Latest news with #CBAM
Bangkok Post
12 hours ago
- Politics
- Bangkok Post
'We can scramble jets in 5 minutes,' says RTAF chief
The Royal Thai Air Force (RTAF) has affirmed its readiness amid border tensions with Cambodia, saying fighter jets can be deployed within five minutes if conflict erupts. ACM Phanpakdee Phatthanakun, commander of the RTAF, also expressed confidence that the air force is fully prepared to deploy combat aircraft within five minutes should any military confrontation arise along the Thai-Cambodian border. The statement comes amid growing tensions following remarks by Cambodian Prime Minister Hun Manet regarding military incentives. Speaking at parliament, ACM Phanpakdee said that the Defence Council has approved contingency planning for border scenarios. He stressed that Thailand's preparation is standard protocol, aiming solely to uphold national sovereignty rather than to provoke or escalate conflict. When asked about Cambodian Prime Minister Hun Manet's declaration offering bonuses to Cambodian soldiers for shooting down Thai fighter jets, ACM Phanpakdee downplayed the threat. "Our operations will not reach that level of escalation," he said. "Our duty is to protect our sovereignty. There is no cause for concern, as we have no intention of invading anyone. Our focus remains on maintaining the highest level of readiness to safeguard the nation." Regarding public confidence in national defence capabilities, the air force chief urged people to place their trust in the armed forces. "The Royal Thai Air Force, alongside the other military branches, maintains maximum readiness and confidence in our defensive responsibilities. We are steadfast in our commitment to non-aggression," he added. The Centre for Border Affairs Management (CBAM) has meanwhile confirmed that the current security situation along the Thai-Cambodian border remains stable, with no significant changes. CBAM emphasised the continued unity and coordination among Thai agencies and indicated that measures are being considered to ease cross-border transport following damage to goods due to logistical delays. Additionally, temporary exemptions for cross-border labourers may be granted ahead of the upcoming harvest. At Government House yesterday, Maratee Nalita Andamo, deputy spokeswoman for the Ministry of Foreign Affairs, alongside Rear Admiral Surasak Khongsiri, deputy spokesman for the Royal Thai Armed Forces Headquarters, said reports from security agencies and local authorities responsible for border checkpoints confirmed that the overall situation remains orderly. Exceptions are still being granted for medical patients requiring treatment in Thailand, students, and other individuals with essential daily needs who need to cross the border.
Finextra
2 days ago
- Business
- Finextra
Lana raises funds for finance platform for corporate decarbonisation
Lana, a pioneering finance platform for corporate decarbonization, today announced the successful closure of its first funding round from Liminal, a venture creation group founded by Temasek and Twynam Investments. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The platform addresses the urgent challenge facing APAC CFOs: rising energy costs and looming carbon taxes that threaten corporate margins as the region transitions to new energy models. Founded by Vincent Choi, a fintech veteran who previously scaled a payment infrastructure fintech that worked with financial institutions in APAC, Lana is building Asia-Pacific's first integrated platform combining blended finance with advanced risk modelling. The goal is to make decarbonization financing faster and more affordable for corporations across the region. "Energy costs have increased 20-100% across APAC markets while carbon pricing mechanisms are set to impact exporters starting in 2026," said Vincent Choi, Founder and CEO of Lana. "Traditional financial institutions have been instrumental in funding APAC's growth, but the scale and speed of today's energy transition requires new technological solutions to complement their efforts. We're building the infrastructure that helps capital providers deploy capital more efficiently while giving CFOs access to financing in days, not months, at significantly lower costs." The platform uniquely enables corporations to fund their energy transformations while extending financing to their value chains and connecting them with leading climate technologies from UK and Europe, creating a multiplier effect that generates carbon credits and reduces overall transition costs. "The intersection of climate technology and financial innovation represents one of the most compelling opportunities in Southeast Asia. Platforms that can effectively channel capital toward decarbonization while maintaining commercial viability will be critical for the region's sustainable development," said Sonny Vu, Chief Builder at Liminal. "We focus on founders tackling huge challenges with innovation. Decarbonization finance needs these founders with both technical sophistication and a deep market nous to scale" said Jonathan Green, Investment Director at Twynam Investments. With regulatory pressures mounting including EU's CBAM starting January 2026 and five APAC markets introducing carbon pricing from 2027, Lana is positioned to help corporations protect their margins while securing energy independence.
IOL News
3 days ago
- Business
- IOL News
Macroeconomic uncertainty drags South Africa's manufacturing sector into deep decline
According to Statistics South Africa (Stats SA) on Tuesday, the decline was broad based and was driven by contractions in nine out of 10 manufacturing divisions. Image: Simphiwe Mbokazi/Independent Newspapers Economists have warned that the ongoing macroeconomic and policy uncertainty will continue to leave operating conditions unfavourable for manufacturing production and drag the sector's contribution to South Africa's economic growth. This comes after manufacturing output fell 6.3% year-on-year in April following a revised 1.2% contraction in March. This was the sixth consecutive monthly contraction and the sharpest drop since March 2024. Maarten Ackerman, chief economist at Citadel, expressed deep concern over the sector's trajectory, emphasising its vital role in job creation and economic stimulation. Manufacturing remains one of the few sectors in the South African economy with significant potential to create jobs, stimulate broader economic growth, and provide opportunities for the unemployed. In 2024, the manufacturing sector contributed 13% to South Africa's gross domestic product (GDP). with the sector's nominal GDP forecast to grow by an average rate of 5.7% per annum over the next decade. This sector also employs over 1.6 million people and is a significant driver of the country's export economy. 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. 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Advertisement Next Stay Close ✕ Ad loading South African industries have benefited from high carbon intensity and lower export prices, but the European Union's Carbon Border Adjustment Mechanism (CBAM) and similar policies will erode this advantage, leading to higher costs, lower demand and increased pressure from EU importers for carbon footprint and sustainability compliance. However, Ackerman said the sector continued to grapple with deep-rooted structural challenges. He said these included unreliable electricity and water supply, as well as ongoing issues with the country's logistical infrastructure, particularly the rail network, freight trains, and port systems. 'These constraints are effectively limiting the sector's capacity to expand. While this data reflects monthly high-frequency indicators, it aligns closely with quarterly trends showing that manufacturing is no longer a driver of economic growth, Ackerman said. 'Since the 2008 global financial crisis, the industry has largely failed to contribute positively to South Africa's GDP. In fact, manufacturing output volumes have stagnated, returning to levels last seen in early 2010. Over the past 15 years, the sector has shown no real growth.' Ackerman said this unfortunate trend underscored a broader issue: South Africa's urgent need for fixed investment to tackle these structural barriers. 'Without meaningful and sustained investment, the country will struggle to unlock higher, more inclusive, and sustainable economic growth,' he said. According to Statistics South Africa (Stats SA) on Tuesday, the decline was broad based and was driven by contractions in nine out of 10 manufacturing divisions. Nicolai Klaassen, director of industry statistics at Stats SA, said the food and beverages and metals and machinery divisions were the largest negative contributors to the print. 'Together, the two divisions subtracted 3.2 percentage points from overall manufacturing growth. Four divisions contracted by more than 10%. These were electrical machinery, the automotive division, communication and professional equipment, and the miscellaneous category, furniture and manufacturing not elsewhere classified,' Klaasen said. 'Glass and non-metallic mineral products was the only division that recorded positive growth, expanding by 2.3% year-on-year.' On a month-on-month basis, seasonally adjusted manufacturing production increased by 1.9% in April compared with March, marking a moderately better start to the second quarter of 2025. On a quarterly basis, industrial production contracted by 1.4% in the three months to April. The manufacturing sector's lacklustre outcome is in line with the performance of the ABSA Purchasing Managers Index (PMI). Specifically, the PMI index moved further into contractionary territory in April, with both the business activity and new sales orders' indices declining. Broad-based weakness in manufacturing activity has persisted through the first four months of the year, with output down by 3.4% compared to the same period last year. FNB senior economist Thanda Sithole said the persistent annual decline underscored ongoing unfavourable operating conditions and was consistent with their assessment of downside risks to the near-term economic growth outlook. 'Operating conditions for domestic manufacturers remain unfavourable, as reflected in the continued decline in the manufacturing PMI. While the manufacturing PMI expected business conditions index improved to 62.5 points in May from 48.6 in April, indicating better near-term sentiment, conditions remain fluid amid ongoing macroeconomic and policy uncertainty,' Sithole said. 'Domestic demand, particularly private sector fixed investment, remains weak, and external economic conditions are not conducive to growth in manufacturing merchandise exports.' BUSINESS REPORT
United News of India
6 days ago
- Business
- United News of India
EEPC India suggests 3-year moratorium for MSMEs from EU's carbon tax
Kolkata, June 22 (UNI) Engineering Exports Promotion Council of India ( EEPC India) has suggested the Centre for a three-year moratorium for Indian MSMEs from the carbon tax proposed by the European Union (EU) under Carbon Border Adjustment Mechanism (CBAM), which would come into force in January 2026. Talking about the ongoing free trade agreement with the European Union (EU), EEPC India chairman Praksh Chadha underlined the need for a three-year delay for country's MSME sector from the carbon tax proposed by the EU under Carbon Border Adjustment Mechanism (CBAM), which would come into force in January 2026. EEPC India is the trade and investment promotion organization for the engineering sector sponsored by the Ministry of Commerce & Industry. Set up in 1955, EEPC India now has a membership base of over 12,000 out of whom 60 PC are SMEs. Under the Ministry of Commerce and Industry EEPC India, an umbrella organisation for trade and investment promotion, has about 12000 members, of which 60 percent are SMEs. Chadha was speaking in an award giving ceremony organised by EEPC India in Mumbai on Saturday evening where they conferred the National Awards for Excellence in Engineering Exports to 111 entrepreneurs across the country. He highlighted that the EU's extension of safeguard duty on certain steel products has also been hurting the local industry and requested the Centre to find a solution to it while finalising the trade deal with the EU. He urged the Ministry of Commerce and Industry to take up the interest of the Indian engineering industry while negotiating trade deals with the US and Mexico. The EEPC chairman called for bold reforms and deepening integration with global value chains. In order to improve Maharashtra as a manufacturing destination, Chadha urged the state government to make the land acquisition process easier. "Plan passing is also an issue, and a one-stop window could be provided. Also, Maharashtra is the only place where there is the Mathadi Act. We have gone into the age of mechanisation. I think most steel is being handled mechanically. No manual labour is used. Mathadi Act has lost its significance and hence should be repealed," Chadha pointed out. Earlier Maharastra Minister of Information Technology & Cultural Affairs Ashish Minal Babaji Shelar conferred EEPC India National Awards for Excellence in Engineering Exports to 111 awardees. EEPC India National Awards are presented annually to celebrate the engineering goods exporters' resilience, creativity, and ambition. JSW Steel, John Deere India, Cummins Technologies India, Larsen & Toubro, BEML, Thermax, and Apar Industries are among the winners in different categories of EEPC India National Awards for the financial year 2022-23. In FY 2022–23, India's engineering exports stood at $107 billion, contributing nearly 24 percent to the country's total merchandise exports. UNI PC BM
Fibre2Fashion
19-06-2025
- Business
- Fibre2Fashion
EU Council, Parliament strike deal on simplification of CBAM
The European Council presidency and European Parliament's negotiators reached a provisional agreement yesterday on one of the proposals of the so-called 'Omnibus I' legislative package: a regulation that simplifies and strengthens the European Union's (EU) carbon border adjustment mechanism (CBAM). The CBAM is the EU's tool to equalise the price of carbon paid for EU products operating under the EU emissions trading system (ETS) with that of imported goods, and to encourage greater climate ambition in non-EU countries. The European Council and Parliament have reached a provisional pact on an 'Omnibus I' legislative package proposal: a regulation that simplifies and strengthens the EU carbon border adjustment mechanism (CBAM). New de minimis mass threshold of 50 tonnes will exempt 90 per cent of importers from CBAM rules. CBAM's climate goals have not been compromised. Import procedures will also be simplified. The proposal seeks to provide simplification and cost-efficient compliance improvements to the CBAM regulation, without compromising its climate goals, as about 99 per cent of embedded emissions in the imported CBAM goods would remain covered. The overall aim is to reduce the regulatory and administrative burden, as well as compliance costs for EU companies, especially small and medium enterprises (SMEs), according to a release from the Council. Co-legislators supported a new de minimis mass threshold, whereby imports up to 50 tonnes per importer per year will not be subject to CBAM rules. It replaces the current threshold exempting goods of negligible value. The new threshold exempts the vast majority (90 per cent) of importers—mainly SMEs and individuals—who import only small quantities of CBAM goods. Co-legislators also agreed on changes to simplify imports covered by the CBAM such as the authorisation process, the calculation of emissions and verification rules as well as the financial liability of authorised CBAM declarants, while strengthening anti-abuse provisions. The deal has still to be endorsed by both the European Parliament and Council. It will enter into force three days after publication in the EU Official Journal. In early 2026, the Commission will assess whether to extend the scope of the CBAM to other ETS sectors and how to help exporters of CBAM products at risk of carbon leakage. Fibre2Fashion News Desk (DS)
