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IOL News
15 minutes ago
- IOL News
BRICS+ Series: China Launches Construction of World's Largest Hydropower Dam
Chinese Premier Li Qiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, announces the start of the construction of a hydropower project in the lower reaches of the Yarlung Zangbo River while attending the groundbreaking ceremony in Nyingchi City, southwest China's Xizang Autonomous Region. Image: Xinhua China has commenced building what is set to become the world's largest hydropower facility on the Yarlung Zangbo River in Tibet, near the Himalayan foothills. Premier Li Qiang confirmed this week that work on the colossal $170 billion project is officially underway. Planned for the lower reaches of the Yarlung Zangbo—where waterfalls drop an astonishing 2,000 metres across a 50 km stretch—the dam will feature five cascade power stations and generate around 300 billion kilowatt-hours of electricity each year. Analysts suggest this output matches the UK's entire annual electricity consumption. The project, one of China's most daring since the Three Gorges Dam, is expected to begin operations around 2030. Premier Li referred to it as a 'project of the century' and emphasised the importance of preserving the surrounding ecosystem to avoid significant environmental harm, according to Xinhua. Like the Yangtze's Three Gorges Dam, this ambitious venture is likely to reshape regional topography. The new dam will dwarf existing infrastructure and become the centrepiece of China's low-carbon energy transition. Environmental and Geopolitical Concerns However, concerns have been raised by neighbouring countries. The river—known as the Brahmaputra in India and the Jamuna in Bangladesh—plays a crucial role in downstream water systems. Both India and Bangladesh have voiced unease over the potential impact on millions living along the river's lower basin. India's Ministry of External Affairs stated it had formally expressed its concerns to China and pledged to closely monitor developments to safeguard its national interests. Environmental groups have also warned that the dam could threaten one of the planet's most biodiverse regions. Despite these objections, Chinese authorities insist the project will not significantly disrupt water supplies or ecosystems downstream. Electricity generated will serve both local needs in Tibet and be transmitted to other regions to meet broader national demand. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Economic Impact and Market Reaction The announcement of the dam has sparked major activity in China's financial markets. With ¥170 billion earmarked for the project, investor enthusiasm has surged across relevant sectors. Shares in Hunan Wuxin Tunnel Intelligent Equipment Co, which manufactures tunnelling equipment, soared by 30%, while those of Geokang Technologies Co Ltd, a provider of intelligent monitoring systems, also rose sharply. The CSI Construction & Engineering Index climbed by 4%, hitting a seven-month high, as reported by Zhuozhu Investment Management. Other companies, including Power Construction Corporation of China and Arcplus Group PLC, reached their daily limit of 10% gains. Hydropower projects are increasingly seen by investors as stable, long-term assets, akin to bonds. However, Zhuozhu's partner Wang Zhuo warned against excessive speculation, cautioning that overvaluation of related stocks could follow. Huatai Securities anticipates that the mega project will drive significant demand for construction inputs such as cement and civil explosives. Reflecting this, shares of Xizang Tianlu Co Ltd and Tibet GaoZheng Explosive Co, both involved in these sectors, also jumped 10%, marking record highs. Government bond yields also rose in response, with 30-year treasury futures among the most traded, reflecting market sentiment that the dam is part of a broader economic stimulus initiative. Written by: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. * MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
eNCA
3 hours ago
- eNCA
Clock ticks on US tariff hikes as Trump broadens blitz
US - Time is running short for governments to strike deals with Washington to avert tariff hikes that Donald Trump has vowed against dozens of economies - and the US president continues to expand his trade wars. As the clock ticked down on a Friday deadline for higher levies to take effect on goods from various trading partners, Trump announced a trade deal with South Korea and separate duties on Brazilian and Indian imports. He also signed an order Wednesday to impose previously-threatened 50 percent tariffs on certain copper products and end a tariff exemption for low-value shipments from abroad. The tariff hikes due Friday were initially announced in April as part of a package where Trump slapped a 10 percent levy on goods from almost all trading partners - citing unfair trade practices. This rate was set to rise to varying levels for dozens of economies like the European Union, Japan and others, but Washington twice postponed their implementation as financial markets gyrated. So far, Britain, Vietnam, Japan, Indonesia, the Philippines, the EU and South Korea have reached initial deals with Washington to secure less punishing conditions. While the United States and China earlier slapped escalating tariffs on each other's products, both sides are working to further a truce maintaining duties at lower levels. - 'Big day' - But Trump has been pushing ahead in his efforts to reshape global trade. The US leader insisted Wednesday that the August 1 deadline "will not be extended" any further. In a Truth Social post, he vowed that this would be "a big day for America." Although Trump has promised a surge in government revenues from his duties, economists warn that higher tariffs can fuel an uptick in inflation and weigh on economic growth. This could change consumption patterns. Already, consumers face an overall average effective tariff rate that is the highest since the 1930s, according to a recent analysis by The Budget Lab at Yale University. The effect on consumer prices has been limited so far. But analysts cautioned this could become more pronounced as businesses run down on existing inventory and pass on more costs to buyers. - Tariff blitz, delays - Among Trump's latest announcements were a 25 percent duty on Indian goods to begin Friday -- slightly lower than previously threatened - after talks between Washington and New Delhi failed to bring about a trade pact. India would face an unspecified "penalty" over purchases of Russian weapons and energy as well, Trump said. He also unveiled a 50 percent tariff on Brazilian goods, saying its government's policies and actions threaten US national security. But he delayed its implementation from Friday to August 6 and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products. Trump inked an order too for a 50 percent tariff to kick in Friday on goods like copper pipes and wiring, making good on an earlier vow to impose these duties. But the levy, which came after a Commerce Department probe on national security grounds, was less sweeping than anticipated. It left out products like copper ores, concentrates and cathodes, bringing some relief to industry. Meanwhile, Seoul landed a deal with Trump in which South Korean products would face a 15 percent tariff when entering the United States - significantly below a 25 percent level threatened. By Beiyi Seow
IOL News
4 hours ago
- IOL News
Clock ticks on US tariff hikes as Trump broadens blitz
The US leader insisted Wednesday that the August 1 deadline "will not be extended" any further. Image: AFP Time is running short for governments to strike deals with Washington to avert tariff hikes that Donald Trump has vowed against dozens of economies -- and the US president continues to expand his trade wars. As the clock ticked down on a Friday deadline for higher levies to take effect on goods from various trading partners, Trump announced a trade deal with South Korea and separate duties on Brazilian and Indian imports. He also signed an order Wednesday to impose previously-threatened 50 percent tariffs on certain copper products and end a tariff exemption for low-value shipments from abroad. The tariff hikes due Friday were initially announced in April as part of a package where Trump slapped a 10 percent levy on goods from almost all trading partners -- citing unfair trade practices. This rate was set to rise to varying levels for dozens of economies like the European Union, Japan and others, but Washington twice postponed their implementation as financial markets gyrated. So far, Britain, Vietnam, Japan, Indonesia, the Philippines, the EU and South Korea have reached initial deals with Washington to secure less punishing conditions. While the United States and China earlier slapped escalating tariffs on each other's products, both sides are working to further a truce maintaining duties at lower levels. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading 'Big day' But Trump has been pushing ahead in his efforts to reshape global trade. The US leader insisted Wednesday that the August 1 deadline "will not be extended" any further. In a Truth Social post, he vowed that this would be "a big day for America." Although Trump has promised a surge in government revenues from his duties, economists warn that higher tariffs can fuel an uptick in inflation and weigh on economic growth. This could change consumption patterns. Already, consumers face an overall average effective tariff rate that is the highest since the 1930s, according to a recent analysis by The Budget Lab at Yale University. The effect on consumer prices has been limited so far. But analysts cautioned this could become more pronounced as businesses run down on existing inventory and pass on more costs to buyers. Tariff blitz, delays Among Trump's latest announcements were a 25 percent duty on Indian goods to begin Friday -- slightly lower than previously threatened -- after talks between Washington and New Delhi failed to bring about a trade pact. India would face an unspecified "penalty" over purchases of Russian weapons and energy as well, Trump said. He also unveiled a 50 percent tariff on Brazilian goods, saying its government's policies and actions threaten US national security. But he delayed its implementation from Friday to August 6 and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products. Trump inked an order too for a 50 percent tariff to kick in Friday on goods like copper pipes and wiring, making good on an earlier vow to impose these duties. But the levy, which came after a Commerce Department probe on national security grounds, was less sweeping than anticipated. It left out products like copper ores, concentrates and cathodes, bringing some relief to industry. Meanwhile, Seoul landed a deal with Trump in which South Korean products would face a 15 percent tariff when entering the United States -- significantly below a 25 percent level threatened. AFP
