Page 42 - Japan

NHPC inks agreement with Japan's JBIC for around Rs 1,100 crore loan

State-owned hydropower giant NHPC on Thursday said it has inked a loan agreement of JPY 20 billion (around Rs 1,100 crore) with Japan Bank for International Cooperation (JBIC) for developing a 300 MW solar project in Bikaner, Rajasthan. This is the first kind of loan syndication by NHPC with JBIC for the financing of renewable energy project, a company statement said. According to the statement, JBIC's loan is co-financed with MUFG Bank Ltd., Japan and Bank of Yokohama Ltd, Japan. NHPC has secured a foreign currency loan of JPY 20 billion from JBIC for the implementation of renewable projects, including a 300 MW solar power project, Bikaner, it stated. The loan agreement was signed by the senior officials of NHPC and JBIC. The facility is extended under JBIC's GREEN Operations (Global Action for Reconciling Economic Growth and Environment Preservation), which ensures the preservation of the global environment.

NTPC signs aggrement with Japan's JBIC for Rs 1,650 crore funding

State-owned power giant NTPC on Tuesday said it has inked a pact with a Japanese agency for sourcing foreign currency loans of USD 200 million (JPY 30 billion or around Rs 1,650 crore).. Japan Bank for International Cooperation (JBIC), a government policy-based financial institution, will provide 60 per cent of the facility amount and the balance amount will be provided by other commercial banks under JBIC guarantee, a statement said. The agreements have been signed for a JPY 15 billion loan each for NTPC Ltd and NTPC Renewables Energy Ltd (NREL), it added. The facility has been extended under JBIC's initiative entitled Global action for Reconciling Economic growth and Environment preservation' (GREEN) for projects which ensure the conservation of the global environment.. The loan proceeds shall be utilized by NTPC for funding part of its capex requirements for Flue Gas Desulphurization (FGD) which substantially reduces the SOx emission in the flue gases of thermal power stations a

Nissan Motor plans to launch three all-new models in India by FY26

Japanese auto major Nissan Motor Co Ltd plans to launch three all-new models in India by fiscal year 2026 and make the country a hub for exports under its new global business plan to drive value and strengthen competitiveness, according to a company statement. Under the new plan, which is split into mid-term imperatives for fiscal years 2024 through 2026, and mid-long-term actions to be carried out through 2030, the company is targeting additional 10 lakh unit sales compared to fiscal year 2023. Globally, Nissan plans to launch 30 new models over the next three years, of which 16 will be electrified, and 14 will be ICE (international combustion engine) models, to meet the diversified customer needs in markets where the pace of electrification differs, the company said. It plans to launch a total of 34 electrified models from fiscal year 2024 and 2030 to cover all segments, with the model mix of electrified vehicles expected to account for 40 per cent globally by fiscal year 2026 and

Ambit Finvest raises Rs 690 crore from Daiwa Securities, existing investors

Non-bank lender Ambit Finvest on Tuesday said it has raised Rs 690 crore from a Japanese securities group and other existing investors. Japan-based Daiwa Securities Group, which has been a partner for Ambit Group in other businesses, will get a minority stake for its Rs 415-crore investment, a statement said. The remaining Rs 275 crore has been raised from existing shareholders, including the parent, the statement said. The company is engaged in providing secured and unsecured business loans, as well as used vehicle loans, to micro small and medium-sized enterprises in India over the last two years, and has invested in branches and technology, the statement said. Classified as a systemically important Non-Banking Financial Company (NBFC), it has helped over 68,000 MSME business owners by offering them business loans for various requirements. It has disbursed over Rs 6,000 crore worth of loans since its inception in 2018 and currently has over Rs 3,800 crore in assets under managem

Japan approves plan to sell future next-generation jets to other nations

Japan's Cabinet on Tuesday approved a plan to sell future next-generation fighter jets that it's developing with the UK and Italy to other countries, in the latest move away from the country's postwar pacifist principles. The contentious decision to allow international arms sales is expected to help secure Japan's role in the joint fighter jet project and part of a move to build up the Japanese arms industry and bolster its role in global security. The Cabinet also endorsed a revision to Japan's arms equipment and technology transfer guidelines to allow coproduced lethal weapons to be sold to countries other than the partners. Japan has long restricted arms exports under the country's pacifist constitution, but has rapidly taken steps to deregulate amid rising regional and global tensions, especially from nearby China. The decision on jets will allow Japan to export lethal weapons it coproduces to other countries for the first time. Japan is working with Italy and the UK to develo

Shares in Australia, HK edges higher, while Japan, China stocks decline

Treasuries were mostly steady following a rally on Friday that wiped seven basis points from the 10-year yield. Australian and New Zealand bond yields ticked lower Monday

North Korea says Japan PM Kishida offered to meet Kim Jong Un soon

North Korea said Monday that Japanese Prime Minister Fumio Kishida offered to meet with North Korean leader Kim Jong Un as soon as possible, but stressed that prospects for their countries' first summit in about 20 years would depend on Tokyo tolerating its weapons programme and ignoring its past abductions of Japanese nationals. Kishida said later Monday that a meeting with Kim is crucial to resolve the abduction issue, a major sticking point in bilateral ties, and that his government has been using various channels to discuss the possible summit. Observers say Kim wants improved ties with Japan as a way to drive a wedge between the US and its allies, while Kishida wants to use possible progress in the abduction issue to boost his declining approval rating at home. But they say it would be highly unlikely for a Kim-Kishida summit to happen anytime soon because North Korea has set preconditions that Japan can't accept. Kim's sister and senior official, Kim Yo Jong, said in a stateme

Japan's exports rise nearly 8% in Feb on shipments of cars, machinery

Japan's exports rose 7.8 per cent in February from a year earlier on strong shipments of cars and electrical machinery, the government said on Thursday. Exports in February totaled 8.2 trillion yen (USD 55 billion), marking the third straight month of growth, according to preliminary customs data. The report showed the trade deficit sank by more than half on-year to 379 billion yen (USD 2.5 billion), marking the second straight month of a deficit. Exports to China rose just 2.5 per cent and those to all of Asia edged 2.3 per cent higher on-year, suggesting that demand has moderated. Exports to the United States rose 18 per cent and exports to the EU were up almost 16 per cent. The picture for imports was mixed, with China supplying 1.7 trillion yen (USD 236 billion), a nearly 17 per cent annual increase that more than doubled Japan's deficit with its giant neighbour. In all, imports edged up 0.5 per cent, totalling nearly 9 trillion yen (USD 60 billion), as prices for key commodit

How Bank of Japan's Kazuo Ueda dismantled world's last negative rate

Both had studied at the Massachusetts Institute of Technology, Summers noted, and both shared a soft-spoken academic air but were "capable of being decisive."

Bank of Japan ends its negative interest rate policy, first hike in 17 yrs

Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The Bank of Japan's short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. The interest rate hike was the first since February 2007. The BOJ had remained cautious about normalizing monetary policy, or ending its negative benchmark borrowing rate, even after data showed inflation at about its target rate of 2% in recent months.

White House to host trilateral summit with Philippines, Japan on April 11

US President Joe Biden will host a trilateral summit with his Filipino counterpart Ferdinand R. Marcos Jr. and Prime Minister Kishida Fumio of Japan on April 11 at the White House, a presidential spokesperson has said. During the first-ever trilateral summit between these countries, the leaders will advance a partnership built on deep historical ties of friendship, robust and growing economic relations, a proud and resolute commitment to shared democratic values, and a shared vision for a free and open Indo-Pacific, White House Press Secretary Karine Jean-Pierre said. "The leaders will also reaffirm the ironclad alliances between the United States and the Philippines, and the United States and Japan. At the summit, the three leaders will discuss trilateral cooperation to promote inclusive economic growth and emerging technologies, advance clean energy supply chains and climate cooperation, and further peace and security in the Indo-Pacific and around the world," she said. "In ...

US seeks UN resolution calling on nations to ban nuclear weapons in space

The United States and Japan are sponsoring a UN Security Council resolution calling on all nations not to deploy or develop nuclear weapons in space, the US ambassador has announced. Linda Thomas-Greenfield told a UN Security Council meeting on Monday that "any placement of nuclear weapons into orbit around the Earth would be unprecedented, dangerous, and unacceptable". The announcement that the US and Japan had circulated a resolution follows White House confirmation last month that Russia has obtained a "troubling" anti-satellite weapon capability, although such a weapon is not operational yet. Russian President Vladimir Putin declared later that Moscow has no intention of deploying nuclear weapons in space, claiming that the country has only developed space capabilities similar to those of the US. The Outer Space Treaty ratified by about 114 countries including the United States and Russia prohibits the deployment of "nuclear weapons or any other kinds of weapons of mass ...

Denying same-sex marriage unconstitutional, change required: Japan Court

A Japanese high court ruled on Thursday that denying same-sex marriage is unconstitutional and called for urgent government action to address the lack of any law allowing for such unions. Plaintiffs and the LGBTQ+ community in Japan cheered it as giving them hope for change toward equality. The court does not have the power to overturn the current marriage law, which has been interpreted to restrict marriage as between a man and a woman. Government offices may continue to deny marriage status to same-sex couples unless the existing law is revised to include LGBTQ+ couples or a new law is enacted that allows for other types of unions. The Sapporo High Court ruling said not allowing same-sex couples to marry and enjoy the same benefits as straight couples violates their fundamental right to equality and freedom of marriage. The case was brought by three same-sex couples who appealed three years ago after a lower court recognised the unconstitutionality of excluding same-sex couples fr

Nippon Steel defends US deal after Joe Biden comes out against bid

Japan's largest steel company repeated its previous offer of an additional $1.4 billion in investment, and promised no layoffs or plant closures until at least September 2026

Ban on same-sex marriage unconstitutional, Japanese High Court rules

The Japanese court said that it expected the Parliament to "institutionalise an appropriate same-sex marriage law" at some point

Treated wastewater discharge at Fukushima nuclear plant is safe: IAEA chief

The head of the UN atomic agency told local Japanese representatives at a meeting in Fukushima on Wednesday that the ongoing discharge of treated radioactive wastewater at the ruined nuclear power plant has met safety standards and that any restrictions on products from the region are not scientific. International Atomic Energy Agency Director-General Rafael Grossi joined local officials and representatives from fishing and business groups and reassured them that the discharges are being carried out with no impact to the environment, water, fish and sediment." Grossi, who arrived in Japan on Tuesday, visited Fukushima for the first time since the release of the treated water began in August. Grossi examined the discharge and sampling facility on Wednesday, escorted by Tomoaki Kobayakawa, president of the plant's operator, Tokyo Electric Power Company Holdings. He last visited the plant in July after issuing an IAEA review predicting only negligible impact from the discharges. An IA

Japan's Space One's solid-fuelled Kairos rocket explodes after launch

Space One said the flight was "interrupted" after the launch and was investigating the situation. There was no immediate indication of what caused the explosion

Toyota agrees to biggest wage hike in 25 years in sign of big pay bump

Toyota, the world's biggest carmaker and traditionally a bellwether of the annual talks, said it agreed to the demands of monthly pay increases of as much as 28,440 yen ($193) and record bonus payment

Paving way for end to negative rates, Japan Inc to offer big wage hikes

Unions across industries, including automobiles, electronics, metals, heavy machinery and the service sector have all demanded hefty pay hikes.

L&T Finance Holdings inks pact with JICA for $125 million funding

The project is strategically aligned with the goals of the Ministry of Rural Development as it focuses on lending in rural and peri-urban areas of lagging Indian states