logo
Trump says Japan, US to form LNG joint venture

Trump says Japan, US to form LNG joint venture

CNA2 days ago
TOKYO :U.S. President Donald Trump said on Tuesday that Japan will form a joint venture to develop a liquefied natural gas project in Alaska though a Japanese government official said he was not aware of such plans.
It was not immediately clear whether Trump was referring specifically to the proposed $44 billion Alaska LNG project. That project would consist of an 800-mile (1,300-km) pipeline carrying gas to a planned liquefaction plant for export.
Trump's announcement of the venture came in comments to lawmakers at the White House where he discussed his trade deal with Japan.
"We concluded the one deal ... and now we're going to conclude another one because they're forming a joint venture with us at, in Alaska, as you know, for the LNG," Trump told the lawmakers. "They're all set to make that deal now."
The METI official, who oversees resource development, said the agency is working to confirm Trump's comments.
Several companies from Japan have expressed an interest in buying LNG from the project, along with Thailand's PTT and India's GAIL.
JERA and Tokyo Gas, Japan's two biggest LNG buyers, have expressed their interest in the Alaska LNG project but said they would need to assess specific conditions, including costs, before moving forward.
But when asked about the joint venture mentioned by Trump, a JERA spokesperson said they could not confirm it.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

VW cuts outlook after US tariffs added 1.3 billion euros in costs
VW cuts outlook after US tariffs added 1.3 billion euros in costs

Business Times

timean hour ago

  • Business Times

VW cuts outlook after US tariffs added 1.3 billion euros in costs

[BERLIN] Volkswagen lowered its financial outlook for the year, with the escalating cost of President Donald Trump's tariffs weighing on earnings at the Audi and Porsche brands. The automaker now sees an operating return on sales as low as 4 per cent, from at least 5.5 per cent previously, after the US duties added 1.3 billion euros (S$1.95 billion) in costs during the first half. Volkswagen also cited internal restructuring expenses and greater sales of lower-margin electric vehicles for the forecast change. 'We cannot assume that the tariff situation is only temporary,' chief executive officer Oliver Blume said on Friday (Jul 25) on a call, noting that Trump's current levies would add several billion euros in costs this year. 'We are counting on the European Commission and the US government to reach a balanced outcome on the tariff issue.' Europe's largest carmaker is under pressure to cut costs and improve its products to deal with crises in three key markets. Trump's levies are eating into sales and earnings for import-dependent Audi and Porsche, while muted demand and high production costs weigh on profits in Europe. Volkswagen also is losing market share in China, where consumers increasingly opt for local brands. Volkswagen now sees flat revenue for the year, from 5 per cent growth previously, and also reduced its outlook for free cash flow. The lower end of its forecast assumes the 27.5 per cent US tariffs will stick in the second half, while the upper end foresees the levies being reduced to 10 per cent. 'We need a good compromise,' chief financial officer Arno Antlitz said in an interview with Bloomberg Television. 'A solution that fits both the needs of the American administration, but also European automakers.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Volkswagen shares declined as much as 3 per cent in Frankfurt. The stock is still up around 6 per cent this year. The German manufacturer isn't alone in facing challenges: Some of its peers are dealing with tumult in top management, with Stellantis NV having recently named a new chief executive officer and Renault SA seeking a permanent CEO. Volkswagen is counting on partnerships with Rivian Automotive in the US and China's Xpeng to bolster its products, though new models from those efforts won't be available until next year. The challenges in China, where brands led by BYD are locked in a fierce EV price war, continue to hurt Volkswagen's profits. The operating result from its operations in the biggest car market fell more than a third in the second quarter. Volkswagen expects its joint-venture activities in the country to contribute at best €1 billion this year, down from the 1.7 billion euro proportionate operating result in 2024. The group's trucking business Traton SE late Thursday cut its outlook due to the trade hurdles as well as weak economic growth in Europe and declining orders in Brazil. The unit's adjusted operating result slumped 29 per cent in the second quarter. There were some bright spots. The namesake VW brand has seen EV sales rise in Europe in recent months thanks to rebating and buyers increasingly shunning Tesla over Elon Musk's political activities. The company sees strong order intake momentum continuing through the end of the year in Europe after EV deliveries rose 73 per cent there in the second quarter, driven by robust demand for models including the VW ID.5, the Audi Q4 e-tron and the Skoda Enyaq. BLOOMBERG

Montreal over Miami: Patriotic Canadians change summer vacation plans
Montreal over Miami: Patriotic Canadians change summer vacation plans

Straits Times

timean hour ago

  • Straits Times

Montreal over Miami: Patriotic Canadians change summer vacation plans

TORONTO - Canadians are trading their annual vacation south of the border for road trips around Ottawa, the midnight sun in Yukon, whale watching in Nova Scotia or hiking in Banff. The newfound desire to stay local started earlier this year when U.S. President Donald Trump threatened to annex Canada and imposed a series of tariffs on Canadian goods, spurring a 'Buy Canadian' movement to boycott U.S. businesses and avoid traveling to the U.S. London, Ontario-based Guess Where Trips sells curated mystery road trip packages in four Canadian provinces and reported a 75% increase in sales of trips across the country so far this year from a year ago. "It is clear that more Canadians are choosing to explore small businesses and hidden gems close to home, rather than crossing the border for their holidays and vacations," operations manager Jessica Bax said. Road trips around Ottawa are among their most popular packages, Bax said, as more Canadians explore their capital city. Prime Minister Mark Carney has also made a pitch for Canadians to take advantage of a new "Canada Strong" pass that grants free or discounted access to several national parks, historic sites and museums this summer. "Canadians are making choices to visit this great country, spend time here with their family, with their friends. They're making choices to buy Canadian products," he said in a press briefing in Huntsville, Ontario on Tuesday. The discount pass contrasts with Trump ordering higher entrance fees at U.S. national parks for visitors from other countries. A Bank of Canada survey this week showed that 55% of Canadians plan to spend less money vacationing in the United States this year while 35% said they would spend more on traveling within Canada. A survey by TD Bank showed 64% of Canadians polled planned to travel within the country, mirroring an increase in domestic flight bookings. Canadian domestic tourism spending rose 4% in the first quarter this year from a year earlier, said Destination Canada, a government agency that promotes Canadian tourism. The number of flight return trips from the United States made by Canadians fell 17% in May from a year earlier, while the number of such trips made by car fell by 37% that month, according to Statistics Canada. Walter Flower, who operates whale watching tours in Lunenburg, Nova Scotia, said he has been busier this year as more people exploring the UNESCO World Heritage town booked a 45-minute ocean adventure hoping to spot whales off the east coast. Divya Mohan, a communications specialist in Toronto, says she had initially planned to go to Texas this year but instead opted to explore the city of Winnipeg in Manitoba. "It just felt like the timing wasn't right... may be in the future," Mohan, 39, said of her trip in April. "Winnipeg is just one more destination in Canada to explore," Mohan said, coming away impressed with the Canadian Museum for Human Rights. On the west coast in British Columbia, RVs have gained popularity, said Storm Jespersen, a regional manager at family-owned tourism firm Evergreen Hospitality Group. "This year is going to be the busiest year in our company's history across our 26 properties... it's so busy, I don't think you can even rent one (RV) very easily right now," said Jespersen. WORTH THE BUCK Traveling in Canada can be expensive as domestic flights to remote locations often cost more than traveling to the United States or even Europe. But travelers have found ways to do it cheaper - through road trips or by hunting for discounts. "Doing road trips or just weekend trips to a cabin nearby is a great way to switch things up without spending thousands of dollars to fly a family of four across the country and back," said Vancouver-based marketing executive Kramer Solinsky. On his list this year, Solinsky plans to visit Montreal and the east coast for the first time and is traveling to Mexico City and Osaka in Japan instead of other sun-soaked options like Florida and California. To make some remote regions in northern Canada more accessible, Air North - the airline for the northern provinces of Yukon and Northwest Territories - added more capacity and non-stop routes for the summer, betting on higher demand from what it said was "clear and growing interest among Canadians in exploring more of their own country" Air North said arrivals to Yukon rose 7.6% from January to June this year and the airline continues to see growth in demand for flights to northern Canada. Other Canadian carriers have reported similar trends: Porter Airlines increased its summer network capacity to domestic travel to 80% from 75%, while peer WestJet in May suspended nine routes between Canada and the United States citing lower demand. REUTERS

Trump travels to Scotland for golf and bilateral talks amid Epstein furor
Trump travels to Scotland for golf and bilateral talks amid Epstein furor

Straits Times

time2 hours ago

  • Straits Times

Trump travels to Scotland for golf and bilateral talks amid Epstein furor

A police officer watches a golfer tee off on a hole on the Trump Turnberry golf course ahead of the expected arrival of Donald Trump later this week in Turnberry, Scotland, Britain, July 24, 2025. REUTERS/Phil Noble EDINBURGH/LONDON - U.S. President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, heads to Scotland on Friday for a trip that will mix golf with politics mostly out of public view. Trump plans to visit his golf resort in Turnberry on Scotland's east coast, where he will meet British Prime Minister Keir Starmer on Monday, before heading to his sprawling golf property 200 miles (320 km) away near Aberdeen in the west. As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honor of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. White House press secretary Karoline Leavitt this week said the trip was intended as a "working visit that will include a bilateral meeting with Prime Minister Starmer to refine the historic U.S.-U.K. trade deal." The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticized his administration's handling of investigative files related to Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Asia Live: Thailand-Cambodia border clashes continue for second day Singapore Etomidate found in blood of 2 people involved in fatal Punggol Road accident in May: HSA Singapore Vape disposal bins at 23 CCs for users to surrender e-vaporisers, without facing penalties Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Sport Training sessions at World Aquatics Masters Championships cancelled due to Sentosa's water quality issues Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly DEEPEN TIES The trip, initially billed as a private visit, gives Trump and Starmer a chance to deepen their already warm relationship, with key issues on the agenda to include ending Russia's war in Ukraine, British and U.S. sources said. British officials have been heartened by what they see as a clear shift in Trump's rhetoric on Ukraine and Russia in recent weeks, a British source said. The deteriorating situation in Gaza is also likely to come up. Starmer on Thursday said he would hold an emergency call with France and Germany over what he called the "unspeakable and indefensible" suffering and starvation being reported there, and called on Israel to allow aid to enter the Palestinian enclave. Gaza health authorities say more than 100 people have died from starvation, most of them in recent weeks. Human rights groups have said mass starvation is spreading even as tonnes of food and other supplies sit untouched just outside the territory. Since being elected last year, Starmer has prioritized good relations with Trump, stressing the importance of Britain's defense and security alliance with the U.S. and being careful to avoid openly criticizing Trump's tariff policies. That approach helped Britain seal the first tariff-reduction deal with the U.S. in May, which reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the UK's aerospace sector, but left steel tariffs in place. Starmer is expected to press for lower steel tariffs, but sources close to the matter said it was unclear if any breakthrough was possible during Trump's visit. Trump also is expected to meet Scottish leader John Swinney, who publicly backed Democratic candidate Kamala Harris in the 2024 U.S. presidential election, but no details have been released by either side. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70% of Scots have an unfavorable opinion of Trump, while 18% have a favorable opinion, an Ipsos poll in March found. Scottish police are girding for protests on Saturday in both Aberdeen and in Edinburgh, the country's capital. Trump will return to Britain from September 17-19 for a state visit hosted by King Charles. It will make Trump the first world leader in modern times to undertake two state visits to Britain. The late Queen Elizabeth hosted him at Buckingham Palace for a three-day state visit in June 2019. REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store