Porsche to launch first electric car by 'end of decade'

A Porsche Mission e concept car is displayed at the second press day of the 66th IAA auto show in Frankfurt am Main, western Germany, on Sept 16, 2015. 

PHOTO: AFP

DEC 5, 20157:59 AM

[Berlin] Porsche said on Friday it was pumping in a billion euros to bring its first all electric car to market by "the end of the decade", as the German luxury sportscar giant joined the race for a slice of the green car market.

The car dubbed Mission E will boast an acceleration of 0 to 100 kmh in under 3.5 seconds and an autonomy of more than 500km on a single charge.

A specially developed charger can replenish the car's lithium-ion batteries with sufficient power for 80 per cent of the range after just 15 minutes, the company said.

"With Mission E, we are making a clear statement about the future of the brand. Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car," said Wolfgang Porsche, supervisory board chairman, in a statement after the management approved the project.

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Some 700 million euros (S$978.4 million) of the investment would be spent on a new paint shop and an assembly plant in Stuttgart-Zuffenhausen, where 1,000 news jobs would also be created.

Another 300 million euros are development costs, said the group.

Germany's mighty auto industry is racing to catch up with US green car star Tesla, which currently has no rival at the high end of the electric car segment.

Electric cars are still very much a niche market, both in the United States and Europe, where they accounted for barely one percent of sales in the first six months of 2015.

But with double- and even triple-digit growth seen in some countries, German carmakers are looking at getting a slice of the market.

Besides Porsche, Audi is also building an electric urban 4x4 that could go into production in 2018 under the name Q6.

Despite a massive pollution cheating scandal engulfing Volkswagen, the parent company of both Porsche and Audi, the group has said it would not compromise on investments for its future.

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Clinton says markets have 'already processed' a possible Fed rate hike

US Democratic presidential candidate Hillary Clinton said on Friday that world financial markets have "already processed" a possible interest rate hike by the Federal Reserve. 

PHOTO: REUTERS

DEC 5, 20159:00 AM

[Fort Dodge, IOWA] US Democratic presidential candidate Hillary Clinton said on Friday that world financial markets have "already processed" a possible interest rate hike by the Federal Reserve.

"The Fed has been signaling this for a very long time if they do make this decision by the end of the year ... I think the markets in the US and the world will have already processed that and they have laid out what criteria they think should be applied," she told reporters after a campaign event.

The US Labour Department reported on Friday that employment increased at a healthy pace in November, in another sign of the economy's resilience, and will most likely be followed by the first Federal Reserve interest rate rise in a decade later this month.

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US car makers count among Pacific trade pact skeptics 

US auto makers are unlikely to win a much bigger share of the Japanese vehicle market despite a bid to break down trade barriers under a new Pacific trade pact, a key advisory committee found, highlighting the difficulties ahead in winning votes for the deal through Congress.

PHOTO: BLOOMBERG

DEC 5, 20158:32 AM

[WASHINGTON] US auto makers are unlikely to win a much bigger share of the Japanese vehicle market despite a bid to break down trade barriers under a new Pacific trade pact, a key advisory committee found, highlighting the difficulties ahead in winning votes for the deal through Congress.

Car makers joined the tobacco industry, pharmaceutical companies and financial services in expressing reservations about parts of the Trans-Pacific Partnership (TPP) agreed among 12 Pacific Rim trading partners in October.

Still, the US Trade Representative said 27 trade advisory committee reports released on Friday, covering sectors ranging from grains to IT, showed the deal had "overwhelming" support from a wide coalition of interests.

The Obama administration's top advisory committee said a majority of members were happy with the deal, pointing to the farming sector as a big winner.

Stakeholder support will help convince lawmakers to vote for the deal, which faces opposition from unions worried about the impact on US jobs.

The most critical report came from the Labour Advisory Committee, which said it should not be submitted to Congress.

The report covering autos said members were pleased with 25-30 year phase-out periods for tariffs on Japanese vehicles but would have preferred longer than 10 years to remove 25 per cent tariffs on other commercial vehicles.

US access to Japan would marginally improve after Japan loosened regulations Detroit carmakers complain have shut them out, but "these commitments will not lead to a substantially larger US presence in the Japanese motor vehicle market," said the committee, which includes General Motors and the American Automotive Policy Council.

The report also noted "real concerns" about weak rules on local content, especially for parts.

Auto parts can qualify for duty-free treatment with 35 to 45 made-in-TPP content, a lower level than the North American Free Trade Agreement.

The steel committee said the lower thresholds were a"serious concern" and threatened local steelmakers, given the auto industry consumes about a quarter of US-made steel.

Service and finance industries backed the TPP "on balance,"despite inadequate protections against rules forcing companies to store personal data on local servers. "The outcome on this issue in TPP puts US financial services companies at a competitive disadvantage relative to their local competitors in markets that impose such requirements," the report said.

The environmental committee said the TPP was better than previous agreements but did not do enough to restrict greenhouse gas emissions.

REUTERS

      

World's first washable smartphone to debut in Japan

Japanese telecom giant KDDI claims its washable smartphone Digno rafre is the only phone which can take a shower. 

PHOTO: AFP

DEC 4, 20152:08 PM

[TOKYO] Tired of those unsightly smudges and other dirt on your bacteria-laden smartphone?

A Japanese firm says it has the solution with what it describes as the world's first smartphone that can be washed with soap and water.

Waterproof smartphones have been on the market for a while. But telecom company KDDI says its new "Digno rafre" phone - to be launched in Japan next week - is the only one that can withstand a soapy bath." Our development team washed the smartphone more than 700 times to test its durability," a company spokesman told AFP.

An online commercial aimed at proving its credentials features a child dropping the phone onto a plate of food topped with ketchup.

His mother assures her shocked family that those red globs are nothing to worry about as she soaps up the phone under a running tap.

The 21,600 yen (S$245.93) gadget is mainly aimed at parents who want to keep their smartphones clean for their small children, a KDDI spokesman said.

But he also cautioned that only certain types of foamy soap could be used on the device, which will only be sold in Japan for now.

AFP

    
 

Indonesia offers tax break for labour-intensive sector to curb unemployment

DEC 4, 201511:24 PM

[JAKARTA] Indonesia is offering another tax break for employers in labour-intensive sectors, aiming to rein in unemployment, in the latest of its series of stimulus measures, the chief economics minister said on Friday.

Economic growth this year is set to be Indonesia's slowest in six years, although third-quarter growth showed a slight rebound.

From September, President Joko Widodo's administration has rolled out measures to boost growth, from numerous tax breaks and lower energy prices to changes in rules on minimum wages and the removal of red tape.

Manufacturing activity contracted for the 14th consecutive month in November, according to a survey by Nikkei/Markit. A previous survey also showed factories shed jobs at the fastest pace in at least four years in September and July this year.

Friday's change on payroll tax will benefit both employees and employers, Coordinating Minister for Economics Darmin Nasution said.

A company with more than 5,000 employees that exports at least half its production can apply for the new tax facility, he said, adding that firms making textiles and shoes would benefit from the incentive.

Workers from such companies who receive a maximum annual salary of 50 million rupiah will get a tax break for two years, with effect from Jan 1 next year, Nasution said.

Manufacturers of textiles and shoes would also be eligible to apply for the so-called "tax allowance", which is a cut in corporate tax in the form of easier rules on amortization of assets, dividend tax and the treatment of losses. "So now these industries can get those tax facilities all over Indonesia," Nasution said.

Other tax breaks announced by the government this year include a 25-year-long tax holiday, lower rates for asset revaluation and the removal of double taxation on Real Estate Investment Trusts.

The government is expected to run a budget deficit of 2.7 per cent of gross domestic product this year, fuelled by a large shortfall in tax collection.

Suahasil Nazara, head of the finance ministry's fiscal policy office, said the incentives were intended to spur economic growth, and boost tax collection in the longer term.

REUTERS

    
 

UOB signs agreement with Indonesia's investment agency

By

Jamie Lee leejamie@sph.com.sg@JamieLeeBT

United Overseas Bank (UOB) on Friday signed an agreement with Indonesia's investment agency that comes under the direct supervision of Indonesia's President Joko Widodo, to facilitate foreign direct investments (FDI) into the country. 

ST PHOTO: LIM YAOHUI

DEC 4, 20151:31 PM

UNITED Overseas Bank (UOB) on Friday signed an agreement with Indonesia's investment agency that comes under the direct supervision of Indonesia's President Joko Widodo, to facilitate foreign direct investments (FDI) into the country.

Under a memorandum of understanding, Indonesia's Investment Coordinating Board, known as BKPM, will allow UOB's clients to apply for a principle licence directly in Singapore. This licence is the first one that a foreign company must obtain to incorporate an entity in Indonesia. The agreement is also BKPM's first collaboration with a non-Indonesian bank in South-east Asia.

UOB has established nine FDI advisory units that support companies in expanding across markets, including one in Indonesia. Through these FDI advisory offices, UOB offers free advice and matchmaking services to prospective clients, in hopes of making money later through fee-generating services, or cross-border loans, capturing trade and investment flows within Asia.

In 2014, Indonesia was the second largest recipient of FDI inflows into Asean, receiving US$28.5 billion investments, data from BKPM showed. China's FDI into Indonesia has increased more than four times over the past three years, from US$141 million in 2012 to US$800 million in 2014.

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"Huge business opportunities are arising from increased trade connectivity within the region, which will be further boosted by the upcoming implementation of the Asean Economic Community," said Sam Cheong, head of UOB's foreign direct investment advisory unit, in a press statement. "In addition, under China's One Belt One Road initiatives, we expect trade and investment between China and Southeast Asia to continue growing."

    
 

Investigators believe female California shooter pledged allegiance to ISIS: CNN

DEC 4, 201511:46 PM

[WASHINGTON] Tashfeen Malik, the female shooter in the California rampage that left 14 dead, is believed to have pledged allegiance to Islamic State leader Abu Bakr al-Baghdadi, CNN reported on Friday, citing three US officials.

One of the officials said Malik had pledged allegiance to al-Baghdadi in a posting on Facebook under an account that used a different name, CNN said.

REUTERS