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“It can be assumed that the 1 million rounds will not be reached,” Boris Pistorius said ahead of an EU defense ministers meeting in Brussels. In March, EU member states agreed to provide Ukraine with 1 million rounds of artillery ammunition for Ukraine to be delivered within 12 months. The US has also been ramping up ammunition production to supply Ukraine. Ukraine’s Foreign Minister Dmytro Kuleba said Kyiv urgently needed the EU to ramp up its ability to supply ammunition for the Ukrainian military. Ukraine is “ringing the bells a lot and loudly” over EU ammunition supply, he said on national television on Monday night.

Persons: ” Boris Pistorius, Pistorius, Josep Borrell, Borrell, Boris Pistorius, Omar Havana, Dmytro Kuleba, “, ”, ” Nick Witney, Tom Waldwyn, Waldwyn Organizations: CNN, EU, German, South Korea’s National Intelligence Service, Ukraine’s, European Council, Foreign Relations, International Institute for Strategic Studies Locations: Ukraine, Kyiv, Russia, Brussels, EU, Ukraine’s, South, North Korea, Europe

☆ Orsted’s ‘deputy heads must roll’ stance is risky
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018. REUTERS/Phil Noble Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters Breakingviews) - Orsted’s (ORSTED.CO) recent implosion has finally prompted a reaction. Denmark’s $17 billion offshore wind producer on Tuesday said Chief Financial Officer Daniel Lerup and Chief Operating Officer Richard Hunter were stepping down. The COO is responsible for the procurement, construction, and operations of the wind farms, and supplier delays accounted for the lion’s share of Orsted’s U.S. writedowns. Yet Mads Nipper, who became Orsted chief executive in early 2021 and handpicked the departing duo, has been spared for now.

Persons: Orsted, Phil Noble, Daniel Lerup, Richard Hunter, Hunter, Lerup, Mads Nipper, Henrik Poulsen, Yawen Chen, Cameron, George Hay, Streisand Neto Organizations: REUTERS, Rights, Reuters, X, Thomson Locations: Walney, Blackpool, Britain, Rights SINGAPORE, United States, U.S

☆ The night train revolution has been hailed as an alternative to airplanes. Here’s how that’s going
▼ + stars: | 2023-11-12 | by ( Ben Jones | ) edition.cnn.com time to read: +13 min

Wherever they run, night trains are complicated, labor intensive and expensive to operate – one of the major reasons they went into decline in the first place. The $770 million contract could eventually see up to 370 new overnight carriages introduced to update Italy’s entire overnight train fleet. “Politicians must be clear: the night train market will be effectively closed for a very long time,” he says. So, what does all this mean for the much-vaunted night train revolution? With the honorable exception of government-subsidized Nightjet, which plans to expand rapidly over the next five years, European night train services have yet to match the hype.

Persons: Love, James Brown, David Bowie, Ray Charles, –, they’ve, Charisius, Agatha Christie, James Bond, Mark Smith, ”, “, ÖBB, “ Superliner, Kuleshova, Smith, it’s, Alex Halada, Nick Brooks Organizations: CNN, Orient Express, Austrian Federal Railways, Swiss Federal Railways, Deutsche Bahn, Italian State Railways, Amtrak, California Zephyr, European, Bloomberg, Getty, Regiojet, Compagnie Internationale des, VIA Rail, European Union, Frankfurt, Eurostar, EU Rail, EU Locations: Europe, Russia, Scandinavia, Vienna, Hamburg, Germany, Austria, Italy, Hungary, Poland, Czech Republic, Paris, Brussels, Amsterdam, France, Sweden, Milan, Sicily, Messina, Europe’s, United States, Berlin, Stockholm, Denmark, Czech, Prague, Croatia’s, London, Dresden, Copenhagen, Barcelona, Spain, Venice, Florence, Rome, Madrid, Porto, Portugal, Edinburgh, Zurich, AFP, EU

TOKYO, Nov 10 (Reuters) - The U.S. military's top general expressed optimism on Friday for a potential improvement in military-to-military ties with China and sent an introductory letter to his Chinese counterpart saying he was open to meeting. Air Force General Charles Q. But China's General Liu Zhenli is the Chief of the Joint Staff Department of the Central Military Commission (CMC), the military body responsible for China's combat operations and planning. Brown said he sent a standard introductory letter that explained, "I'm in the position and willing to open a line of communication." "I also believe that taking Taiwan by force and doing a major amphibious operation is not an easy feat."

Persons: Charles Q, Brown, Xi Jinping, Joe Biden, Xi, Liu Zhenli, William Burns, People's, Liu, General Li Shangfu, Li, Nancy Pelosi, Phil Stewart, Gerry Doyle, Jon Boyle Organizations: Air Force, Joint Chiefs, Staff, Pentagon, Joint Staff Department of, Central Military Commission, Beijing, U.S, CIA, U.S . Air Force, People's Liberation Army, PLA, People's Liberation Army Air, Reuters, Russia, ., CMC, Thomson Locations: TOKYO, China, Taiwan, Japan, U.S, Beijing, Tokyo, TAIWAN Washington, South China, Asia, Pacific, Seoul, Taipei

☆ The laws British PM Sunak wants to pass before the next election
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

The King's Speech - given by the monarch but written by government ministers - opens the new session of parliament. This is likely to be the last one before the election, which must be held by January 2025, and many policies were aimed at appealing to voters. CIGARETTES AND VAPESThe Tobacco and Vapes Bill will deliver on Sunak's promise made last month to phase out all tobacco sales in England. SOCCER REGULATORThe government plans to set up an independent football regulator, who will be responsible for scrutinising club owners and their financial resources. The new legislation will require owners to ensure fans are consulted on changes to club's badges, names and shirt colours.

Persons: Rishi Sunak, Keir Starmer, Hannah McKay, King Charles, Bill, Andrew MacAskill, Alistair Smout, Elizabeth Piper, Alex Richardson, Barbara Lewis Organizations: British, Labour Party, REUTERS, Conservatives, Petroleum, Markets, Competition, Consumers, SOCCER, Super League, Trans, Pacific, Thomson Locations: London, Britain, England, North, Freehold, Wales, Pacific, Australia, Japan

Republican Senator Roger Marshall said: "Time is of the essence and it's imperative that the Senate not delay delivering this crucial aid to Israel another day," he said. The House bill would provide $14.3 billion for Israel as it responds to a deadly Oct. 7 attack by Islamist Hamas militants, but also cut the same amount of money from the IRS. "Our allies in Ukraine can no more afford a delay than our allies in Israel," said Senator Patty Murray, who chairs the Senate Appropriations Committee. The White House had said Biden would veto the House bill. Senate leaders are writing their own supplemental funding bill and hope to introduce it as soon as this week.

Persons: Kevin Wurm, Roger Marshall, Joe Biden, Patty Murray, Biden, Patricia Zengerle, Alistair Bell Organizations: U.S, Capitol, REUTERS, Rights, Senate, Republican, Russia, Republicans, Jewish State, Internal Revenue Service, IRS, Democrats, Democratic, Democrat, White, Thomson Locations: Washington , U.S, Israel, Ukraine, China

☆ Siemens loses London lawsuit over 2 bln stg HS2 contract
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] A HS2 high-speed rail logo is displayed on a fence surrounding a construction site at Euston in London, Britain, July 30, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Siemens (SIEGn.DE) on Monday lost a legal challenge over a 2 billion pound ($2.48 billion) contract to build a fleet of new trains for Britain's beleaguered HS2 high-speed rail project. HS2 said the contract, which includes a 12-year maintenance and services deal, was worth around 2 billion pounds when it was awarded. But Judge Finola O'Farrell dismissed Siemens' case on Monday, saying in a written ruling that Siemens had not established the contract was awarded unlawfully and the company was therefore "not entitled to any damages". Monday's ruling is a rare piece of good news for the controversial HS2 project, which was originally planned to link London to the north of England from 2026.

Persons: Hollie Adams, HS2, Finola O'Farrell, Rishi Sunak, Sam Tobin, Kirsten Donovan Organizations: REUTERS, Siemens, Siemens Mobility, HS2, Bombardier Transportation, France's Alstom, Hitachi, Alstom, British, Thomson Locations: Euston, London, Britain, England, Manchester, Birmingham

☆ Senators urge US to take steps to boost battery production, citing China
▼ + stars: | 2023-11-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China August 28, 2018. REUTERS/Stringer/ File photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - Two influential Democratic U.S. senators urged the Energy Department to take steps to boost U.S. battery manufacturing and next-generation battery research, citing China's dominance and export controls, according to a letter seen by Reuters. China dominates the global EV battery supply chain including production of graphite - the single largest component. The letter wants a committee briefing by Dec. 1 "on ongoing research and development of next-generation battery technologies." China accounts for 70% of the global production of lithium-ion batteries, the letter said, noting of five critical minerals required for most lithium-ion batteries, China "controls between 60-100% of the mining or refining for these minerals."

Persons: Stringer, Mark Warner, Joe Manchin, China's, Jennifer Granholm, David Shepardson, Leslie Adler, Stephen Coates Organizations: REUTERS, Rights, Democratic U.S, Energy Department, Reuters, Senate, Energy, Pentagon, Department of Defense, Thomson Locations: Huzhou, Zhejiang province, China, United States, Asia, U.S

☆ South Africa powers ahead with 3GW of gas projects, minister says
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

South African Minister of Electricity Kgosientsho Ramakgopa briefs members of the media after his visit to assess progress on bringing back online faulty units and boosting power generation at the Kusile Power Station, in Delmas, in Mpumalanga province, South Africa, September 11, 2023. REUTERS/Siphiwe Sibeko Acquire Licensing RightsSummary South Africa needs 6 GW of new power generation capacityCountry expects 5.5 GW of renewable projects online by 2026Nov 5 (Reuters) - South Africa is accelerating plans for 3 gigawatts (GW) of gas-fired power generation to help to plug an energy deficit that is hurting the economy, electricity minister Kgosientsho Ramakgopa said on Sunday. As you know gas, from an emissions standpoint, is a step down compared to coal, so it's important we accelerate that," Ramakgopa said. Ramakgopa said in June that South Africa expects more than 5.5 GW of new renewable energy projects to come online by 2026. South Africa is also seeking to extend to life of its 40-year-old 1.94 GW Koeberg nuclear plant by 20 years beyond its scheduled shutdown next year.

Persons: Siphiwe, Kgosientsho Ramakgopa, Ramakgopa, Nelson Banya, David Goodman Organizations: Electricity, REUTERS, Thomson Locations: Kusile, Delmas, Mpumalanga province, South Africa, Africa, Coega, Eastern, Richards Bay

☆ McCormick wants the US to divest from China. As a hedge fund manager, he oversaw investments in Chinese companies grow more than a thousand-fold
▼ + stars: | 2023-11-04 | by ( Em Steck | ) edition.cnn.com time to read: +5 min

However, as the head of the world’s largest hedge fund, McCormick oversaw massive investments into US exchange traded Chinese companies and holdings, according to a CNN KFile review of the hedge fund’s holdings. I held deep reservations about Bridgewater’s exposure to the moral and patriotic hazards of doing business in China,” McCormick said in September 2023 before officially launching his campaign. That amounts to a 108,000% increase in Chinese holdings over a five-year period. In 2017, Bridgewater reported investing in just one US exchange traded Chinese company; by the final quarter of 2021, its holdings included 47 Chinese companies. McCormick’s hedge fund also held an additional $779 million indirectly in Chinese companies through their investments in exchange traded funds.

Persons: David McCormick’s, McCormick, ” McCormick, Hugh Hewitt’s, CNN’s KFile, Bush, Mehmet Oz, Oz, Democrat John Fetterman, Bridgewater, Elizabeth Gregory, “, he’s, Ray Dalio –, thievery ”, ” Organizations: New, New York CNN, US, CNN, CCP, Bridgewater Associates, US Securities and Exchange, Bridgewater, Republican Party, Republican, Democrat, Chinese Communist Party, US Commerce Department Locations: New York, Pennsylvania, hardliner, China, McCormick’s, United States, Xinjiang, ”

☆ Weak yen forces Japan to shrink historic military spending plan
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +6 min

Since the plan was unveiled in December, the yen has lost 10% of its value against the dollar, forcing Tokyo to reduce its ambitious defense procurement plan, which was then-calculated to cost $320 billion, the sources said. Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." Chinooks and seaplanesWith the cuts in its spending power, Japan decided to prioritize spending on advanced U.S.-made frontline weapons such as missiles that could halt advancing Chinese forces, the eight people said. About half that increase was due to the weak yen, said one of the government sources, who was directly involved in those discussions.

Persons: Fumio Kishida, Kiyoshi Ota, Christopher Johnstone, Johnstone, Biden, Kishida, spender, Nancy Pelosi's, Yoji Koda Organizations: Japan's, Defense Force, Getty, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defense, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, ShinMaywa Industries, Industry, Maritime Self Defense Force Locations: Tokyo, AFP, Japan, Taiwan, Washington, Beijing, East Asia, U.S, East China, Ukraine, China

Details of how Japan is paring back military procurement due to currency fluctuations have not been previously reported. China, which has not ruled out using military force to bring Taiwan under its control, has expressed concern about Japan's military spending plans, accusing it of displaying a "Cold War mentality." In December, defence ministry officials discussed an order for 34 twin-rotor Chinook transport helicopters at roughly 15 billion yen per aircraft, two of the sources said. She declined to comment on whether the defence ministry had dropped an order for the seaplane. A ministry spokesperson confirmed the companies delivered a letter on Oct 25 to Defence Minister Minoru Kihara urging the government to proceed with the defence procurement as planned.

Persons: Tomohiro, Fumio Kishida, Christopher Johnstone, Johnstone, Biden, Kishida, outlays, spender, Nancy Pelosi's, Yoji Koda, Lockheed Martin, Minoru Kihara, Kevin Maher, Nobuhiro Kubo, Takaya Yamaguchi, Tim Kelly, Yoshifumi Takemoto, Katerina Ang Organizations: Defense Force, East Fuji Maneuver, REUTERS Acquire, Rights, Reuters, Bank of Japan, Center for Strategic, International Studies, National Security, East, Japan's Ministry of Defence, Embassy, Pentagon, Russian, Kawasaki Heavy Industries, Boeing Co, Kawasaki, Industries, Maritime Self Defense Force, Raytheon, Lockheed, Japan Business Federation, NMV Consulting, U.S . State Department's Office, Japan Affairs, Thomson Locations: Japan, Gotemba, Shizuoka, Taiwan, Tokyo, Washington, Beijing, East Asia, U.S, East China, Ukraine, China, U.S .

Twelve Democrats voted with 214 Republicans for the bill, and two Republicans joined 194 Democrats in objecting. Republicans have a 221-212 majority in the House, but Biden's fellow Democrats control the Senate 51-49. To become law, the bill would have to pass both the House and Senate and be signed by Biden. The nonpartisan Congressional Budget Office on Wednesday said the IRS cuts and Israel aid in the House bill would add nearly $30 billion to the U.S. budget deficit, currently estimated at $1.7 trillion. After the vote, Johnson urged the Senate and White House to quickly approve the bill.

Persons: Mike Johnson, Joe Biden, Chuck Schumer, Biden, Schumer, Kay Granger, Nathan Howard, Rosa DeLauro, Johnson, Patricia Zengerle, Makini Brice, Scott Malone, Mark Porter, Alistair Bell, Chris Reese Organizations: U.S . House, Republican, Internal Revenue, Republicans, Israel, Internal Revenue Service, Democratic, Senate, U.S, Capitol, REUTERS, White, Twitter, Thomson Locations: Israel, Iran, Ukraine, Taiwan, Washington , U.S, Gaza City, Kyiv, U.S, Mexico

Arctic-2 LNG has been expecting to start exporting soon and it is uncertain how much Russian LNG would be blocked by the new measures. The largest Russian LNG producer Novatek (NVTK.MM) said in September it would start shipments from Arctic-2 LNG early next year. The State Department said Zakharov is the creator and designer of the drones. "And every sanctions decision must work in full, so that there is no chance for Russia to bypass them." The State Department also imposed sanctions on multiple defense-related entities and procurement companies in the UAE.

Persons: Volodymyr Zelenskiy, Joe Biden, Doug Mills, Biden, Vladimir Putin, Antony Blinken, Aleksandr Zakharov, Zakharov, Andriy Yermak, Yermak, Daphne Psaledakis, Timothy Gardner, Alexandra Alper Mike Stone, Karen Freifeld, Yuliia Dysa, Ron Popeski, Nick Zieminski, Diane Craft Organizations: U.S, White, Rights, Moscow, State Department, Commerce Department, United Arab, Treasury Department, Systems, Treasury, Russian LNG, European, ZALA Aero, Russian Ministry of Defense, The State Department, Russian Federation, Washington, Turkish, UAE . Construction, Thomson Locations: Washington , U.S, United States, Ukraine, Siberia, Washington, Russian, U.S, United Arab Emirates, Turkey, China, Russia, Moscow, Crimea, Europe, European Union, Ukrainian, ZALA, UAE, New York, Gdansk, Beijing

☆ Three charged with sending Russia over $7 million in electronics to aid war on Ukraine
▼ + stars: | 2023-10-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Three people were arrested in New York City on Tuesday on charges of illegally smuggling millions of dollars' worth of electronics to Russia in order to aid the country's invasion of Ukraine. Federal prosecutors in Brooklyn accused Nikolay Goltsev, Salimdzhon Nasriddinov and Kristina Puzyreva of evading sanctions in order to send Russia equipment used in their precision-guided missile systems. The defendants allegedly dispatched hundreds of shipments of restricted items, worth nearly $7.2 million, to Russia over the course of a year. The complaint alleges that the defendants used two corporate entities to source and purchase dual-use electronics from U.S. manufacturers and distributors, and then secretly export them to Russia. Some of the same types of components were found in Russian weapons platforms and signals intelligence equipment that were seized in Ukraine, prosecutors alleged.

Persons: Nikolay Goltsev, Salimdzhon Nasriddinov, Kristina Puzyreva, Nick Stevens, Matthew Olsen Organizations: Attorney, Eastern, of, Prosecutors, United Arab, Justice Department's National Security Division Locations: Brooklyn, New York City, Russia, Ukraine, U.S, of New York, Tajikistan, Goltsev, Montreal, Manhattan, Russian, Turkey, Hong Kong, India, China, United Arab Emirates, Vitebsk

We continue to encourage all countries to take tangible measures to halt the flow of arms, aviation fuel, and revenue to the military regime," U.S. Secretary of State Antony Blinken said in a separate statement. Canada imposed sanctions against 39 individuals and 22 entities for supporting Myanmar's military regime. The U.N. human rights expert for Myanmar in September called on the United States to further tighten sanctions on the country's military rulers to include the state oil and gas enterprise. Human rights advocates have repeatedly called for sanctions on MOGE, but Washington had so far held back. Myanmar military officials have played down the impact of sanctions.

Persons: Stringer, Washington, Antony Blinken, Brian Nelson, Simon Lewis, Daphne Psaledakis, Tim Gardner, Sarah Young, Ismail Shakil, Chizu Nomiyama, Rod Nickel Organizations: Army, Bank, REUTERS, Rights, Myanma, Gas Enterprise, U.S . Treasury Department, Reuters, Treasury, Financial, United Nations, Terrorism, Financial Intelligence, Chevron Corp, Chevron, Washington, Myanmar Foreign Trade Bank, Myanma Investment, Commercial Bank, Sky Royal Hero Company, General Staff, Myanmar's Army, Navy, Air Force, Thomson Locations: Yangon, Myanmar, United States, Washington, U.S, United Kingdom, Canada, Britain

President Joe Biden unveiled a new executive order on artificial intelligence — the U.S. government's first action of its kind — requiring new safety assessments, equity and civil rights guidance and research on AI's impact on the labor market. Working with international partners to implement AI standards around the world. to implement AI standards around the world. It also comes ahead of the an AI safety summit hosted by the U.K.. President Biden's executive order requires that large companies share safety test results with the U.S. government before the official release of AI systems.

Persons: Joe Biden, government's, it's, Staff Bruce Reed, Biden's, Biden Organizations: Calif, White House, Commerce Department, Department of Health, Human Services, House, Staff, U.K, U.S, National Institute of Standards, Commerce, Sunday Locations: San Francisco, U.S, AI.gov

☆ India sets $800 per ton minimum export price on onions till end-December
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +1 min

Workers of a retail chain sort onions at Manchar village in Pune, India, November 11, 2019. REUTERS/Rajendra Jadhav/File Photo Acquire Licensing RightsOct 28 (Reuters) - India has set a floor price of $800 per metric ton minimum export price on onions up to Dec. 31, the government said on Saturday, in a bid to ensure adequate domestic availability and to stabilise prices. The government also announced procurement of 200,000 tons of onions for its buffer, over and above the 500,000 tons already procured, it said in the statement. The south Asian nation had in August imposed a 40% export duty on onions up to Dec. 31 to improve domestic availability of the vegetable. Reporting by Baranjot Kaur in Bengaluru and Neha Arora; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Rajendra, Baranjot Kaur, Neha Arora, David Evans Organizations: REUTERS, Thomson Locations: Manchar, Pune, India, Bengaluru

☆ Global EV battery supply chain puzzles over China graphite curbs
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. China dominates the global EV battery supply chain including production of graphite - the single largest component. Graphite companies in the country process both the natural material mined domestically and overseas, as well as synthetic forms. Under the new rules, China will require export permits starting Dec. 1 for high-end synthetic graphite, as well as key forms of natural graphite. NATURAL GRAPHITE HITGlobal companies using natural graphite include Hitachi Chemical, part of Japan's Resonac Holdings Corp (4004.T), South Korea's POSCO Future M (003670.KS) and Japan's Mitsubishi Chemical, which produces natural graphite at two plants in China, according to research firm CRU Group.

Persons: Fabian Bimmer, Sunit Kapur, Zhang Yan, Siyi Liu, Brenda Goh, Satoshi Sugiyama, Heekyong Yang, Seoul ， Paul Lienert, Jing Xu, Dominique Patton, Tony Munroe, David Evans Organizations: Volkswagen, REUTERS, Rights, EV, Qingdao, Reuters, China's Ministry of Commerce, Gotion High Tech, BTR, Material Technology, Hitachi Chemical, Japan's Resonac Holdings Corp, Mitsubishi Chemical, CRU Group, Mitsubishi, Resources, Materials, Thomson Locations: Salzgitter, Germany, Beijing, China, Japan, South Korea, United States, U.S, Shanghai, Ningbo Shanshan, Indonesia, Finland, Japan's, Australia, Mozambique, U.S ., Louisiana, North Carolina, Toyko, Seoul ，, Detroit

☆ Green Steel Is Coming. Europe Is Leading the Charge Thanks to New Carbon Taxes.
▼ + stars: | 2023-10-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +7 min

The need for conversion to low-carbon steel production is greater in Europe, where 57% of steel is produced in coal-fired blast furnaces. Swedish-based startup H2 Green Steel has signed deals to supply low-carbon steel to IKEA, Mercedes-Benz , BMW and Scania. Customers of H2 Green Steel have been willing to support the project based on their own green targets and their end-customers’ willingness to pay a green premium, he said. H2 Green Steel said it would charge a €150 premium, while Swedish steelmaker SSAB expects to charge double that. Research from the Rocky Mountain Institute suggests the IRA will encourage green steel investments that would, by 2030, produce about eight million tons of low-carbon steel, or nearly 10% of U.S. steel demand.

Persons: fabian strauch, ”, Colin Richardson, incentivizing, CBAM, Nicola Davidson, Davidson, Henrik Henriksson, Mikael Sjoberg, ” Henriksson, Gunnar Güthenke, SSAB, Europe ”, Simone Tagliapietra, Paul Lim, ” Lim, Yusuf Khan Organizations: Leadership Group, Industry, Argus Media, Rocky Mountain Institute, U.S ., Business, International Energy Agency, Investments, Steel, IKEA, Mercedes, Benz, BMW, Scania, H2, Bloomberg, Research, Europe, Bruegel, U.S Locations: Europe, U.S, Brussels, London, European, Lakes , Texas, Pacific, China, Asia

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
▼ + stars: | 2023-10-26 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Hertz also disclosed on Thursday that about 80% of the battery electric cars in its fleet are Teslas today. About 11% of Hertz's entire fleet is comprised of electric cars now. With around 50,000 electric cars in its fleet currently, that means Hertz has around 35,000 Teslas in its fleet now. That number is far shy of the 100,000 Tesla electric cars Hertz originally said it was ordering from Tesla by the end of 2022. Musk frequently says that electric cars require less maintenance than counterparts with internal combustion engines (including plug-in hybrid electrics).

Persons: Hertz, Stephen Scherr, Scherr, Tesla, Tom Brady, Elon Musk, Nikhil Naikal Organizations: Hertz, Hertz Global, GM, Twitter, CNBC Locations: EVs

☆ Japan's Denso to invest $3.3 billion to bulk up chips business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Japanese automotive supplier Denso (6902.T) will invest about 500 billion yen ($3.3 billion) in semiconductors by 2030 as aims to triple the scale of its chips business by 2035 from current levels, the company's president said on Thursday. Thus, we will forge strategic partnerships with various companies," Denso President Shinnosuke Hayashi said at the Japan Mobility Show, which officially opened on Thursday. The company will hire new employees to specialise in electrification and software and also move staff from mature businesses to electrification and software, he said. ($1 = 150.1900 yen)Reporting by Daniel Leussink; Editing by David Dolan, Jamie Freed and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Shinnosuke Hayashi, Daniel Leussink, David Dolan, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Rights, Denso, Toyota, Taiwan Semiconductor Manufacturing, Sony, Japan, Thomson Locations: Japan

PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. REUTERS/Lewis Jackson Acquire Licensing RightsSYDNEY, Oct 26 (Reuters) - PwC Australia said on Thursday that dozens of staff who had been set to move across to spin-off consultancy Scyne Advisory will no longer have roles at the new firm and have been told to look for jobs internally. Over 1,500 people out of PwC Australia's more than 9,000 staff were expected to move to the new firm, PwC said in September. A Scyne Advisory spokesperson said a delay in closing the deal, originally planned for September, changes to its "partner mix" and the need to establish Scyne as a "sustainable business" were factors in the decision. The move comes as Scyne Advisory gears up to reclaim advisory work that netted PwC Australia A$680 million ($427 million) last financial year.

Persons: Lewis Jackson, PwC, Kevin Burrowes, Lincoln, Edwina Gibbs Organizations: REUTERS, Rights, Scyne, PwC, PwC Australia, of Finance, Thomson Locations: Barangaroo, Australia, PwC Australia, PwC

☆ Biden officials set $3 bln bank deposit, procurement goals to boost minority firms
▼ + stars: | 2023-10-25 | by ( David Lawder | ) www.reuters.com time to read: +3 min

U.S. Vice President Kamala Harris delivers remarks during the Congressional Black Caucus Foundation Phoenix Awards Dinner at the Walter E. Washington Convention Center in Washington, U.S., September 23, 2023. REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - The Biden administration on Wednesday urged big companies to deposit another $2 billion into U.S. community lenders to boost loans to minority and underserved businesses, and asked them to devote 15% of their procurement budgets to such firms. Alphabet Inc's Google (GOOGL.O) will commit to spending at least $1 billion annually with "diverse-owned suppliers" in the United States, the Treasury said. The Treasury had previously invested nearly $9 billion into Community Development Financial Institutions (CDFIs) and minority-owned banking firms to make more capital available to minority firms. "In order for these minority owned banks and CDFIs to lend that money, they need deposits," Deputy Treasury Secretary Wally Adeyemo told reporters.

Persons: Kamala Harris, Walter E, Elizabeth Frantz, Biden, Harris, Wally Adeyemo, David Lawder, Sonali Paul Organizations: Congressional Black Caucus Foundation, Washington Convention Center, REUTERS, Rights, Wednesday, Micron Technology, Air Products, Xcel Energy, Treasury Department, Treasury, Freedman's Bank, Community Development Financial, Management, Internal Revenue Service, Thomson Locations: Washington , U.S, United States

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