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China raises bar for consumer finance with new rules target non-bank lenders
China has implemented stricter regulations on consumer finance companies, increasing the capital requirements for non-bank financial firms offering small personal loans. These measures, announced by the National Financial Regulatory Administration on Tuesday, will take effect on April 18…
March 19, 2024 -
South Africa eyes EV manufacturing boost with tax incentives
South Africa anticipates rapid progress in its efforts to bolster electric vehicle (EV) manufacturing, with manufacturers poised to capitalize on tax incentives set to come into effect from early 2026. Trade and Industry Minister Ebrahim Patel conveyed the country’s readiness for automakers to commence…
March 19, 2024 -
Commodity trading sector reaps over $100 billion in profits, second-best year ever
The commodity trading industry has witnessed its second-best year ever in terms of profits, amassing over $100 billion and accumulating substantial cash reserves for investments and market expansion. Although profits slightly declined from the record-breaking figures of 2022, the sector’s…
March 19, 2024 -
Vale Indonesia eyes $1.91 billion investment in new HPAL plant for nickel production
Nickel miner PT Vale Indonesia is considering a potential investment in a high-pressure acid leaching (HPAL) plant on Sulawesi island, with an estimated cost of 30 trillion rupiah ($1.91 billion), according to Indonesia’s Investment Ministry on Monday. The proposed plant, named “SOA HPAL,” would…
March 19, 2024 -
EU and Philippines to resume free trade talks, eyeing economic growth and raw materials
The European Union and the Philippines announced on Monday their intention to resume negotiations on a free trade agreement, as the EU aims to leverage Asia’s rapid economic growth and gain access to essential raw materials. Negotiations on the free trade agreement had stalled in 2017 due to…
March 19, 2024 -
Mexican presidential candidate Sheinbaum promises energy reform, green transition
Mexican presidential candidate Claudia Sheinbaum has pledged to continue enhancing the operations of the country’s state-owned energy firms while also accelerating the transition to renewable energy sources. If Sheinbaum secures victory in the upcoming June election, as indicated by polls, she…
March 19, 2024 -
Canada, Germany ink agreement to accelerate clean hydrogen trade
On Monday, Canada, citing the imperative to move away from Russian energy sources, signed an agreement with Germany aimed at expediting efforts towards the commercial-scale trade of clean hydrogen fuel. The memorandum of understanding inked between the two nations commits them to supporting…
March 19, 2024 -
US targets strategic petroleum reserve to return to pre-sale levels by end of 2024
U.S. Energy Secretary Jennifer Granholm announced on Monday that crude oil stockpiles in the Strategic Petroleum Reserve (SPR) by year-end are expected to reach or surpass levels seen prior to a massive sale of 180 million barrels two years ago. The replenishment of the SPR comes after President…
March 19, 2024
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