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Time of India
21 hours ago
- Business
- Time of India
Torrent Power inks lNG supply pact with BP Singapore
MUMBAI: Torrent Power Ltd (TPL) on Monday said it has signed a long-term sales and purchase agreement with BP Singapore Pte. Limited, a subsidiary of London-headquartered integrated energy company BP Plc , for the supply of up to 0.41 million metric tonnes per annum of LNG from 2027 to 2036. The LNG procured under this agreement will be strategically utilised by TPL, including to operate its 2,730 MW combined cycle gas-based power plants (GBPPs) in India to meet the country's increasing power demand, support peak demand periods and balance the renewables. It will also support the growing requirement of LNG of Torrent Group's city gas distribution (CGD) arm, Torrent Gas Ltd. (TGL), to ensure a reliable supply of gas for households, commercial and industrial consumers, and CNG vehicles. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Una inversión en Banco Internacional CFD podría darte un salario extra Mercados de Capital Undo "Taking advantage of softness in LNG prices, TPL along with TGL further intends to explore medium- and long-term LNG procurement in response to the growing demand from its GBPPs and CGD networks respectively, aiming to enhance its portfolio diversity and reliably to meet energy supply needs of customers," the company said.
Forbes
a day ago
- Business
- Forbes
Japan's Mitsubishi Launches $700 Million VC Arm
Mitsubishi's logo on display in Tokyo, Japan. Japanese conglomerate Mitsubishi Corp. has launched its first corporate venture capital arm with a total fund size of 100 billion yen (about $700 million). The fund includes capital already deployed by Mitsubishi's eight business groups. Titled MC Global Innovation (MCGI), the new CVC will 'make flexible investments across a broad range of sectors,' Mitsubishi said in a statement. MCGI will invest across the startup life cycle, from seed to later stages, with a focus on early-stage investments, according to the statement. The firm will primarily target the fields of 'AI, software, bio and health care,' a representative of Mitsubishi added in emailed comments, but may also include segments such as 'robotics, aerospace, and next-generation computing,' among others. Mitsubishi's startup portfolio currently spans approximately 100 companies, with assets under management totalling $300 million. Following the establishment of MCGI, Mitsubishi plans to invest another $300 million over the next ten years, according to the representative. The CVC's debut comes on the heels of Mitsubishi's latest corporate strategy launch in April. To navigate what it described as an uncertain business environment linked to 'unprecedented geopolitical and economic risks,' the company stated it plans to allocate approximately 1 trillion yen to sustaining capex and more than 3 trillion yen to growth investments by 2027. Through MCGI, Mitsubishi will consolidate its portfolio of startup investments from its eight business groups, spanning environmental energy, materials solutions, mineral resources, urban development and infrastructure, mobility, food industry, consumer technology-focused 'Smart Life Creation,' and power solutions. Recent deals have centered on the fields of sustainable materials and mobility. On Monday, Mitsubishi separately announced it would invest in and enter a partnership with London-headquartered startup DEScycle, which recycles metals from electronic waste. Last November, Mitsubishi invested $25 million in Ample, a San Francisco-headquartered electric vehicle charging startup that develops battery-swapping infrastructure. Ample previously partnered with commercial vehicle manufacturer Mitsubishi Fuso Truck and Bus Corp. to pilot its technology on electric trucks in Japan. A Mitsubishi Motors model on display at the 2025 Tokyo Auto Salon event in Chiba, Japan. In addition to Mitsubishi Corp., the broader Mitsubishi Group includes financial services giant Mitsubishi UFJ Financial Group (MUFG), which operates Japan's largest bank by total assets, MUFG Bank; automaker Mitsubishi Motors; electronics and electrical equipment manufacturer Mitsubishi Electric; and industrial group Mitsubishi Heavy Industries. CVCs have seen an uptick in activity in Japan, where corporations, including CVCs, were among the key types of investors 'making significant investments in startups' in 2024, according to an April report published by the government-owned Japan Investment Corp. Over this period, Mitsubishi UFJ Capital—a VC arm of MUFG, commonly known as MUCAP–participated in 22 seed-stage funding rounds and 44 in Series A to B, the report added, making it one of Japan's most active investors. As opposed to MUFG Innovation Partners, MUFG's dedicated CVC arm, MUCAP has a broader investment mandate that extends beyond financial services. A rising area for investment has been Japan's semiconductor industry, which has seen a surge in both public and private investment. In March, the Japanese government pledged an additional $5.4 billion to its homegrown chipmaker Rapidus, bringing its total government subsidies or grants to around $11.5 billion. With backing from industry giants, including MUFG Bank and SoftBank, Rapidus aims to commence commercial production of chips using a 2-nanometer (2nm) process node—some of the world's most advanced—by 2027.
Yahoo
4 days ago
- Business
- Yahoo
Exodus of ultra-wealthy from UK triggers fine wine boom in Dubai
An exodus of wealthy Britons to the Middle East has triggered a boom in Dubai's fine wine market, Bonhams has said. The United Arab Emirates (UAE) has benefited from a rapid influx of rich Westerners in recent years, bringing with them their demand for expensive drinks – despite tight rules on consuming alcohol in the region. Amayès Aouli, head of wine and spirits at Bonhams, said: 'Dubai and the wider Middle East are rapidly becoming important players in the global fine wine ecosystem – not simply in terms of bulk consumption, but as centres for high-value storage, investment, and private collecting.' Soaring taxes have been blamed for accelerating an exodus of the ultra-rich from Britain, as well as Rachel Reeves's recent clampdown on non-dom residents that stripped thousands of UK residents of tax benefits. Among those to have left are the billionaire property investor brothers Ian and Richard Livingstone, who moved their official residence to Monaco, and Goldman Sachs banker Richard Gnodde, who relocated to Milan. The billionaire media mogul Richard Desmond, meanwhile, secured a 'golden visa' for Dubai last year. The Adam Smith Institute has suggested Ms Reeves's crackdown could cost Britain upwards of £10bn per year as the decline of billionaires drags on the Treasury's revenues. The UK was expected to lose almost 10,000 millionaires in 2024, while the UAE was expected to gain almost 7,000, according to the private wealth firm Henley & Partners. Inquiries about moving abroad from the UK jumped by 183pc in the first three months of 2025, the firm has also estimated. Dubai, conversely, has become increasingly appealing to the wealthy because it does not charge income tax. Mr Aouli added: 'This influx brings with it an appetite for global luxury, including fine wine, whether for personal enjoyment, entertaining, hospitality or long-term investment.' Sales of alcohol in Dubai, Abu Dhabi and Oman have nearly doubled in value since the pandemic and are on course to reach more than $1bn (£742m) in 2025, according to industry experts at IWSR. The UAE is also a hub for duty-free sales of wine and spirits, which were just shy of $600m (£446m) last year. Cru Wines, a London-headquartered fine wine and spirits firm, recently opened an outpost in Dubai to cater to its expat community. Gregory Swartberg, the company's chief executive, said: 'Huge numbers have come over and they obviously want to get together to drink nice wines. It's a lot of non-doms, who obviously do not qualify [for some UK tax benefits] any more.' The company does not retail wines direct to customers in the UAE, but works with clients to manage their collections and source wines for them. Only two companies are officially allowed to distribute alcohol. Alcohol consumption is legal in the UAE, which is governed under Sharia law, but is heavily regulated. Non-Muslim residents over the age of 21 are allowed to drink in their homes, but they have to apply for a licence to be able to do so. Alcohol can be sold in licensed restaurants, bars and hotels – but drinking in public is strictly prohibited and can result in severe fines and even imprisonment. Mr Aouli said: 'Licensing procedures, restrictions on marketing, and cultural sensitivities mean that success here requires patience, local relationships, and absolute regulatory compliance.' However, while demand is growing, Dubai this year reimposed a 30pc import tariff on alcohol that had previously been suspended for two years – raising the prospect of higher prices for consumers. Mr Swartberg said: 'I think people from London are a little bit annoyed at the prices of wines in restaurants here. That's definitely a strong negative.' Last week, officials in Saudi Arabia were forced to deny that the Kingdom was planning to lift a 73-year ban on sales of alcohol, after reports emerged suggesting that it would do so to boost tourism ahead of the 2034 World Cup. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Exodus of ultra-wealthy from UK triggers fine wine boom in Dubai
An exodus of wealthy Britons to the Middle East has triggered a boom in Dubai's fine wine market, Bonhams has said. The United Arab Emirates (UAE) has benefited from a rapid influx of rich Westerners in recent years, bringing with them their demand for expensive drinks – despite tight rules on consuming alcohol in the region. Amayès Aouli, head of wine and spirits at Bonhams, said: 'Dubai and the wider Middle East are rapidly becoming important players in the global fine wine ecosystem – not simply in terms of bulk consumption, but as centres for high-value storage, investment, and private collecting.' Soaring taxes have been blamed for accelerating an exodus of the ultra-rich from Britain, as well as Rachel Reeves's recent clampdown on non-dom residents that stripped thousands of UK residents of tax benefits. Among those to have left are the billionaire property investor brothers Ian and Richard Livingstone, who moved their official residence to Monaco, and Goldman Sachs banker Richard Gnodde, who relocated to Milan. The billionaire media mogul Richard Desmond, meanwhile, secured a 'golden visa' for Dubai last year. The Adam Smith Institute has suggested Ms Reeves's crackdown could cost Britain upwards of £10bn per year as the decline of billionaires drags on the Treasury's revenues. The UK was expected to lose almost 10,000 millionaires in 2024, while the UAE was expected to gain almost 7,000, according to the private wealth firm Henley & Partners. Inquiries about moving abroad from the UK jumped by 183pc in the first three months of 2025, the firm has also estimated. Dubai, conversely, has become increasingly appealing to the wealthy because it does not charge income tax. Mr Aouli added: 'This influx brings with it an appetite for global luxury, including fine wine, whether for personal enjoyment, entertaining, hospitality or long-term investment.' Sales of alcohol in Dubai, Abu Dhabi and Oman have nearly doubled in value since the pandemic and are on course to reach more than $1bn (£742m) in 2025, according to industry experts at IWSR. The UAE is also a hub for duty-free sales of wine and spirits, which were just shy of $600m (£446m) last year. Cru Wines, a London-headquartered fine wine and spirits firm, recently opened an outpost in Dubai to cater to its expat community. Gregory Swartberg, the company's chief executive, said: 'Huge numbers have come over and they obviously want to get together to drink nice wines. It's a lot of non-doms, who obviously do not qualify [for some UK tax benefits] any more.' The company does not retail wines direct to customers in the UAE, but works with clients to manage their collections and source wines for them. Only two companies are officially allowed to distribute alcohol. Alcohol consumption is legal in the UAE, which is governed under Sharia law, but is heavily regulated. Non-Muslim residents over the age of 21 are allowed to drink in their homes, but they have to apply for a licence to be able to do so. Alcohol can be sold in licensed restaurants, bars and hotels – but drinking in public is strictly prohibited and can result in severe fines and even imprisonment. Mr Aouli said: 'Licensing procedures, restrictions on marketing, and cultural sensitivities mean that success here requires patience, local relationships, and absolute regulatory compliance.' However, while demand is growing, Dubai this year reimposed a 30pc import tariff on alcohol that had previously been suspended for two years – raising the prospect of higher prices for consumers. Mr Swartberg said: 'I think people from London are a little bit annoyed at the prices of wines in restaurants here. That's definitely a strong negative.' Last week, officials in Saudi Arabia were forced to deny that the Kingdom was planning to lift a 73-year ban on sales of alcohol, after reports emerged suggesting that it would do so to boost tourism ahead of the 2034 World Cup.
AsiaOne
27-05-2025
- Politics
- AsiaOne
Uncertainties over Trump, Ukraine loom large ahead of Shangri-La Dialogue, World News
SINGAPORE — Uncertainties over the Trump administration's security policies in Asia and Europe, the protracted war in Ukraine as well as fresh India-Pakistan tensions are likely to dominate Asia's leading defence meeting in Singapore later this week. The Shangri-La Dialogue runs from May 31-June 1, attracting defence ministers, senior military and security officials, diplomats, analysts and weapons makers from around the world. Analysts and regional diplomats say while a speech by French President Emmanuel Macron on Friday night is the keynote address, all eyes will also be on US Defence Secretary Pete Hegseth on Saturday when the Pentagon chief lays out his vision for the Trump administration's defence policy for the region. Hegseth will be closely watched by Asian allies not only for his approach towards them, but also how the Trump administration views and articulates the threat from China's military modernisation and ongoing tensions in disputed waters across East Asia. Analysts expect conversations around the competition between the US and China, maritime conflicts such as the South China Sea, and defence partnerships to also feature prominently. "Delegates will be eager to hear Defence Secretary Hegseth reiterate America's commitment to regional security," said Ian Storey, a regional security expert at Singapore's ISEAS-Yusof Ishak Institute. "But unlike in Europe, there's no sense of foreboding that the US will draw down its forces in the Indo-Pacific." China's defence ministry has yet to announce whether Defence Minister Dong Jun will attend the dialogue and which other officials it might also send. The ministry did not immediately respond to a Reuters' request for comment. This year's Shangri-La Dialogue, which is organised annually by the London-headquartered International Institute for Strategic Studies, will also include a special session by Malaysian Prime Minister Anwar Ibrahim, who has sought to balance the country's economic interests with its relationships with both China and the US Informal meeting Analysts and diplomats say that as a freewheeling event, the dialogue often features debates rarely seen in public elsewhere while also providing the opportunity for more discreet bilateral and multilateral talks. But that informality means it is unlikely to involve any breakthroughs to end Russia's invasion of Ukraine or resolve disputes between India and Pakistan, for example. [[nid:718402]] India and Pakistan are likely to be represented by senior military officials at the meeting, and not government ministers, diplomats have said, signalling that no breakthroughs are expected. Collin Koh, a security scholar at Singapore's S. Rajaratnam School of International Studies, noted that it may be more difficult to get consensus on difficult issues such as the South China Sea, which involves multiple Southeast Asian countries and China, as different countries prioritise their own interests. He said that the recent imposition of tariffs on US imports could push these countries to negotiate bilaterally rather than multilaterally, resulting in a more disunited approach and playing into China's hands. Chong Ja Ian, a political scientist at National University of Singapore, said that it will also be important to observe how the US responds to Chinese maritime actions that appear to have "pushed the envelope" in recent months. These include the building of structures in the Yellow Sea, known in South Korea as the West Sea, as well as the holding of live-fire exercises on short notice in the Tasman Sea between Australia and New Zealand in February. "If you have an overly strong response (from the US), it could potentially be escalatory," Chong said, adding that the current US administration's unpredictability also makes it difficult to see if it will follow through with any statements it makes. On the other hand, Koh said that the US is still committed to exercises that have been taking place over the past decade in the Indo-Pacific. "I don't see that much trepidation in Southeast Asia pertaining to the US security commitment, even with the ongoing domestic issues taking place," he said. [[nid:718371]]
