India finalises new EV scheme, offers import tax cuts for local production
June 2 (Reuters) - India on Monday announced a scheme that includes significant import tax cuts for foreign automakers that commit to investing in manufacturing electric cars in the country.
Under a rewamped scheme, companies will be allowed to import a limited number of electric cars at a lower import duty of 15% versus the current 70% duty if they commit to investing $486 million to build EVs in the country, the ministry of heavy industries said in a statement.
Carmakers including Mercedes Benz (MBGn.DE), opens new tab, Volkswagen , Skoda, Hyundai (005380.KS), opens new tab and Kia (000270.KS), opens new tab have already shown interest in the new policy, a federal minister told reporters in a media briefing on Monday.
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Reuters
an hour ago
- Reuters
South Korea's liberal new president Lee Jae-myung vows economic revival, judgement against martial law
SEOUL, June 4 (Reuters) - South Korea woke on Wednesday to a new liberal president, Lee Jae-myung, who vowed to raise the country from the turmoil of a martial law crisis and revive an economy reeling from slowing growth and the threat of global protectionism. Lee's decisive victory in Tuesday's snap election stands to usher in a sea change in Asia's fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk Yeol just three years into his troubled presidency. With 100% of the ballots counted, Lee had won 49.42% of the nearly 35 million votes cast while conservative rival Kim Moon-soo had taken 41.15% in the polls that brought the highest turnout for a presidential election since 1997, according to National Election Commission data. The 61-year-old former human rights lawyer called Tuesday's election "judgment day" against Yoon's martial law and his People Power Party's failure to stop the ill-fated move. "The first mission is to decisively overcome insurrection and to ensure there will never be another military coup with guns and swords turned against the people," Lee said in a victory speech outside parliament. "We can overcome this temporary difficulty with the combined strength of our people, who have great capabilities," he said. Lee was officially confirmed as president by the National Election Commission early on Wednesday and immediately assumed the powers of the presidency and commander in chief. An abbreviated inauguration is planned at parliament within hours of the official confirmation. A slate of economic and social challenges await the new leader, including a society deeply scarred by divisions following the martial law attempt and an export-heavy economy reeling from unpredictable protectionist moves by the United States, a major trading partner and a security ally. The martial law decree and the six months of ensuing turmoil, which saw three different acting presidents and multiple criminal insurrection trials for Yoon and several top officials, marked a stunning political self-destruction for the former leader and a drag on an economy already slowing in growth. Lee has pledged to boost investment in innovation and technology to fuel the country on another growth trajectory while increasing support for middle and low-income families. Lee is expected to be more conciliatory toward China and North Korea, and has pledged to continue the Yoon-era engagement with Japan.
The Independent
3 hours ago
- The Independent
Liberal Lee Jae Myung wins South Korea election and promises unity after turmoil
Liberal opposition candidate Lee Jae Myung was elected president of South Korea on Tuesday, promising to unite the country six months after it was shaken by a surprise attempt to impose martial law. With a clear lead in the 85 per cent of votes counted so far, he told supporters he would also find a way for the country to coexist with North Korea through dialogue and communication. His conservative rival, Kim Moon Soo of the People Power Party (PPP), conceded the race. Lee's victory stands to usher in a political sea change in Asia's fourth-largest economy, after the backlash against the martial law episode brought down conservative Yoon Suk Yeol. Nearly 80 per cent of South Korea's 44.39 million eligible voters cast their ballots, the highest turnout for a presidential election in the country since 1997, with Lee terming the polls 'judgment day' against Yoon's actions and the PPP's failure to distance itself from that decision. A joint exit poll by broadcasters KBS, MBC and SBS, which has in previous elections mostly been in line with the final results, put Lee on 51.7 per cent and Kim on 39.3 per cent. The martial law decree and the six months of ensuing turmoil, which saw three different acting presidents and multiple criminal insurrection trials for Yoon and several top officials, marked a stunning political self-destruction for Yoon and effectively handed the presidency to Lee. Yoon was impeached by the Lee-led parliament, then removed from office by a constitutional court less than three years into his five-year term. 'I was here on 3 December after martial law was declared and 14 December when Yoon was impeached,' said Choi Mi Jeong, 55, a science teacher who gathered outside parliament to hear Lee speak after the election. 'Now Lee Jae Myung is becoming president. I hope he will become a leader who supports ordinary people, not vested interests, not a small number of riches.' Official results were expected to be certified by the National Election Commission on Wednesday morning after ballots are sorted and counted by machine, then triple-checked by election officials by hand to verify accuracy. The winner must tackle challenges including a society deeply scarred by divisions made more obvious since the attempt at military rule, and an export-heavy economy reeling from unpredictable protectionist moves by the United States, a major trading partner and a security ally. Lee is expected to be more conciliatory towards China and North Korea, but has pledged to continue the Yoon-era engagement with Japan. There were no female candidates running in Tuesday's election for the first time in 18 years. Despite polls showing wide gaps between young men and women, gender equality was not among the key policy issues put forward during this election, a stark contrast from the 2022 vote. 'One thing I am a bit frustrated about with mainstream candidates whether Lee Jae Myung or other conservative candidates is they lack policy on women or minority groups,' said Kwon Seo Hyun, 18, a student.
Reuters
3 hours ago
- Reuters
China tells US envoy Washington must get ties back on 'right track'
BEIJING, June 3 (Reuters) - The U.S. should create the necessary conditions for bilateral relations to get back onto "the right track," China's Foreign Minister Wang Yi told the U.S. ambassador to Beijing on Tuesday, according to a ministry statement. After trade talks last month in Geneva, China has "conscientiously and strictly" implemented the consensus reached by both sides, but it is "regrettable that the U.S. recently introduced a series of 'negative' measures", which China firmly opposes, Wang told Ambassador David Perdue. Bilateral relations are at a critical juncture, and dialogue and cooperation are "the only correct choice," Wang said. Perdue said in an X post after the meeting that he had emphasized U.S. President Donald Trump's priorities on trade, fentanyl, and illegal immigration, adding that "communication is vital" to U.S.-China relations. Trump on Friday accused China of violating a bilateral deal to roll back tariffs and trade restrictions，and the U.S. has ordered curbs on chip design software and other shipments to China. The Geneva truce to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding U.S. complaints about China's state-dominated, export-driven economic model. Senior U.S. officials have said this week that Trump and Chinese President Xi Jinping would speak soon to iron out trade issues, including a dispute over critical minerals and China's restrictions on exports of certain minerals. White House Press Secretary Karoline Leavitt told a regular news briefing on Tuesday the Trump administration "is actively monitoring China's compliance with the Geneva trade agreement," and added that "there will be a leader to leader talk very soon."
