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☆ Renault and China’s Geely will invest up to $7.7 billion to build hybrid and gas engines
▼ + stars: | 2023-07-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total. Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed to produce up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions a year. Renault and Geely expect the new company to supply engines and other components to several global auto brands, including Volvo, Nissan and Mitsubishi, as well as for their own cars. Vehicles sold included those powered by batteries, plug-in hybrid engines and fuel cell engines. Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, data from the CPCA showed.

Persons: London CNN — Carmakers, ” Renault, Jim Saker, — Organizations: London CNN, London CNN — Carmakers Renault, Geely, Renault, Volvo, Nissan, Mitsubishi, Reuters, NurPhoto, Getty, Hong, Saudi Aramco, Centre for Automotive Management, Loughborough University, EV, ”, China Passenger Car Association . Vehicles Locations: Hong Kong, Saudi, United Kingdom, China, Shanghai

☆ World Bank names CEOs to help bring private funds to climate, development finance
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, July 10 (Reuters) - The World Bank on Monday named 15 chief executive officers including financiers and asset managers to a group launched by the lender's president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries. Banga announced the initiative at a global finance summit in Paris last month alongside Mark Carney, the U.N. special envoy on climate action, and Shriti Vadera, chair of Prudential Plc (PRU.L). The World Bank and the CEOs will work "to develop, test, implement and ultimately scale financing structures that can most effectively mobilize private capital," Carney said in a statement. He said in a statement that the Private Investment Lab CEOs were a "crucial piece of the puzzle" to devise ways to pull more private sector investment into the intertwined challenges of poverty, climate and fragility. Reporting by David Lawder; Editing by Will Dunham and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Ajay Banga, Joe Biden, King Charles . Banga, Mark Carney, Shriti Vadera, Carney, Thomas Buberl, Larry Fink, BlackRock, Noel Quinn, Hendrik du Toit, Jessica Tan, Sim Tshabalala, Bill Winters, Dilhan, Mark Gallogly, Banga, David Lawder, Will Dunham, David Gregorio Our Organizations: Bank, Investment, U.S, Prudential Plc, World Bank, AXA, HSBC, Shemara, Mitsubishi UFJ Financial, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy, Tata Sons, Temasek, Cairns, Mastercard, Private Investment, Thomson Locations: Britain, Paris, Macquarie, Banga

But the lure for OCI and others of making ammonia with a smaller carbon footprint is a business with potential beyond the farm. is the question, and I think it's a good question," OCI CEO Ahmed El-Hoshy told Reuters, when asked why his company is betting on producing so-called "blue ammonia." But even with U.S. support, blue ammonia economics hinge on further government incentives. If utility premiums don't emerge, OCI plans to use its Texas blue ammonia to make fertilizer in The Netherlands, where the company has under-utilized its plants due to high natural gas prices. OCI's Texas plant, to start production in 2025, will produce 1.1 million metric tons annually.

Persons: Ahmed El, Hoshy, Alexander Derricott, TD Cowen, JERA, Yara, Stephan Werner, Werner, Katrine Petersen, Petersen, Chris Bohn, Oystein Kalleklev, Harald Fotland, Fotland, Rod Nickel, Yuka Obayashi, Anna Driver Organizations: Reuters, OCI, REUTERS, Group, CF Industries, Gulf, CF, Yara, Mitsui, Mitsubishi, Nutrien, Investors, Germany's DWS, International Maritime Organization, Flex LNG, Avance, Victoria Klesty, Thomson Locations: Beaumont , Texas, U.S, Texas, Japan, South Korea, Netherlands, United States, El, OCI's Texas, Gulf Coast, Winnipeg , Manitoba, Oslo, Tokyo, Bengaluru

TOKYO/SINGAPORE, July 5 (Reuters) - Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment. Brent was down 46 cents, or 0.6%, at $75.79 a barrel by 0704 GMT, after climbing $1.60 on Tuesday. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe. "The trajectory of global oil stockpiles may soon become as relevant as OPEC+ supply cuts and macro headwinds given the International Energy Agency's outlook for a tightening oil market in H2 2023," analysts from Commonwealth Bank of Australia said in a note. Reporting by Yuka Obayashi in Tokyo and Muyu Xu in Singapore; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Tomomichi Akuta, Yuka Obayashi, Xu, Sonali Paul, Muralikumar Organizations: . West Texas, Mitsubishi UFJ Research, Consulting, Federal, Market, U.S, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters, International Energy, Commonwealth Bank of Australia, Thomson Locations: TOKYO, SINGAPORE, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria, OPEC, Tokyo, Singapore

☆ Oil prices ease as worries over global economic slowdown weigh
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday. "Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. The latest decision by Saudi and Russia could be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe.

Persons: paring, Brent, Tomomichi Akuta Organizations: Raffles, . West Texas, Mitsubishi UFJ Research, Consulting, Saudi, OPEC, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters Locations: Yantai, East China's Shandong province, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria

☆ How Scared Should You Be About Commercial Real Estate?
▼ + stars: | 2023-06-30 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

A new deal has put a $2 billion value on 245 Park Avenue in Manhattan. Photo: Cam Pollack/The Wall Street JournalNothing gets the blood running in the veins of U.S. property investors like interest from Japanese buyers. The legendary prices paid by Japanese buyers of American trophy assets culminated in Mitsubishi Estate taking control of New York’s Rockefeller Center in 1989—just before Japan slumped. It defaulted on its mortgage just six years later.

Persons: Cam Pollack, — Organizations: Mitsubishi Estate, York’s Rockefeller Center Locations: Manhattan, Japan

What BHP is touting is a process it calls credible and cost-effective, and it's these aims that are worth examining. BHP is the world's biggest miner of coking coal, used to make steel, and ranks third in iron ore, the main steel raw material. Diesel accounts for 76% of the emissions at the iron ore operations in Western Australia state, and 45% at the BHP Mitsubishi Alliance coking coal mines in the northeastern state of Queensland. BHP plans to switch its diesel trucks to battery-powered vehicles, but this will take some time and also involves more than just buying new equipment. The overall message from BHP is that it is advancing plans to reduce its Scope 1 and 2 emissions.

Persons: Clarence Fernandez Organizations: BHP Group, BHP, BHP Mitsubishi, Reuters, Thomson Locations: LAUNCESTON, Australia, Western Australia, Queensland

It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC, which contrasts with Governor Kazuo Ueda's remarks ruling out any imminent change in policy. Under YCC, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target. Some market players bet the central bank could tweak YCC, such as by widening the allowance band set around the 10-year yield target, as early as July to address market distortions caused by its huge bond buying. FRESH YEN WORRIESYCC is also blamed by some analysts for causing an unwelcome yen fall that pushes up raw material import costs. However, Kanda stopped short of saying Japan was ready to take "decisive action" - language he used shortly before Japan stepped into the currency market last year.

Persons: policymaker, Kazuo Ueda's, Ueda, Daisaku Ueno, MItsubishi UFJ, MItsubishi UFJ Morgan Stanley, YCC, Masato Kanda, Kanda, Shunichi Suzuki, Japan's, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, MItsubishi, MItsubishi UFJ Morgan, MItsubishi UFJ Morgan Stanley Securities, Finance, Thomson Locations: TOKYO, Japan, Asia

☆ I quit my job and rented out my condo to move into a Tesla with my 2 pets. Despite the challenges, I've never felt happier — or safer.
▼ + stars: | 2023-06-24 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +2 min

One day, she decided to pack everything up and move into a Tesla with her dog and her cat. This is the story of how she's been documenting her journey on TikTok, as told to Charissa Cheong. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That's why I bought a condo, hoping it would be a good investment that might help me to retire earlier in life.

Persons: Stephanie Virovec, she's, Charissa Cheong, —, I'd, I've, I'm, Finley Organizations: Service, Mitsubishi, Tesla Locations: Alberta, Canada

☆ Technology is giving cars more nagging problems than ever
▼ + stars: | 2023-06-23 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +4 min

Auto research firm JD Power assessed dozens of vehicle brands for its latest quality study. The overall quality of new vehicles is deteriorating and nagging problems are on the rise, according to a new study from JD Power. "The basic touch point of door handles is now a percolating problem area as manufacturers attempt to redesign them," JD Power said. JD Power assigned a score to each auto brand based on problems per 100 vehicles, and calculated an industry average of 192 problems per 100 vehicles (PP100), up from 180 in 2022. In terms of vehicles themselves, the Nissan Maxima had the highest initial quality overall, with 106 problems per 100 vehicles, according to teh survey.

Persons: Tesla, Dodge, Frank Hanley, Power, JD Power, Ram, Alfa Romeo, Polestar Organizations: Auto, JD Power, Fiat Chrysler, French PSA Group, Buick, Chevrolet, Volvo, Chrysler, Volkswagen, Nissan, JD, Dodge, Romeo, GMC, Porsche, Kia, Lexus, Maserati, Hyundai, Honda, BMW, Mitsubishi, Toyota, Ford, Benz, Rover, Mazda, Acura, Lincoln

☆ Chamath Palihapitiya calls Warren Buffett the 'GOAT' after figuring out his Japanese bet
▼ + stars: | 2023-06-22 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Prominent tech investor Chamath Palihapitiya expressed his admiration towards Warren Buffett, calling the "Oracle of Omaha" the greatest of all time after analyzing his latest bet on Japan. The 92-year-old Buffett recently hiked his stakes in five Japanese trading houses — Itochu , Marubeni , Mitsubishi , Mitsui and Sumitomo — to more than 8.5%. These companies, which are roughly akin to a conglomerate structure just like Berkshire, make good investments because they are stable dividend payers and earning growers, Palihapitiya said. The 92-year-old Buffett paid a visit to Japan and met with the heads at these Japanese firms earlier this year. Similar to Berkshire, the Japanese trading firms, also known as sogo shosha, are conglomerates involved in a wide range of products and services, including energy, machinery, chemicals, food, finance and banking.

Persons: Chamath Palihapitiya, Warren Buffett, Palihapitiya, Capital's Palihapitiya, Buffett, What's, he's Organizations: Buffett, Mitsubishi, Mitsui, Sumitomo, Tokyo Stock Exchange Locations: Omaha, Japan, Berkshire

☆ Berkshire Hathaway's holdings in five Japanese companies could go beyond 10%, Jefferies says
▼ + stars: | 2023-06-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway once again increased its stakes in five Japanese trading houses, and Jefferies said watch out for more such buying from the "Oracle of Omaha." Thanh Ha Pham, equity analyst at Jefferies, said Berkshire's holdings in these companies could go even beyond 10% in the future, and collaboration with Berkshire's businesses is another avenue to explore. The 92-year-old Buffett paid a visit to Japan and met with the heads at these Japanese firms earlier this year. Like Berkshire, the Japanese trading firms, also known as sogo shosha, are conglomerates that are involved in a wide range of products and services, including energy, machinery, chemicals, food, finance and banking. "By investing in trading houses, investors obtain a well-diversified business portfolio that is not exposed to any single industry or geography," Pham said.

Persons: Warren, Berkshire Hathaway, Jefferies, Thanh Ha Pham, Warren Buffett, Pham, Buffett Organizations: National Indemnity Company, Mitsubishi, Mitsui, Sumitomo, Jefferies, Tokyo Stock Exchange, Itochu Locations: Omaha, Itochu, Berkshire, Japan

☆ CNBC Daily Open: China, the dozing dragon
▼ + stars: | 2023-06-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Blinken unexpectedly meets XiU.S. Secretary of State Antony Blinken ended his China visit by meeting with Xi Jinping, the country's president. Blinken's meeting could pave the way for U.S. President Joe Biden to meet Xi in November. The country's mortgage market's so volatile that HSBC temporarily stopped offering some home loans earlier this month.

Persons: Blinken, Antony Blinken, Xi Jinping, Blinken's, Joe Biden, Xi, Buffett, Warren Buffett's Berkshire Hathaway, Morgan Stanley Organizations: CNBC, Xi U.S, U.S, Juneteenth, Mitsubishi, Mitsui, Sumitomo, HSBC, Asia Locations: Lujiazui, Pudong, Shanghai, China, frayed U.S, America, Itochu, Berkshire, Japan, Asia Pacific

☆ 10 Things in Tech: Google tells employees not to give AI chatbots confidential information, the rise of the ‘anti-work girlboss,’ and 31 rising stars of Los Angeles investing
▼ + stars: | 2023-06-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg at Facebook's first ever Meta Store Facebook/Meta1. The first "Meta Store" opened last year in Northern California and was designed to increase interest in Meta's VR headsets. Although a second store was in the works, someone familiar with the matter said that those plans faltered after slowed revenue. Google tells employees not to put confidential info into AI chatbots — including its own Bard. Reddit CEO Steve Huffman said subreddit mods have too much power.

Persons: I'm, Siu, Zers, haven't, Jordan Hart, Mark Zuckerberg, Facebook's, Martin Gilliard, hasn't, Kali Hays, chatbots, Steve Huffman, Mudassir Sheikha, Ron DeSantis, Thiep Van Nguyen, Lionel Richie, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Meta, VR, Big Tech, Google, Tech, Tesla, Gov, Puget Sound Naval Shipyard, Navy, Hewlett Packard Enterprise, VMWare, Dallas Cowboys, Mitsubishi Locations: Sacramento, Northern California, Angeles, Florida, Connecticut, USS Connecticut, Dublin, Ireland, Melbourne, Australia, Las Vegas, San Diego, San Francisco, London

☆ Berkshire Hathaway adds to Japan trading company holdings
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +2 min

[1/4] The logo of Marubeni Corp is seen at the company headquarters in Tokyo, Japan, May 10, 2016. Berkshire said its ownership now averages more than 8.5% at the companies and the aggregate value of the investments is the largest of any Berkshire-held public stocks outside the U.S. Known as "sogo shosha," Japanese trading houses trade in a variety of materials, products and food, often serving as intermediaries, and provide logistical support. Nikkei futures slightly pared some losses after the Berkshire announcement. Reporting by Lavanya Ahire in Bengaluru and Tom Westbrook in Singapore; Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Warren Buffett's Berkshire Hathaway, Lavanya, Tom Westbrook, Kim Coghill, Christopher Cushing Organizations: Marubeni, REUTERS, Berkshire, Nikkei, Billionaire, Mitsubishi Corp, Mitsui & Co, Sumitomo, Thomson Locations: Tokyo, Japan, Itochu, Berkshire, Bengaluru, Singapore

☆ Warren Buffett pours more money into Japan’s stock market
▼ + stars: | 2023-06-19 | by ( ) edition.cnn.com time to read: +2 min

Billionaire investor Warren Buffett’s Berkshire Hathaway (BRKA) has added to its holdings in Japan’s five biggest trading houses, likely underpinning strong momentum propelling the nation’s stock market to multi-year highs. Berkshire said Monday its stakes in Itochu (ITOCF), Marubeni (MARUY), Mitsubishi Corp, Mitsui & Co (MITSY), and Sumitomo now average more than 8.5%. “The tailwinds for Japanese equities continue to multiply,” said Charu Chanana, market strategist at broker Saxo Markets in Singapore. Known as “sogo shosha,” Japanese trading houses deal in a variety of materials, products and food, often serving as intermediaries, and provide logistical support. The trading firms’ regulatory filings of June 12 showed Berkshire holding 7.4% of Itochu’s stock, 8.3% of Marubeni and Mitsubishi’s stock, 8.1% of Mitsui’s stock and 8.2% of Sumitomo’s stock.

Persons: Warren Buffett’s Berkshire Hathaway, Monday’s, ”, Charu Organizations: Berkshire, Mitsubishi Corp, Mitsui & Co, Sumitomo, Nikkei, Saxo Markets, America Berkshire Locations: Singapore, Berkshire, United States

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The FSA's request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said. China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Dealing with China sanctions would be extremely complex, the executive added.

Persons: Banks, SMFG, Antony Blinken, Wang Yi, Takaya Yamaguchi, Makiko Yamazaki, Sumeet Chatterjee, Jamie Freed Organizations: Financial Services, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mizuho, American Chamber of Commerce, Reuters, Thomson Locations: China, TOKYO, Ukraine, Russia, United States, China . U.S, Beijing, West, Taiwan, U.S, Tokyo, New York

Berkshire Hathaway on Monday said its wholly-owned subsidiary National Indemnity Company has increased its stake in five Japanese trading firms to average more than 8.5%. Berkshire Hathaway said it intends to hold its Japanese investments for the long term, with CEO Warren Buffett pledging the company will only purchase up to 9.9% of any of the five firms. Buffett visited Japan in April to announce that Berkshire Hathaway would boost its investment in the various Japanese trading houses to 7.4%, after identifying the five businesses as comparable entities to his Omaha-based conglomerate. The five firms are the largest of Japan's so-called sogo-shosha, or general trading companies, and focus on diversified long-term investments that prioritize value and cash flow. Berkshire Hathaway owns no other investments in Japan.

Persons: Berkshire Hathaway, Warren Buffett, Buffett Organizations: National Indemnity Company, Mitsubishi, Mitsui, Sumitomo, Berkshire Locations: Berkshire, U.S, Japan, Omaha

☆ These tiny Japanese pick-up trucks that cost about $5,000 are winning fans in America
▼ + stars: | 2023-06-18 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Tiny Japanese trucks that cost as little as $5,000 are winning over some Americans. It's not just tiny homes taking America by storm – now tiny trucks made in Japan are becoming increasingly popular too. The tiny trucks are a common sight on Japanese roads, but they've also won over some Americans wanting a versatile, compact – and cheap – vehicle. The cheapest Kei truck sold by Japan Car Direct is about $5,000, with shipping costs accounting for much of that sum. Japan Car Direct and its competitors will walk customers through the import process, which requires several forms to be completed.

Persons: they've, It's, Kei, Subaru Sambar, Suzuki, Matt Matusiak, we've, Matusiak, there's Organizations: Japan, Morning, Daihatsu, Subaru, Mitsubishi, Honda, Nissan, of Transportation, Environmental Protection, Vehicles, Twitter Locations: America, Japan, Pennsylvania

☆ The best car brands of 2023
▼ + stars: | 2023-06-14 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Consumer Reports released a list of top car brands Thursday. Consumer Reports released its list of the top car brands for 2023 on Thursday. Taking the bottom five spots are Mitsubishi, Alfa Romeo, Jaguar, Jeep, and Land Rover, with Land Rover at the very bottom. Consumer Reports ranked brands first by determining a road-test score using braking, handling, comfort, convenience, and fuel economy evaluations. The other domestic brands fell in the bottom-third of the rankings.

Persons: Alfa Romeo, Dodge, Genesis, Tesla Organizations: BMW, Land Rover, Consumer, Subaru, Lexus, Honda, Rover, Consumer Reports, Ford, GM, Fiat Chrysler, French PSA Group, Lincoln, Chrysler, Pacifica, Toyota, Kia, Mazda, Audi, Acura, Buick, Hyundai, Porsche, Dodge, Tesla, Infiniti, Volkswagen, Volvo, Nissan, Chevrolet, Cadillac, Benz, GMC, Mitsubishi, Alfa, Jeep

☆ Factbox: Toyota unveils battery, production innovations for new EVs
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

Toyota released a technology briefing, including details on new solid-state batteries, a day before its annual shareholder meeting where governance, climate lobbying and EV strategy are under scrutiny. Here are Toyota's key announcements:BATTERY TECHNOLOGYToyota has a number of initiatives to improve battery performance and reduce cost, and said it was ready to move from research toward production of solid-state batteries. It aims to sell vehicles powered by solid-state batteries by 2027 or 2028. Toyota said, without providing details, it had achieved a "technological breakthrough" overcoming problems previously identified with solid-state batteries' durability. Those chips promise to reduce power loss to the electric motor of an EV by up to 50%, Toyota said.

Persons: Daniel Leussink, Kevin Krolicki, Christopher Cushing Organizations: Toyota, EV, Tesla, Mitsubishi Heavy Industries, Mitsubishi, Denso, Thomson Locations: TOKYO, U.S, Tokyo, Singapore

☆ Eneco to build 50 MW battery storage plant in Belgium using Tesla batteries
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, June 7 (Reuters) - Dutch energy company Eneco said on Wednesday it would build a 50 megawatt (MW) battery energy storage project in Belgium using Tesla battery packs, its largest such project to date. The project in Ville-sur-Haine will consist of 53 "Megapack" battery units from Tesla, able to deliver power for 4 hours or 200 megawatt-hours in all. Such storage projects are expected to become increasingly important in coming years as increasing amounts of electricity is being generated from renewable sources such as solar and wind. Eneco is controlled by Japan's Mitsubishi Corp. (8058.T)Reporting by Toby Sterling; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Eneco, Toby Sterling, Jason Neely Organizations: Japan's Mitsubishi Corp, Thomson Locations: AMSTERDAM, Belgium, Ville

☆ Toyota, Daimler in deal to combine Japan truck operations
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +1 min

Daimler Truck Holding and Toyota Motor Corp said on Tuesday they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would be combined under a holding company, they said in a statement. Daimler Truck and Toyota will invest in the company equally and cooperate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, the statement said. Last year, a committee tasked with investigating an emissions scandal at Hino, which became a Toyota subsidiary in 2001, found that the truck and bus maker had falsified emissions data going back to 2003. The heads of the four companies will hold a joint news conference in Tokyo at 4:30 p.m. (0730 GMT).

☆ North Korea says it will launch its first-ever military spy satellite to monitor U.S. drills
▼ + stars: | 2023-05-30 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

SEOUL, SOUTH KOREA - FEBRUARY 09: People watch a television show North Korea's 75th anniversary of the founding of the armed forces day military parade released by Korean Central News Agency (KCNA) in Seoul, South Korea. Chung Sung-jun | Getty Images News | Getty ImagesNorth Korea announced its plans to launch its first-ever military spy satellite – giving a lift for some South Korean and Japanese defense stocks. North Korean military official Ri Pyong Chol said in a Monday statement that Pyongyang plans to launch a satellite with the aim to track "dangerous" actions by the U.S., pointing to its recent joint military drills taking with South Korea. North Korea claimed the event "fully proves how the enemy is making preparations for the military act of aggression on the DPRK," referring to its official name, the Democratic People's Republic of Korea. Defense stocks riseShares of South Korean defense companies Firstec and Victek rose 3.8% and 3.3% respectively Tuesday afternoon, returning from a market holiday Monday.

☆ Mitsubishi Motors to extend suspension of production in China -Yomiuri
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 30 (Reuters) - Mitsubishi Motors Corp (7211.T) will extend the suspension of its production in China beyond May, the Yomiuri Shimbun daily reported on Tuesday. Reporting by Elaine Lies; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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