Company news in brief

Eskom pollution exemptions rejected

South Africa has rejected state power provider Eskom's request to remain exempt from pollution standards on some coal-fired power stations, which the utility said would force it to immediately shut down 16 000 MW of capacity.

That equals about a third of the generating capacity of Africa's most industrialised country.

South Africa relies on Eskom for more than 90% of its electricity, which derives chiefly from 15 ageing coal-fired power stations, for which it has enjoyed waivers on emissions limits for soot, nitrogen oxides and sulphur dioxide.

"If implemented, the decision will result in an immediate shutting down of 16 000 megawatts (MW) of installed coal fired capacity," Eskom said in a statement, adding that it would cost over R300 billon to adhere to it.

Pollution in the coal belt is among the worst in the world, rivalling Beijing and Mumbai, and researchers estimate the smog there kills thousands of people a year, with one putting the cost at US$2.37 billion a year. - Reuters

Uber looking to sell Didi

Uber Technologies Inc is looking to sell stakes in non-strategic assets including its holding in Beijing-based Didi Global Inc, its CEO said, who also described the China market as a tough one with little transparency.

The US firm pulled out of China in 2016 after burning through more than a billion dollars a year due to a price war with Didi. It eventually sold its China operations to Didi in exchange for a stake.

Uber owns 12.8% of Didi, according to a filing in June by Didi.

"Our Didi stake we don't believe is strategic. They're a competitor, China is a pretty difficult environment with very little transparency," Uber chief executive Dara Khosrowshahi said at a virtual fireside chat with a UBS analyst.

Khosrowshahi said the company was in no rush to sell the shares. "Those kinds of stakes we look to monetise smartly over time." - Reuters

Toyota commits billions to bolster power

Toyota Motor Corp has committed 8 trillion yen (US$70 billion) to electrify its automobiles by 2030, half of it to develop a battery electric vehicle (BEV) line-up, as it looks to tap a growing market for zero-emission cars.

But the world's biggest carmaker, which is a relative latecomer to full electric cars, said it expected annual BEVs sales to reach only 3.5 million vehicles by the end of the decade, or around a third of its current vehicle sales.

That is less than bigger rivals such as Europe's No. 1 carmaker Volkswagen, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date.

Toyota's announcement comes as traditional automobile firms increasingly take on Tesla Inc, which has become the most valuable carmaker this year. Tesla's market value reached over US$1 trillion in October, surpassing the combined value of Toyota, VW, Daimler AG, Ford Motor and General Motors Co.

Speaking at a press conference in Tokyo surrounded by more than a dozen planned BEV models, Toyota CEO Akio Toyoda said his company was still pursuing a multi-pronged, carbon-reduction strategy that also includes hybrid cars and hydrogen-powered vehicles. - Reuters

Shell in solar power push

Royal Dutch Shell said it will buy US-based solar and energy storage developer Savion from Macquarie's Green Investment Group, to expand its global solar portfolio as part of its push to move to net zero emissions.

The oil major did not disclose the value of the deal, but said the acquisition adds on to its previous investment in US solar power operator Silicon Ranch, with Savion's more than 18 gigawatts of solar power and battery storage under development for many customers.

Last year, London-listed Shell laid out the oil and gas sector's most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050, stating its plans depended on its customers also mitigating emissions.

"Savion's significant asset pipeline, highly experienced team, and proven success as a renewable energy project developer make it a compelling fit for Shell's growing integrated power business," said Wael Sawan, the director of Shell's integrated gas and renewables and energy solutions.

Renewable energy should account for nearly 95% of the increase in power capacity in the world through 2026, a report by the International Energy Agency (IEA) showed earlier this month, with solar power providing for more than half the boost. - Reuters

Weibo fined by Chinese regulator

Chinese social media platform Weibo Corp has been slapped with a 3 million yuan (US$470 000) fine by China's internet regulator for repeatedly publishing illegal information.

The Cyberspace Administration of China (CAC) said Weibo had violated a cybersecurity law on the protection of minors as well as other laws but did not give further details.

It also said Beijing's local cyberspace regulator had imposed 44 penalties on Weibo totalling 14.3 million yuan for the year to November.

The company, which operates a platform similar to Twitter, has been ordered to "immediately rectify and deal with relevant responsible persons seriously," the CAC said in a statement.

Weibo said in a statement it "sincerely accepts criticism" from the regulator and has established a work group in response to the penalty. - Reuters