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Siemens Gamesa to supply ‘typhoon-proof turbines’ for wind project

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Siemens Gamesa Renewable Energy is to supply 79 “typhoon-proof turbines” to a major onshore wind development in Japan, as the country attempts to reduce its reliance on fossil fuels and develop more renewable energy installations.

The 339.7 megawatt Dohuku project will be located on the island of Hokkaido, Siemens Gamesa said in a statement Wednesday, and consist of four facilities set to be developed by Japan’s Eurus Energy.

The 4.3 MW “typhoon-class” turbines have been designed to cope with the “very high wind speeds” seen in Japan, Siemens Gamesa explained.

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Last October, Japan’s Prime Minister, Yoshihide Suga, said the country would target net zero greenhouse gas emissions by the year 2050. In April 2021, he said Japan would target a 46% reduction in greenhouse gas emissions compared to 2013.

Work still needs to be done for the country to achieve its aims. In 2019, its Agency for Natural Resources and Energy said the country was “largely dependent on fossil fuels” like coal, oil and liquefied natural gas.

Published in March, an Energy Policy Review of Japan by the International Energy Agency laid out the scale of the challenge: “Achieving the aim of carbon-neutrality by 2050 will require Japan to substantially accelerate the deployment of low-carbon technologies, address regulatory and institutional barriers, and further enhance competition in its energy markets.” 

This year has still seen a number of interesting renewable energy projects take shape in the country, however. In February, a tidal turbine built and tested in Scotland was installed in waters off Naru Island, which is part of the larger Goto Island chain.

And in January, it was announced that shipping giant Mitsui O.S.K. Lines would partner with a company called Bombora Wave Power to scope for potential project sites in Japan and surrounding regions.  

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More money chases Indian tech start-ups as investors shun Chinese names

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Zomato food delivery partners is seen on a road in Kolkata , India.

Debarchan Chatterjee | NurPhoto | Getty Images

At a time when investors are selling Chinese technology stocks, more money is chasing Indian start-ups.

Shares of food delivery app Zomato soared as much as 82% in their debut Friday on the National Stock Exchange of India. The initial public offering was priced at 76 rupees per share, or a little more than $1 per share. The stock opened more than 50% higher, valuing the company at about 910 billion rupees or $12.2 billion.

Jayasankar Venkataraman, head of equity capital markets at Kotak Investment Banking, said before trading started that the IPO was oversubscribed for institutional and retail investors.

“I think Zomato’s successful IPO might open the floodgates,” said Anirudh Suri, founding partner of the India Internet Fund. Suri has invested in 20 start-ups across India.

Tech giant Uber sold its India food delivery business to Zomato last year in an all-stock transaction that gave the U.S. company a stake. Zomato’s other prominent backers include Indian internet company Info Edge, Alibaba-affiliate Ant Group and Singapore state investor Temasek.

Sources told CNBC that after listing in India, Zomato has plans to make its debut in the U.S.

As to which companies will be next to go public, Suri said he’s betting on Paytm, which claims among its backers Japan’s SoftBank, Ant Group and Berkshire Hathaway.

India payments company Paytm recently filed its IPO paperwork with a goal of raising $2.2 billion in its public debut this November.

Overall, Indian start-ups raised $12.1 billion in funding in the first six months of the year, compared with the $5.3 billion raised during the same period last year, according to Venture Intelligence.

What’s behind the recent pivot to India?

Somesh Dash, general partner at venture capital firm IVP, said that investors are waking up to the idea that China no longer has the best growth story in town.

“China doesn’t have a lot of young people. India does. What the Indian economy presents is a growing middle class and a dynamic workforce: one of the largest populations in the world. It’s very attractive from a longer-term perspective,” Dash said.

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Amit Anand, co-founder of exchange-traded fund company NextFins, expects Indian tech IPOs to price at a premium multiple compared with Chinese companies, citing growth in internet penetration.

“Investors recognize the long runway for internet penetration. E-commerce penetration in India is 7% versus 25% in China. Smartphone penetration in India is about 30%, less than half of China’s 60%,” said Anand, who formerly worked for Axial Capital.

Anand and his partners at NextFins launched the Nifty India Financials ETF on the belief that investors will want more exposure to India’s secular growth story, especially as internet and smartphone penetration continue to rise. INDF’s assets have tripled since the beginning of the year and are up 50% since June.

“Investors are betting that as these people enter the workforce, they will consume more and need financial products like credit cards, mortgages and auto loans. That’s why e-commerce and fintech companies have been the primary recipients of venture capital investment in India,” noted Anand. With more tech companies going public in India, he now has plans to launch an ETF focused on Indian tech stocks.

“The tech indices in India currently track the large outsourcing companies; there is no way for investors in either India or the U.S. to target faster-growing internet companies,” he said.

Some of the country’s unicorns, those companies worth $1 billion or more, continue to raise additional rounds, capitalizing on the strong interest in India tech. Hotel start-up Oyo, backed by SoftBank, raised an additional $660 million. E-commerce platform Flipkart raised $3.6 billion at a mega-high valuation of $37.6 billion, the largest fundraise for an Indian company. Key investors include the Canada Pension Plan Investment Board and Walmart.

Like China, data privacy issues do exist in India. Last week, Indian regulators banned Mastercard from issuing new credit cards to customers in the country after not complying with data privacy rules. Key question venture investors are trying to answer are whether India’s government will carve out its own path or follow China’s lead on the topics related to regulation and overseas listings.

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Asia-Pacific stocks set for mixed start after Wall Street record close

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SINGAPORE — Shares in Asia-Pacific looked set for a mixed start after the major indexes on Wall Street sailed to record closing highs last week.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,230 while its counterpart in Osaka was at 27,910. That compared against the Nikkei 225’s last close at 27,548.

Australian stocks, on the other hand, looked poised to open lower. The SPI futures contract sat at 7,335.0, against the S&P/ASX 200’s last close at 7,394.40.

On the economic data front, Singapore’s industrial production figures for June are set to be out at 1:00 p.m. HK/SIN.

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On Friday, the Dow Jones Industrial Averaged closed above 35,000 for the first time ever while the S&P 500 jumped 1.01% to 4,411.79 and the Nasdaq Composite gained 1.04% to 14,836.99. Friday’s moves upward saw all three major indexes stateside at new closing highs.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.885 following a recent bounce from below 92.8.

The Japanese yen traded at 110.53 per dollar, weaker than levels below 110 seen against the greenback last week. The Australian dollar changed hands at $0.7368, above levels below $0.732 seen last week.

Here’s a look at what’s on tap:

  • Singapore: Industrial production for June

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Stock futures hold steady ahead of a huge week of Big Tech earnings

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Traders working at the New York Stock Exchange (NYSE), today, Wednesday, April 21, 2021.

Source: NYSE

Stock futures opened little changed after the major averages finished the previous session at record closing highs and ahead of a busy week of earnings reports from technology’s heaviest hitters.

The Dow Jones Industrial Average eased by 5 points, or 0.01%. S&P 500 and Nasdaq 100 futures dipped 0.03% and 0.01%, respectively.

In the previous session, the Dow jumped 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite climbed 1.04% to 14,836.99.

All three of the major averages finished at record closing highs last week after the markets tumbled at the start of the week on concerns about the spread of the delta variant of Covid and how it would potentially hinder the economic recovery. The uncertainty briefly sent bond yields lower, and investors jumped into tech stocks. Both bonds and equities rebounded quickly by the end of the week.

Tech stocks rose last week on better-than-expected second-quarter earnings reports, as well as the continued spread of the delta variant. Twitter and Snap each surged Thursday following better-than-expected second-quarter earnings reports. Twitter ended Friday 3% higher, while Snap shot up 24%.

One of the busiest weeks of earnings reports is on deck in the week ahead, with Tesla kicking it off after the closing bell. Last week, CEO Elon Musk said the automaker would likely start accepting bitcoin for vehicle purchases again.

Big tech giants Apple, Alphabet and Microsoft are all set to report on Tuesday, and Google, Facebook, and Amazon will also report later in the week.

Investors will be watching the Fed’s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday the Commerce Department will report second-quarter GDP data.

On Monday morning the U.S. Department of Housing and Urban Development will release new home sales data and the Federal Reserve Bank of Dallas will release its monthly business activity index for manufacturing in Texas.

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