The China Show 7/29/2025
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Missing out on £54m research fund ‘undermines' northern universities, say mayors
Universities in northern England face having their contribution to the economy undermined after they missed out on a share of £54 million, eight mayors have warned. A total 12 institutions have access to the money to help attract 60 to 80 leading researchers into the UK. But the mayors, including Labour's Andy Burnham in Greater Manchester, Steve Rotheram in Liverpool and Tracy Brabin in West Yorkshire, have called on the Government to build a 'new funding model that truly reflects the strengths and aspirations of all of our regions'. They warned that investment was 'concentrated disproportionately in London and the South East'. According to the Department for Science, Innovation and Technology, the money is intended to bolster industrial strategy by helping universities to back research in sectors such as life sciences, defence and the creative industries. Beneficiaries include Oxford and Cambridge universities, the Medical Research Council Laboratory of Molecular Biology, which is also based in Cambridge, Imperial College London and the University of Birmingham. Queen's University Belfast in Northern Ireland, the University of Strathclyde in Scotland and Cardiff University in Wales are also listed as being in line for money from the fund. But northern universities' 'exclusion from the Global Talent Fund undermines their contribution to the UK's economic success, as well as the Government's stated commitment to rebalance our economy', the mayors wrote in a joint statement. They said: 'We are deeply disappointed that universities in the north of England, some of the best and brightest in the world, have once again been overlooked in the allocation of national innovation funding, despite their research credentials. 'The North is home to some of the UK's most innovative, high-performing universities. These institutions drive the development of life-changing technologies and work hand in hand with industry to create good jobs and grow the economy.' The cross-party group added: 'As mayors, we stand ready to support the Government in its mission to make the UK a global science superpower. 'But to truly deliver on that mission, investment in innovation must reflect the full breadth and depth of talent that exists across the country, not continue to be concentrated disproportionately in London and the South East. 'We are calling for urgent reform to ensure greater transparency and fairness in how public research and innovation funding is allocated. 'Strategic funds like this must support national growth, and that means recognising and investing in the full potential of the North of England and the 15 million people we collectively represent. 'We urge UK Research and Innovation to think again, review this disappointing decision and work together with us on creating a new funding model that truly reflects the strengths and aspirations of all of our regions, to build a brighter Britain that works for us all.' Reform UK mayor of Hull and East Yorkshire, Luke Campbell, and Conservative mayor of Tees Valley, Lord Houchen of High Leven, joined the Labour politicians – who also include the South Yorkshire, North East and York and North Yorkshire mayors Oliver Coppard, Kim McGuinness and David Skaith – in signing the statement. Backing the fund last month, science minister Lord Vallance said 'genius is not bound by geography'. He continued: 'But the UK is one of the few places blessed with the infrastructure, skills base, world-class institutions and international ties needed to incubate brilliant ideas, and turn them into new medicines that save lives, new products that make our lives easier, and even entirely new jobs and industries.'
Yahoo
26 minutes ago
- Yahoo
Trump tariffs hit India's garment makers as US buyers say move production
By Dhwani Pandya and Praveen Paramasivam MUMBAI/CHENNAI (Reuters) -Ever since Donald Trump's tariff salvo on India this week, garment maker Pearl Global - whose U.S. client list includes Gap and Kohl's - has been receiving midnight panic calls with an ultimatum: share the tariff hit or move production out of India. To calm U.S. customers' nerves, Pearl Global has offered to shift production to its 17 factories in Bangladesh, Indonesia, Vietnam and Guatemala to bypass the steep U.S. levies on Indian imports. "All the customers are already calling me. They want us to ... shift from India to the other countries," Managing Director Pallab Banerjee told Reuters in an interview. Trump's initial tariff proposals in April - which were lower for India than for the rival Asian garment hubs of Bangladesh, Vietnam and China - had been seen as an opportunity for India to rapidly expand in the $16 billion apparel exports market. But the tables have turned as relations between New Delhi and Washington have soured, with India now facing a 50% tariff, versus 20% for Bangladesh and Vietnam, and 30% for China. Pearl gets roughly half of its business from the United States. Some clients offered to continue taking products from India if it could share the tariff burden, but that is not viable, Banerjee said, without naming the customers. 'IN THE DOLDRUMS' The 50% U.S. tariff - comprising 25% that kicked in on Thursday and another 25% due to come into force on August 28 as a penalty for buying Russian oil - has stunned U.S. garment buyers and their Indian suppliers, who say they are considering taking their manufacturing operations beyond Indian shores, even to less-established garment hubs like Ethiopia and Nepal. Some exporters also say they have been asked by U.S. clients to put orders on hold. New Delhi has called Trump tariffs "extremely unfortunate". India's garment sector was already grappling with a labour crunch and limited production capacity. But the prospect of exporters shifting production outside India would also be a blow to Prime Minister Narendra Modi's "Make in India" policy drive. While Pearl can use its foreign factories to meet U.S. orders, exporters that rely on domestic factories are set to be hit much harder. RichaCo Exports has shipped $111 million of garments to the U.S. this year, with clients such as J. Crew Group, customs data shows. All were made in its more than two dozen factories across India. Around 95% of its annual Indian revenues come from the United States, said general manager Dinesh Raheja. "We're exploring setting up a manufacturing base in (Nepal's capital) Kathmandu," he said. "The industry is in the doldrums." ORDERS ON HOLD Earlier this week, India's biggest jeweller and watchmaker Titan told Reuters it was looking at shifting some manufacturing to the Middle East to maintain low-tariff access to U.S. markets. Amit Agarwal, finance chief of top Indian garment maker Raymond, said he was pinning hopes on the company's one factory in Ethiopia - which faces just a 10% U.S. tariff and could possibly add more production lines within three months to cater to U.S. clients. The tariff threat comes as India was emerging as a big alternative for U.S. garment buyers like Walmart, as Bangladesh faces a political crisis, and companies look to diversify supply chains beyond China. Indian garment hub Tiruppur in the south, considered the country's knitwear capital and which accounts for nearly one-third of apparel exports, was bullish about the future earlier this year when Reuters visited and talked to exporters. Panic has now descended on the hub. Some factories in Tiruppur have been asked by customers to hold orders, while some plan to ship as many goods as possible before the full 50% tariff kicks in, said Naveen Micheal John, executive director at Cotton Blossom India. "An importer, which had placed orders for underwear, has come back saying that if you haven't purchased yarns ... keep it on hold for now," he said. Some garments in Tiruppur cost U.S. clients as little as $1, while a women's or men's T-shirt can vary from about $3.5-$5, which could soon face 50% tariffs, said N. Thirukkumaran, general secretary of the Tiruppur Exporters Association. (Writing by Aditya Kalra. Editing by Mark Potter) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
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Merchant BESS in India becomes profitable: Ember report
In a landmark development for India's power sector, merchant battery energy storage systems (BESS) have achieved profitability for the first time in 2024, according to a recent report by energy think tank Ember. This significant shift is attributed to the steep decline in battery costs and the ability to earn higher revenues from the increasingly volatile power markets. According to the report, battery costs have dropped by approximately 80% in the past decade, reaching Rs1.7m ($19,375.1) per megawatt-hour (MWh) in 2025, down from Rs7.9m/MWh in 2015. Concurrently, potential revenues from market participation have surged fivefold to Rs2.4m/MWh in 2025 from Rs0.5m/MWh in 2015. This has led to merchant BESS revenues exceeding costs in 2024, establishing these storage systems as a viable electricity grid asset. The report further indicates that the day-ahead market (DAM) of power exchanges has seen peak prices hitting new highs while troughs have deepened. This increased price volatility has opened more opportunities for merchant batteries to generate value. Notably, electricity prices approached the current cap of Rs10 per kilowatt-hour (kWh) in one out of every six hours from 2022 to 2024. Additionally, average midday power prices during the summer months dropped nearly 20% from 2022 to 2024, with prices occasionally falling to nearly zero. Ember's report models various scenarios for power price movements on the exchanges, predicting that by participating in DAM alone, merchant BESS investments could yield an internal rate of return of up to 17% from an investment made in 2025. According to the report, revenue can be further increased by participating in the ancillary services market, which would also enhance returns. The report concludes with the assertion that as India's electricity system evolves to accommodate more variable renewable energy, the investment case for battery storage strengthens. Furthermore, India has already achieved a significant milestone in its clean energy transition by attaining 50% of its installed electricity capacity from non-fossil fuel sources in 2025, surpassing its Paris Agreement 2030 target five years ahead of schedule. In the first half of 2025, India witnessed the fastest growth in renewable power output since 2022 while coal-fired generation saw a decline of nearly 3%, as per a Reuters report. Despite these advances, fossil fuels still accounted for more than two-thirds of the total power generation increase in 2024. "Merchant BESS in India becomes profitable: Ember report" was originally created and published by Energy Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
