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Toyota Sets Up Mobility & Energy Liaison Office in KSA

Toyota Sets Up Mobility & Energy Liaison Office in KSA
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Toyota Sets Up Mobility & Energy Liaison Office in KSA

Toyota Sets Up Mobility & Energy Liaison Office in KSA

Toyota Motor Corporation has established new mobility and energy liaison office for Saudi Arabia, in line with its commitment to promoting zero-emission vehicles and sustainable mobility in the Kingdom.

The opening of Toyota’s first office of its kind in the region builds on the momentum generated during productive discussions on sustainability at the recent 2020 G20 Riyadh Summit and aims to support the objectives of Vision 2030, the Kingdom’s roadmap for a more sustainable future.

As the chair of this year’s G20, the Kingdom advocated the concept of the circular carbon economy (CCE).

The Toyota Liaison Office for Mobility and Energy for the Kingdom of Saudi Arabia will function as the automaker’s window on a wide range of sustainable mobility-related topics.

The office will also seek to partner with the public and other private sector organizations on mobility-related clean energy projects in order to share Toyota’s expertise in the field and advance the Kingdom’s drive for sustainability.

Toyota’s long-standing distributor in Saudi Arabia, Abdul Latif Jameel Motors, will support operations and project delivery.

Akitoshi Takemura, general manager, Middle East & Central Asia Division, Toyota Motor Corporation, commented: “The Toyota Liaison Office for Mobility & Energy for the Kingdom of Saudi Arabia has been launched to enable us to actively engage with Saudi companies and the local authorities on key sustainability projects.

Together, we will seek out new ways to minimize the environmental impact of vehicles and make a positive contribution to the future of the planet through the development of groundbreaking mobility solutions and better use of energy.

"By joining hands and sharing our expertise and resources, we want to further the kingdom’s clean energy agenda and help achieve the ambitious targets outlined in Vision 2030."

Hassan Jameel, deputy president, and vice-chairman, Abdul Latif Jameel expressed their delight to see Toyota bring their expertise and vision to Saudi Arabia.

They added: "We look forward to working closely with the Toyota Liaison Office for Mobility & Energy for Saudi Arabia to support key sustainability projects which have the capacity to transform the kingdom’s mobility sector.

"As a Saudi company, we are committed to making an active contribution to the Circular Carbon Economy (CCE) and aligning our goals against Vision 2030 and the Toyota Environmental Challenge 2050, charting a roadmap for a sustainable future for the kingdom.”

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Dollar Drifts as World Braces for Trump's Reciprocal Tariffs

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Drifts as World Braces for Trump's Reciprocal Tariffs

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar wobbled on Tuesday after a bruising quarter as weary investors braced for reciprocal tariffs from US President Donald Trump this week, a move that is likely to exacerbate the global trade war that has evoked US recession worries.

Investors' focus has been firmly on the new round of reciprocal levies that the White House is due to announce on Wednesday, with details scarce. Trump said late on Sunday that essentially all countries will be slapped with duties this week.

That has left currency markets subdued as traders stayed on the sidelines awaiting clarity on Trump's trade policies. Trump has already imposed tariffs on aluminium, steel and autos, along with increased tariffs on all goods from China.

"The second quarter may bring with it as much uncertainty and volatility for investors as the first quarter of the year," said Anthony Saglimbene, chief market strategist at Ameriprise Financial, Rueters reported.

"To date, there has been very little clarity on what and who these tariffs will target out of the gate. Market volatility could escalate depending on what and who is targeted."

The euro was 0.11% lower at $1.0805 after gaining 4.5% in the first quarter of the year, its strongest quarterly performance since October-December in 2022, thanks mainly to Germany's fiscal overhaul, although some investors are sceptical of the bull run lasting longer.

The Japanese yen was a shade stronger at 149.815 per dollar on Tuesday. The yen rose nearly 5% against the dollar in the January-March period on growing bets that the Bank of Japan would hike interest rates again.

Data on Tuesday showed business sentiment among big Japanese manufacturers worsened in the three months to March, a sign escalating trade tensions were already taking a toll on the export-reliant economy and complicating the BOJ's next move.

Beyond tariffs, a string of economic reports, including jobs and payrolls data, could shed much-needed light on how the US economy is holding up under a second Trump presidency.

Federal Reserve Chair Jerome Powell and other central bank officials' speeches this week also could offer clues on the path for US interest rates.

The Reserve Bank of Australia on Tuesday held interest rates steady at 4.1% and said it was still cautious about the outlook, though it dropped an explicit reference to being cautious about cutting rates again.

The Aussie was mostly steady, up 0.1% at $0.6256 in a muted response to the policy decision. The currency had touched a four-week low of $0.6219 on Monday, though it eked out a 1% gain in the first quarter.

"The RBA's statement suggests they're inching towards their next cut, but in no rush to signal one ahead of the election or the quarterly inflation figures," said Matt Simpson, senior market analyst at City Index. Australia will hold a general election on May 3.

The RBA delivered its first rate cut in over four years in February but has since adopted a cautious tone on further easing, with Governor Michele Bullock and other top policymakers downplaying the likelihood of multiple cuts.

The dollar index, which measures the US currency against six rivals, was flat at 104.23. Sterling last fetched $1.2916, while the New Zealand dollar was at $0.56755.