Indonesia and a unit of LG Group, South Korea's fourth-largest conglomerate, signed a memorandum of understanding on a $9.8 billion electric vehicle (EV) battery investment deal, the government said on Wednesday.
The deal includes investments across the EV supply chain and was signed on December 18, Reuters reported.
The agreement will see Indonesia become the first country in the world to integrate the electric battery industry from mining to producing electric car lithium batteries, according to Bahlil Lahadalia, head of the Investment Coordinating Board.
"We have signed an MoU for the construction of an integrated electric battery factory from upstream to downstream," he added.
"Mines, smelters, precursors, cathodes, cars to recycling facilities will be built in Indonesia."
The project will be located in North Maluku and Central Java, he said.
Under the deal, at least 70 per cent of the nickel ore used to produce the EV batteries must be processed in Indonesia, Mr Bahlil said.
Indonesia, the world's biggest producers of nickel ore, aims to start processing its rich supplies of nickel laterite ore for use in lithium batteries as part of a bid to eventually become a global hub for producing and exporting EVs.
The global EV battery market is expected to grow by $44.2 billion from 2020 to 2024, according to a report by global market research company Technavio.
"The rapid spread of the novel coronavirus significantly affected the automotive industry as well as the sales of EVs," the report said. "This resulted in a reduction in the demand for EV batteries in the short-term. However, with conditions getting back to normal and automakers resuming their operations, the demand for EV batteries is expected to pick up the pace and drive the market growth."
About 66 per cent of EV battery growth will originate from Asia-Pacific countries, the report added.
"China and Japan are the key markets for electric vehicle batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions," it said.
Cracks in the Wall
Ben White, Pluto Press
COMPANY%20PROFILE%20
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
KILLING OF QASSEM SULEIMANI
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
