7-Eleven: Japan convenience store giant targeted by rival chain

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Getty Images A 7-Eleven convenience store, operated by Seven &amp, i Holdings, in Kawasaki, Japan.Getty Images

When the owner of 7-Eleven announced this week that it had received a buyout offer from a Canadian rival it triggered shockwaves in Japan.

A foreign company has previously purchased a Chinese business this size.

Generally, companies from Japan were more likely to purchase international organizations.

7-Eleven is the world’s biggest pleasure keep chain, with 85, 000 stores across 20 countries and territories.

And it’s been particularly successful in promoting itself as a fast, affordable, and delicious meals option in places like Japan and Thailand where there is already a lot of that.

” We have more outlets than McDonald’s or Starbucks”, the chief executive of Seven &amp, i Holdings, Ryuichi Isaka, told BBC News before the company received the merger present.

Around a third of those 85, 000 retailers are in Japan, while there are almost 10, 000 in the US.

A major player

In contrast, Quebec-based Alimentation Couche-Tard, which operates the Circle K ring, has nearly 17, 000 shops in 31 countries and territories. More than half of its stores are located in North America.

The approach valued Seven &amp, i at more than$ 30bn ( £23bn ) before news of the preliminary offer emerged.

7-Eleven’s stock jumped by over 20 % on Monday, before giving up some of those increases the following morning.

Analysts credit the Chinese currency’s relative weakness in relation to the US dollar and other main currencies for making Seven &amp, i more affordable.

According to Manoj Jain from Hong Kong-based wall account Maso Capital, efforts by the Chinese government to promote mergers and acquisitions appear to be working in addition to the yen’s failure.

Getty Images A Circle K convenience store in Toronto, Ontario, Canada.Getty Images

7-Eleven has been willing to capitalise on the reputation of the meal it sells- a wide range, including wheat balls, hamburgers, cooked pasta, cooked chicken and dumplings.

In Japan, stores like 7-Eleven are well-known with tourists looking for cooking comforts, while comfort businesses are where people go to get a bar of chocolate or a bag of biscuits in an emergency in much of the world.

The ring has become a social media hit in Asia thanks to these 7-Eleven food.

One of the best things to do in Thailand is to visit a 7-Eleven, where the ham and cheese toastie has become a TikTok reach has even been promoted.

American singer Ed Sheeran is one of the stars who has helped raise the profile of 7-Eleven. A picture of him attempting snacks from a Thai shop went viral.

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As the business was pressured to buy some of its assets and concentrate on the 7-Eleven product, Mr. Isaka has been aiming to replicate that success in the US and European areas.

The company has been updating its method to allow for more locations to follow the Japanese retailers ‘ practices.

According to Mr. Isaka,” we discovered that stores that sell new food are attracting numerous more shoppers.”

” We want to grow with great value, not only increase the quantity. We want to ensure that customers are satisfied, boost the profits of each shop, and expand the number of locations, he continued.

National stems

Seven &amp, i has also been on a shopping spree. In January, it bought more than 200 stores in the US from petrol station chain Sunoco for around$ 1bn ( £770m ).

In April, it bought again more than 750 businesses from a operator in Australia.

For most of its nearly century-long past 7-Eleven was an American company.

It launched in 1927 with the sale of ice blocks to keep refrigerators nice before stocking essentials like eggs, milk, and bread.

At the time, the shops were empty between 07: 00 and 23: 00- hence the name.

Seven &amp, i Holdings 7-Eleven's first store in Texas in the United States.Seven &amp, i Holdings

As the company expanded, 7-Eleven started offering companies outside the United States.

In 1974, Asian financial firm Ito-Yokado struck a deal to start the country’s earliest 7-Eleven. In 1991, it bought a 70 % stake in the chain’s US parent company.

The founder of Ito-Yokado, Masatoshi Ito, who died in 2023 at the age of 98, is often credited with transforming 7-Eleven into a global empire.

Ito-Yokado was renamed Seven &amp, i Holdings in 2005 with the “i” in its name being a nod to Ito-Yokado and Mr Ito, who was by then the company’s honorary chairman.

Now, as the the company decides whether it will remain under Japanese ownership or return to its North National stems, experts are wondering whether more of Japan’s big firms could become takeover targets.

According to Mr. Jain, there is now a “greater determination of Asian boards and management teams to accept international approaches and be sympathetic to international approaches.”

More foreign investors may now be urged to follow their interests in Chinese businesses, he continued.

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DiMuto completes Series A funding, securing US.9 mil to propel global expansion and enhance its digital ecosystem

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  • Following a past US$ 2.35 million boost in 2021, the new funding comes.
  • Money will help the country expand into Latin America and the US.

DiMuto completes Series A funding, securing US$5.9 mil to propel global expansion and enhance its digital ecosystem

DiMuto, a global AgriFood trade solutions company based in Singapore, has successfully closed its Series A funding round, raising US$ 5.9 million ( RM25.8 million ). The Offer Lab Asia Pacific led the square, and prominent investors included Dave Chen, Gold Sceptre Limited, and SiS Cloud Global Tech Fund. Existing investors SEEDS Capital, SGInnovate, and PT Great Giant Pineapple also participated, following their involvement in DiMuto’s earlier US$ 2.35 million ( RM10.2 million ) fundraising in 2021.

DiMuto is a pioneer in the global food supply network, integrating cutting-edge technologies like AI, bitcoin, and IoT. The new funding will aid in its development into important industry, particularly in Latin America and the United States, and help to advance the development of its cutting-edge digital ecosystem.

The business highlighted how the tri-layer online options are changing the agrifood sector. Its Trade Management Platform digitizes every bottle of agrifood products for data visibility and quality control, while its recognizable Marketplace connects verified customers and suppliers to improve trust and transparency. Moreover, its Financial Services offer post-shipment business financing to meet pressing financial requirements and aid the development of agrifood companies.

This alternative approach improves operating performance and strengthens the entire supply chain, making DiMuto a innovator in the agrifood sector. &nbsp,

DiMuto completes Series A funding, securing US$5.9 mil to propel global expansion and enhance its digital ecosystemGary Loh ( pic ), founder and CEO of DiMuto, remarked,” In a year marked by global economic challenges, this influx of capital validates the company’s growth trajectory and will enable us to leverage our momentum in the Latin American and US markets, bringing us closer to our mission of redefining global Agritrade”.

On the final of the gate large, Lim Hwee Hai, managing chairman of SiS Asset Management, expressed satisfaction in supporting DiMuto and lending experience to the expansion of its AI-powered Financial Services. He noted that the AgriFood business was eager to see such business financing options, with DiMuto’s real-time information capture and AI-driven economic ranking poised for great success.

DiMuto furthermore plans to expand its Marketplace shoulder and walk into greenhouse-based crops and climate-adaptive variety growth. This approach may improve year-round provide resilience and expand SoLuna Fresh, a private label company that has successfully marketed recognizable fresh create from Latin America to Eastern markets, especially in the tropical and berry categories.

The most recent Series A funding strengthens buyer confidence in DiMuto’s creative approach and establishes its position as a world leader in the agrifood industry. With this new money, DiMuto is set to expand its goal of transforming the AgriFood provide network through modernization, enhancing transparency, and fostering sustainability across the industry.

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In US lockstep, Philippines ‘de-risking’ from China – Asia Times

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After a number of incidents extremely bringing the two rival claims into an armed conflict, the Philippines and China have rekindled their hostility in the South China Sea. But the delicate water truce masks a more basic change in Philippine-China relations.

In line with US-led coupling and in a flimsy attempt to prevent a discord with the Eastern superpower, the Ferdinand Marcos Jr. administration is slowly but actively “de-risking” relations with China.

On the one hand, Asian intelligence companies are monitoring and retaliating against China’s alleged spy and malign influence procedures in the country. On another level, Manila wants to reduce its dependence on Chinese mining projects and manifest itself as an alternative provider of precious metal to the West, especially for the EV power industry.

Following the revelation of past Bamban governor Alice Guo, a Foreign national who ensnared the Spanish political elite and established a successful business relationship with suspected Chinese legal organizations, efforts to combat malicious Chinese influence reached fever pitch.

In the latest attempt to track down the controversial former mayor, who is now at large, the Bureau of Internal Revenue ( BIR ) has filed a tax evasion complaint against her and several key accomplices, including Jack Uy, a businessman who purchased Guo’s Baofu Land Development Incorporated shares, and Rachelle Joan Malonzo Carreon, Baofu’s corporate secretary. &nbsp,

Spanish authorities are also looking into whether the criminal ex-mayor had spying plans because a Taiwanese online blackjack under her control was supposedly responsible for the cyber-sabotage of state websites in addition to admitted torture and kidnapping of foreign nationals.

However, Filipino intelligence solutions have been tracing less well-known but more well-known priorities who allegedly participated in vile control functions in the Southeast Asian nation.

Zhang” Steve” Song, Manila’s commission commander of the Shanghai Wenhui Daily, who previously held a similar position in Washington, DC, is at the center of fresh investigations.

The&nbsp, Wenhui Daily&nbsp, or&nbsp, Wenhui Bao&nbsp, is owned by the Shanghai United Media Group, a company overseen by the Chinese Communist Party’s (CCP’s ) committee in the mega-city.

The US has classified the publication’s girl paper, the Shanghai United Media Group ‘s&nbsp, Jiefang Daily, as a “foreign objective”, especially an extension of Beijing’s outside control procedure.

Zhang has been identified as an agent of China’s Ministry of State Security ( MSS) in collaboration with key allies. According to Philippine regulators, the alleged journalist-cum-spy slowly “established a major community in several corporate institutions” over the past three years.

Zhang allegedly had regular meetings with leading Chinese officials in Manila as well as key characters in the Spanish government and media, especially before and after every significant event in the South China Sea, despite not being registered with the Philippines ‘ International Press Center and having had little journalism result in recent years.

Legislators have been asked to consider new counter-influence operations laws as a result of the bizarre case of Zhang, and they have also been asked to consider whether the Chinese-owned social media app TikTok poses any issues with national security.

In addition, Philippine authorities are grappling with allegedly China-backed disinformation operations, including “deep fakes” targeting senior officials, including Marcos Jr., who has stepped up defense ties with Western allies, including the US and Japan.

Earlier this year, authorities flagged a deepfake audio&nbsp, portraying&nbsp, Marcos Jr as warmongering against China amid rising tensions in the South China Sea. In addition, China-friendly vloggers affiliated with the Duterte dynasty have attempted to spread extensive fakes to support allegations of drug abuse by the incumbent. &nbsp,

A network of coordinated inauthentic accounts across X and YouTube, according to a special report from the Australian Strategic Policy Institute ( ASPI), “very likely linked to the Chinese government”

Although this is n’t the first time China has been linked to disinformation in the Philippines, most recently by backing the pro-Beijing Dutertes in the country’s elections in advance of the 2022 elections, ASPI claims that the new strategy “promotes the dissemination of content created by domestic actors, demonstrating a novel sophistication and insight into the Philippines ‘ information environment.”

The Philippines ‘ more assertive stance against China has unnerved domestic businessmen, most notably the powerful Chinese-Filipino business community.

Last year, Teresita Sy-Coson, the matriarch of the country’s biggest conglomerate, publicly warned of dire economic consequences if ongoing tensions spill over into bilateral trade and investment ties.

At a major public event last year, SM Investments Corp vice chairperson Teresita Sy-Coson told reporters,” China is very close to us, we cannot be too antagonistic.”

” Even though we know what is happening, I guess we have to do it through a more peaceful negotiation”, she added, reflecting growing anxiety among the country’s biggest business groups, which are deeply dependent on cheap imports from mainland China.

Her misgivings, which other Chinese-Filipino business groups echoed, largely fell on deaf ears. If anything, the Marcos Jr administration has sought to reduce the country’s economic dependence on China, in line with Western decoupling moves.

Manila, for instance, has withdrawn from Beijing’s Belt and Road Initiative ( BRI ) in response to disagreements over a number of stalled, big-ticket infrastructure projects that Chinese companies have promised but failed to deliver.

Marcos Jr.’s administration anticipates that strategic allies will assist in closing the investment gap. Earlier this year, Marcos Jr attended the first-ever Japan-Philippine-US ( JAPHUS) summit at the White House, where the three allies vowed to enhance strategic economic cooperation.

Accordingly, Japan and the US are expected to assist in establishing a new US$ 100 billion investment corridor in industrialized regions of the Philippines, with a focus on high-end and strategically important manufacturing.

In particular, Manila seems keen on joining the” chip wars” against China by positioning itself as a new semiconductor production hub, leveraging its proximity to neighboring Taiwan, a semiconductor-producing superpower.

The resource-rich Philippines is also positioning itself as a key supplier of strategic minerals, most notably nickel. The Philippines is actively courting Western and Japanese investments in its own thriving nickel mining sector as Chinese companies dominate EV battery supply chains from Africa to Indonesia.

The Philippines is attempting to address uncompetitive production costs and forge more investment tie-ups with the US and other like-minded countries in resource processing as the second-largest producer in the world.

In the end, the Southeast Asian nation wants to become a major hub for the production of EV batteries and to help the West break away from China’s influence in the crucial next-generation market.

” There is room now for the Philippines to be a significant player for batteries”, Ceferino S Rodolfo, under-secretary of the Department of Trade and Industry, told the Financial Times, underscoring growing interest from American, European, South Korean and Japanese companies.

” It’s a race between China and the] West]..]and we have ] a really strong argument to go for a non-Chinese investor so that we can be the supplier of non-Indonesian, non-Chinese nickel”, he added.

Follow Richard Javad Heydarian on X at @Richeydarian

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Graffiquo Asia introduces innovative solution for oil & gas Industry

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  • Acquired support from key governmental organizations, habitat people
  • Options enable workers to handle data smoothly, make real-time decisions

Graffiquo Asia introduces innovative solution for oil & gas Industry

A new item from Graffiquo Asia Sdn Bhd, a provider of cutting-edge geographic technology solutions, has been released that will change procedures in the oil and gas industry. In a statement, the company announced that” GIX for Oil &amp, Gas Field Workers” attempts to optimize information record, asset management, and reporting procedures, offering prospective improvements in efficiency and safety for industry participants.

It added that GIX integrates functions such as raster, data-driven maps, and smart forms, empowering area workers to handle data easily and make more informed decisions in real-time.

Important political organizations and ecosystem participants have supported Graffiquo’s development efforts, according to Graffiquo. The company first received a commercialism give under the CIP300 system from Cradle Fund, which is under the Ministry of Finance, for their principal platform, Graffiquo. &nbsp,

Following this, it was supported by the Malaysian Technology Development Corporation’s Collaborative Research and Development Fund Grant to expand its commercialization activities and tools under the Ministry of Science, Technology, and Innovation. The Malaysian Petroleum Resource Corporation provided additional support through the OGSE Development Grant, especially for the creation of their subsidiary mobile app, GIX, under the Ministry of Economy.

Graffiquo Asia is a participant in the government’s MRANTI MYSTI program, which aims to promote local R&amp, D products and services for domestic and international markets. Also, the company is involved in the Petronas FutureTech 2.0 project, which aims to nurture tech startups and generate digital change within the oil and gas industry.

The Organi are represented by Graffiquo.Graffiquo Asia introduces innovative solution for oil & gas Industrysation for Sustainable Development Goal 11 and the United Nations ‘ Centre of Excellence for United for Smart Sustainable Cities program. Through its 3D visualisation platform, Graffiquo’s global commitment to smart and sustainable urban development is highlighted in this partnership.

Graffiquo Asia’s founder, George Tang ( pic ), thanked the support that was given, stressing the value of such support and recognition in driving innovation. He stated,” GIX represents a significant step forward in improving efficiency, safety, and decision-making processes for oil and gas companies”.

Graffiquo Asia is exploring partnerships with Malaysian ministries to advance the realization of Digital Malaysia Cities, besides its oil and gas sector focus. Committed to sustainability and smart urban development, the company aims to support the government’s vision for a digitally integrated nation.

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Commentary: Headline GDP may mask more important drivers of economic progress

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CHINA: DARK CLOUDS AND SILVER LININGS

China offers another circumstance study. The country’s second-largest economy grew by 5.2 per cent in real term next month. Contrary to the upbeat feelings in the United States, which increased by only 2.5 %, the economic sentiment in China has been gloomy.

Part of this is due to aspirations, against the landscape of past financial growth. China’s GDP growth has decreased from an average of nearly 10 % between 1979 and 2017, to an average of over 5 % from 2018 to 2023. Although China is expected to overtake the developed economies in terms of money, its levels are still only a fraction of what the United States’.

Beyond the title figures, it is clear that there are major challenges to the Chinese market. Given that the industry accounts for about 30 % of GDP, the home business crisis is looming large. Foreign direct investment has decreased while a sizable portion of the Chinese youngsters are pessimistic. &nbsp,

To fully comprehend the situation, one needs to take a closer look at the factors contributing to China’s subsequent GDP growth.

While private enterprises have gained ground over the past decade, the share of state-owned enterprises ( SOEs ) have recently experienced a decline.

According to a report from the Peterson Institute for International Economics, the share of the state market in China’s 100 largest listed firms increased from 2020 to 2023, with State market capitalization increasing to 61 % in the first half of that year. Given that SOEs are perceived as less effective and innovative than their counterparts in the private sector, this does not have much to say about economic vitality.

However, the SOEs are frequently called upon to shore up the main government’s financial agenda. Lately, they were mobilized to buy empty homes with low-cost funding from the state. These techniques may promote title growth while concealing underlying market weakness.

On a positive note, China’s growth is increasingly driven by new technologies including renewable energy, electric vehicles ( EVs ) and artificial intelligence. In 2023, China’s clean energy industry accounted for about 40 per cent of the country’s economic growth, according to a recent World Economic Forum statement.

This coincides with President Xi Jinping’s stated goal of China transiting from high-speed rise to high-quality development. China must remain connected to global supply chains and business networks in order for it to succeed while obtaining the necessary technologies and inputs to maintain its position as a competitive force.

However, the US and EU have increased tariffs on Chinese electric vehicles due to the Chinese government’s support for the EV business. China increasingly relies on local use to support growth because trade barriers restrict export growth possible. To prevent households from accumulating higher levels of cautious savings, social security may require basic reforms.

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Commentary: Can China’s tech giants do without consumers?

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Japan: Earnings reports from Chinese technology companies next week should be a wake-up contact for Beijing.

Alibaba Group and JD.com pulled out all the stops to get customers to spend during their&nbsp, 618&nbsp, shopping celebration, a Black Friday-like feast that took place during the quarter ending in June. They offered&nbsp, steeper-than-ever deals on everything from iPhones to clothing, enlisted&nbsp, A-list celebrities like Rihanna to market products, and even experimented&nbsp, with a modern image of an administrative to bird goods over video.

But&nbsp, Alibaba ‘s&nbsp, revenue from its base e-commerce systems fell by some 1.4 per cent, and retail profits at JD.com, which offered some of the most cut-throat markdowns, ticked up by 1.5 per share.

It was n’t enough to persuade Chinese consumers to dig into their pockets despite lowering prices and launching some of their most aggressive campaigns. This may not arrive as a full surprise&nbsp, as the country is also dealing with a struggling financial environment&nbsp, marked by a persistent housing slump, and higher youth unemployment.

Google Holdings, however, reported solid profit development that beat analysts ‘ expectations. But this was driven by the release of its smash-hit activity Dungeons &amp, Fighter Mobile&nbsp, in May. Another red flag for the business is the fact that China’s most important technical company’s gaming unit helped boost its income.

Consumers will continue to spend on this yet as they cut back on bigger purchases because spending on online entertainment has generally been counter-cyclical. Additionally, unemployed people may spend more time entertainment. &nbsp, And it’s unclear if Tencent will be able to interpret the one-time discharge of DnF Mobile&nbsp, into sustainable business development.

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; buys Korean recycler and seeks .5bn fundraise | FinanceAsia

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PropertyGuru Group ( PropertyGuru), a leading property technology company in Southeast Asia ( SEA ), has been acquired by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), which owns around 26.5 %, and KKR ( through Epsilon Asia Holdings II ), which owns around 29.6 % of the business. In order to help the bargain, both companies have entered into voting and aid contracts with the business and EQT Private Capital Asia. &nbsp,

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial consultant. Ropes &amp, Gray serves as EQT Private Capital Asia’s legal advisor, and Morgan Stanley Asia ( Singapore ) serves as its financial advisor. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their financial director.

 

PropoertyGuru Group has a consolidation program with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to have the business acquired by EQT Private Capital Asia. &nbsp,

 

Development potential&nbsp,

 

The firm was founded in 2007 by Steve Melhuish and Jani Rautiainen, and provides online property markets for home seeking, real estate agents, home developers, banks and brokers across Singapore, Malaysia, Vietnam and Thailand. In a special purpose acquisition ( SPAC ) agreement with Bridgetown 2 Holdings, which Richard Li and Peter Thiel supported, PropertyGuru was listed on the NYSE in March 2022 and raised$ 254 million. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes after decades of transformative growth, which TPG and KKR have supported, making us the industry’s top proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant team,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

In the release, Sang Jun Suh, a partner in the EQT infrastructure advisory team, stated,” We look forward to using EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space.

The business strengthens EQT’s track record of supporting infrastructure companies in the Asia Pacific region by extending its global portfolio of businesses that engage in waste-related business. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work the portfolio managed by EQT’s infrastructure team in Asia Pacific.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX.

 

¬ Haymarket Media Limited. All rights reserved.

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Small modular reactors: Not all that glows is gold – Asia Times

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This is a continuation of an earlier Asia Times post on tiny nuclear reactors.

The only small modular reactors ( SMRs ) that are currently in use are China and Russia ( HTR-PM high temperature gas cooled reactor ), and the only other nuclear power plants that are about to become operational are mostly traditional pressurized water reactor designs. However, the present scenario is not just a matter of similar old, same old.

The good news is that the design phase for many more Biomarkers is underway. Now, more than 80 professional SMR models are being developed around the world. Some of those patterns are being developed by well-known nuclear companies, frequently with government assistance.

The bad news is that start-up companies are putting forth another styles with an eye on the principal chance but much technical skills.

Many of these businesses appear to be promising to build their schemes in the first 2030s, something that is almost surely impossible to do. They are promising to do so as much expense as possible. The majority of businesses provide wildly optimistic structure and deployment timelines that are continually being updated.

The reactor designs on offer cover a wide range of different reactor technologies, starting with those that are smaller than the more well-known pressurized water reactor ( PWR ) designs before moving on to more complex designs like molten salt reactors, high-temperature gas-cooled reactors, and fast neutron reactors. They target varied outputs and various uses, such as electricity, cross energy systems, heating, water desalinization and steam for commercial applications.

These systems are promoted as possible, flexible, cost-effective electricity solutions with lower investment costs that are perfect partners for renewables. Their advantages are variously listed as ease of siting, reduced waste generation, increased safety and rapid construction.

The International Atomic Energy Agency &nbsp, ( IAEA ), in a detailed report published in 2020, included details of 25 land-based water-cooled SMRs from 12 countries, six marine-based water-cooled SMRs from two countries ( four from Russia and one from China ), 11 &nbsp, high-temperature gas-cooled reactors ( HTGRs ) from eight countries, 11 fast neutron reactors ( FNRs ) from seven countries, 10 molten salt reactors ( MSRs ) being developed by six countries, and six microreactors ( MMRs ) from four countries.

Of the 69 reactors described, 36 were only in the pre-conceptual or conceptual design phase, while four were in the preliminary design stage.

US X-energy’s Xe-100 envisaged start of construction in 2025. However, X-energy now declares that it intends to use its first advanced SMR by the early 2030s. Image: X-energy

The companies provided the information, and the optimistically suggested construction or deployment dates have changed as the years have gone on. For example, US X-energy’s Xe-100 envisaged the start of construction in 2025 but now says it aims to deploy its first advanced SMR by the early 2030s.

Similarly, in 2020 the timeline of ARC Clean Technology’s ARC-100 sodium-cooled fast reactor foresaw the first unit going into service in 2028. &nbsp, The ARC-100 was selected by New Brunswick Power for commercial demonstration on the company’s Point Lepreau site.

A deployment date of 2035 is now being suggested. However, Arc has just laid off staff, putting even that timeline in doubt. According to ARC, the organization is “re-aligning personnel and resources to strengthen our strategic partnerships and rationalize operations to best prepare for the next phase of our deployment.”

According to an IAEA report, US-based Terrestrial Energy anticipated the start of the construction of its first full-scale integral molten salt reactor in Canada in the early 2020s. That did n’t happen. Image: Terrestrial Energy

In the early 2020s, US-based Terrestrial Energy is expected to start building its first full-scale integral molten salt reactor ( IMSR ) in Canada, according to a report from the IAEA.

That did n’t happen. Currently, the company says it hopes to develop IMSR fuel in the 2030s to support a fleet of IMSR plants.

US TerraPower’s Natrium—a combination of molten salt and FNR technology that claims to be “one of the fastest and lowest-cost paths to advanced, zero-carbon energy” —originally set a deployment date of 2028. However, Terrapower, chaired by Bill Gates, has since indicated a two-year delay due to problems with fuel development. Deployment, even in 2030, seems highly unlikely, despite the spin. &nbsp,

Basically, Natrium is a sodium-cooled fast reactor. Currently, the only commercially operating sodium-cooled fast reactors are in Russia. Things started to change in the late 1970s as concerns about limited uranium resources waned and public opinion became more hostile in the wake of the 1979 Three Mile Island accident in the US and the 1986 Chernobyl disaster in Russia.

By the early 1990s, the fast reactor programs in the US, the UK, and Germany had all been abandoned. France continued for a few more years, finally closing &nbsp, its SuperPhenix in 1998 and Phenix in 2009 and in 2019 also canceled its ASTRID sodium-cooled fast reactor demonstrator design project.

Although there are now renewed interest in private company initiatives in Europe and the US, both through collaborative projects and government funding, it is still in its early stages of development and probably decades away from being implemented.

Case study: the UK’s newcleo

The UK-based Newcleo is a prime example of a start-up company that promises swift technological advancement. Since its launch in 2021, it has been very active, signing a long list of agreements, acquisitions and collaborations but has produced very little technical information. Newcleo, who is currently working on a small lead-cooled fast reactor ( LFR ), claims the reactor’s design “has been optimized over the last 20 years,” but provides no further information.

In December 2023, newcleo said it had been selected as part of the” Innovative Nuclear Reactors” call for projects under the” France 2030″ investment plan, and aimed to commission the LFR-30 by 2030, along with a pilot unit for the manufacture and multi-recycling of mixed oxide ( mox ) fuel for fast reactors.

Following the construction of the LFR-30 and mox plant in France, newcleo plans to construct a 200 MWe first-of-a-kind commercial unit ( LFR-AS-200 ) in the UK by 2033.

Currently, LFR technology remains at the pre-conceptual stage except in &nbsp, Russia, which is constructing the world’s first lead-cooled small FNR ( Brest-OD-300 ) as part of a facility to demonstrate an on-site closed fuel cycle, including novel fuel fabrication.

This reactor, based on decades of complex research and development, and supported by the entire Russian nuclear industry, is due to begin operation in 2029. By contrast, newcleo’s technology remains on the drawing board and construction of its LFR-30 by 2030 and the LFR-AS-200 by 2033 would be little short of miraculous.

Nevertheless, newcleo has been very busy commercially. It completed a 300 million euro ($ 331 million ) equity raise in June 2022 after raising an initial capital raise of$ 118 million and acquiring Hydromine Nuclear Energy, and contracted France’s Orano to prepare feasibility studies for a mox production plant.

Newcleo and Italy’s Enel signed a cooperation agreement in March 2023 to work together on projects involving nuclear technology. In its first NPP, Newcleo’s agreement to secure an option for Enel as an investor was included in the pact.

Newcleo works hard at promotion. Photo: newcleo

Following a further equity raise of up to 1 billion euros, Newcleo and Italian shipbuilder Fincantieri and certification company RINA entered nuclear applications for shipping in July 2023.

A memorandum of understanding was signed with the UK’s National Nuclear Laboratory for collaboration on advanced nuclear R&amp, D. The following month, Newcleo agreed to purchase the shares of French nuclear pumps group Pompes Rütschi and Rütschi Fluid.

October 2023 saw newcleo sign a cooperation agreement with Italy’s Tosto Group, a manufacturer of equipment for the chemicals, oil and gas and energy sectors. Additionally, the UK-based Servizi Ricerche e Sviluppo and Fucina Italia, both of which are focused on the creation of nuclear systems using liquid lead technology, have been acquired by the Italian company.

In November, a five-year agreement was signed with the London School of Economics & Political Science to carry out cutting-edge research into the economics of energy policy. At the World Nuclear Exhibition in Paris in December 2023, Newcleo and Assystem, Ingérop, and Onet Technologies announced three strategic partnerships to advance technology in France.

A strategic and industrial partnership with French start-up Naarea was signed in January 2024 to support the development of Generation IV FNRs. This came a few days after an agreement with Italy-based MAIRE subsidiaries, NextChem Tech and Tecnimont, to use newcleo’s reactors to decarbonize the chemical industry.

In March 2024 a strategic partnership was launched with Viaro Energy, a London-based independent upstream energy company. The partnership aims to encourage the oil and gas industry’s decarbonization through the use of advanced modular reactors in the future.

Following feasibility studies, the companies aim to jointly deploy newcleo’s 200MWe LFR “at chosen sites within Viaro’s portfolio”. Viaro also directly invested in Viaro by acquiring shares in its most recent capital raise.

In April 2024, a partnership agreement was signed with the French Alternative Energies &amp, Atomic Energy Commission ( CEA ) to develop Newcleo’s LFR.

The Nuclear Industry Association, the UK’s nuclear trade association, recently applied for a justification decision for Newcleo’s LFR-AS-200.

Before any new class or practice involving ionizing radiation can be introduced into the UK, the government must make a decision in this regulatory process. It serves as a prelude to upcoming regulatory procedures and does not constitute a permit for the completion of a particular project. &nbsp,

Nevertheless, Stefano Buono, newcleo’s CEO, said this was” an important milestone in our development program and a vital step forward in our delivery plan for the UK”. Newcleo has unmistakable big ideas. We continue to advance our UK plans at a steady rate, according to Bono, adding that we hope to have our first-ever commercial reactor operational by 2033.

When investment trumps tech development

Since 2020, when IAEA published its SMR book, a myriad of new companies similar to newcleo have appeared. Some of these are spin-offs of well-known research organizations, such as:

  • Blue Capsule ( spun out of the French Alternative Energies &amp, Atomic Energy Commission ),
  • Steady Energy ( spun out of Finland’s VTT Technical Research Centre ) and
  • Thorizon ( as spelled out by the NRG research institute in the Netherlands ).

Some have collaborated with well-known energy companies and/or received funding from government organizations like the France 2030 National Investment Plan, Great British Nuclear, and US Department of Energy.

However, they have all had to concentrate a lot of their efforts on gaining this support and pursuing private investment to the detriment of developing their technologies. Very few projects have advanced beyond the design stage, despite the considerable effort put into creating designs to entice funding. Newcleo is a shining illustration of this phenomenon.

It is undoubtedly no coincidence that the only SMRs that are active are in China and Russia, where there is strong state support for technological advancement and little hope of a quick profit. It is necessary to take the long view in order to develop new, especially complex advanced technologies.

Russia began working on its floating NPP in 2009, and it has continued despite significant technical and economic challenges. Numerous renowned research institutes and design bureaus provided input for the project.

By contrast, the new start-up businesses in Europe and the US must operate in a business environment where even governments demand a return on their investments. Hardly surprising, then, that many lose focus.

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Pakistan denies slowing internet by building firewall

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Pakistan’s government has refuted states that it is building an online network, which has caused agonizingly slower connections in recent days.

Instead, it blamed the widespread use of secure connections or VPN (virtual private networks) for the crawling speeds.

Business organizations were quick to point out that poor communication could cause a “mass emigration” of IT companies.

Shutting down the computer to stifle opposition is a well-known ploy in the scripts of the government of Pakistan and different parts of Asia.

Since the riots sparked by former prime minister Imran Khan last year, the government has blocked social media platforms and throttled connection speeds as the battle for public support spilled over from the streets to the digital space.

The micro-blogging platform X has been blocked since the February elections due to “national security” concerns.

Mr Khan’s group supporters are big clients of X and he is the most common Pakistani on the platformn, with nearly 21 million followers.

However, Shaza Fatima, the minister of state for information technology, claimed on Sunday that the condition was not responsible for the latest thawing.

She claimed that her group has been “working hard” with telcos and internet service providers to solve the problem.

Ms Fatima said a “large people” had been using VPNs and” this strained the system, causing the computer to get slow”.

She criticized” completely misleading” claims that the position was to blame for the slow connections.

But, Ms. Fatima claimed that the government has been upgrading its computer systems to enhance cyber security.

” It is the right of the government to]take such measures ] given the cyber security attacks that this country has to go through”, she said.

Company leaders and organizations have been warned that sluggish links may threaten Pakistan’s ability as a leader in the world of business.

The Pakistan Software Houses Association said this could cost the IT sector up to$ 300 million, calling it a “direct, tangible and aggressive assault on the industry’s viability”.

If no fast and decisive action is taken,” a mass exodus of IT organizations is not just a chance but an immediate truth,” it said.

According to a plea that the Islamabad High Court has filed, the online access is now a fundamental right under the constitution of Pakistan.

BBC Urdu provided more monitoring.

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Hyundai Motor revving up Indonesia’s EV potential – Asia Times

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Hyundai Motor, a South Korean company, is constructing a complete electric vehicle ( EV ) supply chain in Indonesia in accordance with the country’s policy of moving away from raw mineral exports to more value-added production.

In early July, Hyundai LG Indonesia Green Power ( HLI Green Power ), a joint venture between Hyundai Motor and LG Energy Solution, announced the completion of a new factory in Karawang New Industry City, near Jakarta, the capital. Since then, the new service has started producing Vehicle batteries. &nbsp,

The chargers will power the novel KONA Electric SUV, which Hyundai Motor manufactures in Cikarang. Hyundai Motor Manufacturing Indonesia, which was established in 2019, started building Vehicles it in 2022.

Hyundai Motor is South Korea’s largest manufacturer and, together with its advertising Kia, is now the third-largest manufacturer in the world. LG Energy Solution is the nation’s third-largest maker of EV chargers after China’s CATL and BYD. It is a company of LG Chem, South Korea’s largest chemistry business.

Karawang New Industry City operates industrial gardens dedicated to the car, consumer electronics, building materials and foods sectors, small and medium-sized enterprises, and a logistics support centre. It has quick exposure to the road and rail networks of the island of Java and is close to waterways and terminals.

The Indonesian state, LG Energy Solution, LG Chem, and their associated trading business LX International are all working to establish a comprehensive Vehicle production supply chain that covers everything from battery production and vehicle assembly to EV charging infrastructure and used battery recycling.

At the HLI Green Power’s stock implementation service, cheerful, two-term Indonesian President Joko Widodo said,” We have entered a new age that will lead our country to become a world player. We are now in a position to win with a program that covers every stage of EV generation.

Chung Euisun, the executive director of Hyundai Motor Group, stated that” we are shaping the future of the EV habitat not only in Asia but also around the world.”

That has always been the two parties ‘ strategy. LG Energy Solution CEO Kim Jong-hyun stated at the company’s groundbreaking ceremony in 2021 that” we will constantly develop this stock as a main center toward the global electric car industry beyond ASEAN” by using Indonesia as a stepping stone.

The “golden age of raw material commodities has come to an end,” according to Widodo at the time, indicating his intention to move Indonesia up the value chain.

” We have to boldly change the commodity-based economic structure to downstream and industrialization ,]to] become a powerful nation based on the development of technology innovations”.

In May of this year, Widodo said,” For years, we have always exported raw materials. This is a mistake that we must not make again.

Indonesia is the world’s largest producer of nickel, the key ingredient in LG Energy Solution’s NCMA ( Nickel-Cobalt-Manganese-Aluminum ) batteries. According to US Geological Survey and other source data, Indonesia accounts for about 20 % of the world’s total nickel reserves and is now the source of more than 40 % of that amount.

In 2020, Widodo reinstated a previously unsuccessful ban on the export of raw nickel ore. Following this, restrictions on the export of bauxite ( aluminum ore ), iron ore, unprocessed copper, lead, zinc, and gold were lifted, but these restrictions have since been relaxed to allow businesses to build smelters.

This lurch toward so-called “resource nationalism” initially drew heavy criticism, even in Indonesia. In April 2022, the Jakarta Post wrote,” Indonesia’s claim that banning nickel exports spurs downstreaming is&nbsp, questionable”.

However, the paper quickly changed its mind, stating in August 2023 that” The government is taking bold steps toward unlocking the full potential of its rich mineral resources by implementing a forward-thinking export restriction policy on minerals.”

Since the reinstatement of the export ban on unprocessed ore, Indonesian nickel product exports have increased by more than 12 times, led by stainless steel and nickel matte, which are used in the production of battery materials.

The European Commission (EC ) responded by bringing the matter before the World Trade Organization ( WTO ) and claiming that the “export ban on nickel ore and domestic processing requirements on nickel ore and iron ore… illegally restrict EU steel producers ‘ access to raw materials needed for stainless steel production.”

In October 2022, the WTO made a decision in favor of the EU, but Indonesia appealed, and the dispute is still unresolved as US officials continue to thwart appointments to the WTO’s Appellate Body.

In March 2024, Widodo said,” If there will be a second chance at appeal, we will submit another one. In short, do n’t back down until our nickel-based industries are ready to operate”.

He added,” If we back down, do n’t expect this country to become a developed country. There will undoubtedly be someone who will sue us once more. We will fight again”.

Unidentified Indonesian officials, who was cited by Japan’s NHK, were more at ease with the situation. ” Indonesia has rich natural resources and a large population”, he said,” We are one of the ‘ haves.’ Although it may take some time, Indonesia has the potential to develop into a developed country.

Indonesia’s export ban caused the Chinese to build dozens of smelters in the nation, where they produced more than 80 % of the local nickel used in EV batteries.

According to the Center for Strategic and International Studies, a Washington, DC-based think tank, the number of nickel smelters in Indonesia grew from 13 in 2020 to 43 by July 2023, with another 28 under construction – most of them controlled by Chinese companies.

The US, which has only 1 % of the world’s nickel reserves, is ringing alarm bells. The Biden administration has been trying to persuade Indonesia to diversify away from China, according to a Comprehensive Strategic Partnership established in 2023.

A proposed Critical Minerals Specific Free Trade Agreement, which would grant tax credits to Indonesian companies involved in the EV supply chain, is included in this effort.

The US-ASEAN Business Council believes that it will be based on a similar agreement reached between the US and Japan in March 2023. That deal’s provisions include:

  • Domestic measures to address non-market practices and policies that other nations have that have an impact on the trade of crucial minerals
  • Best practices for foreign entities reviewing investments made within their respective regions in the crucial minerals sector
  • Engagement, information-sharing and enforcement actions related to labor rights in critical minerals extraction and processing, ]and]
  • Promoting employer-neutrality in union operations and organizing
  • Non-imposition of export duties on critical minerals

These measures, which are aimed at combating resource nationalism and China’s mining and smelting industries, are viewed by some as US interference in the partner nation’s domestic affairs.

The US-ASEAN Business Council claims that the Indonesian government has expressed interest in a more limited agreement largely because of this.

Regardless, this is all working in Indonesia’s favor, whether or not it is intended, like the US blockade of the WTO Appellate Body.

In order to be eligible for US tax credits, Chinese companies are reportedly attempting to reduce their stakes in Indonesian nickel smelters to 25 % or less as reported by Reuters on July 26. This reduces the risk of a near-monopoly, giving Indonesia more room to maneuver.

According to the independent think tank The Australian Strategic Policy Institute ( ASPI),” Indonesia’s success in utilizing Chinese capital and innovation to become the dominant force in the global nickel industry has been achieved in the face of concerted opposition from the European Union through the World Trade Organization.”

” Over a decade, the high value-added share of Indonesia’s nickel exports has gone from 8 % to 100 %. Its mine output has risen nine-fold, and it is putting rivals, including nickel miners in Australia, out of business because they cannot begin to match the capital and operating costs of the Indonesian operations”, ASPI said.

The most significant accomplishment of China’s Belt and Road program could be seen as enabling Indonesia to take its place in one of the most significant new energy industries.

Meanwhile, HLI Green Power is starting with battery manufacturing capacity sufficient to equip 150, 000 Hyundai Motor EVs per year, with plans to triple that figure to 450, 000 when market demand grows.

In contrast, according to Asian Automotive Analysis, about 1.2 million passenger vehicles were produced in Indonesia in 2023, the majority of which were produced by Toyota, Daihatsu, and Mitsubishi Motors. This near-monopoly is also under threat.

Follow this writer on&nbsp, X: @ScottFo83517667

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