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EV maker VinFast to build 2nd production plant in Vietnam
Vietnamese electric lorry ( EV) manufacturer VinFast on Sunday revealed a plan to develop its second domestic production plant that will double its output capability, saying it is needed to meet increased need for its little and midsized designs. VinFast stated the brand-new facility is anticipated to produce 300,000 systems yearly in its preliminary phase, the very same capability as its existing plant in Haiphong. The business provided less than 45,000 automobiles worldwide in the first nine months of 2024. The new factory in the main Ha Tinh province will mostly produce VF 3 and VF 5 designs for both domestic sales and export, with operations set to start in July next year, the business stated in a declaration. Need in global markets is growing rapidly, so the building of an additional electric automobile factory ... will develop a strong foundation for an important and explosive advancement phase ahead for VinFast, said Nguyen Viet Quang, Vice Chairman and CEO of VinFast's parent business Vingroup. VinFast, a subsidiary of significant Vietnamese corporation Vingroup, said last month its third-quarter bottom line had narrowed to $550 million, which it stated reflected lower product expenses and increased production. The automaker provided 44,773 cars throughout the first 9 months of this year, simply over 55% of its target of 80,000 units for the year. Company officials have actually stated they stay confident of reaching the objective. The new plant will be located in the same complex as VinFast's battery plant and will utilize parts from the business's. existing factory in Haiphong. VinFast has likewise announced plans for assembly plants in both. Indonesia and India, and has postponed the launch of a planned. North Carolina center till 2028.
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UniCredit states ready to take a seat with Credit Agricole over Banco BPM
UniCredit is all set to take a seat with Credit Agricole, a representative for the Italian bank stated in a LinkedIn post after the French loan provider increased its possible stake in Unicredit's takeover target Banco BPM. UniCredit's quote for its smaller peer prompted Credit Agricole to state on Friday it had entered derivatives that would raise its stake in BPM to 15% from 9.9% once the European Reserve bank offers its thumbs-up. The other day's news about Credit Agricole's increased stake in BPM changes nothing for UniCredit, the representative for UniCredit stated on social media network LinkedIn. We were always prepared to negotiate with CA, as this would have been needed whatever the scale of their shareholding. Sources with understanding of the French bank's method have told Reuters Credit Agricole's focus is to safeguard the business collaborations that enable it to sell its products in Italy. Credit Agricole has actually ruled out a complete buyout of BPM, in which it is the single most significant shareholder. UniCredit's early move made Credit Agricole's financial investment more expensive and more complicated. BPM shareholders need to not welcome this development, the UniCredit spokesperson stated. UniCredit last month declared a seat at Italy's bank debt consolidation table by introducing a 10 billion euro ($ 11 billion). all-share unsolicited bid for Banco BPM. The relocation ambushed plans by the Rome government to broker a. merger in between BPM and state-backed Monte dei Paschi di Siena . Both banks partner with fund supervisor Anima Holding. , which Banco BPM remains in the process of taking over. On Saturday, sources informed Reuters th at Credit Agricole had got informal support from the Rome. federal government prior to announcing its increased stake in Banco BPM. The UniCredit spokesperson warned BPM shareholders they. need to watch out for a possible combination of BPM with the. Italian company of Credit Agricole, or of any effort to merge. BPM with Monte dei Paschi. A quote for Monte dei Paschi is a possible defence technique. for BPM, which has spurned UniCredit's deal as too low-cost. Credit Agricole's most likely options would be to merge BPM. with Credit Agricole Italia
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Israeli strikes on southern Lebanese towns kill 6, Lebanese health ministry states
Israeli strikes on 2 southern Lebanese towns eliminated 6 people and wounded 5, the Lebanese health ministry said on Saturday, in the most recent potential challenge to a fragile ceasefire that has remained in place for less than 2 weeks. 5 people were eliminated in an attack on Beit Lif town while one person was killed in a drone strike on Deir Seryan, the health ministry said in a statement. The Israeli armed force has yet to discuss the incidents. Tensions have actually continued despite the ceasefire, with Israel and the Lebanese armed faction Hezbollah trading accusations of offenses. Earlier today, Israel threatened to return to war if its truce with Hezbollah collapsed. The U.S. said last Monday that the ceasefire was holding, although it anticipated that there may be violations.
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Reaction to Syrian rebels' expanding advance against Assad
Syrian rebels went into residential areas of the city of Homs on Saturday, sources stated, pushing a lightning week-long advance as front lines collapse across the nation and government forces battle to save President Bashar al-Assad's 24-year guideline. Following are responses. U.S. PRESIDENT-ELECT DONALD TRUMP Syria is a mess, however is not our pal, & & THE UNITED STATES NEED TO HAVE ABSOLUTELY NOTHING TO DO WITH IT THIS IS NOT OUR FIGHT. LET IT. PLAY OUT. DO NOT GET INVOLVED!, Trump stated in a post on his social networks platform Truth Social. RUSSIAN FOREIGN MINISTER SERGEI LAVROV It's inadmissible to allow the terrorist group to take control of the lands in violation of arrangements. TURKISH PRESIDENT TAYYIP ERDOGAN There is now a new reality in Syria, politically and diplomatically. And Syria comes from Syrians with all its ethnic, sectarian and religious elements. Individuals of Syria are the ones who will choose the future of their own country. As Turkey, our wish is for our neighbour Syria to rapidly gain back the peace, stability and serenity it has been yearning for 13 years. SYRIAN PRIME MINISTER MOHAMMAD GHAZI AL-JALALI The real battle our nation is fighting is the battle for ... national identity. The geographical fight is a secondary one, which our brave army and armed forces have actually been combating because 2011 and continues to this day. TOBIAS LINDNER, A MINISTER OF STATE AT THE GERMAN FOREIGN MINISTRY We prompt all celebrations to de-escalate and to remind them of their commitment to safeguard civilians. There need to be no foreign escalation. Russian airstrikes on civilian targets are especially fretting. What we require now is a political procedure, a solution in the U.N. structure of resolution 2254. HAMISH FALCONER, BRITAIN'S MINISTER FOR THE MIDDLE EAST AND NORTH AFRICA I stay very concerned by the capacity for big full-blown attacks by the regime or by Russia. Any suggestion of making use of chemical weapons would be intolerable. NORWEGIAN FOREIGN MINISTER ESPEN BARTH EIDE I think there is time for really to call for discussion, for a political settlement and to try to stop this before it really goes absolutely down the drain.
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Trump says United States needs to 'NOT GET INVOLVED' in conflict in Syria
Presidentelect Donald Trump said on Saturday the U.S. need to not be involved in the conflict in Syria, where rebel forces are threatening the federal government of President Bashar alAssad. Syria is a mess, however is not our buddy, & & THE UNITED STATES NEED TO HAVE ABSOLUTELY NOTHING TO DO WITH IT THIS IS NOT OUR BATTLE. LET IT. PLAY OUT. DO NOT GET INVOLVED!, Trump stated in a post on his social media platform Reality Social. Trump stated because Russia, an Assad ally, is bound battling a war with Ukraine it seems incapable of stopping this literal march through Syria, a country they have secured for years. If Russia were forced out of Syria, it might in fact be the best thing that can take place to them due to the fact that there was never much of an advantage in Syria for Russia, Trump stated. Trump's comments appeared to show his opposition to the presence of some 900 U.S. troops in Syria, mostly of them in the northeast, where they have actually backed a Syrian Kurd-led alliance in preventing a revival of Islamic State militants. Trump revealed in 2018 during his very first term that he wished to withdraw the U.S. troops due to the fact that he said Islamic State was near defeat. But he held off as advisers warned that a pullout would leave a space that would be filled by Iran and Russia.
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Iran's nuclear leap \extremely serious\, injures diplomacy, Western source states
Iran's velocity in its enrichment of uranium to near to bomb grade is extremely. serious, has no civilian validation and contradicts Tehran's. assertions on desiring serious nuclear settlements, a Western. diplomatic source stated on Saturday. Iran has long denied looking for nuclear weapons. U.N. nuclear guard dog chief Rafael Grossi told Reuters on. Friday that Iran was drastically accelerating its enrichment of. uranium to as much as 60% purity, near to the about 90% level that. is weapons grade. The International Atomic Energy Company later verified in a. personal report to member states that Iran was accelerating. uranium enrichment, a process that fine-tunes the raw product so. that it can be utilized as fuel in civil nuclear power generation. or, possibly, nuclear weapons. The information reported by the Director General of the. Agency, showing a substantial increase in Iran's capacity to. produce highly enriched uranium at 60%, is very major,. the Western diplomatic source told Reuters. These measures have no reliable civilian validation and. could, on the contrary, directly sustain a military nuclear. programme if Iran were to take the decision ... They remain in. contradiction with Iran's statements on its willingness to. return to trustworthy negotiations..
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Denmark to Engage with Industry to Seek Clarity Over Failed Offshore Wind Tender
Denmark's latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry.After a year of challenges, the global offshore wind industry no longer has much prospect of hitting the lofty targets set by governments in the U.S., Europe and elsewhere, hindering efforts to fight climate change."This is a very disappointing result," energy and climate minister Lars Aagard said in a written statement."The circumstances for offshore wind in Europe have changed significantly in a relatively short time, including large price and interest rate increases," Aagard added.The Danish Energy Agency said it would start a dialogue with market participants to identify reasons for the lack of bids, adding that a number of companies had expressed interest during the initial market dialogue.Danish offshore wind farm developer Orsted said it had opted not to bid due to an unfavourable risk-reward balance and acknowledged the changing industry factors such as higher inflation, rising interest rates and supply chain bottlenecks."To mitigate the impact of this and support the ongoing expansion of offshore wind energy, industry and policymakers should work together to create the necessary conditions for a sustainable future for offshore wind," Orsted's Chief Commercial Officer Rasmus Errboe said in a written comment.Denmark had in April launched its biggest offshore wind tender to date, offering no subsidies to companies competing for the right to erect turbines on six sites with a combined capacity of up to 10 gigawatts.The deadline for bids for three sites in the North Sea was on Thursday, while the deadline for an additional three sites in the Baltic Sea and Kattegat is on April 1, 2025.No subsidies were offered in the tender.Shell, one of the major energy companies which have touted offshore wind as a key market they can invest in as part of the world's energy transition, on Wednesday said it was stepping back from new offshore wind investments in a move mirrored by others.Denmark, also home to turbine maker Vestas, has been a pioneer in both onshore and offshore wind, thanks also to its favourable wind speeds.(Reuters - Reporting by Stine Jacobsen; Editing by Andrew Heavens and Keith Weir)
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China's central bank resumes gold purchases after six-month hiatus in Nov.
China's central bank resumed purchasing gold for its reserves in November after a sixmonth pause, official information by the People's Bank of China (PBOC) revealed on Saturday. The PBOC was the world's largest authorities sector purchaser of gold in 2023. Resumption of its purchases may support Chinese investor demand which was silenced since the PBOC paused its 18-month purchasing streak in May. China's gold holdings rose to 72.96 million fine troy ounces at the end of November, up from 72.80 million troy ounces a. month previously. The value of China's gold reserves fell to $193.43 billion. at the end of last month from $199.06 billion at the end of. October. November was gold's very first month-to-month price drop given that June due. to a post-U.S. election sell-off driven by Donald Trump's win. Spot rates for the precious metal are down 5% since. striking a record high of $2,790.15 an ounce on Oct. 31, but are. still up 28% so far this year. The resumption will send out a signal that the PBOC has actually grown. accustomed to these record high price levels and is prepared to. construct reserves regardless, said Ole Hansen, head of commodity. method at Saxo Bank.
China's rising hydro and solar set to cap coal usage in 2024: Kemp
China's electrical energy usage increased by 209 billion kilowatthours, or 10%, in the first three months of 2024 compared with the same period in 2023, when the country was emerging from the exit wave of the coronavirus.
Consumption development was focused in production (+112. billion kWh) as factories returned to normal operations after. widespread disturbances caused by lockdowns in 2022 and 2023.
However there was also substantial development from services companies. ( +53 billion kWh), domestic users (+41 billion kWh) and. main markets such as farming and mining (+3 billion. kWh), according to the National Energy Administration.
Chartbook: China electrical energy generation
Generation from large-scaled grid-connected power plants. increased by 166 billion kWh (+8%) in the first 3 months of. 2024, according to separate data published by the National. Bureau of Stats.
Most of the extra generation was provided by thermal power. plants (+108 billion kWh) mainly fired by coal with a small. percentage burning gas.
There were smaller contributions from wind farms (+34. billion kWh), grid-connected solar generators (+17 billion kWh). and hydroelectric generators (+7 billion kWh).
Thermal generation increased 7% from the previous year to a. seasonal record of 1,603 billion kWh and accounted for 72% of. all grid-connected output.
By contrast, hydro generation increased by just 3% to 210. billion kWh and was well listed below the seasonal record of 221. billion kWh set in the very first quarter of 2022.
Hydro has actually been depressed by the relentless drought throughout. southern China that began in 2022 and lasted through 2023.
But southern areas have been struck by abnormally early and. heavy rains considering that early in April which must recharge water. resources and increase hydro output from May onwards.
SPRING RAINS
China's rainfall and hydro generation are concentrated in. the southern part of the nation, where spring rains are. followed by heavier precipitation during the damp phase of the. East Asian Monsoon from June to September.
South China represents 36% of the nation's acreage but. 81% of its total water resources, according to data assembled by. the central federal government's Ministry of Water Resources.
Four massive drain basins in the south (covering the. Yangtze River, Pearl River, Southeast Rivers and Southwest. Rivers) represent more than 80% of the country's hydro. generation.
South China experienced abnormally low rains during the. wet stage of the East Asian Monsoon in 2022 and precipitation. remained second-rate throughout 2023, curtailing river levels. and generation.
In 2024, nevertheless, the spring rains arrived abnormally early. and have actually been heavy, reaching records in some locations, which. should improve hydro generation.
Guangdong province experienced its very first significant flood this. year on April 7, the earliest given that at least 1998, according to. the water ministry.
Rainfall up until now in April in the city of Yibin at the. confluence of the Minutes and Yangtze rivers, and on the border. between Sichuan and Yunnan, the two enormous hydro manufacturers in. the southwest, has actually been the greatest since 2022 and, before that,. 2016.
Like rains, hydro generation follows a pronounced. seasonal pattern - most affordable in the very first quarter before rising. dramatically in the second and third quarters with the spring and. monsoon rains, then tapering in the fourth quarter.
Relatively heavy spring rains should bring a huge boost in. hydro generation during the 2nd quarter this year, which will. continue throughout the 3rd quarter if the monsoon goes back to. typical.
COAL RELIEF
China relied heavily on coal-fired generators during the. winter season of 2023/2024, running existing generators for more hours. and starting up a number of brand-new power plants to meet electrical power. demand.
But record amounts of solar generation were set up in. 2023 and the huge deployment has actually continued in the first three. months of 2024. Solar generation capacity has actually doubled since 2021. and quadrupled considering that 2018.
The mix of quick development in solar with a post-drought. healing in hydro generation need to limit the need for a lot. coal combustion in the second and 3rd quarters of 2024.
Provided the monsoon rains are near-normal, coal-fired. generation will grow more gradually over the rest of the year.
China's underlying growth in electricity usage is so. substantial the federal government has no option however to pursue an. all-of-the-above strategy embracing a mix of coal and. renewables.
The scale of the usage growth means that coal-fired. generation could continue to rise in 2024 and for a few more. years.
But the massive release of renewables is already flexing. the coal consumption curve lower and emissions are likely to. peak before completion of the decade in line with the federal government's. revealed target.
Associated columns:
- China's hydro generators await the rains to come (March. 24, 2024)
- China's renewables rollout signals future peak in coal. ( January 19, 2024)
- China braces for record winter season electrical power need. ( November 24, 2023)
- China's rainfall is in the wrong place for hydropower. ( August 22, 2023)
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)