Latest news with #ACMA
Time of India
3 days ago
- Automotive
- Time of India
Magnet crisis: Auto giants rush to China for rare earth rescue
The Indian automotive industry is preparing to send a high-level delegation to China next week to address escalating concerns over delays in rare earth magnet imports, people familiar with the development said. They noted that China's new export restrictions on rare earth materials, effective April 4, have created procedural bottlenecks, resulting in delayed shipments to Indian manufacturers. Several consignments of India-bound rare earth magnets - critical for electric motors and various automotive components - are reportedly stuck at Chinese ports, raising fears of production disruptions as early as the first week of June. A joint delegation from the Society of Indian Automobile Manufacturers (Siam) and the Automotive Component Manufacturers Association (ACMA) will meet with senior Chinese government officials to expedite necessary clearances and restore the flow of shipments, people cited above said. India's commerce and external affairs ministries are currently coordinating with their counterparts in Beijing through the Indian embassy to facilitate the meetings. "The situation is serious, but we are receiving strong support from the government. We are hopeful of an early resolution," said Vinnie Mehta, director general of ACMA. China accounts for an estimated 70-80per cent of global rare earth processing and over 90per cent of rare earth magnet production, making automakers heavily dependent on imports from the country. Automakers and component suppliers warn that further delay in getting the magnets could severely impact vehicle production, especially in the electric mobility segment. "The rare earth situation is a very difficult one," Rakesh Sharma, executive director at Bajaj Auto , said during the company's recent earnings call. He flagged the "onerous" approval process that currently involves multiple certifications from Indian ministries, the Chinese embassy, and Chinese provincial authorities. While the supply crunch poses a serious challenge, some players have begun diversifying their sourcing strategy. JBM Group, a leading electric bus manufacturer, has started procuring rare earth magnets from other Asian countries. "Post-pandemic, we undertook a comprehensive risk assessment that led us to explore alternative supply bases beyond China," said Nishant Arya, vice-chairman of JBM Group. With inventory levels depleting rapidly, Siam and ACMA have been in active dialogue with the commerce ministry. As reported by Reuters on May 29, Siam informed government officials that component makers' inventories could run out by the end of May and urged intervention at the highest level, including from the Prime Minister's Office. Representatives from major OEMs and suppliers, particularly those involved in motor manufacturing, are expected to be part of the industry delegation headed for China.
Time of India
3 days ago
- Automotive
- Time of India
Magnet crisis: Auto giants rush to China for rare earth rescue
The Indian automotive industry is preparing to send a high-level delegation to China next week to address escalating concerns over delays in rare earth magnet imports, people familiar with the development said. They noted that China's new export restrictions on rare earth materials, effective April 4, have created procedural bottlenecks, resulting in delayed shipments to Indian manufacturers. Several consignments of India-bound rare earth magnets - critical for electric motors and various automotive components - are reportedly stuck at Chinese ports, raising fears of production disruptions as early as the first week of June. A joint delegation from the Society of Indian Automobile Manufacturers (Siam) and the Automotive Component Manufacturers Association (ACMA) will meet with senior Chinese government officials to expedite necessary clearances and restore the flow of shipments, people cited above said. India's commerce and external affairs ministries are currently coordinating with their counterparts in Beijing through the Indian embassy to facilitate the meetings. "The situation is serious, but we are receiving strong support from the government. We are hopeful of an early resolution," said Vinnie Mehta, director general of ACMA. China accounts for an estimated 70-80% of global rare earth processing and over 90% of rare earth magnet production, making automakers heavily dependent on imports from the country. Automakers and component suppliers warn that further delay in getting the magnets could severely impact vehicle production, especially in the electric mobility segment. "The rare earth situation is a very difficult one," Rakesh Sharma, executive director at Bajaj Auto , said during the company's recent earnings call. He flagged the "onerous" approval process that currently involves multiple certifications from Indian ministries, the Chinese embassy, and Chinese provincial authorities. While the supply crunch poses a serious challenge, some players have begun diversifying their sourcing strategy. JBM Group, a leading electric bus manufacturer, has started procuring rare earth magnets from other Asian countries. "Post-pandemic, we undertook a comprehensive risk assessment that led us to explore alternative supply bases beyond China," said Nishant Arya, vice-chairman of JBM Group. With inventory levels depleting rapidly, Siam and ACMA have been in active dialogue with the commerce ministry. As reported by Reuters on May 29, Siam informed government officials that component makers' inventories could run out by the end of May and urged intervention at the highest level, including from the Prime Minister's Office. Representatives from major OEMs and suppliers, particularly those involved in motor manufacturing, are expected to be part of the industry delegation headed for China.
Zawya
6 days ago
- Business
- Zawya
Afreximbank wins mandate as sole financial advisor for South Africa's $1.7bln Suiso Project
CAIRO, Egypt/ -- African Export-Import Bank's (Afreximbank) ( Advisory and Capital Markets (ACMA) department has been appointed and mandated as the exclusive financial advisor to raise capital for the US$1.7-billion Suiso Project, a transformative coal-to-fertiliser facility to be developed in Kriel, Mpumalanga Province, in South Africa. As financial advisor, ACMA's role will involve leveraging its network and expertise to structure and mobilise the capital required for the project's execution. The Suiso Project, which aims to promote sustainable agriculture, will use cutting-edge fertiliser technology, such as air products gasification, and is expected to enhance the food security situation in the region. Sponsored by a consortium of leading energy and industrial companies committed to sustainable development and economic growth in the region, the project represents a significant investment in South Africa's industrial agriculture sector aimed at reducing dependency on imported fertilisers. This appointment is a reflection of the increasing recognition of Afreximbank's capacity and commitment to supporting large-scale projects with the potential to drive industrialisation and economic development across Africa. Suiso was formed recently to focus on the manufacture of ammonia and fertiliser, using a fossil-fuel gasification process. It intends to build a more resilient and sustainable fertiliser and agricultural market across Sub-Saharan Africa with more efficient fertiliser application rates and a reduction in greenhouse gas emissions. Suiso plans to establish a blue ammonia production facility with a capacity of 2,200 tonnes per day (TPD). This facility will produce approximately 2,600 TPD of Urea, 1,600 TPD of Ammonium Nitrate (TAN), and a low-density Ammonium Nitrate using prilling technology, with any excess ammonia being sold in bulk. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt. For more information, visit:
Zawya
6 days ago
- Business
- Zawya
Afreximbank wins mandate as sole financial advisor for South Africa's $1.7-billion Suiso Project
AFRICA African Export-Import Bank's (Afreximbank) ( Advisory and Capital Markets (ACMA) department has been appointed and mandated as the exclusive financial advisor to raise capital for the US$1.7-billion Suiso Project, a transformative coal-to-fertiliser facility to be developed in Kriel, Mpumalanga Province, in South Africa. As financial advisor, ACMA's role will involve leveraging its network and expertise to structure and mobilise the capital required for the project's execution. The Suiso Project, which aims to promote sustainable agriculture, will use cutting-edge fertiliser technology, such as air products gasification, and is expected to enhance the food security situation in the region. Sponsored by a consortium of leading energy and industrial companies committed to sustainable development and economic growth in the region, the project represents a significant investment in South Africa's industrial agriculture sector aimed at reducing dependency on imported fertilisers. This appointment is a reflection of the increasing recognition of Afreximbank's capacity and commitment to supporting large-scale projects with the potential to drive industrialisation and economic development across Africa. Suiso was formed recently to focus on the manufacture of ammonia and fertiliser, using a fossil-fuel gasification process. It intends to build a more resilient and sustainable fertiliser and agricultural market across Sub-Saharan Africa with more efficient fertiliser application rates and a reduction in greenhouse gas emissions. Suiso plans to establish a blue ammonia production facility with a capacity of 2,200 tonnes per day (TPD). This facility will produce approximately 2,600 TPD of Urea, 1,600 TPD of Ammonium Nitrate (TAN), and a low-density Ammonium Nitrate using prilling technology, with any excess ammonia being sold in bulk. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt. For more information, visit: Disclaimer: The contents of this press release was provided from an external third party provider. 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The Guardian
7 days ago
- Business
- The Guardian
ABC doing ‘all the heavy lifting' as commercial networks abandon local kids' TV drama
Australian commercial television networks have all but given up on creating local children's drama, advocates say, with just $1.75m spent on the genre across all commercial free-to-air networks in 2023-2024. But that's $1.75m more than the previous year, according to the latest report card by the communications regulator, the Australian Communications and Media Authority (Acma). In 2022-2023, not a single children's television drama was made by any commercial network. The chief executive of the Australian Children's Television Foundation, Jenny Buckland, said fallout from the previous Coalition government's 2020 decision to scrap quotas for children's free-to-air television was continuing on a downward spiral, and the current Labor government showed no inclination to reverse the trend. 'They're focusing on where the young audience has gone, and that audience has gone to the streaming platforms,' she said. 'It's being left up to the ABC to do all the heavy lifting.' Legislation to impose local content quotas on streaming platforms, a promise Labor took to the 2022 federal election with a July 2024 deadline, stalled last year over uncertainties over how it could be quarantined from Australia's free trade agreement with the US. The reelection of US President Donald Trump and subsequent confusion over his threats to slap tariffs on overseas film and television productions has turned a stalemate into chaos. An analysis by Screen Producers Australia (SPA) found that since 2018-2019, commercial network spend on children's drama had fallen 98%, while adult drama had dropped from $96m to to $49m over the same period. 'This is not an isolated failure, but rather, one part of a broader erosion of culturally significant content investment,' SPA's chief executive, Matthew Deaner, said in a statement. 'Drama is just one of several genres where commercial funding has been allowed to wither, with no other part of the system stepping in to fill the void. 'Both adult and kids' drama remain at unsustainably low levels. We cannot expect Australian stories to thrive without real structural change.' Deaner said legislation mandating revenue-linked local content investment obligations on subscription video on demand (SVOD) platforms was urgently needed. He also called on the Australian Government to increase ABC and SBS funding, specifically for independently produced children's scripted content. 'It's time to regulate all streaming services and reinvest in our national broadcasters,' Deaner's statement said. 'That's the only way to restore balance in a market that's now skewed almost entirely toward live sport and low-cost formats.' The Guardian sought comment from the communications minister Anika Wells, the arts minister, Tony Burke, and the peak body that represents Australia's commercial networks, Free TV Australia. A statement on the association's website responding to the Acma report said commercial television broadcasters had invested $1.625b in 2023-2024, including $408m on news services, demonstrating the industry's commitment to Australian journalism. 'While global streamers sell stories, we tell the stories that matter to Australians — and all for free,' the statement said. 'Australians value Australian television and the vital role it plays in our democracy, our culture, and our everyday lives. To keep delivering, we look forward to continuing to work with Government on policy settings that support a sustainable and vibrant industry.'
