Inkhabar webdesk

MELBOURNE (Reuters) -BHP's head of Australia, Geraldine Slattery, said on Wednesday the country must speed up environmental approvals and boost access to cheap power if it hopes to compete for mining investment capital with other nations. The comments from the world's biggest listed miner underscore rising competition for capital with nations like the United States that are ramping up mining friendly policies to spur development of an alternative supply chain to dominant producer China. Slattery outlined what she said Australia needed "to compete in the global market". "This is not a small matter, it’s a linchpin to make the resources and many other sectors more productive," Slattery said, in reference to permitting timeframes, in remarks prepared for a conference in Western Australia. BHP CEO Mike Henry said this week the company was considering reopening old mines in Arizona as a result of the U.S. administration's "breathtaking" shift to build up the mining industry, in an interview with the Financial Times. Australia is reaching the final stages in negotiations to reform its environmental laws. New legislation is expected to be introduced to parliament in its final sitting fortnight of the year, local media have reported. Slattery, who has been at BHP for three decades and previously led its petroleum business, has been mooted as the front runner for BHP's top job. Henry has been expected to step down by the middle of next year after a typical six-year tenure. "Australia’s labour productivity growth is now at a sixty-year low. This is not some isolated economic statistic. It’s a trend that poses challenges, not only for attracting future investment, but also for sustaining the higher standards of living that productivity enables," she said. Nevertheless, BHP this month earmarked more than A$840 million ($555.16 million) for its Olympic Dam copper operations in South Australia as the miner prepares to make an investment decision by mid-2027 to double output from the state. Other priorities Slattery listed were for Australia to cut taxes to be more competitive with other developed nations, improve workforce training and embrace automation and artificial intelligence, which she said was core to addressing the country's productivity challenges. (Reporting by Melanie Burton; Editing by Sonali Paul)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

SEOUL (Reuters) -South Korea's industry minister and the chief presidential secretary for policy will travel to the United States on Thursday for follow-up talks on lowering tariffs applied to the Asian country's goods, the government said on Wednesday. South Korea's finance minister said this week there had been "huge progress" in discussions over the details of a tentative pact. (Reporting by Jack KimEditing by Ed Davies)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Rae Wee SINGAPORE (Reuters) -Asian stocks staged a tentative rebound on Wednesday, helped by dovish comments from Federal Reserve Chair Jerome Powell and upbeat bank earnings on Wall Street, though simmering U.S.-China trade tensions kept a lid on risk appetite. Powell left the door open to further rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view. His comments, viewed by some as dovish, lifted markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December. "The Fed may soon be looking to conclude (quantitative tightening) with an announcement at its upcoming October FOMC meeting possible," said Tom Kenny, senior international economist at ANZ. "We expect the Fed to cut by 25bp at both the October and December FOMC meetings." Solid earnings results from U.S. banking giants and an upward revision of the International Monetary Fund's 2025 global growth forecast also underpinned the market, which had taken a nosedive on renewed signs of strain in U.S.-China trade relations. MSCI's broadest index of Asia-Pacific shares outside Japan  was last up 0.45%, while the Nikkei rose 0.8% after sliding 2.6% in the previous session. Nasdaq futures and S&P 500 futures edged up about 0.1% each. Still, sentiment remained fragile, with U.S. President Donald Trump saying on Tuesday that Washington was considering terminating some trade ties with China, including in relation to cooking oil. The U.S. and China also began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Markets have been whipsawed in the past few sessions by a sharp escalation in the U.S.-China trade war after Trump announced additional 100% duties on Chinese goods in retaliation for Beijing's dramatically expanded export controls on rare earths. "It does suggest that a lasting truce is not going to be easy to achieve. But it's also a reminder as well, that the market does need to be mindful that… they shoot these arrows and then they sort of walk them back," said Tony Sycamore, a market analyst at IG. U.S. Trade Representative Jamieson Greer separately said on Tuesday that it depended on China whether additional 100% tariffs on its exports to the United States kick in on November 1 or sooner, but acknowledged it might be hard for Beijing to find an off-ramp. POLITICAL UNCERTAINTY In France, Prime Minister Sebastien Lecornu promised on Tuesday to suspend a landmark pension reform until after the 2027 election, in a move that provided some relief to investors. European futures were up sharply in Asia, with EUROSTOXX 50 futures gaining 0.8%. FTSE futures and DAX futures were also up roughly 0.3% each. "I think anything that will bring some relief to the back-and-forth within the French parliament is an absolute win," said Juan Perez, director of trading at Monex USA. The euro was last a touch higher at $1.1611, though it has largely been insulated from the ongoing political turmoil in France. In the broader currency market, the dollar was weighed down by the Fed cut bets, falling 0.25% against the yen to 151.42 and 0.06% against the Swiss franc to 0.8009. The safe-haven yen and the Swissie also found some support from the fragile risk sentiment. Elsewhere, spot gold extended its record-breaking run and was last up 0.9% at $4,179.80 an ounce, helped by geopolitical and economic uncertainties and the U.S. rate cut expectations. [GOL/] Oil prices slipped, with Brent crude futures down 0.1% to $62.33 a barrel, while U.S. crude eased 0.07% to $58.66 per barrel. [O/R] (Reporting by Rae Wee, additional reporting by Gertrude Chavez-Dreyfuss; Editing by Sam Holmes)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Engen Tham and Ilona Wissenbach (Reuters) -Foxconn's two-year pursuit of a stake in a unit of German auto supplier ZF Group stalled last month due to a substantial mismatch in valuation expectations and a higher-than-estimated debt pile, according to documents seen by Reuters. The findings from the Taiwanese firm's due diligence were circulated days before ZF Group said in October that it would abandon its plans to spin off its powertrain technology unit, known as Division E. The unit produces electric, conventional and hybrid systems for the automobile sector. Foxconn was considering buying a stake in it as part of its expansion in the electric vehicle (EV) business. Now, ZF Group is in talks with Foxconn and other interested parties about partnerships covering specific products in Division E, according to a person at ZF with direct knowledge of the matter. He could not be named as he is not authorised to speak to the media. The due diligence findings, the September stalling of the deal and ZF Group's new plans with Foxconn are being reported for the first time. Foxconn's plans stalled after due diligence estimated Division E's value at 1.5 billion euros ($1.7 billion) to 2.5 billion euros, lower than a previous estimate of 3.5 billion euros, according to a document prepared by JPMorgan for Foxconn as its deal advisor. The equity value of Division E, more importantly, was found to be negative after due diligence was completed, versus an earlier estimate of 1.3 billion euros, according to the September document titled "Project Verde – Discussion Materials." A comment written on the margin of the financial findings in the document said: "no deal if equity value is negative." The due diligence findings and the stalling of the deal are likely to cast a pall over Foxconn's ambition to expand in EVs, which the company believes is a major generator of growth in the future. Foxconn, the world's largest contract electronics maker, and ZF Group did not respond to requests for comment. JPMorgan declined to comment. EV EXPANSION Foxconn and ZF Group had been in discussions about the Taiwanese company buying a stake in Division E by paying 1.3 billion euros if its equity valuation hit 2.6 billion euros, according to a ZF document dated February 19, 2025. At the time, the two companies had also explored a joint venture structure, according to the ZF document. Earlier this month, ZF Group said it would cut around a quarter of Division E's workforce by 2030 under a restructuring deal reached with its works council and labour union IG Metall. ZF Group has a high debt burden from past acquisitions and Foxconn's due diligence showed that Division E's net debt was nearly 90% higher than expected at 4.177 billion euros, according to the JPMorgan document. A significant part of the revised debt figure was attributable to 944.7 million euros of additional pension liabilities, the document showed. Foxconn's pursuit of a stake in the unit came as the global EV industry has grown rapidly in recent years, driven by government incentives, tightening emissions regulations and rising consumer demand for cleaner transportation. Automakers around the world have invested billions in ramping up EV production, but the sector faces headwinds from supply chain disruptions, fluctuating raw material costs and uneven demand across markets. Foxconn, formally known as Hon Hai Precision Industry, has faced its own challenges in expanding its EV footprint. Efforts that have soured include a venture to make electric pick-up trucks in the U.S. In addition, a joint venture with China's Geely to provide contract manufacturing for automakers has not made progress. Still, Foxconn continues to seek opportunities in the automotive sector, particularly in Japan. In May, Japanese automaker Mitsubishi Motors and Foxconn subsidiary Foxtron Vehicle Technologies signed a memorandum of understanding for the supply of an electric-vehicle model. It was expected to be developed by Foxtron, manufactured in Taiwan by Yulon Motor and launched in Oceania in the second half of 2026. In July, Foxconn said it struck a deal to sell a former car factory in Lordstown, Ohio, that it purchased in 2022 to manufacture EVs. And in August, Mitsubishi Fuso Truck and Bus Corporation and Foxconn also signed a memorandum of understanding to collaborate on zero-emission buses. Last year, Foxconn acquired 50% of the shares in ZF Chassis Modules, a maker of chassis systems for passenger cars, according to a news release posted on ZF Group's website. The 1 billion euro deal "opens up new perspectives in the automotive sector," it said. ($1 = 0.8535 euros) (Reporting by Ilona Wissenbach in Frankfurt and Engen Tham; Additional reporting by Wen-Yee Lee in Taipei; Editing by Sumeet Chatterjee and Thomas Derpinghaus)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Rae Wee SINGAPORE (Reuters) -Asian stocks staged a tentative rebound on Wednesday, helped by dovish comments from Federal Reserve Chair Jerome Powell and upbeat bank earnings on Wall Street, though simmering U.S.-China trade tensions kept a lid on risk appetite. Powell left the door open to further rate cuts on Tuesday and said the end of the central bank's long-running effort to shrink the size of its holdings may be coming into view. His comments, viewed by some as dovish, lifted markets slightly and reinforced expectations of more easing this year, with roughly 48 basis points worth of cuts priced in by December. "The Fed may soon be looking to conclude (quantitative tightening) with an announcement at its upcoming October FOMC meeting possible," said Tom Kenny, senior international economist at ANZ. "We expect the Fed to cut by 25bp at both the October and December FOMC meetings." Solid earnings results from U.S. banking giants and an upward revision of the International Monetary Fund's 2025 global growth forecast also underpinned the market, which had taken a nosedive on renewed signs of strain in U.S.-China trade relations. MSCI's broadest index of Asia-Pacific shares outside Japan  was last up 0.45%, while the Nikkei rose 0.8% after sliding 2.6% in the previous session. Nasdaq futures and S&P 500 futures edged up about 0.1% each. Still, sentiment remained fragile, with U.S. President Donald Trump saying on Tuesday that Washington was considering terminating some trade ties with China, including in relation to cooking oil. The U.S. and China also began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. Markets have been whipsawed in the past few sessions by a sharp escalation in the U.S.-China trade war after Trump announced additional 100% duties on Chinese goods in retaliation for Beijing's dramatically expanded export controls on rare earths. "It does suggest that a lasting truce is not going to be easy to achieve. But it's also a reminder as well, that the market does need to be mindful that… they shoot these arrows and then they sort of walk them back," said Tony Sycamore, a market analyst at IG. U.S. Trade Representative Jamieson Greer separately said on Tuesday that it depended on China whether additional 100% tariffs on its exports to the United States kick in on November 1 or sooner, but acknowledged it might be hard for Beijing to find an off-ramp. POLITICAL UNCERTAINTY In France, Prime Minister Sebastien Lecornu promised on Tuesday to suspend a landmark pension reform until after the 2027 election, in a move that provided some relief to investors. European futures were up sharply in Asia, with EUROSTOXX 50 futures gaining 0.8%. FTSE futures and DAX futures were also up roughly 0.3% each. "I think anything that will bring some relief to the back-and-forth within the French parliament is an absolute win," said Juan Perez, director of trading at Monex USA. The euro was last a touch higher at $1.1611, though it has largely been insulated from the ongoing political turmoil in France. In the broader currency market, the dollar was weighed down by the Fed cut bets, falling 0.25% against the yen to 151.42 and 0.06% against the Swiss franc to 0.8009. The safe-haven yen and the Swissie also found some support from the fragile risk sentiment. Elsewhere, spot gold extended its record-breaking run and was last up 0.9% at $4,179.80 an ounce, helped by geopolitical and economic uncertainties and the U.S. rate cut expectations. [GOL/] Oil prices slipped, with Brent crude futures down 0.1% to $62.33 a barrel, while U.S. crude eased 0.07% to $58.66 per barrel. [O/R] (Reporting by Rae Wee, additional reporting by Gertrude Chavez-Dreyfuss; Editing by Sam Holmes)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)