Your Next Lawn Chair Is Coming From Vietnam, but It's Still Kind of Chinese
Factory owner Ren Li said so many other Chinese factories were moving to Vietnam to avoid high U.S. tariffs that he needed to give his workers a big increase to keep them from getting poached.
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Forbes
an hour ago
- Forbes
Coal Isn't Dead Yet: Global Trends Defy Climate Pledges
WASHINGTON, DC - APRIL 08: U.S. President Donald Trump speaks alongside coal and energy ... More workers during an executive order signing ceremony in the East Room of the White House on April 08, 2025 in Washington, DC. The Trump administration has elected to roll back Biden-era environmental policies with the intention to help revive coal-fired power plants. (Photo by) Despite years of climate summits and net-zero targets, global coal consumption and production both hit record highs in 2024. According to the newly released 2025 Statistical Review of World Energy, global coal demand reached an all-time high of 165.1 exajoules (EJ), a powerful reminder of how deeply the world still relies on this carbon-intensive fuel. The Asia-Pacific Powerhouse At the heart of coal's resilience is Asia. China alone accounted for a staggering 56% of global coal consumption last year, burning through 92.2 EJ. That's an increase of nearly 17% since 2017, despite repeated predictions that China had already passed 'peak coal.' The reality is that coal remains the backbone of China's electricity system, industrial activity, and energy security strategy. India, too, has doubled down on coal. Consumption there climbed to 21.8 EJ, up nearly 45% from a decade earlier. A combination of rising electricity demand, a lack of natural gas infrastructure, and favorable government policies continues to drive growth. The broader Asia-Pacific region tells a similar story. Nations like Indonesia, Vietnam, and Bangladesh are rapidly expanding coal use as they build out electricity grids and industrial capacity. For these countries, coal remains cheap, reliable, and—in many cases—domestically abundant. While wealthier nations are pushing renewables, many developing economies simply can't afford the transition at the same pace. Decline Elsewhere—But Not Enough Coal use continues to fall across much of the OECD. Europe, for example, saw consumption drop to 10 EJ in 2024, continuing a steady downward trend even amid energy security concerns following Russia's invasion of Ukraine. There were some short-lived spikes in places like Germany and Poland, but the overall direction remains lower. Coal Consumption 1965-2024. In the U.S., coal use came in at 9.9 EJ—well below historical highs but showing a small post-COVID rebound. America's power sector has largely shifted to natural gas and renewables, and the long-term trajectory remains downward. Yet these declines aren't enough to offset growth in the developing world. Non-OECD countries now account for about 71% of global coal consumption, up from 63% just a decade ago. The energy divide is widening, and it has significant implications for both climate policy and resource security. Production Keeps Pace—For Now Coal production also surged in 2024, hitting a new global record of 182 EJ. China again leads the way, producing more than half the world's coal—94 EJ in total. India continued its rapid expansion, more than doubling its output since 2006. Indonesia, too, has nearly quadrupled production over that period, largely to meet export demand from Asia. In contrast, the U.S. and Russia hold massive coal reserves but have adopted more cautious production strategies. The U.S. produced 23 EJ in 2024, about 12% of the global total. Russia has plateaued around 9.2 EJ, in part due to sanctions and shifting market dynamics. Non-OECD countries now supply over 60% of global coal output, up from 45% in 2006. This underscores a broader trend: the coal economy is increasingly centered in the Global South, where energy demand is still growing rapidly and alternative infrastructure is limited. A Word on Reserves An important context is that the world still has plenty of coal. The U.S. has the largest proven reserves, with a reserves-to-production (R/P) ratio exceeding 500 years. Russia, Australia, and India also boast deep reserves, although China's are being depleted far more quickly—its R/P ratio is just 37 years. Still, not all reserves are created equally. Countries like Germany and Poland have large deposits of lignite, which is less energy-dense and more polluting than higher-grade coals. Meanwhile, nations like Indonesia and Australia hold coal that is more export-friendly, giving them an edge in global markets. The Infrastructure Trap Part of what keeps coal in play is infrastructure inertia. Across Asia, decades of investment in coal plants, rail networks, and ports have created a system that's hard to unwind. Coal provides steady baseload power in a way that intermittent renewables currently can't—especially in places where battery storage and LNG terminals are lacking. Governments are responding to surging demand with a mix of pragmatism and contradiction. China and India are investing heavily in renewables, but they're also approving new coal projects to avoid blackouts. Subsidies and favorable mining policies persist, even as leaders make high-profile climate pledges. Final Thoughts Global coal use isn't going away any time soon. To the contrary, global coal consumption still growing. The world's wealthiest nations are moving away from it, but the momentum in Asia and the Global South is more than enough to offset those declines. For better or worse, coal remains a pillar of global energy—driven by affordability, energy security, and infrastructure lock-in. The challenge for policymakers is to reconcile this reality with climate goals. Until the world finds scalable, affordable alternatives for baseload power in emerging economies, coal will continue to thrive. And that makes bridging the gap between ambition and reality more important—and more difficult—than ever.
Yahoo
4 hours ago
- Yahoo
Son Heung-min set for Tottenham showdown talks after receiving £15m LAFC offer as South Korean heads into final year of Spurs contract
LAFC make £15m bid for Son Tottenham delay decision until post-Asia tour Captain's presence vital for Spurs' commercial obligations Follow GOAL on WhatsApp! 🟢📱 WHAT HAPPENED? Tottenham received a £15m offer from LAFC for Son earlier this week, and the Lilywhites are seriously weighing up a potential sale this summer, as per transfer guru Fabrizio Romano. However, earlier reports have suggested that they are not expected to sanction any move until after their Asia tour, where Son is seen as a central figure. The South Korean still has a year left on his deal, and Spurs are open to further discussions. THE BIGGER PICTURE Despite a rather horrific Premier League season in which they finished 17th, Son captained Tottenham to a historic Europa League title in 2024-25. The 33-year-old has been a consistent performer over the years, even winning the Golden Boot in 2022. The South Korea international still has a year left on his deal, and Spurs are open to further discussions. An exit would mark the end of a decade-long era in north London. DID YOU KNOW? Son remains one of Tottenham's most popular and marketable players, particularly in Asia, making him crucial to their pre-season plans. Reports suggest Spurs could lose up to 75 per cent of their tour revenue if he doesn't feature, which is the reason the Lilywhites will only decide on his future after the tour. With Thomas Frank open to either outcome, the club must now balance football and commercial interests before making a decision. WHAT NEXT FOR SON? Son is expected to travel and feature in the upcoming pre-season matches in South Korea and Hong Kong. Formal talks about his future will likely resume after the tour concludes. The Black and Gold are keen, but any deal hinges on Son agreeing to a move to the United States and to LAFC, in particular.
CNBC
5 hours ago
- CNBC
CNBC Daily Open: Triple whammy for Tesla
Tesla's going through a bumpy ride. The electric vehicle company on Wednesday reported a second consecutive quarter of declining auto sales. In Europe, Tesla's market share fell for the sixth straight month to 2.8% in June from 3.4% a year ago. The Trump administration's plans to reportedly roll back the U.S.' push for cleaner vehicles will probably hit Tesla further. A $7,500 EV tax credit in the U.S. will expire at the end of September, indirectly raising the cost of Tesla vehicles. Meanwhile, traditional carmakers will no longer need to purchase EV regulatory credits from Tesla — which receives them for free because its vehicles are completely electric — as the Trump administration intends to stop fining traditional carmakers for missing emission standards. That means Tesla will soon lose a source of revenue. They say bad things come in threes. Here's the last. While Tesla's bitcoin holding is currently worth $1.24 billion, according to its investor deck, it could have been worth billions more. In 2022, the company dumped 75% of its bitcoin. The cryptocurrency is trading at roughly $118,000 now. When Tesla sold its holdings, it was trading at around $19,000. If there's any consolation, even though U.S. President Donald Trump's "big beautiful bill" will affect Tesla, Trump said on Thursday it wasn't a targeted measure. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!" Whether Trump's sentiments can help pave a smoother road for Tesla, though, is another spars with Powell during Fed visit. The U.S. President went back and forth with the Federal Reserve chair over Trump's claims about cost overruns at the Fed headquarters. But Trump said he doesn't think it's "necessary" to fire Powell. The S&P 500 and Nasdaq Composite close at new records. Both indexes were rose Thursday despite an 8% plunge in Tesla shares. On Friday, Asia-Pacific markets fell. Hong Kong's Hang Seng Index led losses as of 1:30 a.m. ET. Intel's second-quarter revenue beats estimates. But the chipmaker reported a net loss of $2.9 billion due to an $800 million impairment charge. Intel's new CEO Lip-Bu Tan also announced big spending cuts in the company's foundry business. India expects "preferential" tariffs from the U.S. That's according to New Delhi's Commerce and Industry Minister Piyush Goyal, who told CNBC that negotiations were "progressing extremely well." [PRO] An Indian company bets on weight-loss drugs. Expiring patents in Brazil and India mean that this pharma firm has a rare opportunity to be a first mover in dozens of emerging markets. As Trump visits Scotland, the UK looks to settle some unfinished business U.S. President Donald Trump is due to visit two Trump-owned golf sites in Turnberry and Aberdeen between Friday and Tuesday, as well as one of his new golf courses that's set to open in August. He's also due to have an informal meeting with U.K. Prime Minister Keir Starmer. The question is where might we see some "give and take" in the U.S.-UK trade deal, Kallum Pickering, chief economist at Peel Hunt, told CNBC on Wednesday.
