Explosion and Fire Erupt at Valero Oil Refinery in Port Arthur, Texas 
Nintendo Switch 2 Production Cut as Holiday Sales Miss Targets 
Global Flight Cancellations 2026: Middle East Air Travel Chaos Explained 
Delivery Hero Sells Taiwan Foodpanda to Grab for $600 Million in Debt-Reduction Push 
Gold Prices Climb as Middle East Ceasefire Talks Stir Market Optimism 
WTO Reform Talks Begin in Cameroon Amid Global Trade Tensions 
Australia-EU Free Trade Deal Signed After Years of Negotiations 
Oil Prices Plunge Over 6% as Middle East Ceasefire Hopes Ease Supply Fears 
U.S. Stock Futures Steady as Iran Reviews U.S. Ceasefire Proposal 
Henkel in Advanced Talks to Acquire Olaplex at $2 Per Share 
Gold Prices Surge on U.S.-Iran Ceasefire Reports 
Sonova Shares Slip as Hearing Aid Giant Lowers Growth Outlook and Plans Sennheiser Exit 
Innate Pharma Reports 55% Revenue Drop and €49.2M Net Loss for 2025 
Bank of Japan Eyes April Rate Hike Despite Inflation Dip, ING Says 
Time to buy local: war fuel price shocks reveal the folly of a long food supply chain 
Gold is meant to be a ‘safe haven’ in uncertain times. Why is it crashing amid a war? 
An LGES-led consortium has signed an agreement with Indonesian state-run companies PT Aneka Tambang (a.k.a Antam) and Indonesia Battery on Monday, April 18, to build an electric vehicle battery supply chain.
According to Yonhap News Agency, the non-binding framework contract between the consortium made up of LG Energy Solution (LGES), LX International, LG Chem, and others and Indonesia’s Antam and IBC in Jakarta is worth $9 billion. The aim of the partnership is to establish an end-to-end value chain for EV battery supply in the archipelago that is also called the “The Emerald of the Equator.”
Moreover, the new project also aims to do more than just making a haul for raw materials, production of key components, including cathode materials, and the creation of battery cells.
It is understandable why the LG Group chose Indonesia as it is currently the largest producer of nickel in the world. This chemical element is a key battery material thus, it can easily be sourced in the country.
The signing event this week between the companies was also attended by government officials from Indonesia’s Ministry of Investment and the Ministry of State-Owned Enterprises. It was noted that the project’s announcement comes at a time when producers of EV batteries are scrambling to obtain a continuous supply of key materials for making lithium-ion batteries, especially nickel.
LGES said in a statement, "With this project, we expect to be able to enhance our battery business capabilities and profitability by stably securing raw materials at competitive prices."
Pulse News reported that aside from this project, LG Energy Solution is also building another battery plant in Indonesia with a $1.1 billion investment. This is being carried out via a joint venture with another Korean company, the Hyundai Motor Group.
Their new plant is expected to produce an annual capacity of 10GWh when operation begins in 2024. This amount is enough to power a total of 150,000 units of electric vehicles. Meanwhile, despite the announcements of new projects, it was reported that LGES shares were trading lower by 0.23% at ₩434,000 or around $351.9.
