Yandex Owner Leaves Russia

"Yandex, the tech company often referred to as Russia's Google, has agreed to sell its Russian assets to a group of local investors for $5.2 billion, the largest corporate exit from the country since events in Ukraine almost two years ago.

The company, which is listed on Nasdaq and based in the Netherlands, said Monday it was selling about 95% of its assets, including its search engine, the biggest in Russia. 

It will retain some of its assets outside of Russia, including autonomous-driving, cloud-computing and artificial-intelligence businesses, and plans to rebrand under a new name.

The deal is a potent marker of Russia's increasing isolation from the West, and the different status of its once globally expanding tech sector. 

Yandex had built a presence in Europe, the Middle East and the U.S., where its suitcase-size rovers delivered pizzas on college campuses.

Monday's announcement caps months of uncertainty for Yandex, which has been looking at options to restructure its ownership and governance for more than a year. While trading in Yandex's Nasdaq-listed shares has been suspended since the events in Ukraine, its stock has plummeted in Moscow. The company's market capitalization stands at about $10 billion today, down from a peak of around $30 billion before the conflict.

The group buying the Yandex assets is led by local management and includes a fund linked to Russian oil giant Lukoil, as well as several entrepreneurs. Lukoil said in a statement Monday that it would hold 10% of the new Russian company. Apart from the search engine, Yandex's Russian assets include a popular ride-hailing application, an e-commerce platform and an Alexa-style virtual assistant called Alice.

Yandex's divorce mirrors the wholesale reorientation of the Russian economy away from the West, which has left the country, once a hot spot for Western investors, looking increasingly inward.

Russia and Europe have severed most of their oil-and-gas links, which once powered European homes and factories. Western brands from McDonald's to Renault have left the country. Russia, meanwhile, has increasingly pivoted to Asia, increasing its trade with China and India.

The Kremlin welcomed news of the Yandex sale Monday, with spokesman Dmitry Peskov describing the tech company as one of Russia's national champions and saying it was important that it remains in the country. Anton Gorelkin, deputy head of the State Duma committee on information policy, said that Yandex could now continue to operate without any Western influence.

"The successful case of Yandex will be an example for everyone else: It's time to stop working with an eye to the West, your future is here, in your homeland," Gorelkin wrote in a post on Telegram.

John Boynton, chairman of Yandex's parent company, said the business had faced "exceptional challenges" since the start of the conflict and that the sale was the best possible solution for shareholders.

The deal would allow shareholders to "recover some value" from the company's Russian assets while unlocking new growth potential for its international businesses, he said.

Since the start of the conflict in Ukraine, the Kremlin has taken steps to make it difficult for Western companies to exit from the Russian market, including a lengthy approval process, currency controls and exit taxes. The Kremlin has said there would be no "free exit" for foreign companies.

The Yandex sale price reflects a mandatory discount of at least 50%, which Russia requires from exiting companies registered in countries that Moscow considers unfriendly, including the Netherlands.

The sale took around a year and a half to negotiate with the Kremlin because of complexities of ownership and Yandex's sprawling global presence. One challenge was finding buyers who aren't subject to sanctions, and who are acceptable to the board and international regulators.

Yandex came under pressure after the outbreak of the conflict, and founder Arkady Volozh was hit by European Union sanctions in June 2022.

Volozh, who lives in Israel, has challenged the sanctions in European courts." [1]

The world of technology is splitting into two: the East against the West. We will have to live with the consequences of this for long time. Yandex is now becoming more reliable for Russia and will be able to participate more widely in the development of the Russian defense industry.

1. Yandex Owner Leaves Russia. Kantchev, Georgi.  Wall Street Journal, Eastern edition; New York, N.Y.. 06 Feb 2024: B.4.

Kinijos saulės titanai kemša į kišenes JAV žaliosios energijos pinigus

  „Jau daugelį metų JAV statė vis aukštesnes kliūtis Kinijos saulės kolektoriams, teigdamos, kad tai yra geriausias būdas apsaugoti vietinius tiekėjus.

 

     Dabar Kinijos saulės energijos milžinai stato gamyklas JAV.

 

     Per pastaruosius metus didžiausios pasaulyje saulės energijos įmonės, kurios visos didžiąją dalį savo gamybos atlieka Kinijoje, tyliai pradėjo planus steigti arba išplėsti plokščių gamyklas iš Ohajo į Teksasą – tai dalis skubos statyti JAV nuo tada. infliacijos mažinimo įstatymu buvo įvestos dosnios subsidijos 2022 m.

 

     Remiantis „The Wall Street Journal“ analize, Kinijos įmonės sukuria beveik ketvirtadalį nuo maždaug 80 gigavatų naujų saulės baterijų pajėgumų, paskelbtų po šio įstatymo įsigaliojimo. Tai reiškia, kad jie bus dideli JAV subsidijų gavėjai – net 1,4 milijardo dolerių per metus, jei iki šiol paskelbtos gamyklos bus pastatytos, remiantis žurnalo skaičiavimais.

 

     Daugelis tų fabrikų yra didžiuliai pagal JAV standartus ir sparčiai auga. Mažiausiai keturi, remiami milžiniškų Kinijos gamintojų, turėtų pradėti veikti šiais metais, o jų pajėgumų pakaktų tiekti daugiau, nei pusę, rekordinių 33 gigavatų plokščių, kurias, kaip manoma, pernai įdiegė JAV.

 

     Įspūdingas Kinijos susidomėjimas yra prieštaringa palaima JAV, kurios stengiasi sukurti vietinę saulės energijos tiekimo grandinę.

 

     Pramonės stebėtojai apskaičiavo, kad daugiau, nei 80%, pasaulinės saulės energijos gamybos vyksta Kinijoje, o didžioji dalis likusios dalies yra Pietryčių Azijoje ir finansuojama arba užsakoma didelių Kinijos gamintojų. Tokie gamintojai turi praktinės patirties, tiekėjų ir turi daug kišenių, reikalingų greitai įkurti gamyklas JAV – tai palaima vietos ekonomikai ir JAV ambicingiems švarios energijos tikslams. Tačiau JAV subsidijos taip pat turėjo sumažinti šalies priklausomybę nuo Kinijos švarios energijos srityje.

 

     Tarp dabar besikuriančių garsių gamintojų yra Siane įsikūrusi „Longi Green Energy Technology“, kuri Ohajo valstijoje turi bendrą įmonę su Čikagoje įsikūrusia atsinaujinančios energijos kūrėja „Invenergy“, kuri tikisi pradėti gaminti plokštes per ateinančias kelias savaites.

 

     Kinijos bendrovė „Trina Solar“, kuri, kaip teigia tiekimo grandinės stebėjimo įmonė „Clean Energy Associates“, yra didžiausia pasaulyje saulės baterijų gamintoja, rugsėjį paskelbė, kad investuoja 200 mln. dolerių į fabriką prie Dalaso, kad pagaminti penkis gigavatus (5x10 devintame laipsnyje) saulės baterijų per metus.

 

     „Tikrai nenorime praleisti bangos“, – sako Stevenas Zhu, Trinos JAV padalinio prezidentas.

 

     Kai kurie vietiniai JAV gamintojai sutinka su plėtra. Kinijos konkurentai buvo tokie vikrūs, o jų plokštės buvo tokios pigesnės, kad bandymas juos atremti vien tarifais neturėjo ilgalaikės sėkmės.

 

     „Kol jie žaidžia pagal taisykles, aš neturiu problemų konkuruoti su kitais vietiniais gamintojais“, – sako Mamunas Rashidas, „Auxin Solar“ generalinis direktorius, daug metų sakęs, kad Kinijos gamintojai turi nesąžiningų pranašumų ir pareigų.

 

     Tačiau vis garsesnė Kinijos vanagų grupė teigia, kad leidimas Kinijos saulės energijos ir baterijų gamintojams gauti vyriausybės subsidijas gali pakenkti pastangoms sukurti vidaus tiekimo grandinę ir kelti grėsmę JAV energetiniam saugumui.

 

     Kongreso narys Carol Miller (R., W.Va.) ir senatorius Marco Rubio (R., Fla.) gruodį pateikė įstatymo projektą, kuriuo siekiama veiksmingai užkirsti kelią Kinijos įmonėms gauti tokias subsidijas.

 

     Bideno administracija yra sukaustyta, nes tuo pačiu metu bando kovoti su klimato kaita, plėsti vidaus gamybą ir atgauti saulės energijos technologijų lyderystę – tai trys tikslai, reikalaujantys skirtingų požiūrių į Kinijos gamintojus, sako Timothy Brightbill, Wiley Rein prekybos teisininkas.

 

     Infliacijos mažinimo įstatymas kuria JAV saulės energijos tiekimo grandinę ir keičia Kinijos gamybos kontrolės tendenciją, sako administracijos pareigūnas ir pridūrė, kad JAV turi procedūras, užtikrinančias, kad užsienio investicijos nesukeltų nacionalinio saugumo problemų.

 

     Ankstesnių administracijų metu Kinijai perduotos gamybos darbai „atkeliauja į Ameriką“, sako Baltųjų rūmų atstovas Michaelas Kikukawa.

 

     Trina pirmą kartą pažvelgė į gamybą JAV prieš kelerius metus, kai JAV nustatė daugiau muitų Kinijoje pagamintoms plokštėms, sako Zhu, natūralizuotas JAV pilietis, 30 metų gyvenantis JAV. Ji nusprendė, kad gamybos sąnaudos buvo per didelės.

 

     Vietoj to, „Trina“ ir kiti gamintojai perkėlė gamyklas iš Kinijos ir pakoregavo tiekimo grandines, kad toliau parduotų į JAV, pasikeitus taisyklėms.

 

     2022 m. JAV pradėjo vykdyti įstatymą prieš priverstinį darbą, kuris veiksmingai sustabdė saulės baterijų, kuriose buvo naudojamas aukštos kokybės silicis, importą iš Kinijos Sindziango regiono. Trina pradėjo pirkti iš JAV ir Europos tiekėjų. Praėjusiais metais „Trina“ Vietname pradėjo gaminti silicio plokšteles, kad atitiktų sugriežtintus standartus.

 

     Po to, kai buvo priimtas infliacijos mažinimo įstatymas, Trina nusprendė pagaliau persikelti į JAV. Gamybos sąnaudos yra didesnės net ir naudojant paskatas, sako Zhu, tačiau Trina nenorėjo pakišti sau koją svarbioje rinkoje, sako jis.

 

     Trina, kaip ir kiti Kinijos saulės energijos milžinai čia, stengiasi parodyti gerus ketinimus. Ji bando pritraukti tiekėjų į JAV, o Zhu sako esąs „gana tikras“, kad Trina pastatys JAV gamyklą, gaminsiančią saulės elementus, plokščių statybinius blokus.

 

     Zhu žino, kad kai kurie JAV politikai prieš tai kovoja. Tačiau jis sako: "mes nesame politikai. Mes tiesiog užsiimame verslu." [1]

 

1. China's Solar Titans Clean Up On U.S. Green-Energy Cash. Dvorak, Phred.  Wall Street Journal, Eastern edition; New York, N.Y.. 06 Feb 2024: B.1.  

China's Solar Titans Clean Up On U.S. Green-Energy Cash

"For years, the U.S. erected higher and higher barriers to Chinese solar panels, arguing that was the best way to protect domestic suppliers.

Now China's solar giants are building factories in the U.S.

During the past year, the world's biggest solar companies, all of which do the bulk of their manufacturing in China, have quietly launched plans to set up or expand panel factories from Ohio to Texas -- part of a rush to build in the U.S. since the Inflation Reduction Act introduced generous subsidies in 2022.

China-based companies are behind nearly a quarter of the roughly 80 gigawatts in new solar-panel capacity announced since that legislation, according to an analysis by The Wall Street Journal. That positions them to be big beneficiaries of U.S. subsidies -- as much as $1.4 billion a year collectively if the factories announced so far are built, according to Journal calculations.

Many of those plants are huge by U.S. standards, and they are going up fast. At least four backed by giant Chinese manufacturers are slated to come online this year, with enough capacity when complete to supply more than half of the record 33 gigawatts of panels the U.S. is estimated to have installed last year.

The rush of Chinese interest is a mixed blessing for the U.S., struggling to build a domestic solar supply chain.

Industry trackers estimate that more than 80% of global solar production takes place inside China, while much of the rest is in Southeast Asia and funded or contracted by large China-based makers. Such manufacturers have the know-how, suppliers and deep pockets needed to set up plants in the U.S. quickly -- a boon for local economies and the U.S.'s ambitious clean-energy goals. But the U.S. subsidies were also supposed to lessen the country's dependence on China in clean energy.

Among the big-name manufacturers setting up now is Xi'an-based Longi Green Energy Technology, which has a joint venture in Ohio with Chicago-based renewables developer Invenergy that expects to start making panels in the next few weeks.

China's Trina Solar, which supply-chain tracker Clean Energy Associates says is the world's biggest solar-panel maker, said in September that it is investing $200 million in a factory near Dallas that will be able to produce five gigawatts of solar panels a year.

"We definitely don't want to miss the wave," says Steven Zhu, president of Trina's U.S. unit.

Some homegrown U.S. manufacturers accept the development. Chinese rivals have been so nimble and their panels so much cheaper that trying to fend them off with tariffs alone hasn't had lasting success.

"As long as they're playing by the rules, I have no problems with competing with other domestic manufacturers," says Mamun Rashid, chief executive of Auxin Solar, who for years has said Chinese manufacturers have unfair advantages and sidestep duties.

But an increasingly vocal group of China hawks say that letting Chinese solar and battery manufacturers take government subsidies could undermine efforts to build a domestic supply chain and threaten U.S. energy security.

Rep. Carol Miller (R., W.Va.) and Sen. Marco Rubio (R., Fla.) introduced a bill in December to effectively prevent Chinese companies from getting such subsidies.

The Biden administration is in a bind because it is simultaneously trying to fight climate change, expand domestic production and recapture solar-technology leadership -- three goals that call for different approaches to China's manufacturers, says Timothy Brightbill, a trade lawyer for Wiley Rein.

The Inflation Reduction Act is building up a U.S. solar supply chain and reversing the trend of Chinese control of production, an administration official says, adding that the U.S. has procedures to ensure foreign investments don't trigger national-security concerns.

Manufacturing jobs outsourced to China during previous administrations are "coming to America," says White House spokesman Michael Kikukawa.

Trina first looked into manufacturing in the U.S. several years ago, after the U.S. slapped more duties on panels made in China, says Zhu, a naturalized U.S. citizen who has lived in the U.S. for 30 years. It decided the cost of production was too high.

Instead, Trina and other manufacturers moved factories out of China and adjusted supply chains to keep selling to the U.S. as regulations changed.

In 2022, the U.S. started enforcing a law against forced labor that effectively halted the import of solar panels that used high-grade silicon from China's Xinjiang region. Trina started buying from U.S. and European suppliers. Last year Trina started producing silicon wafers in Vietnam to meet tightened standards.

After the Inflation Reduction Act was passed, Trina decided to finally make the move to the U.S. The cost of production is higher even with incentives, Zhu says, but Trina didn't want to lose footing in an important market, he says.

Trina, like other Chinese solar giants here, is working to show good intentions. It is trying to bring suppliers to the U.S., and Zhu says he is "pretty sure" Trina will build a U.S. factory that makes solar cells, panels' building blocks.

Zhu knows there is pushback from U.S. politicians. But, he says "we're not politicians. We just do the business."" [1]

1. China's Solar Titans Clean Up On U.S. Green-Energy Cash. Dvorak, Phred.  Wall Street Journal, Eastern edition; New York, N.Y.. 06 Feb 2024: B.1.