Business
China Tesla Rival BYD Signs $1bn Turkey Plant Deal
Chinese electric-car maker BYD has agreed a $1bn deal to set up a manufacturing plant in Turkey. The plant will be able to produce up to 150,000 vehicles a year and is expected to create around 5,000 jobs. The facility is expected to start production by the end of 2026.
The deal was signed at an event in Istanbul attended by Turkish President Recep Tayyip Erdogan and BYD’s chief executive Wang Chuanfu. The deal comes as Chinese electric vehicle makers face increasing pressure in the European Union and the US. Last week, the EU took action to protect the bloc’s motor industry by raising tariffs on Chinese electric vehicles. The decision saw BYD hit with an extra tariff of 17.4% on the vehicles it ships from China to the EU, which was on top of a 10% import duty.
Turkey is part of the EU’s Customs Union, which means vehicles made in the country and exported to the bloc can avoid the additional tariff. The Turkish government has also taken action to support the country’s car makers by putting an extra 40% tariff on imports of Chinese vehicles. In May, US President Joe Biden ramped up tariffs on Chinese-made electric cars, solar panels, steel and other goods.
BYD, which is backed by veteran US investor Warren Buffett, is the world’s second-largest electric vehicle company after Elon Musk’s Tesla. The company has been rapidly expanding its production facilities outside China. At the end of last year, BYD announced that it would build a manufacturing plant in EU member state Hungary. It will be the firm’s first passenger car factory in Europe and is expected to create thousands of jobs.
On Thursday, BYD opened an electric vehicle plant in Thailand – its first factory in South East Asia. BYD said the plant will have an annual capacity of 150,000 vehicles and is projected to generate 10,000 jobs. The company has also said it is planning to build a manufacturing plant in Mexico.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
Read Also:
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company, Reshaping Nigeria’s Oil And Gas Landscape
Customer Reviews on “Diaspora Watch”
Amina Oluwatoyin, Lagos, Nigeria:
“Diaspora Watch is a vital source of information for Nigerians abroad. It connects us with home, highlighting issues and successes within our community. The articles are insightful and relevant, making it a must-read!”
Claire Dupont, Paris, France:
“Diaspora Watch offers a fresh perspective on African diaspora experiences. However, some articles lack depth. I hope for more thorough research and in-depth features in future issues.”
Li Wei, Beijing, China:
“Diaspora Watch provides a unique lens on the challenges and triumphs of Africans abroad. It’s a great resource for understanding the diverse narratives of our diaspora.”
Grace Aidoo, Accra, Ghana:
“Diaspora Watch bridges the gap between home and abroad, especially with its focus on community initiatives. It’s my go-to for news that matters to Ghanaians abroad.”
FREE Digital View:
https://diasporawatch.com/diaspora-watch-20th-edition-october-14-20-2024-your-trusted-source-for-global-news-and-insights/
Print on Demand: https://www.magcloud.com/browse/issue/2918067?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/
As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
Dive into the world of Diaspora Watch and stay informed, engaged, and inspired.
FREE Digital View: https://www.flipsnack.com/excelglobalmedia/diaspora-watch-vol-19-october-7-13-2024/full-view.html
Print on Demand: https://www.magcloud.com/browse/issue/2918067?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch…/
In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
Read Also
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company,
Reshaping Nigeria’s Oil And Gas Landscape
Hurray! It’s the 25th Edition of Diaspora Watch!
Cybersecurity and Data Protection in Africa
Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
Revolutionary mRNA Lung Cancer Vaccine Trial Offers New Hope To Thousands
