Taiwan to Hold Referendum on Restarting Closed Nuclear Reactor
Taiwan will hold a national referendum on restarting a nuclear reactor that it shut down just last week, potentially opening up a pathway to reverse the government's anti-nuclear policy.
The Aug. 23 poll will decide whether the Maanshan nuclear power plant, the territory's last one to be shuttered, should resume operations if there are no safety concerns, according to a statement from Taiwan's Central Election Commission late on Friday.
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Everyone Is Buying Time in an Unstable World
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Chinese authorities are trying to minimize the fallout, chiding the sector for 'rat race competition' and summoning heads of major brands to Beijing last week. Yet previous attempts to intervene have had little success. For the short term at least, investors are betting few automakers will escape unscathed: BYD, arguably the biggest winner from industry consolidation, has lost $21.5 billion in market value since its shares peaked in late May. 'What you're seeing in China is disturbing, because there's a lack of demand and extreme price cutting,' said John Murphy, a senior automotive analyst at Bank of America Corp. Eventually there will be 'massive consolidation' to soak up the excess capacity, Murphy said. For automakers, relentless discounting erodes profit margins, undermines brand value and forces even well-capitalized companies into unsustainable financial positions. 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The pricing turmoil is also unfolding against a backdrop of significant overcapacity. The average production utilization rate in China's automotive industry was mere 49.5% in 2024, data compiled by Shanghai-based Gasgoo Automotive Research Institute show. An April report by AlixPartners meanwhile highlights the intense competition that's starting to emerge among new energy vehicle makers, or companies that produce pure battery cars and plug-in hybrids. In 2024, the market saw its first ever consolidation among NEV-dedicated brands, with 16 exiting and 13 launching. 'The Chinese automotive market, despite its substantial scale, is growing at a slower speed. Automakers have to put top priority now on grabbing more market share,' said Ron Zheng, a partner at global consultancy Roland Berger GmbH. Jiyue Auto shows how quickly things can change. A little over a year after launching its first car, the automaker jointly backed by big names Zhejiang Geely Holding Group Co. and technology giant Baidu Inc., began to scale down production and seek fresh funds. It's a dilemma for all carmakers, but especially smaller ones. 'If you don't follow suit once a leading company makes a price move, you might lose the chance to stay at the table,' AlixPartners consultant Zhang Yichao said. He added that China's low capacity utilization rate, which is 'fundamentally fueling' the competition, is now even under more pressure from export uncertainties. While the push to find an outlet for excess production is thrusting more Chinese brands to export, international markets can only offer some relief. 'The US market is completely closed and Japan and Korea may close very soon if they see an invasion of Chinese carmakers,' Siebert said. 'Russia, which was the biggest export market last year, is now becoming very difficult. 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Doug Ford's Bill 5 is now law in Ontario. Here's what happens next
Now that Ontario's controversial Bill 5 is law, all eyes are on what Premier Doug Ford does with the new powers it gives his government. Bill 5, also called the Protecting Ontario by Unleashing Our Economy Act, empowers the government (among other things) to create special economic zones, where cabinet can exempt companies or projects from having to comply with any provincial law, provincial regulation or municipal bylaw. Ford pitches Bill 5 as a way of shoring up Ontario's economy in the face of Donald Trump's tariffs by speeding up major infrastructure and resource projects. Ford's officials insist the government won't exempt any company in a special economic zone from Ontario's minimum wage rules or other labour laws. But the wide-open way the legislation is written would allow cabinet to hand out exemptions from any law, whether labour, environmental or operational. Asked this week which laws he's considering overriding with Bill 5 — and whether any laws are off the table for such exemptions — Ford offered no specifics. WATCH | Your quick guide to Bill 5: "I just want to speed up the process," he said during a news conference on Thursday, moments after Bill 5 received Royal Assent, making it law. Ford then talked of how long it takes for a mine to get into production, an issue that is actually tackled in a different part of Bill 5: revisions to the Mining Act designed to shorten Ontario's approval process to two years from the current four years. Pressed again on which laws he would exempt companies from in the special economic zones, Ford said every situation is different. Ford wants to move 'as quickly as possible' "Let's see what companies come to the table, and depending on how quickly we can get opportunities and jobs, we'll reveal them," Ford said. Ford wants Ontario's first special economic zone to be the Ring of Fire mineral deposit, some 500 kilometres northeast of Thunder Bay, in the heart of Treaty 9 territory. The area is said to be full of so-called critical minerals, such as cobalt, lithium and nickel, in high demand for the tech industry. The premier said on Thursday that he wants to make the Ring of Fire a special economic zone "as quickly as possible" but has also said he won't do so without consulting with First Nations Energy and Mines Minister Stephen Lecce says the province is already "consulting meaningfully" with First Nations and will continue to do so over the coming months. "We're all going to be part of this endeavour to really listen to those voices and help build a common vision for responsible resource development that unlocks the bounty of the resource, to change the lives of northerners and to ensure Indigenous share in that bounty," Lecce said alongside Ford at Thursday's news conference inside Queen's Park. The skepticism from many First Nations leaders is palpable. The Chiefs of Ontario invited Ford to attend their annual assembly June 17 to 19 and sent Ford a message that his attendance would mark the start of consultations on Bill 5. "This legislation, introduced without prior consultation with First Nations rights holders, raises serious concerns due to its far-reaching implications on inherent Treaty rights and community obligations to the land, waters, and wildlife," says the invitation letter from Ontario Regional Chief Abram Benedict. The Chiefs of Ontario, the umbrella group representing more than 130 First Nations across the province, are warning of "resistance, on the ground, and in the courts" against Bill 5. WATCH | What the 'duty to consult' First Nations means for governments: One thing to watch for in the months to come is whether the provincial government's push to fast-track the Ring of Fire is replicated by the federal government. Ford put the Ring of Fire at the top of his list presented to Prime Minister Mark Carney for consideration as a potential nation-building project. Ford calls Carney 'Santa Claus' Carney asked all the premiers to come to last Monday's First Ministers Meeting in Saskatoon with their ideas of projects that would be "in the national interest," either by helping to diversify the Canadian economy or to reach new export markets. It's now up to Carney to decide which projects merit federal backing, whether through fast-track approvals or funding. Ford described Carney as Santa Claus for this approach. But to make the metaphor accurate, it means Ford and his fellow premiers have merely written their letters to Santa Claus, and they now have to wait until Christmas comes to find out whether Santa brings them what they asked for. The other items on Ford's list are also projects that could be designated special economic zones: new nuclear power plants, a new deep-sea port on James Bay, Ford's vision of a tunnel under Highway 401 through Toronto, and an expansion of the GO Transit network. If Carney endorses any of these, you can expect the Ford government will use its Bill 5 powers to speed up the process of moving that project from endorsement to reality. On Friday, Carney's Liberals tabled a bill in the House of Commons called the One Canadian Economy Act, designed in part to speed up the approval process of major infrastructure projects, a goal similar to Ontario's Bill 5. One line in the text of Bill 5 says its purpose is making Ontario "the best place in the G7 to invest, create jobs and do business." Economic Development, Job Creation and Trade Minister Vic Fedeli, whose chief role is attracting companies to the province, says investors around the world are hoarding capital in hopes of some economic certainty. Will Bill 5 attract investment? "That capital that's building up needs to unleash, and we want them to know that when they come to Ontario, it can be unleashed very quickly here," Fedeli said at the news conference alongside Ford and Lecce. Having Bill 5 powers on the books means Ontario could try to entice investors to set up shop in a special economic zone, but officials won't say whether that incentive is now being dangled at any particular companies. More questions remain on how exactly the government will use other powers it obtained through Bill 5, such as the power to ignore the independent scientific committee that determines whether a species is endangered or threatened in Ontario. You can expect a backlash from conservation groups whenever the government uses that power, for instance by scrapping measures that would protect the habitat of a species at risk. What's unknown is when, where and with what species the government will take such a step. Another 'watch this space' related to Bill 5: what happens with the expansion of a landfill on the edge of the southwestern Ontario town of Dresden, which the legislation exempts from having to go through a comprehensive environmental assessment. Local residents say they're not giving up their efforts to halt the project, while the company behind is welcoming the opportunity of "moving forward with our plan."
