China battery trio gain $70bn as Iran war sparks ‘paradigm shift’

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s top battery makers have gained more than $70bn in market capitalisation since the US and Israel attacked Iran, highlighting investor expectations of a long-term boost for clean energy. Shares in CATL, BYD and Sungrow, which produce batteries and energy storage equipment, have outperformed global oil majors such as Chevron, ExxonMobil and BP since the war began. The surge in clean energy shares illustrates how China and other oil importers…

Crackdown or land grab? The Asian leader targeting resource companies

Indonesia has seized millions of hectares of land from resource companies and revoked several permits over alleged environmental violations, in what critics describe as an arbitrary crackdown by President Prabowo Subianto that is deterring investors from south-east Asia’s largest economy.   Since launching a campaign in March last year, the government has confiscated and taken over about 5mn hectares of land from palm oil and mining companies for allegedly operating in forest areas illegally. More than 100 companies have been penalised, and Prabowo has said an additional 4-5mn hectares could be…