Vedanta unit eyes rare earth production in India within 5 years
SAYAN CHAKRABORTY
BENGALURU -- India's Hindustan Zinc is eyeing rare earth minerals but kickstarting production could take up to five years, a top executive told Nikkei Asia, highlighting the difficulties in building a domestic supply chain to counter China's dominance of the sector.
Chief Executive Arun Misra said that Hindustan Zinc, a subsidiary of Indian natural resources conglomerate Vedanta, wants to mine and process neodymium, a rare earth used in permanent magnets. The company is among the world's largest producers of zinc, silver and lead.
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Nikkei Asia
a day ago
- Nikkei Asia
Japan election live: Ishiba vows to carry on for now
TOKYO -- The Japanese public voted on Sunday to determine the makeup of the nation's upper house, in a crucial vote for Prime Minister Shigeru Ishiba, whose coalition is fighting to hold on to its majority -- one that it lost in the lower chamber last autumn. The race is set to be very unpredictable, with issues such as inflation, tax and immigration having dominated the campaign. Here are some of our recent articles on this key election: - Japan's ruling coalition set to suffer big loss in upper house poll - What the upper house election means for Japan: 5 things to know - Sanseito brings far-right populism to Japan - Immigration becomes election issue in Japan amid tough economy - Japan's rice price shock exposes PM Ishiba to voter anger as election looms Here's the latest: (Japan time) Sunday, July 20 10:25 p.m. Prime Minister Shigeru Ishiba, speaking to media on NHK, acknowledged that his ruling bloc is facing a tough race. The LDP-leader had set a goal of reaching a simple majority together with its junior coalition partner Komeito. However, Ishiba avoided saying whether he would take responsibility and resign if that goal is not achieved. "Votes are still being counted and we must see what the results are," he said. On why the LDP has struggled to gain seats, Ishiba stated that the party has sought long-term goals such as realizing wage increases that exceed inflation while also trying to react swiftly and help struggling households through cash handouts. Many of the opposition camps have launched promises to cut the consumption tax, but Ishiba argued that "medical and nursing care will become even more important in the future and our fiscal situation will be under pressure. Long-term interest rates rising further and our fiscal conditions becoming even tighter is not ideal." He added: "At present, we are the party with the largest number of seats. We must respond to the nationwide issues we have advocated for during the campaign, such as wage increases that exceed inflation and our critical national security environment. We have responsibilities to fulfill for the nation." 9:57 p.m. Rintaro Nishimura of The Asia Group spoke with Nikkei Asia about the results so far. Some quotes here: "It's a clear rebuke from the voters of Ishiba and his government, and it will be very challenging going forward to see whether the ruling parties can muster a majority, not through a coalition, maybe, but through policy by policy coordination with parties." "There's definitely a sense that these established parties like the LDP, and also even the DPJ, are not really doing what the people want them to do, what they want to see from the parties." "A lot of the younger voters seem to like the Sanseito platform. Maybe because their social media game is better, but I think the large part was that there's a sense that the economy, especially for the younger generations, is not really doing well for them. I think they see that foreign tourists and also immigrants, maybe are having a better life than them." 9:52 p.m. Sohei Kamiya, the leader of the right-wing Sanseito, told an online election results program that "if there are issues that are important to the national interest and must be passed at all costs, we would not hesitate considering cooperating with the LDP or other parties on a topic or bill basis. But we have no intention of nestling up to obtain official posts in the administration." 9:42 p.m. Akira Nagatsuma of the CDP said: "There will be no grand coalition, whatsoever. Changing the structure of national politics is a very high priority, so a grand coalition is not possible." 9:33 p.m. According to NHK, it could be the first time since its formation in 1955 that an LDP-led government loses its majority in both the upper and lower houses. The ruling bloc could secure fewer than 46 seats -- a new low since the formation of the coalition between the LDP and Komeito. 9:30 p.m. As of 7:30 p.m., the national turnout figure stood at 29.93%, down 0.65 percentage point from the previous upper house election. 9:22 p.m. Ryohei Iwatani, the secretary-general of Japan Innovation Party, which has a strong foothold around Osaka, said at a press conference: "We continued to appeal for realistic reforms, including lowering social insurance premiums and that gradually gained the understanding of voters throughout the campaign period." 9:14 p.m. Here are some photos from the evening so far: 9:08 p.m. Itsunori Onodera, the LDP's policy chief, spoke to NHK: "The election results clearly show that our policies did not go down well with the voters. I have to acknowledge this as the party's policy chief." When he was asked about whether the party will go for tax cuts or cash handouts as an economic relief measure, Onodera said, "The consumption tax is an important revenue source for the country's social security programs. We need to discuss with the opposition what it intends to do with these programs." During the campaign, the LDP promised cash handouts as a relief measure for inflation, while opposition parties called for consumption tax cuts, either permanent or temporary. 8:59 p.m. Kiyomi Tsujimoto of the CDP told a radio station that "I think criticism against the LDP was very strong." NHK projects that the CDP, the main opposition party, will likely increase its seats in the chamber. Meanwhile, the DPFP, which held four seats before the election, is also projected to boost its presence in the chamber. Secretary-general Kazuya Shimba said he does not think there will be a grand coalition between his party and the ruling bloc, claiming that the parties have been unable to reach an agreement on the issue of raising the ceiling on the so-called "1.03 million yen wall," where individuals limit their part-time income to avoid certain taxes and social security burdens. 8:45 p.m. Right-wing Sanseito appears to have shaken up this election, and could win more than 20 seats in the chamber. It had just two before today's election. Sanseito candidate Saya, who was elected in the Tokyo constituency, talked on TV about why she thought her party had been successful. "I think us maintaining the 'Japanese First' policy and advocating for the gradual abolition of the consumption tax resonated with voters who are struggling as wage increases stagnate and the cost of living rises." Saya's win comes despite a viral video of her speaking to Russian news agency Sputnik. 8:35 p.m. Hiroshi Moriyama, the LDP's secretary-general, avoided giving concrete comments on TV, saying that "Vote counts are still on going and I would like to refrain from commenting on the nature of responsibility at this time." 8:26 p.m. The ruling coalition is projected to gain between 32~51 seats, according to NHK. Remember they need 50 to keep their majority. The range of seats won for each party is: Liberal Democratic Party (LDP): 27~41 Constitutional Democratic Party (CDP): 18~30 Japan Innovation Party: 6~9 Komeito: 5~12 Democratic Party For the People (DPFP): 14~21 Japanese Communist Party: 3~5 Reiwa: 2~4 Sanseito: 10~22 Conservative Party of Japan: 1~3 8 p.m. Voting ends. The ruling bloc is at risk of losing their upper house majority, national broadcaster NHK projected immediately after polls closed. 7:37 p.m. The latest data on voter turnout is out. As of 6 p.m., the national figure stood at 26.65%, down 0.71 percentage points from the 2022 upper house election. 7:13 p.m. Some errors have been made at polling stations, according to national broadcaster NHK. In Tokyo's Ota ward, 25 voters were handed the wrong ballot sheets. In Saitama Prefecture's Kasukabe city, there was a similar error involving ballot sheets for constituencies and proportional representation being mixed up. The affected votes could become invalid. 7:00 p.m. Just an hour to go now. 6:54 p.m. Japan's lead tariff negotiator Ryosei Akazawa on Sunday told reporters that the election results will not affect talks with the U.S., according to Kyodo News. The upper house vote comes amid Tokyo's continued efforts to reach a trade deal with Washington, which has slapped a 25% "reciprocal" tariff that goes into effect on Aug. 1. 6:30 p.m. Here's a few photos from today: 6:15 p.m. The national voter turnout as of 4 p.m. stood at 22.42%, 0.57 percentage point lower than the previous upper house election three years ago, according to the Ministry of Internal Affairs and Communications. For Tokyo, it was 22.87% -- 2.6 percentage points down. According to government data, an estimated 26.18 million people participated in early voting, a record high and over 6.5 million more than in the previous upper house poll. 6 p.m. Just two hours now until voting ends. Exit polls and projections by major broadcasters will start coming in at 8 p.m., and will be updated frequently during the course of the evening as votes are counted.
Nikkei Asia
3 days ago
- Nikkei Asia
Chinese listings in US rebound on back of small-cap firms
IPO First-half 2025 IPOs by mainland companies jump 80% on the year despite tensions There is a stronger pipeline of small Chinese companies looking to list in the U.S. this year, according to Dan McClory of Boustead Securities. © Reuters PAK YIU NEW YORK -- Companies with small market capitalizations are driving a rebound in Chinese stock listings in the U.S. as blockbuster initial public offerings show little sign of returning. Eighteen mainland Chinese companies went public on U.S. markets in the first half of 2025, according to Dealogic data compiled for Nikkei Asia. This was up 80% from a year earlier and is on track to exceed the 34 such IPOs for all of 2024.
The Diplomat
3 days ago
- The Diplomat
US Solar Manufacturers Seek New Tariffs on Imports From India, Southeast Asia
Previous tariffs have prompted Chinese manufacturers to shift their operations to Indonesia and Laos, while low-cost Indian solar imports are also on the rise. A group of American solar panel manufacturers has asked the U.S. Commerce Department to impose tariffs on solar imports from Indonesia, Laos, and India, a month after Washington imposed hefty tariffs on solar products from four Southeast Asian nations. According to Reuters, the complaint was filed by the American Alliance for Solar Manufacturing Trade Committee, a group representing several major solar equipment producers, including South Korea's Hanwha Qcells USA Inc. and the U.S. firm First Solar Inc. The complaint requests investigations into 'illegal trade practices by largely Chinese-owned manufacturers operating in Laos and Indonesia, as well as companies headquartered in India,' according to a statement from the Alliance. It accuses companies based in three nations of receiving unfair government subsidies and of selling their products below the cost of production in the United States, which threatens to undercut U.S. producers. 'We have always said, vigorous enforcement of our trade laws is critical to the success of this industry,' Tim Brightbill, the lead attorney for the Alliance, said in the statement. As PV magazine noted, the new cases 'extend a marathon struggle begun in 2011 that has focused on imports from Chinese companies. As they have relocated factory assets ahead of tariffs resulting from the cases, the domestic industry has refocused on litigation against imports from new country targets.' In May, the U.S. International Trade Commission (USITC) ruled in the Alliance's favor in two similar complaints regarding solar imports from Cambodia, Malaysia, Thailand, and Vietnam. In its ruling, the Commission determined that the U.S. solar industry had been 'materially injured by reason of imports of crystalline silicon photovoltaic cells, whether or not assembled into modules,' from the four nations. The Commerce Department subsequently imposed a series of varied tariffs on solar products from the four countries, which reached as high as 3,500 percent in the case of some solar panels and components from Cambodia. The tariffs came into effect on June 16. However, as with previous rulings, this action merely prompted agile solar manufacturers to relocate their operations to nations not yet subject to U.S. tariffs. Trade data showed a sharp decline in U.S. solar imports from Cambodia, Vietnam, Malaysia, and Thailand after the initiation of the complaint in April 2024. Meanwhile, even before the latest batch of complaints had been concluded, 'the same Chinese-backed companies wasted no time shifting operations to Laos and Indonesia, and companies in India joined in to continue undercutting American producers,' Brightbill said in the statement. 'We have always said vigorous enforcement of our trade laws is critical to the success of this industry.' The Alliance cited figures showing that solar imports from the three nations combined were $1.6 billion last year, up from just $289 million in 2022. However, the Alliance's campaign against cheap imports has not been universally supported. Opponents, including the Solar Energy Industries Association, which testified to the USITC against the petitioners in its last case involving imports from Cambodia, Vietnam, Thailand, and Malaysia, said that the May decision was 'concerning for American solar manufacturers' and would harm 'solar module producers that depend on access to imported solar cells.' This is especially the case given the broader policy orientation of the Trump administration, which, in an executive order signed by President Donald Trump on July 7, announced that it was tightening up on access to federal solar and wind credits. 'For too long, the Federal Government has forced American taxpayers to subsidize expensive and unreliable energy sources like wind and solar,' the order stated. 'Ending the massive cost of taxpayer handouts to unreliable energy sources is vital to energy dominance, national security, economic growth, and the fiscal health of the Nation.' Today, Politico reported that 'solar and wind energy projects must now get Interior Secretary Doug Burgum's personal sign-off to receive permits across the hundreds of millions of federal acres under his department's control,' citing an internal memo from the Department of the Interior. It said that the memo 'puts wind and solar projects under heightened scrutiny, potentially slowing approvals and construction across vast swaths of some of the most sun- and wind-rich portions of the country.'
