VEHICLES
China extends tax breaks
The government yesterday extended tax breaks for consumers buying clean vehicles through 2027, estimated to be worth 520 billion yuan (US$72.3 billion) in the coming four years, in a bid to bolster the nation’s flagging electric-vehicle (EV) industry. The move is the latest in a series of steps to lift sales and production in the world’s biggest EV market. While new vehicles are generally subject to a 10 percent sales tax, it has not applied to clean-energy vehicles since 2014 and the policy was recently extended through this year. Yesterday’s announcement pushes that date to the end of 2025 for clean vehicles priced under 300,000 yuan that do not seat more than nine people. Vehicles priced under 150,000 yuan are to get further support through the end of 2027.
ENERGY
Transgrid to invest US$11bn
Australia’s most populous state would be ready for 100 percent renewable energy within a decade under a A$16.5 billion (US$11.2 billion) infrastructure investment plan announced by a major grid operator yesterday. Transgrid, privatized in 2015, is to invest in batteries and other energy storage, as well as 2,500km of new transmission lines across an area larger than Texas for “secure operation” of the grid at up to 100 percent instantaneous renewables. The company owns and operates more than 13,000km of transmission lines across New South Wales (NSW) state and the Australian Capital Territory. “There will be no transition without transmission,” CEO Brett Redman said in a statement. “With over 80 percent of coal-fired capacity in NSW expected to retire and 28 gigawatts of new renewable and storage capacity coming online in the next 10 years, we must urgently accelerate the investment in all areas of the energy transition.”
SINGAPORE
City-state most expensive
Singapore surged to top the rankings as the most expensive city in the world for luxury living for the first time as it vies to be a leading global center for the rich. The city-state, ranked fifth last year, leapfrogged ahead of Shanghai and Hong Kong, which placed second and third respectively, a report by Swiss wealth manager Julius Baer Group Ltd said. One of the first places in Asia to reopen its borders during the COVID-19 pandemic, Singapore’s attractiveness to high-net-worth individuals is reflected in rising prices that locals now face. By the end of last year, Singapore counted an estimated 1,500 family offices in the territory, twice the number of the previous year, the report said. It is also the most expensive city globally for vehicle prices. New York was another big gainer. It rose to fifth from 11th last year, due to a strengthening US dollar and a rebound from the COVID-19 pandemic.
UNITED STATES
Fed nominees eye inflation
Three Federal Reserve nominees — two of them current central bank policymakers — said tackling US inflation would be their top priority if confirmed to roles at the central bank. Governor Philip Jefferson, selected by US President Joe Biden to be elevated to vice chair, said the economy faces multiple challenges, including inflation and banking-sector stress, in remarks to be delivered at his confirmation hearing yesterday before the Senate Banking Committee. Adriana Kugler, nominated by Biden to fill a vacancy left by the departure of Lael Brainard earlier this year, agreed, saying it is important to return inflation to that level. Kugler is Colombian-American and would become the Fed’s first Latina governor if confirmed.
PROTECTION: The investigation, which takes aim at exporters such as Canada, Germany and Brazil, came days after Trump unveiled tariff hikes on steel and aluminum products US President Donald Trump on Saturday ordered a probe into potential tariffs on lumber imports — a move threatening to stoke trade tensions — while also pushing for a domestic supply boost. Trump signed an executive order instructing US Secretary of Commerce Howard Lutnick to begin an investigation “to determine the effects on the national security of imports of timber, lumber and their derivative products.” The study might result in new tariffs being imposed, which would pile on top of existing levies. The investigation takes aim at exporters like Canada, Germany and Brazil, with White House officials earlier accusing these economies of
EARLY TALKS: Measures under consideration include convincing allies to match US curbs, further restricting exports of AI chips or GPUs, and blocking Chinese investments US President Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under former US president Joe Biden to limit Beijing’s technological prowess. Trump officials recently met with their Japanese and Dutch counterparts about restricting Tokyo Electron Ltd and ASML Holding NV engineers from maintaining semiconductor gear in China, people familiar with the matter said. The aim, which was also a priority for Biden, is to see key allies match China curbs the US
Teleperformance SE, the largest call-center operator in the world, is rolling out an artificial intelligence (AI) system that softens English-speaking Indian workers’ accents in real time in a move the company claims would make them more understandable. The technology, called accent translation, coupled with background noise cancelation, is being deployed in call centers in India, where workers provide customer support to some of Teleperformance’s international clients. The company provides outsourced customer support and content moderation to global companies including Apple Inc, ByteDance Ltd’s (字節跳動) TikTok and Samsung Electronics Co Ltd. “When you have an Indian agent on the line, sometimes it’s hard
‘SACRED MOUNTAIN’: The chipmaker can form joint ventures abroad, except in China, but like other firms, it needs government approval for large investments Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) needs government permission for any overseas joint ventures (JVs), but there are no restrictions on making the most advanced chips overseas other than for China, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. US media have said that TSMC, the world’s largest contract chipmaker and a major supplier to companies such as Apple Inc and Nvidia Corp, has been in talks for a stake in Intel Corp. Neither company has confirmed the talks, but US President Donald Trump has accused Taiwan of taking away the US’ semiconductor business and said he wants the industry back
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