Reliance Aims to Start Its Green Energy Gigafactories from 2026
The cluster, spread over hundreds of acres in Jamnagar where the company also operates the world's largest petroleum refining complex, will offer attractive return on capital and will help reduce the conglomerate's energy costs by at least a quarter, the company said in a presentation on Friday.
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Yahoo
23 minutes ago
- Yahoo
Western aid cuts cede ground to China in Southeast Asia: study
China is set to expand its influence over Southeast Asia's development as the Trump administration and other Western donors slash aid, a study by an Australian think tank said Sunday. The region is in an "uncertain moment", facing cuts in official development finance from the West as well as "especially punitive" US trade tariffs, the Sydney-based Lowy Institute said. "Declining Western aid risks ceding a greater role to China, though other Asian donors will also gain in importance," it said. Total official development finance to Southeast Asia -- including grants, low-rate loans and other loans -- grew "modestly" to US$29 billion in 2023, the annual report said. But US President Donald Trump has since halted about US$60 billion in development assistance -- most of the United States' overseas aid programme. Seven European countries -- including France and Germany -- and the European Union have announced US$17.2 billion in aid cuts to be implemented between 2025 and 2029, it said. And the United Kingdom has said it is reducing annual aid by US$7.6 billion, redirecting government money towards defence. Based on recent announcements, overall official development finance to Southeast Asia will fall by more than US$2 billion by 2026, the study projected. "These cuts will hit Southeast Asia hard," it said. "Poorer countries and social sector priorities such as health, education, and civil society support that rely on bilateral aid funding are likely to lose out the most." Higher-income countries already capture most of the region's official development finance, said the institute's Southeast Asia Aid Map report. Poorer countries such as East Timor, Cambodia, Laos and Myanmar are being left behind, creating a deepening divide that could undermine long-term stability, equity and resilience, it warned. Despite substantial economic development across most of Southeast Asia, around 86 million people still live on less than US$3.65 a day, it said. - 'Global concern' - "The centre of gravity in Southeast Asia's development finance landscape looks set to drift East, notably to Beijing but also Tokyo and Seoul," the study said. As trade ties with the United States have weakened, Southeast Asian countries' development options could shrink, it said, leaving them with less leverage to negotiate favourable terms with Beijing. "China's relative importance as a development actor in the region will rise as Western development support recedes," it said. Beijing's development finance to the region rose by US$1.6 billion to US$4.9 billion in 2023 -- mostly through big infrastructure projects such as rail links in Indonesia and Malaysia, the report said. At the same time, China's infrastructure commitments to Southeast Asia surged fourfold to almost US$10 billion, largely due to the revival of the Kyaukphyu Deep Sea Port project in Myanmar. By contrast, Western alternative infrastructure projects had failed to materialise in recent years, the study said. "Similarly, Western promises to support the region's clean energy transition have yet to translate into more projects on the ground -- of global concern given coal-dependent Southeast Asia is a major source of rapidly growing carbon emissions." djw/dgi/dhw/rsc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
25 minutes ago
- Bloomberg
Probe Substantiates Allegations Against WEF's Schwab, SZ Reports
Initial findings from an investigation into World Economic Forum founder Klaus Schwab's conduct at the organization he led for more than 50 years appear to support allegations that he manipulated economic reports published by the forum and submitted unjustifiably high expenses, Switzerland's SonntagsZeitung reported on Sunday. According to excerpts seen by the newspaper, law firm Homburger found that Schwab repeatedly intervened to influence country rankings in the WEF's Global Competitiveness Report for political purposes, the newspaper reported, citing excerpts it had seen. In one 2017 email to then-managing director Richard Samans, Schwab allegedly requested that the report be withheld to avoid straining his relationship with Indian Prime Minister Narendra Modi, due to the country's poor performance in the ranking, SonntagsZeitung said. Schwab also advised against improving the UK's place to prevent it being exploited by the supporters of Brexit, the newspaper said.
New York Times
an hour ago
- New York Times
China Exit Ban on Wells Fargo Executive Stokes Foreign Business Anxiety
China has sentenced a Japanese executive to more than three years in prison and blocked a U.S.-based Wells Fargo banker from returning home, the latest in a series of episodes that have made leaders of multinational corporations leery of traveling to China. Economic policy ministries in China have been trying to persuade multinationals to increase their investment in China. That is an effort that the exit ban and prison sentence are likely to make harder, especially because foreign enthusiasm was already waning. A real estate crash has depressed consumer spending; regulatory obstacles hamper sales in China by foreign companies; and many industries face severe overcapacity. China has said little about either executive. Eric Zheng, the president of the American Chamber of Commerce in Shanghai, called for the release of more details in the Wells Fargo case in order to reassure the foreign business community. Wells Fargo has suspended travel by its executives to China. Many Japanese companies have already been limiting travel to China and have been withdrawing family members of managers stationed in China. Sean Stein, the president of the U.S.-China Business Council, said that if more information did not emerge soon in the Wells Fargo case, other American businesses might also discourage their executives from going to China. 'In cases like this, transparency is extremely important, or else there will be a spillover effect on other companies' travel policies,' he said in a telephone interview. Want all of The Times? Subscribe.
