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☆ Kishida US visit: Japan seeks investment in AI, semiconductors from American companies
▼ + stars: | 2024-04-10 | by ( Junko Ogura | Juliana Liu | ) edition.cnn.com time to read: +4 min

Speaking in Washington at a lunch with American CEOs, Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways. Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs. It is reportedly the company’s largest ever investment in Asia’s second largest economy. Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. It comes as Washington adds increasing restrictions on the types of semiconductors that American companies are able to sell to China.

Persons: Hong Kong CNN —, Fumio Kishida, ”, Kishida, Joe Biden, Brad Smith, Gary Cohn, Sanjay Mehrotra, Ted Colbert, Albert Bourla, Mayumi Maruyama Organizations: Hong Kong CNN, Microsoft, Microsoft Research Asia, IBM, Micron Technology, Boeing, Defense, Space & Security, Pfizer, CNN, US Chamber of Commerce, “, Intel, Samsung, US Locations: Tokyo, Hong Kong, Japan, Washington, American, United States, America, Asia’s, Russia, South, Taiwan, Hokkaido, chipmaking, China, Europe, Asia, Germany

☆ Cuban President Sacks Economy Minister as Controversy Grows Over Price Hikes
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

HAVANA (Reuters) - Cuban president Miguel Díaz-Canel sacked economy minister Alejandro Gil on Friday, state media reported, as controversy continued to grow over the delay of recently announced measures to hike the price of fuel and transportation fares in the communist-run country. The Council of State, under Diaz-Canel`s direction, has appointed Central Bank president Joaquín Alonso, 60, to replace Gil. The upheaval comes just two days after the government put off an unpopular five-fold hike in gasoline prices planned for Feb. 1, saying a cyberattack from outside Cuba had thwarted implementation. Former economy minister Gil had advocated for the unpopular plan to raise prices for many government subsidized services, and has long been criticized for his management of the country`s near-bankrupt economy. Gil's planned price hikes, initially announced in December and early January, rocked Cuba, where residents have long depended on a vast program of state subsidized food, fuel and medicine.

Persons: Miguel Díaz, Canel, Alejandro Gil, Diaz, Joaquín Alonso, Gil, Elba Rosa Perez, Eduardo Martinez, Alberto Lopez, Manuel Santiago Sobrino, Nelson Acosta, Dave Sherwood, Kirsten Donovan Organizations: of State, Central Bank, Technology, Food Industry Ministry Locations: HAVANA, Cuban, Cuba, Santa Clara

☆ China adds Nio to list of approved vehicle manufactures - website
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Chinese Nio electric car is seen at Nio's first European plant and power swap station in Biatorbagy, Hungary, September 16, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - Electric vehicle maker Nio (9866.HK) has been added to a Chinese industry ministry database permitting companies to produce vehicles in the country, according to the ministry's website. The website gave no details on whether or when a manufacturing licence was granted to Nio, which has since 2018 partnered with Anhui Jianghuai Automobile Group (JAC) to produce electric vehicles on a contract basis. U.S. luxury EV maker Lucid Group (LCID.O) has also been advised of the low likelihood for approval, sources have told Reuters. The last EV maker to receive both permits was Shandong-headquartered EV maker Sinogold in May 2019.

Persons: Bernadett Szabo, Nio, Cui Zhuzhu, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: REUTERS, Rights, HK, Anhui Jianghuai Automobile, China Securities Journal, Tesla Inc, Reuters, Lucid, Sinogold, China Passenger Car Association, Thomson Locations: Biatorbagy, Hungary, Anhui, JAC's, Shanghai, China, Shandong

☆ BP enters Japan's power retail market
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Bp Plc FollowTOKYO, Nov 27 (Reuters) - BP (BP.L) said on Monday it has entered Japan's power market after receiving approval from the industry ministry to operate as a retail electricity provider. BP Energy Japan (BPEJ), part of BP's trading and shipping division, will operate the new business, according to the statement. Further details of the company's business plan were not immediately available. Reporting by Yuka Obayashi; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Yuka Obayashi, Janane Organizations: BP, REUTERS, Rights, BP Energy Japan, Thomson Locations: Vancouver , British Columbia, Canada, Japan

HANOI/KUALA LUMPUR, Nov 22 (Reuters) - Electronics worth a year-high $74 million, such as solar panels and microchips mostly from Malaysia and Vietnam, were denied entry in the United States in September or were checked for components from forced labour in China, official data show. In September alone, $82 million worth of shipments were either refused or were held for checks -- 90% of which were electronics -- a jump from less than $20 million in August. Over two-thirds of rejected or held cargoes came from Malaysia or Vietnam, which are major exporters to the United States of solar panels and semiconductors. Malaysia and Vietnam have had cargoes worth about $320 million each denied or held for checks since the new rules came into force, nearly three times more than China's. Washington has accused China of genocide against the Uyghurs, with rights groups denouncing a widespread use of internment camps and forced labour.

Persons: Francesco Guarascio @fraguarascio, Kim Coghill Organizations: Industry, Uyghur, Labor, Thomson Locations: HANOI, KUALA LUMPUR, Malaysia, Vietnam, United States, China, China's Xinjiang, U.S, Xinjiang, Washington

☆ China to allow road trials of intelligent connected vehicles
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 17 (Reuters) - China will allow road trials of some intelligent connected vehicles (ICVs) in designated city areas, the industry ministry said on Friday. The world's largest auto market has set its long-term strategic focus on ICVs in a push to become the leading global player in the still nascent industry. The trials apply to levels 3 and 4 in China's five categories of autonomous driving, the ministry of industry and information technology said in a website statement. Reporting by Beijing Newsroom; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Clarence Fernandez Organizations: Beijing, Thomson Locations: BEIJING, China, China's

☆ Enovix Corp establishes $1.2 bln high-volume manufacturing facility in Malaysia
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, Nov 16 (Reuters) - Enovix Corporation, a U.S.-based advanced silicon battery firm, will establish a 5.8 billion ringgit ($1.23 billion) high-volume manufacturing facility in Malaysia, the Malaysian Investment Development Authority (MIDA) said in a statement on Thursday. The investment, which will be spent over a period of 15 years, includes the first manufacturing line amounting to 315 million ringgit, MIDA said. The company's investment plan was disclosed to Prime Minister Anwar Ibrahim during a meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the United States, MIDA said. "Enovix's (investment)... promises significant local spillover impact, notably the creation of substantial high-quality job opportunities for Malaysians, and the enhancement of our nation's industrial landscape," Malaysia's Investment, Trade and Industry Ministry Tengku Zafrul Abdul Aziz said in the statement. ($1 = 4.7050 ringgit)Reporting by Rozanna LatiffOur Standards: The Thomson Reuters Trust Principles.

Persons: MIDA, Anwar Ibrahim, Industry Ministry Tengku Zafrul Abdul Aziz, Rozanna Organizations: Enovix Corporation, Malaysian Investment Development Authority, Economic Cooperation, Trade, Industry Ministry, Thomson Locations: KUALA LUMPUR, U.S, Malaysia, Asia, United States

☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ Spanish government in talks with banks to support Siemens Gamesa
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsMADRID, Nov 14 (Reuters) - The Spanish government said on Tuesday it is working with banks to provide financial support to Siemens Gamesa, with the ultimate aim of protecting the workers the company employs in the country. "The future of Siemens Gamesa in Spain is a priority for the government," the Industry Ministry said in a statement. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide and has warned troubles with its onshore wind turbines could take years to resolve. In Spain, the industry minister considers the government has several avenues of funding and support for the wind industry in the short term.

Persons: Dado, Siemens Gamesa, Corina Pons, Stephen Coates Organizations: Siemens Energy, REUTERS, Rights, Siemens Gamesa, Industry Ministry, Siemens, Thomson Locations: Rights MADRID, Germany, Spain

☆ Hyundai to build Saudi car plant jointly with Saudi wealth fund
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsRIYADH, Oct 22 (Reuters) - South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday. Hyundai Motor Group, the world's No. Yoon visited Saudi Arabia where he met with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler. Yoon traveled with a delegation of business leaders including Hyundai Motor Group Executive Chair E.S.

Persons: Andrew Kelly, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Chung, Prince Mohammed, Pesha Magid, Heekyong Yang, Aziz El Yaakoubi, John Stonestreet, David Holmes Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai Motor Group, Public Investment Fund, South, Hyundai, South Korean, Saudi Crown, Thomson Locations: Manhattan , New York City, U.S, Rights RIYADH, KS, Saudi Arabia, Saudi, Riyadh, Gulf

☆ Vietnam probes wind towers imported from China, weighs anti-dumping tax
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

HANOI, Sept 30 (Reuters) - Vietnam's industry ministry has launched an investigation that could lead to anti-dumping duties on wind towers originally from China, following a complaint by domestic producers, the government said on Saturday. Producers in Vietnam have claimed that dumping of Chinese-origin towers has caused "significant damage" to them, the government said in a statement, without elaborating. "In case of necessity, based on preliminary investigation results, the trade ministry can apply temporary anti-dumping measures to prevent dumping activities that hurt domestic manufacturing," the statement added. According to the trade ministry, local producers were proposing an anti-dumping tax rate of 97%. Wind towers imported to Vietnam currently enjoy a most-favored nation (MFN) tariff of 3%.

Persons: Phuong Nguyen, Sonali Paul Organizations: Producers, Thomson Locations: HANOI, China, Vietnam, Hanoi

☆ Exclusive: India's JSW Steel slows process to buy stake in Canada Teck coal unit, source says
▼ + stars: | 2023-09-21 | by ( Neha Arora | ) www.reuters.com time to read: +3 min

The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.

Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London

☆ Exclusive: India's JSW Steel slows process to buy stake in Canada Teck coal unit -source
▼ + stars: | 2023-09-21 | by ( Neha Arora | ) www.reuters.com time to read: +3 min

☆ China's industry ministry to work on standards for the metaverse
▼ + stars: | 2023-09-18 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The ministry released a draft proposal to form a working group for the metaverse, shared virtual worlds accessible via the internet, on Monday. The proposal said that the metaverse is one of the nine emerging tech sectors which China should strive to establish standards for. "[The metaverse industry] faces many challenges," the MIIT said, "It is urgent to promote healthy and orderly development of the metaverse industry through standardization and guidance." It added that the metaverse industry suffers from a lack of clear definitions, which had allowed some capitalists and companies to drum up speculation in the market. Reporting by Josh Ye in Hong Kong and Beijing newsroom, Editing by Louise Heavens and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Refik Anadol, Tyrone Siu, Josh Ye, Louise Heavens, Emelia Organizations: Art, REUTERS, Tyrone, Rights, China's Ministry of Industry, Information Technology, Thomson Locations: Hong Kong, China, Rights BEIJING, Beijing

☆ Brazil to end import tax exemption for electric vehicles, says official
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Sept 15 (Reuters) - Brazil will end a tax exemption for importing electric vehicles, gradually raising the duty to 35% over three years, Industry Ministry official Uallace Moreira told Reuters on Friday. Brazil-based carmakers lobbied for the measure, overcoming pushback from Chinese manufacturers who sell electric vehicles in the country. This week, the European Commission launched an investigation into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle imports it says are benefiting from state subsidies. The new program will stimulate energy efficiency projects using tax credits, as well as create a mechanism that Moreira called "green taxation." The plan would stagger the collection of a tax on industrialized products, depending on the energy efficiency of the vehicle models, the recyclability of the products and local production density.

Persons: Uallace Moreira, carmakers, Geraldo Alckmin, Moreira, Bernardo Caram, Diane Craft Organizations: Industry Ministry, Reuters, Industry, European Commission, European Union, Thomson Locations: BRASILIA, Brazil

PARIS, Sept 14 (Reuters) - Belgium said on Thursday it would review the potential health risks linked to Apple's iPhone 12, becoming the latest European country to react after France ordered a halt to sales citing breaches of radiation exposure limits. Apple on Wednesday said the iPhone 12, launched in 2020, was certified by multiple international bodies as compliant with radiation standards and that it was contesting France's findings. But Paris' move to halt iPhone 12 sales until Apple fixes the radiation issues detected in two tests raised the prospect of further bans in Europe. Researchers have conducted a vast number of studies over the last two decades to assess health risks resulting from mobile phones. According to the World Health Organisation, no adverse health effects have been established as being caused by mobile phone use.

Persons: Mathieu Michel, digitalisation, Michel, Marine Strauss, Tassilo Hummel, Giuseppe Fonte, Ingrid Melander, Mark Potter Organizations: Apple, World Health, Reuters, Thomson Locations: Belgium, France, Paris, Europe, Belgium's, U.S, Brussels, Rome

☆ Volvo's Russian assets transferred to Russian investor - industry ministry
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File photo Acquire Licensing RightsMOSCOW, Sept 8 (Reuters) - Swedish truck maker Volvo AB's Russian assets (VOLVb.ST) have been transferred to an undisclosed Russian investor, the Ministry of Industry and Trade said in a statement. Volvo suspended all sales, service and production in Russia in February 2022, and said last October that further write-downs might be necessary. In 2021, Russia accounted for about 3% of its net group sales of about 372 billion Swedish crowns ($33.4 billion). The invasion triggered a host of Western economic sanctions, and threats by Russia to seize Western businesses based there.

Persons: Andrew Kelly, Igor Kim, Alexei Sannikov, Kim, Kevin Liffey, David Evans Organizations: Volvo, REUTERS, Rights, Ministry of Industry, Trade, carmakers Volkswagen, Mercedes, Benz, Nissan, Toyota, Renault, BMW, Kia, Hyundai, Reuters, Thomson Locations: Linden , New Jersey, U.S, Swedish, Russia, Kaluga, Ukraine

☆ Japan's July factory output slumps, raises pressure on manufacturers
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Japan's factory output fell more than expected in July, signalling a rocky start to the second half of the year for manufacturers as worries mount over growth in China and the global economy. Industrial output fell 2.0% in July from the previous month, data from the Ministry of Economy, Trade and Industry (METI) showed on Thursday. Output of electronic parts and devices fell 5.1%, while that of production machinery decreased 4.8%, driving the overall decline. Among production machinery, output for semiconductor manufacturing equipment fell by 16.4%. Other data showed Japanese retail sales expanded 6.8% in July from a year earlier.

Persons: Issei Kato, Masato Koike, Satoshi Sugiyama, Kantaro Komiya, Chang, Ran Kim, Shri Navaratnam, Sam Holmes Organizations: REUTERS, Rights, Ministry, Economy, Trade, Industry, Toyota, Honda, Manufacturers, Sompo, Thomson Locations: Kawasaki, Japan, China

☆ South Korea to toughen punishments for technology leaks in chips, displays
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

South Korea has been cracking down on technology leaks in recent months, as the country seeks to maintain its dwindling lead in memory chips and displays against competitors. South Korea's Sentencing Commission, overseen by the Supreme Court of Korea, decided this month to toughen punishments and lengthen jail times for leaking South Korean technology, the industry ministry said in a statement on Monday. The industry ministry did not say which country it is targeting, but analysts said China is the suspected destination of the bulk of South Korean technology leaks. This led to acquittal in 30% and suspended sentences in 54% of such cases before South Korean courts, it said. South Korean police said in June they had arrested 77 people in 35 cases of suspected industrial espionage in a nationwide investigation over the past four months.

Persons: Kacper, Joyce Lee, Tom Hogue Organizations: REUTERS, Rights, Samsung, South, Thomson Locations: Rights SEOUL, South Korea, Korea, China, South Korean, Korean

[1/2] A worker cleans an electric-powered car Neta V, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. Dody Hartono, a visitor at the auto show who plans to buy his first EV by 2024, said he wants a better deal. Indonesia has ambitious EV growth plans as it races Thailand and India to build out an EV industry as an alternative to China, the world's largest producer. CONFIDENCE ISSUESToyota (7203.T), its affiliate Daihatsu, and Honda (7267.T) account for two-thirds of auto sales in Indonesia but have been slow to pivot to EVs. Toyota has said it has no plans yet to build an EV in Indonesia.

Persons: Willy Kurniawan, Dody, EVs, Hartono, China's, Hendra Pratama, Hendra Budi, –, Johan Purnomo, Stefanno Sulaiman, Kevin Krolicki, Himani Organizations: REUTERS, Hyundai, HK, Air EV Lite, Daihatsu, Huawei, Toyota, Honda, Mitsubishi Motors, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast Asia

☆ Ford, partners pick Canada for $900 mln battery materials plant
▼ + stars: | 2023-08-17 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. The consortium includes South Korean partners EcoProBM (247540.KQ) and SK On Co Ltd, according a statement from the ministry. The factory will eventually produce 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs. Ford in a separate statement described the materials as high-quality Nickel Cobalt Manganese (NCM) for rechargeable batteries that are targeting greater performance and improved EV range. Germany's BASF SE (BASFn.DE) is also building a battery materials factory there.

Persons: Phil Noble, EcoProBM, Ford, Lisa Drake, EVs, Francois, Philippe Champagne, Steve Scherer, Jane Merriman, Mark Porter Organizations: Ford, REUTERS, Rights OTTAWA, Ford Motor, South, SK, Co, Ford EVs, Reuters, General Motors Co, BASF, Volkswagen, Fiat, Chrysler, Detroit, Thomson Locations: Liverpool, Britain, Becancour, Quebec, North America, Ontario, St, Lawrence, Canada

☆ China's Geely unveils auto robotics brand JI YUE
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maxim Shemetov/File PhotoBEIJING, Aug 14 (Reuters) - Chinese automaker Geely Holding Group (0175.HK) on Monday unveiled a premium intelligent technology brand JI YUE, which stems from Geely's cooperation with Baidu Inc (9888.HK) on "automotive robotics", and introduced its first model. JI YUE 01, the flagship model under the new brand will be produced by Geely and is expected to debut in the last quarter of this year, the company said. Baidu will provide its know-how in smart cockpits, autonomous driving and artificial intelligence technologies, which will be applied in JI YUE cars, Geely added. Also on Monday, China's industry ministry website showed three electric vehicles under the JI YUE brand were seeking regulatory approvals. Geely had co-funded an electric vehicle venture Jidu with Baidu.

Persons: Maxim, YUE, Geely, Zhang Yan, Ella Cao, Meg Shen, Tomasz Janowski Organizations: REUTERS, Geely Holding, HK, Baidu Inc, Baidu, JI, Thomson Locations: Moscow, Russia, BEIJING, China, Beijing, Hong Kong

Key hurdles for the two projects include the country's caps on domestic gas prices, limits on gas exports and the high costs for carbon capture and storage - required for new gas projects to help fight global warming. Last month, Shell (SHEL.L) said it would sell its holding in the Masela project to Indonesia's Pertamina and Malaysia's Petronas, while Chevron (CVX.N) agreed to sell its stake in the IDD project to Italy's Eni (ENI.MI). Reuters GraphicsNEW TERMS NEEDEDOnce one of the world's top five liquefied natural gas (LNG) exporters, Indonesia's LNG exports have halved in the past decade, Kpler data showed. The country has not approved a major oil or gas project since 2016 - the expansion of BP's (BP.L) Tangguh LNG plant. The current formula for splitting revenue between the government and investors in gas projects sets the base rate at 48% for companies.

Persons: magnifier, Dado Ruvic, Benny Lubiantara, Andrew Harwood, Wood Mackenzie, SKK Migas, Benny, Prateek Pandey, Takayuki Ueda, Naing, Inpex's Ueda, Fransiska Nangoy, Bernadette Christina Munthe, Emily Chow, Yuka Obayashi, Florence Tan, Sonali Paul Organizations: REUTERS, Indonesia, Shell, Chevron, Indonesia Deepwater Development, Petronas, Eni, Essential Services, Reuters, Indonesia Petroleum Association, Rystad Energy, BMI Research, Fitch Group, Tcf, Thomson Locations: Indonesia, JAKARTA, Jakarta, Chevron, Tokyo, Masela, Singapore

☆ Indonesia gives automakers more time to qualify for EV credits in investment bid
▼ + stars: | 2023-08-10 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

[1/5] A worker stands near a Mini Cooper Electric car, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy KurniawanTANGERANG, Indonesia, Aug 10 (Reuters) - Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia's largest auto market, a move followed by investment commitments by China's Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia races Thailand and India to build out an EV industry as an alternative to China, the world’s largest producer. Indonesia is Southeast Asia’s largest auto market and its second-largest production hub behind Thailand. Until now, only two manufacturers have shifted enough production to Indonesia to qualify for full incentives: Wuling Motors (0305.HK) and Hyundai (005380.KS).

Persons: Willy Kurniawan TANGERANG, Agus Gumiwang Kartasasmita, ” Agus, Wuling, Hiroyuki Ueda, Stefanno Sulaiman, Kevin Krolicki, Conor Humphries Organizations: Cooper, REUTERS, China's, Mitsubishi Motors, Toyota, Daihatsu, Honda, Mitsubishi, New Energy Automobile, Wuling Motors, HK, Hyundai, Wuling, Air EV, Reuters, Gaikindo, Auto Show, Astra Motor, PT Astra International, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast, Neta, Gaikindo Indonesia

☆ Indonesia says Mitsubishi Motors plans to invest $375 mln in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

A man walks near Mitsubishi cars as he visits Tokyo Motor Show in Tokyo, Japan October 24, 2019. "We are optimistic that, if implemented, this can boost investment and increase demand to use EVs," Agus said. A Mitsubishi spokesperson said executives from its Tokyo headquarters on Wednesday met with Agus for talks, declining to comment further. Mitsubishi reported combined retail and wholesale sales in the ASEAN region of 120,000 vehicles for the three months to June 30, dropping 1.6% from a year earlier. In Thailand, its retail and wholesale sales slumped to 17,000 units during that period, down from 25,000 a year earlier.

Persons: Soe Zeya, Agus Gumiwang Kartasasmita, Agus, Bernadette Christina, Fransiska, Rocky Swift, Daniel Leussink, Louise Heavens, David Evans Organizations: Mitsubishi, Tokyo Motor, REUTERS, Mitsubishi Motors, Wednesday, Japan's Nikkei, Guangzhou Automobile Group, Thomson Locations: Tokyo, Japan, JAKARTA, Indonesia, Thailand, China, ASEAN, Jakarta

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