges Bank and the Council on Ethics to conduct a renewed review of the fund’s investments in Israeli companies and Norges Bank’s work on responsible management,” Stoltenberg said. Norges Bank is Norway’s central bank.

The independent ethics council, which provides recommendations on which companies should be banned from the oil fund’s portfolio, has since 2009 suggested excluding nine Israeli groups.

How much investment is at stake?

Norges Bank, which manages the $1.9 trillion wealth fund, took a 1.3 percent stake in BSEL in 2023 and raised this to 2 percent by the end of 2024, holding shares worth $15m, the latest available NBIM records show.

The fund held shares in 65 Israeli companies at the end of 2024, valued at $1.95bn, its records show.

The value of its stake was more than four times higher than it was at the end of 2023, shortly after the Hamas-led October 7, 2023, attack that triggered the war. At least 1,139 people were killed in that attack.

The sovereign fund, which owns stakes in 8,700 companies worldwide, has sold its stakes in an Israeli energy company and a telecom group in the last year, and its ethics council has said it is reviewing whether to recommend divesting holdings in five banks.

In May, the sovereign fund decided to divest from Israel’s Paz Retail and Energy for its involvement in supplying infrastructure and fuel to illegal Israeli settlements.

In December 2024, the fund sold all its shares in the Israeli company, Bezeq, for its services provided to the illegal settlements, which are considered the biggest impediments in the realisation of a sovereign Palestinian state as part of the so-called two-state solution.

Moreover, Norway’s largest pension fund has decided to sever its ties with companies doing business with Israel.

KLP, which manages a fund worth about $114bn, said in June that it will no longer do business with two companies – the US Oshkosh Corporation and ThyssenKrupp from Germany, which sell equipment to the Israeli military that is possibly being used in the war in Gaza.

According to the pension fund, it had investments worth $1.8m in Oshkosh and almost $1m in ThyssenKrupp until June 2025.

Last year, KLP also divested from US-based Caterpillar, which makes bulldozers.

Which other funds and companies have severed ties with Israel?

French insurance giant AXA last August reportedly divested from its remaining investments in Israeli banks for funding illegal settlements, according to a report by advocacy group Eko.

Norwegian asset manager Storebrand has also sold shares in some Israeli firms.

The move came after sustained campaigning by human rights groups, who highlighted Israeli rights violations against Palestinians in Gaza and the West Bank.

Another major pension fund from Denmark, its largest, divested from several Israeli banks and companies last February over fears that the investment could be used to fund the illegal Israeli settlements.

The fund has sold its stocks and shares to the tune of 75 million krone ($7.4m) in value.

Last month, Ireland’s sovereign wealth fund divested shareholdings worth more than 1 million euros ($1.2m) from two accommodation companies linked to Israeli settlements. The two companies have been identified as Expedia Group and TripAdvisor, according to media reports.

The Irish government, which has been vocal against Israel’s war on Gaza, divested 2.95 million euros ($3.43m) worth of shares from six other Israeli companies.

Amid pressure from campaigners and activists from Boycott, Divestment and Sanctions (BDS), several corporations have been forced to sever ties with Israel. Shipping giant Maersk was forced to cut ties with companies linked to illegal Israeli settlements in the occupied West Bank in June.

The BDS, a grassroots organisation inspired by the anti-apartheid South Africa movement, calls for economic pressure on the Israeli government to end its occupation of Palestinian lands.

Several of Europe’s biggest financial firms have cut back their links to Israeli companies or those with ties to the country, a Reuters analysis of filings shows, as pressure mounts from activists and governments to end the war in Gaza.

Which countries have taken action against Israel’s genocidal war on Gaza?

Colombian President Gustavo Petro, in July, banned exports of coal to Israel until the genocide stops. “We cannot allow Colombian coal to be turned into bombs that help Israel kill children,” the left-wing president said.

He has also pledged to cease all arms trade with Israel. Under Petro, Colombia has helped set up the Hague Group of 12 countries aimed at pressuring Israel to end its war on Gaza and the occupation of the Palestinian territory.

Spain’s left-wing coalition government in June cancelled a contract for antitank missiles from Israeli company Rafael over the war atrocities in Gaza. The decision will affect a deal worth an estimated 285 million euros ($325m).

Few months earlier, Spain halted a controversial $7.5m deal to buy ammunition from an Israeli company, following criticism from far-left allies within the coalition government.

Madrid has also called for sanctions and an arms embargo on Israel over its Gaza war.

Several Western countries have sanctioned Israeli settlers in the West Bank amid record violence against Palestinians.

In July 2024, Australia sanctioned Israeli settlers, joining France, the UK.

The sanction came after the International Court of Justice (ICJ) issued a nonbinding opinion that all Israeli settlement activity on Palestinian land is illegal and must stop as soon as possible.

In June, Australia, Canada, New Zealand, Norway and the United Kingdom formally sanctioned far-right Israeli ministers, Itamar Ben-Gvir and Bezalel Smotrich, for “incitement of violence” against Palestinians in the occupied West Bank and Gaza.

In the same month, Spain, Ireland and Slovenia called for the suspension of the EU-Israel Association Agreement. Sweden has also asked the European Council to adopt sanctions “against Israeli ministers who promote illegal settlement activities and actively work against a negotiated two-state solution”.

The EU provides millions of dollars in funds to Israel as part of its Horizon Europe research projects, while Western leaders have defended Israel for its war atrocities in Gaza and also shielded it from the United Nations resolutions critical of its abuses.

Western countries have also been criticised for failing to arrest Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant, who face warrants from the International Criminal Court for war crimes in Gaza.

Last month, the United Nations special rapporteur on the situation of human rights in the occupied Palestinian territory, Francesca Albanese, released a new report mapping the corporations aiding Israel in the displacement of Palestinians and its genocidal war on Gaza, in breach of international law.

Venture capital investments in the Greater Los Angeles region more than doubled to $5.8 billion in the second quarter, compared to a year ago, as investors poured money into the area’s defense tech and aerospace companies amid escalating geopolitical tensions.

Costa Mesa-based defense tech company Anduril received the most venture capital in the region last quarter, raising a $2.5-billion funding round, according to research firm CB Insights.

The company, co-founded by entrepreneur Palmer Luckey, said it would use the money to invest in scaling up its production, hiring, taking big swings on products and capabilities and other efforts such as its mergers and acquisitions strategy.

Anduril, which manufactures autonomous weapons systems, was recently awarded a $99.6-million contract to build a next generation command and control prototype for the U.S. Army that it says will help modernize communications on the battlefield. Anduril employs more than 6,000 people and has a valuation of $30.5 billion.

Venture capital firm Founders Fund led the recent round with a $1-billion investment, marking the firm’s largest check to date, said Founders Fund partner and Anduril executive chairman Trae Stephens in a Bloomberg TV interview in June.

The company’s recent fundraising round is an example of strong investor interest in defense tech and aerospace, which venture firms believe is ripe for disruption, with startups taking market share from incumbents such as Lockheed Martin and Northrop Grumman.

Globally, venture capital investments in defense tech is on the rise. Already, the funding in this category has outpaced last year, according to CB Insights. For the first half of 2025, investors allocated $11.1 billion in venture capital to defense tech companies, compared to $8.2 billion in the full year of 2024, CB Insights said.

Investors are eager to jump on an area of growth that has a lot of support from the government, as the U.S. enters a period in which defense and the geopolitical arena is at the forefront, analysts said. The world is being rocked by multiple international conflicts, including Russia’s ongoing war on Ukraine and Israel’s battle against Hamas in Gaza.

“We’re entering an administration, a regulatory period, and a broader geopolitical arena where defense is at the forefront of everyone’s minds,” said Jason Saltzman, head of insights at CB Insights. “We’re starting to see a lot of support from the government in particular, with an increasing number of investors hopping on the defense tech train.”

Southern California, long an aerospace and defense tech hub, is benefiting from the investor interest, with the area’s companies representing nine of the top 30 private businesses globally in defense tech that have received the most venture capital financing, according to CB Insights.

Local companies said they were attracted to Southern California because of its strong talent pool, with nearby universities like Caltech and USC Viterbi School of Engineering.

Going back to World War II and the Cold War period, key defense contractors like Northrop Grumman and Hughes were built in the South Bay area, making the region a crucial locale for the defense and aerospace industries, said Professor Dan Wadhwani, director of the Lloyd Greif Center for Entrepreneurial Studies at the USC Marshall School of Business. As startups build new technologies, they will need to integrate them with other existing systems, he added.

“The proximity to key players within the defense industry makes L.A. a prime place for capitalizing on the growing trends towards defense spending,” he said.

Last quarter, defense tech and aerospace companies represented the top four businesses receiving venture capital, according to CB Insights. Anduril led the way, followed by Redondo Beach-based Impulse Space, which raised $300 million, Hawthorne-based Chaos Industries that had a $275-million funding round and L.A.-based spacecraft manufacturer Apex, which raised $200 million in the second quarter, CB Insights said.

Chaos Industries makes radars that provide warning and tracking against unmanned aerial systems, missiles and aircraft. The company, which has more than 100 employees, raised a total of $490 million since it was founded in 2022. The funding will go toward hiring and increasing the company’s manufacturing capabilities, said Chief Strategy Officer Will Hurd.

Hurd said he remembers when he worked at an investment bank in 2021 and most investors did not want to fund companies where the government was their client because there was a fear or lack of understanding of how that process worked. Now, that’s changed and evolved, with a wave of defense tech and aerospace companies, including Chaos Industries.

“Now the adversaries have gotten more sophisticated, and we have to match that,” Hurd said.

Impulse Space, which makes space vehicles, said there has been surging customer demand. The company said it has more than 30 signed government and commercial contracts worth nearly $200 million in value and the additional venture capital funding will go toward hiring, scaling production and accelerating its research and development.

“We’ve proven that we can build fast and fly successfully,” said CEO and founder Tom Mueller in a statement. “Now, the market is demanding more.”

United States President Donald Trump has started his Middle East tour, arriving in Riyadh, Saudi Arabia, just after 10am, where he was greeted by Crown Prince Mohammed bin Salman (MBS).

During his three-day trip, he will also travel to Qatar and the United Arab Emirates (UAE), with a focus on securing economic agreements with three of the world’s wealthiest nations.

The trip will involve discussions on investment opportunities, and some experts say Trump may urge the Gulf countries to lower oil prices.

When will Trump be visiting each country?

Trump arrived in Riyadh, Saudi Arabia, on Tuesday just before 10am local time (07:00 GMT), where he was greeted by MBS. The same day, he is scheduled to attend a Saudi-US investment forum featuring leading companies such as BlackRock, Citigroup, Palantir, Qualcomm, and Alphabet.

On Wednesday, he is scheduled to take part in a Gulf summit in Riyadh, before travelling to Qatar later that day. He will conclude his trip in the UAE on Thursday, May 15.

Trump’s first visit as president was to Saudi Arabia

During his first term, 2017 to 2021, Trump became the first US president to make the Middle East his first international destination, breaking with the longstanding tradition of visiting neighbouring North American countries first.

His trip to Saudi Arabia from May 20 to 22, 2017 – during which he attended the Riyadh Summit – was a calculated move to bolster defence ties and secure substantial arms deals.

During that trip, Trump also visited Israel and Palestine.

While Trump did not go to Qatar or the UAE during his first term, he met Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, Bahrain’s King Hamad bin Isa Al Khalifa and Egyptian President Abdel Fattah el-Sisi at the Riyadh Summit.

During the summit, Trump and Saudi King Salman bin Abdul Aziz Al Saud signed a $110bn arms deal, including missile defence systems, tanks, combat ships and cybersecurity technology, with the intent of buying $350bn worth of arms over 10 years.

A memorable moment from that 2017 trip to Saudi Arabia was during the inauguration of the Global Center for Combating Extremist Ideology in Riyadh. In a surreal photo op that quickly went viral, Trump stood alongside King Salman and President el-Sisi with their hands on a glowing orb.

What is the value of US-Gulf investments?

Sami al-Arian, director of the Center for Islam and Global Affairs at Istanbul Zaim University, told Al Jazeera that Trump has been very vocal about his objective in visiting the three Gulf states: investments.

Trump’s administration has reportedly discussed the possibility of expediting investments by Saudi Arabia, Qatar and the UAE before his trip to the region.

“He’s trying to get trillions of dollars out of these countries,” al-Arian told Al Jazeera.

“He’s already said that he’s hoping to get $1 trillion from Saudi Arabia in terms of arms sales and commercial deals,” he said.

US-Saudi investments

According to the latest data from the US Department of Commerce, the total stock of US foreign direct investment (FDI) in Saudi Arabia reached $11.3bn in 2023.

Conversely, Saudi Arabia’s FDI stock in the US stood at $9.6bn, mostly in transport, real estate, plastics, automotive, financial services and communications, according to the Commerce Department.

These figures are only FDI, not other investments, like portfolio investments or short-term financial flows.

US-Qatar investments

In 2023, the total stock of US FDI in Qatar was estimated at $2.5bn.

According to the US-Qatar Business Council, US companies that have facilitated FDIs in Qatar focused on the fields of energy, petrochemicals, construction, engineering, and communications technology.

Conversely, Qatari FDI stock in the US reached $3.3bn in 2023, with investments concentrated in financial services, energy and real estate.

US-UAE investments

In 2023, the total stock of US FDI in the UAE reached $16.1bn.

According to the Reuters news agency, in 2023, the main FDI drivers were manufacturing, finance and insurance, construction and wholesale and retail trade sectors.

Meanwhile, UAE FDI stock in the US totalled $35bn in 2023 – in financial services, transport, food and beverages, aerospace, and business services, according to the Commerce Department.

In March, UAE National Security Adviser Tahnoon bin Zayed Al Nahyan met Trump and committed $1.4 trillion in investments to the US over 10 years in sectors such as artificial intelligence, semiconductors, energy and manufacturing.

Weapons trade between the nations

The US is the biggest exporter of arms globally and a top supplier to Gulf countries.

Qatar and Saudi Arabia each accounted for 6.8 percent of the world’s total arms imports for 2020-24, making them the third and fourth largest importers globally.

The UAE is the 11th largest importer of arms, accounting for 2.6 percent of global imports for the same period.

Saudi Arabia is the main recipient of US arms, according to the Stockholm International Peace Research Institute (SIPRI). Between 2020 and 2024, Saudi Arabia received 12 percent of the US’s total arms exports.

About 74 percent of Saudi arms imports come from the US.

Trump is poised to offer Saudi Arabia an arms package worth more than $100bn during his trip, according to Reuters.

In the 2020-24 period, the US was the top supplier of arms to Qatar, accounting for 48 percent of its imports.

In March, the US Department of State approved a large weapons package to Qatar worth $2bn, which includes long-range maritime surveillance drones and hundreds of missiles and bombs.

In the same period, the US was also the top supplier of weapons to the UAE, accounting for 42 percent of the country’s arms imports.