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China overtakes Japan as world’s top car exporter

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China says it has become the world’s biggest exporter of cars after overtaking Japan in the first three months of the year.

Official figures released in the last week show China exported 1.07 million vehicles in the period, up 58% compared to the first quarter of 2022.

At the same time Japan’s vehicle exports stood at 954,185, after edging up 6% from a year earlier.

China’s exports were boosted by demand for electric cars and sales to Russia.

Last year, China overtook Germany to become the world’s second largest car exporter.

According to China’s General Administration of Customs, China exported 3.2 million vehicles in 2022, compared to Germany’s 2.6 million vehicle exports.

The shift away from fossil fuels has helped fuel the rise of China’s motor industry.

First quarter exports of new energy vehicles (NEVs), which includes electric cars, rose by more than 90%, compared to a year earlier.

Tesla’s China arm, SAIC – the owner of the MG brand – and BYD, which is backed by veteran US investor Warren Buffett, are among China’s top exporters of NEVs.

Elon Musk’s electric carmaker has a huge manufacturing plant in Shanghai which exports to regions including Japan and Europe.

Tesla’s ‘Gigafactory’ is currently capable of producing 1.25 million vehicles a year, and the company is planning to further increase capacity.

Last month, it started making Model Y sport utility vehicles for export to Canada.

China has also seen exports to Russia surge since the start of the Ukraine war, as Western countries imposed trade sanctions on Moscow.

Last, year, Chinese carmakers – including Geely, Chery and Great Wall – saw their market share in Russia jump after rivals including Volkswagen and Toyota quit the country following the invasion of Ukraine.

(BBC News)

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Over 18,000MT of salt imported to address shortage

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Sri Lanka has imported 18,163 MT of salt between May 22 and June 07, according to Customs.

The total cost of these imports amounted to approximately Rs.1,291 million, with Rs.720 million paid as taxes.

The imports are part of efforts to address the ongoing salt shortage, with a total target of 30,000 MT to be brought into the country.

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CBSL advises banks to further assist affected SMEs

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The Central Bank of Sri Lanka (CBSL), with a view to facilitating sustainable revival of businesses that were adversely affected during the recent past has advised the licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) to provide further concessions to those SME borrowers who commenced discussions for business revival with the respective banks by 31.03.2025. 

These relief measures are in line with Circular No. 04 of 2024 dated 19.12.2024 on Relief Measures to Assist the affected SMEs and the Addendum Circular No. 01 of 2025 dated 01.01.2025.

Accordingly, licensed banks have been advised to provide further concessions including interest reliefs and new lending to affected borrowers while the timeline given to the licensed banks in Circular No. 04 of 2024 to enter into reschedulement agreements with eligible SME borrowers has been extended from 15.06.2025 to 30.06.2025.

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Qantas to close budget airline Jetstar Asia

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Singapore-based budget airline Jetstar Asia will close down at the end of July, its Australian owner Qantas has announced.

The low-cost carrier has struggled with rising supplier costs, high airport fees and increased competition from other airlines in the region.

Qantas says the closure will provide it with A$500m ($325.9m; £241.4m) to invest towards renewing its fleet of aircraft, adding that it will redeploy 13 planes for routes across Australia and New Zealand.

The closure of Jetstar Asia will not impact its Australia-based Jetstar Airways operations, nor those of Jetstar Japan, according to a statement from Qantas.

“We have seen some of Jetstar Asia’s supplier costs increase by up to 200 per cent, which has materially changed its cost base,” said Qantas Group Chief Executive Vanessa Hudson in the statement.

The discount airline, which has operated flights for over 20 years, is set to make a A$35m loss this financial year.

(BBC News)

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