The action is already disrupting supply chains across the world's 10th largest economy , affecting automakers , cement and steel producers Union officials told Reuters there were no ongoing negotiations or dialogue with the government. The country's transport ministry said it requested dialogue with the union on Thursday, but the parties have yet to agree on a date.Union officials estimated about 25,000 people were joining the strike, out of about 420,000 total transport workers in South Korea. The transport ministry said about 6,700 people attended on Friday in about 160 locations nationwide, down from 9,600 people on Thursday. "According to South Korean law, during a serious disruption to transportation the government may issue an order to force transport workers back to their jobs. Construction sites are at risk of running out of building materials after the weekend.The industry ministry said the steel sector also saw shipments drop on Thursday.
Electric vehicles market set for giant leap in Vizag city The number of EVs grew in the past two years when compared to previous years as a wide range of vehicles were made available by the manufacturers at different locations. While the electric two-wheelers registered the highest growth, cars are lagging in terms of growth percentage. The company said in its earnings call that it doesn’t expect a demand recovery until at least the second half of 2023.Other chip data from Statistics Korea showed inventory growth remained elevated, hitting 54.7% in September. Factory shipments of semiconductors showed signs of stabilizing, declining just 0.9% from a year earlier.Meanwhile, Korea’s overall industrial production rose 0.8% from a year earlier in September, less than economists’ estimate of 1%. From a month before, it contracted 1.8%, deeper than a 0.8% decline forecast by analysts, according to the statistics office.1 month ago ET Auto
TOKYO - Japan will ask the United States to be more flexible on electric vehicle (EV) purchase incentives for non-American carmakers, Kyodo news agency reported on Friday, citing unidentified government sources.The move follows a statement from South Korea's foreign ministry saying Seoul is seeking a three-year grace period on the U.S. Inflation Act to enable its automakers to continue receiving EV incentives in the United States.The law restricts tax credits for EVs to those assembled in North America.After President Joe Biden signed the legislation, credits for about 70% of the 72 models that were previously eligible ended, according to the Alliance for Automotive Innovation, an industry trade group.The Biden administration said in mid-August that about 20 models still qualify for tax credits of up to $7,500.The Japanese government will soon submit a request for the relaxation of requirements for the tax credits to the U.S. treasury department, Kyodo said, adding it would work with South Korea and European countries to ask for flexibility.The government will seek to make nearly completed cars exported from Japan eligible for the tax credits as long as the final process takes place in the United States, Canada, or Mexico, Kyodo said.It will also request Japan to be counted in the tax credit requirement that a certain percentage of the critical minerals used in car batteries must be extracted and processed in the United States and other countries with which the United States has a free trade agreement, according to the report.Japanese Industry Minister Yasutoshi Nishimura expressed concern to U.S. Commerce Secretary Gina Raimondo about the law at a meeting in Los Angles in September. The Nikkei newspaper reported Nishimura told his U.S. counterpart at the meeting the legislation may violate international law.The Japan Automobile Manufacturers Association , a major Japanese auto lobby, said in August it was concerned about the law and would keep a close watch on developments.28 days ago ET Auto
This came following a net outflow of just Rs 8 crore last month and Rs 7,624 crore in September.Prior to these outflows, FPIs were net buyers in August to the tune of Rs 51,200 crore and nearly Rs 5,000 crore in July. This has led to a risk on the environment globally thus leading to increased FPI flows to India," Manish Jeloka, Co-head of Products & Solutions, Sanctum Wealth, said.The fact that FPIs are buying in India even when the US bond yields and dollar are rising, is important. "A major likely trend, going forward, is capital moving away from China which is plagued by serious economic issues and some political concerns. Among emerging economies India is best placed to attract the capital moving away from China. Therefore, FPIs' buying trend is likely to continue," Vijayakumar said.On the other hand, foreign investors have pulled out Rs 2,410 crore from the debt market during the period under review.Apart from India, FPI flows were positive for South Korea, Thailand and Philippines so far this month.26 days ago ET Auto
Tesla changes insurance incentive scheme in China to urge purchases The U.S. automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between Oct. 1 and Dec. 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan. See More DetailsBy Heekyong Yang and David ShepardsonSouth Korean battery makers have urged the U.S. government to factor in realities of a complex supply chain for the industry and not hold the sector to "impossible requirements" ahead of the implementation of new U.S. EV tax credit rules. "A limited interpretation would also risk unintended market outcomes, such as sudden price hikes for suppliers in specific countries, and unnecessarily concentrate processing in limited places. A total of 821 comments from automakers, parts makers as well as foreign governments have been submitted to the IRS.23 days ago ET Auto
WASHINGTON: The Biden administration is expanding sanctions against the aviation and defense sectors of North Korea and Myanmar as it continues to punish the two countries for weapons-related violations of US and United Nations regulations and human rights abuses. The Treasury Department announced Tuesday that it had imposed penalties on two agents for North Korea's state-owned airline Air Koryo and redesignated a previously sanctioned North Korean cyber agency that it said launders profits from cryptocurrency heists to further Pyongyang's weapons programs.Treasury also announced sanctions against the Myanmar aviation firm Sky Aviator Company Limited and its owner for facilitating weapons purchases for the country's military government to crackdown on protesters following a February 2021 coup.North Korean agents Ri Sok, an Air Koryo representative based in China, and Yan Zhihong , an airline logistics manager, were targeted with sanctions for their support for for North Korea's nuclear weapons and ballistic missile programs.Air Koryo, which has previously been accused of transporting critical weapons components into North Korea mainly from China, was already under U.S. sanctions. The new penalties freeze any assets that the two men may have in U.S. jurisdictions or assets that may cross into them. It also bars Americans from conducting any business with them.Treasury also reupped sanctions against Tornado Cash, a cyber firm that has allegedly served as a conduit for processing stolen virtual currency, including from the largest known such theft to date, a $455 million heist that was orchestrated by the North Korean-controlled company Lazarus Group "Today's sanctions action targets two key nodes of (North Korea's) weapons programs: its increasing reliance on illicit activities, including cybercrime, to generate revenue, and its ability to procure and transport goods in support of weapons of mass destruction and ballistic missile programs," Treasury said in a statement.On Myanmar, which is also known as Burma, Treasury said it was hitting Sky Aviator and its owner, Kyaw Min Oo, for importing aviation parts, weapons and other material used by the government to clamp down on post-coup dissent.Treasury said the sanctions, which include asset freezes and a bar on American transactions with those named, "target those who profit from the oppressive actions of the regime by operating in the defense sectors of Burma's economy and by enabling Burma's military connections to foreign militaries."23 days ago ET Infra
International travel restrictions have eased in the past few months, boosting passenger confidence in air travel, said a survey by a telecommunications company. "The volume of APAC passengers who use digital devices inflight remains high at 96 percent- mostly for administrative tasks and entertainment. "In addition, Indian travellers would pay more for both unlimited downloads (34 percent) and social media usage (33 percent)," it said. "Although results show APAC passengers are willing to pay for better or more connectivity-enabled experiences during their flights, cost remains the single most prohibitive factor across all markets. Three in four (75 percent) Indian passengers also believe that Wi-Fi should be free on long-haul flights, with fewer than half (46 percent) saying the same for short-haul flights," it added.23 days ago ET Hospitality
New Delhi: The government has approved Bharat Sanchar Nigam Ltd’s ( BSNL ) plan to go ahead with a Rs 26,821 crore order to IT services provider Tata Consultancy Services (TCS) for rolling out the state-run telco’s 4G network.Officials aware of the details said the telco will soon give the purchase order to TCS for 100,000 sites.As part of the deal, along with setting up the 4G sites, TCS will have to maintain the network for nine years.An official in the Department of Telecommunications (DoT) said BSNL, with some 111 million wireless subscribers, will aim to launch 4G services by December or January, and gradually roll out the network across the country.The official added that TCS had proposed last month to supply overall core equipment within 12 months of the purchase order, while radio equipment supply will be completed over a period of 18-24 months.The supply will be staggered as TCS has to ramp up production of radio equipment and there is a shortage of chipsets.Tejas Networks, a unit of Tata Sons, the parent company of TCS, is expected to locally manufacture the network equipment for BSNL.After the start of 4G services, BSNL is aiming to launch 5G services by August next year. The expanded rollout of 4G and 5G will happen simultaneously, officials said.The Centre for Development of Telematics (C-DoT), a government-owned telecommunications technology developer, has partnered with TCS to develop a core 4G solution as well as radio equipment.With the launch of 4G services, BSNL expects to reverse the attrition of customers.The loss-making firm was forced to cancel a tender for 4G services in 2020 due to restrictive conditions for domestic firms. Subsequently, it was directed to only utilise equipment from domestic companies.The latest 4G deal comes in the wake of the Rs 1.64 lakh crore bailout package for the carrier, which includes grant of spectrum, 4G launch and funding of operations and capital expenses, among other elements.The government believes that a successful rollout of BSNL’s 4G network could propel India into a coveted club of countries — such as the United States, Sweden, Finland, South Korea and China — that have developed telecom network technology.The market is dominated by the likes of Sweden’s Ericsson, Finland’s Nokia and China’s Huawei, while S. Korea’s Samsung is also emerging as a key player.Analysts reckon that a local 5G network solution also being developed by the Indian combine can place it in contention for a share of the $500-billion international telecom equipment market.IT and communications minister Ashwini Vaishnaw recently told ET that India aims to become a leader in telecom technology.“In three-four years from now, we will see India emerge as a major designer and manufacturer of telecom gear. Our 5G technology stack would compete with the best in the world,” Vaishnaw said.Over the last few years, the government has been pushing for self-reliance in the telecommunications sector due to national security concerns.The political and military face-off with China has also led to Chinese firms such as Huawei and ZTE being barred from participating in India’s 5G rollout, while stiff conditions have been imposed on others.TCS chief operating officer N Ganapathy Subramaniam recently told ET that the deal with BSNL will allow the IT service provider to take its telecom offerings to potential global clients and compete with network gear makers such as Nokia, Ericsson and Samsung.23 days ago ET Telecom