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    September 26, 2022
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    September 26, 2022
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    September 26, 2022

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  • toyotarussia
    Japan’s Toyota, Mazda Set to End Production in Russia

    Japan’s Toyota said on Friday that it decided to end vehicle production in Russia, citing the interruption of supplies of key parts and materials. Meanwhile, Mazda has also announced it was discussing to end production at a joint venture plant in Vladivostok. Toyota had already suspended production in its St. Petersburg plant in March due to supply chain issues and also stopped importing to Russia. 

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    Germany Signs Deal with the UAE to Secure LNG Supplies

    German utility RWE has signed a deal with Abu Dhabi National Oil Company (ADNOC) to supply LNG to Germany by the end of December. Although the initial amount to be delivered is relatively small, it is politically significant as Germany has been looking to ramp up natural gas supplies outside Russia, and German Chancellor Scholz aiming to deepen ties with the Gulf to secure alternative energy sources.

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  • canadakorea
    Canada, South Korea to Strengthen Critical Mineral Cooperation

    Ottawa and Beijing agreed to deepen cooperation on critical minerals during South Korean President Yoon’s visit to Canadian Prime Minister Trudeau. Trudeau said he discussed with Yoon ways to cooperate on a variety of areas, including critical minerals, electric vehicle (EV) batteries and emerging technologies such as artificial intelligence. Canada has rich resources of many of the critical minerals, from lithium to cobalt and nickel, that are used to produce EV batteries. Ottawa aims to scale up production with the help of producers and processors.    

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    U.S. Energy Department Kicks Off $7 Billion Green Hydrogen Program

    The U.S. Department of Energy (DOE) on Thursday opened applications for the $7 billion program to create regional clean hydrogen hubs (H2Hubs) across the country. The Department believes it will form a critical arm of the United States’ future clean energy economy and a central driver in helping communities across the country benefit from clean energy investments, good-paying jobs, and improved energy security. H2Hubs is part of a larger $8 billion hydrogen hub program funded through Biden’s Bipartisan Infrastructure Law.

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5

  • appleindia
    Apple to Move Some iPhone Production Away from China to India

    U.S. tech giant Apple announced on Monday its plans to manufacture iPhone 14s in India, as it prepares to move some of its production away from China. The company launched its flagship smartphone at an event earlier this month, where it focused on safety upgrades. “The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” Apple said in a statement.

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Picks for you

Politics

  • Japan’s Toyota, Mazda Set to End Production in Russia

    Japan’s Toyota said on Friday that it decided to end vehicle production in Russia, citing the interruption of supplies of key parts and materials. Meanwhile, Mazda has also announced it was discussing to end production at a joint venture plant in Vladivostok. Toyota had already suspended production in its St. Petersburg plant in March due to supply chain issues and also stopped importing to Russia. 

    September 26, 2022
  • EU’s Eighth Sanctions Package on Russia Taking Shape

    The European Union’s eights sanctions package against Russia is taking shape with the bloc looking at an oil price cap, tighter curbs on high-tech exports and more sanctions against individuals, in response to Putin’s nuclear rhetoric on Wednesday, announcement of a partial mobilization and support for plans to effectively annex parts of eastern Ukraine. EU foreign ministers agreed on an ad hoc meeting to discuss new sanctions, which is expected to include economic and individual measures. 

    September 23, 2022
  • China Disturbed by the IRA, Says It Violates WTO Rules

    Chinese Ministry of Commerce said it suspects that the U.S. Inflation Reduction Act (IRA) is in violation with the WTO rules, and added that it will adopt measures to safeguard its rights when necessary. The ministry also said China will follow and evaluate the implementation of the U.S. law. The IRA, signed by Biden into law last month, eliminates federal tax credits for electric vehicles (EVs) made outside North America.

    September 23, 2022
  • Italy Set to Elect Its Most Right-Wing Government Since WWII

    Italy is preparing to go to the polls on Sunday for parliamentary election, which could see the country elect its first female prime minister at the head of its most right-wing government since World War II. Giorgia Meloni’s Brothers of Italy (FdI), which won just 4% of the vote in 2018, is expected to take around 25% this time and build an alliance of conservatives to a clear parliamentary majority.

    September 22, 2022

Energy

  • Germany Signs Deal with the UAE to Secure LNG Supplies

    German utility RWE has signed a deal with Abu Dhabi National Oil Company (ADNOC) to supply LNG to Germany by the end of December. Although the initial amount to be delivered is relatively small, it is politically significant as Germany has been looking to ramp up natural gas supplies outside Russia, and German Chancellor Scholz aiming to deepen ties with the Gulf to secure alternative energy sources.

    September 26, 2022
  • TotalEnergies to Invest $1.5 Billion in Qatar’s LNG Expansion Project

    TotalEnergies is set to invest $1.5 billion in Qatar’s North Field South (NFS) LNG Expansion Project. The French energy major aims to ramp up LNG supplies from Qatar to European markets. A deal was signed to formalize the agreement in Doha between TotalEnergies and QatarEnergy. TotalEnergies CEO Pouyanne said the deal came just in time when Europe was seeking new LNG supplies. 

    September 26, 2022
  • UK Lifts Moratorium on Fracking to Secure Energy Supply

    Britain’s new government officially lifted a ban on hydraulic fracturing (fracking) for shale gas, which had been in place since 2019, after Prime Minister Truss made a commitment shortly after taking office earlier this month. The ban was put in place after the country’s upstream oil and gas regulator highlighted the difficulties in predicting the probability or magnitude of earthquakes linked to fracking operations.

    September 23, 2022
  • France Prepares to Fully Nationalize Nuclear Energy Company EDF

    French government is set to fully nationalize the currently 84% state owned nuclear energy company EDF, at a time when the company is expecting a massive downturn in profits. The energy company has already warned investors that its core profits would take a significant hit this year. It anticipates a loss of €29 billion. The massive loss is caused by a series of events that have led to more than half of EDF’s 56 rectors to be taken offline. 

    September 21, 2022

Cleantech

  • U.S. Energy Department Kicks Off $7 Billion Green Hydrogen Program

    The U.S. Department of Energy (DOE) on Thursday opened applications for the $7 billion program to create regional clean hydrogen hubs (H2Hubs) across the country. The Department believes it will form a critical arm of the United States’ future clean energy economy and a central driver in helping communities across the country benefit from clean energy investments, good-paying jobs, and improved energy security. H2Hubs is part of a larger $8 billion hydrogen hub program funded through Biden’s Bipartisan Infrastructure Law.

    September 23, 2022
  • EU Unlocks €5.2 Billion Public Funding for Green Hydrogen

    The European Commission announced on Wednesday that it has approved a public funding of €5.2 billion by 13 member states to boost the supply of green and low carbon hydrogen. The state aid is expected to unlock €7 billion in private funding for a total of 35 projects involving 29 companies to support the research, deployment and construction of hydrogen infrastructure, referred to as IPCEI Hy2Use, the commission said.

    September 22, 2022
  • Netherlands Plans to Develop 70 GW Offshore Wind Energy by 2050

    Netherlands has set a target to build 70 GW of offshore wind energy by 2050, 50 GW of which is planned to be completed until 2040. In addition to power generation, the Dutch Government also plans some of the offshore wind power to be used for large scale green hydrogen production in the North Sea. The government has started working on having 21 GW of offshore wind to be operational by the end of this decade, which is equal to around 75% of the Netherlands’ current electricity consumption. 

    September 22, 2022
  • Three South Korean Majors Set Sights on Green Energy Hub in Australia

    South Korea’s Korea Zinc, petrochemicals group Hanwha Impact Corp and SK Gas launched the Han-Ho Hydrogen Consortium on Wednesday to build a green energy export hub in Australia’s Queensland state, aiming to produce a million tonnes of green ammonia annually for export by 2032. The consortium plans to develop up to 3 GW of renewable energy capacity in the region. 

    September 21, 2022

Agribusiness

  • Surging Gas Prices Force Norway’s Yara to Reduce Ammonia Production

    Norway’s Yara, one of the world’s largest fertilizer producers, is set to cut ammonia production due to soaring gas prices. The move could result in a fertilizer shortage for Europe’s crops. Ammonia is a key input in producing fertilizers. Without its usage, crop yields will deteriorate, as nutrients removed from soil during harvesting are not replenished. Yara has been warning the world faces an extreme food shortage due to high gas prices, Russia’s invasion of Ukraine and sanctions on Russian fertilizer producers.  

    August 26, 2022
  • Protectionism Could Worsen Global Food Crisis

    An increasing global food crisis pushes the countries to follow protectionist policies, which are likely to multiply the problem and could lead to an even worse crisis and a wider trade war, political and business leaders said at the World Economic Forum (WEF). 

    May 25, 2022
  • India’s Wheat Export Ban Will Further Tighten Global Supplies

    India imposed a ban on wheat exports as of May 13, withdrawing a big supply volume from the markets at a time when supplies have already been dropping since Russia’s invasion of Ukraine. The Indian government made the decision to control rising domestic prices of the food grain. The ban excludes shipments with irrevocable letter of credit issued on or before May 13.

    May 16, 2022
  • Vegetable Oil Supply Problems Drive Prices to Record High

    Soybean oil prices reached a record high on Friday as Indonesia’s decision to ban exports of palm oil increased supply concerns for alternative vegetable oils, the stocks of which are already low.  

    April 25, 2022

Defense

  • Israel Agreed to Sell Air Defense System to UAE

    Israel has agreed a deal with the United Arab Emirates to sell an advanced air defense system, in the first such deal between the two countries since they established diplomatic ties in 2020. The deal shows how, for some Arab states, national security concerns have become a priority before resolving the Israeli-Palestinian conflict. Both Israel and the UAE have a shared concern that Iran obtains a nuclear weapon.  

    September 23, 2022
  • Swiss Government Eludes Referendum, Signs Deal to Buy 36 F-35s

    Switzerland signed a deal to buy 36 F-35 fighters from the United States, dodging a popular referendum pushed by opposition. The government hopes to receive the new fighter jets by the end of the decade. The government has stated that the deal, worth  6.035 Swiss Francs ($6.25 billion), was signed on Monday. It includes 36 of the conventional takeoff-and-landing aircraft variant, due to replace the nation’s fleets of F/A-18 Hornets and F-5 Tigers between 2027 and 2030. The Swiss parliament voted last week to approve the procurement, which opened the door for the contract agreement. 

    September 20, 2022
  • U.S. Approves $1.1 Billion Arms Sales to Taiwan, China Threatens to Take Action

    The U.S. State Department has approved the sale of a potential $1.1 billion arms sales to Taiwan including 60 anti-ship missiles and 100 air-to-air missies. China threatens to take counter measures. The Pentagon announced the package on Friday after China conducted large scale military drills around Taiwan in response to U.S. House Speaker Pelosi’s visit to the island.

    September 5, 2022
  • Taiwan Proposes 14% Increase in Military Spending for 2023

    Taiwanese government proposed on Thursday a $19 billion of defense spending for 2023, a 13.9% increase from 2022. The proposal includes funds for new fighter jets, just weeks after China conducted large scale military drills around the island. China carried out its largest-ever military exercises around the democratically governed island after a visit this month by U.S. House Speaker Pelosi. The trip angered Beijing, which saw it as a U.S. attempt to interfere in its internal affairs.

    August 25, 2022

Infrastructure

  • South Africa’s Eskom Announces Battery Storage Plans

    South Africa’s biggest electric utility Eskom announced the details of its forthcoming major battery storage deployments. The company said on Friday that by December 2024, it plans to have the first 343 MW of a 500 MW national energy storage rollout, which was previously announced by President Ramaphosa. Eskom selected South Korea’s Hyosung Heavy Industries and Chinese company Pinggao Group, as the two battery energy storage system (BESS) providers, among the bidders. 

    August 2, 2022
  • Rio Tinto Set to Establish a Joint Venture for Guinea’s Simandou Iron Ore Project

    Rio Tinto’s subsidiary in Guinea has formed an infrastructure joint venture (JV) with Winning Consortium Simandou (WCS) and the government. The agreement was made to unlock the road to the world’s largest undeveloped iron ore project. While the companies said they must still negotiate final JV agreements, it will potentially be a big milestone for Rio Tinto and WCS, the shareholders of which include a unit of China Hongqiao.

    July 29, 2022
  • Africa Needs Up to $108 Billion Annual Infrastructure Investments

    Africa50, the infrastructure fund of the African Development Bank, reported during the U.S.-Africa business summit in Marrakech that African countries need to leverage more private funds to meet infrastructure financing needs estimated at between $68 billion and $108 billion annually. Leveraging more private capital to finance infrastructure projects, as part of public-private partnerships, would help free public funds to projects shunned by the private sector, according to Africa50.

    July 26, 2022
  • China’s Belt and Road Initiative Hits Roadblock in H1 2022

    China’s finance and investment spending in its Belt and Road Initiative slightly went down in the first half of 2022 from a year earlier, as it scrapped funding in new coal projects and investments in Russia, Egypt and Sri Lanka fell to zero. Saudi Arabia was the biggest recipient of Chinese investments during the period with around $5.5 billion. Total financing and investment was $28.4 billion, down from $29.6 billion a year earlier. The total cumulative spending on Belt and Road since 2013 has reached $932 billion. 

    July 25, 2022

Mining

  • Canada, South Korea to Strengthen Critical Mineral Cooperation

    Ottawa and Beijing agreed to deepen cooperation on critical minerals during South Korean President Yoon’s visit to Canadian Prime Minister Trudeau. Trudeau said he discussed with Yoon ways to cooperate on a variety of areas, including critical minerals, electric vehicle (EV) batteries and emerging technologies such as artificial intelligence. Canada has rich resources of many of the critical minerals, from lithium to cobalt and nickel, that are used to produce EV batteries. Ottawa aims to scale up production with the help of producers and processors.    

    September 26, 2022
  • South Korea’s LG Energy Signs Battery Metal Supply Deals with Canadian Miners

    South Korean battery maker LG Energy Solution (LGES) announced on Friday it has signed lithium and cobalt supply agreements with three Canadian mining companies, as the company wants to expand its presence in North America in the wake of U.S. Inflation Reduction Act (IRA) which incentivizes manufacturing of electric vehicles (EVs) and EV battery components in North America. LGES, which supplies Tesla among other EV makers, said in a statement the agreements were part of an effort to expand mid- to long-term supply contracts with companies that mine and process key battery materials in North America.

    September 23, 2022
  • Savannah Makes Progress to Develop Western Europe’s Largest Lithium Mine in Portugal

    Savannah Resources said it has made progress towards building the Western Europe’s largest lithium mine in Portugal after fulfilling the additional requests by regulators for the evaluation of its environmental impact assessment (EIA). The company filed the original assessment for its flagship Barroso lithium mine in May 2020. The Portuguese Environment Agency (APA) then asked Savannah to provide additional information a few months later, and granted it a preliminary stamp of approval in April 2021. 

    September 22, 2022
  • Lithium Americas, GT1 Set to Develop Integrated Lithium Supply Chain in North America

    Lithium Americas and Green Technology Metals (GT1) announced on Tuesday that they have reached a strategic collaboration agreement to advance a common goal of developing an integrated lithium chemical supply chain in North America. Lithium Americas said following its strategic equity investment of $10 million in April and entry into an initial non-binding collaboration framework agreement with GT1, this collaboration agreement provides non-exclusive rights for Lithium Americas and GT1 to undertake collaborative activities.

    September 21, 2022

Internet Technology

Manufacturing

  • Apple to Move Some iPhone Production Away from China to India

    U.S. tech giant Apple announced on Monday its plans to manufacture iPhone 14s in India, as it prepares to move some of its production away from China. The company launched its flagship smartphone at an event earlier this month, where it focused on safety upgrades. “The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” Apple said in a statement.

    September 26, 2022
  • European Steelmakers Cutting Production Amid Skyrocketing Energy Prices

    Steelmakers across Europe have been forced to cut production amid skyrocketing energy prices. Some industry experts fear that plant shutdowns could be permanent in an industry that employs more than 300,000 people and contributes tens of billons of euros to the continent’s economy. 

    September 26, 2022
  • U.S. May Restrict Russian Aluminum in a Bid to Support Domestic Producers

    Australian mining giant Rio Tinto has warned the United States that the unfettered flow of Russian aluminum into the U.S. market is hurting the North American producers, making them less competitive. Rio Tinto CEO Stausholm said while Russian exports into the U.S. market flows unrestricted, allies like Australia continue to face restrictions dating back to the Trump administration.  

    September 26, 2022
  • GM Invests in Canadian Battery Recycling Company to Secure Lithium Supply

    General Motors (GM) invests in Canadian battery recycling firm Lithion Recycling to accelerate efforts to secure lithium supply. Although the financial details have not been revealed, the agreement is set to create a partnership between the world’s second largest automaker and the Quebec-based company to pursue a circular battery ecosystem using Lithion’s technology. The companies said an analysis show that Lithion’s technology has a recovery rate of 95%. Since it uses renewable energy, the company’s technology and operations is expected to reduce greenhouse gas emissions by over 75% and water usage by over 90% compared to mining battery materials. 

    September 23, 2022

Online Retail

  • U.S. Includes 42 Chinese E-Commerce Sites to Blacklist

    E-commerce sites operated by China’s Tencent Holdings and Alibaba Group have been added to the U.S. government’s “Notorious markets” list. The list has identified a total of 42 online and 35 physical markets, which were accused of contributing to trademark counterfeiting and copyright piracy. 

    February 18, 2022
  • Alibaba Reorganizes Units and Management in the Face of Mounting Pressure

    Alibaba Group announced reorganization of its Chinese and international e-commerce business and appointed a new CFO. The company has been dealing with China’s regulatory crackdown as well as increasing competition and a slowing economy. The Chinese tech giant will form two new units: international digital commerce and China digital commerce in order to become more agile and accelerate growth. 

    December 6, 2021
  • China Bans VIEs in Another Drawback for Tech Companies

    China plans to ban companies from going public in foreign stock exchanges through variable interest entities (VIEs). The loophole was long used by Chinese tech companies to attract foreign investors. 

    December 2, 2021
  • UK Competition Watchdog to Block Meta’s Giphy Acquisition

    The UK competition regulator, Competition and Markets Authority, is expected to cancel Meta Platforms’ acquisition of online GIF platform Giphy in the next few days.

    November 29, 2021

Legistation

  • U.S. MINES Act Aims to Curb Russian, Chinese Dominance Over Critical Minerals

    The U.S. Monitoring and Investigating Nations Exploiting States (MINES) Act was introduced last week by Republican congressman Calvert to to hold China and Russia accountable for their efforts to monopolize critical mineral resources around the world, particularly in developing nations. Calvert emphasized the need for maintaining and monitoring access to minerals critical to the U.S. economy, wherever their origin might be. 

    September 26, 2022
  • Argentina Prepares Energy Legislation to Develop Natural Gas Plans

    Argentinian President Fernandez said on Wednesday that his government prepares an energy legislation to submit to the national congress in the coming days that “would give certainty” to energy producers and advance the country’s energy agenda, including LNG. Fernandez argued that the Vaca Muerta shale basin, the world’s second largest unconventional gas reserve and the fourth largest oil reserve, gives the country strong advantages in oil and gas markets. 

    September 22, 2022
  • U.S. Senators Propose Secondary Sanctions to Bolster Russian Oil Price Cap Plan

    Democratic Senator van Hollen and Republican senator Toomey on Tuesday proposed that the Biden administration to use secondary sanctions on international banks as a move to strengthen the planned G7 price cap on Russian oil. The senators announced a framework for legislation to impose the secondary sanctions, which would target financial institutions involved in trade finance, insurance, reinsurance and brokerage of Russia oil and petroleum products sold at prices exceeding the cap.

    September 21, 2022
  • Germany Completes Uniper Nationalization

    Germany decided to nationalize utility company Uniper after the government’s earlier multi-billion bailout failed to save the country’s top gas importer and Putin sent oil prices higher by announcing a partial Russian military mobilization. The German government agreed to buy the remaining stakes, which was owned by Finland’s Fortum, in Uniper to secure its operations and keep its business afloat, as a latest effort to keep electricity and gas flowing in Europe’s biggest economy. 

    September 21, 2022
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