A Chinese start-up said its superfast drone – capable of reaching four times the speed of sound – would make its first flight next year as military hypersonic technology trickled down to the commercial sector. The unmanned aerial vehicle (UAV) is being developed by Sichuan Lingkong Tianxing Technology Co, Ltd as part of a broader effort to develop a supersonic passenger jet, according to the company. The company announced it was developing the aircraft at a news conference in southwest China’s Chengdu on Monday. The drone bears the name Cuantianhou, which means “soaring stone monkey” – a name given to Sun Wukong, also known as the Monkey King , one of the best-known figures in Chinese literature and mythology. It weighs 1.5 tonnes and measures seven metres (23 feet) long
Category Archives: BUSINESS-FINANCE
Jan
A cross section of students in Enugu State, on Wednesday, appealed for the reversal of the 50 per cent hike in tariff in telecommunication services due to prevailing socioeconomic hardship. They were of the view that telecommunication services, such as internet data service, have enhanced learning and research work; making its usage indispensable to all […] The post Telecom tariff hike will hinder learning, research, students lament appeared first on The Guardian Nigeria News – Nigeria and World News.
Jan
Hong Kong’s financial chief has pledged to strengthen cooperation with other economies to bridge the “significant funding gap” in global climate change responses, after the US moved to withdraw from an international agreement to limit greenhouse gas emissions. During the World Economic Forum Annual Meeting in Davos, Switzerland, Financial Secretary Paul Chan Mo-po also met the United Arab Emirates’ (UAE) minister of state for foreign trade to discuss enhancing bilateral cooperation in finance and trade. According to the Hong Kong government on Wednesday, Chan attended a breakfast meeting organised by the Giving to Amplify Earth Action launched by the forum on Monday, where he shared views on how to make effective use of finance to address various crises facing the planet. Chan highlighted that Hong Kong is a leading green
Jan
Tesla fell behind Toyota and Mercedes-Benz in “brand value,” a metric calculated by research and consulting firm Brand Finance. This metric appears to consider more of Tesla’s real-world performance and less of what the automaker has promised for the future. Its recommendation and consideration scores also fell sharply due to a lack of new models and CEO Elon Musk’s culture wars. Tesla’s trillion-dollar stock market valuation may feel like a badge of honor for fans and investors. Still, that figure is more a reflection of its artificial intelligence and robotics ambitions. A different metric tells a far less glamorous story. The automaker’s brand value has nosedived for consecutive years, falling to $43 billion at the start of this year compared to $58.3 billion a year ago, CNBC reported, citing data from
Jan
Electric vehicle registrations were down last year in Europe. Tesla, the largest solo player in the EV game, took a hard hit. The American automaker’s registration numbers fell by over 10%. There’s no getting around the fact that electric vehicle registrations went down last year in Europe. Depending on how many countries you take into consideration, EV registrations dipped between 1.3% and 5.9% in 2024 compared to 2023. That’s a stark difference to the United States and China, where EV sales were on the rise last year, so what’s going on in Europe? Let’s look at the numbers and try to figure out what happened. According to the European Automobile Manufacturers’ Association (ACEA), customers in the European Union registered 1,447,934 EVs last year, down 5.9% compared to 2023’s 1,538,106 cars.
Jan
Hong Kong will welcome more than 1.4 million mainland Chinese tourists over Lunar New Year, the city leader has predicted, saying the trend of having overseas visitors will be noticeable in the Year of the Snake. Chief Executive John Lee Ka-chiu said on Tuesday a 23-minute fireworks display and a parade featuring international performance groups would be among a string of celebratory events set for the holiday, which will run from January 28 and February 4 on the mainland. “[We] estimate that more than 1.4 million mainland tourists will visit Hong Kong via different borders during the eight-day holiday,” Lee said before his weekly meeting with the Executive Council, the city’s top decision-making body. He said the estimated number of daily visitors would represent 3 and 14 per cent increases
Jan
Most Americans have bank accounts — reliable places to store money that are federally insured, carefully regulated, and generally better than coffee cans full of cash . But some 5 million households don’t have bank accounts. So every two years, the Federal Deposit Insurance Corporation conducts a survey to find out why. Is it a trust thing? A distance thing? A fees-and-service-charges thing? Last November, for the first time, the FDIC reported the results of a new question it added to the survey: Do you use a cryptocurrency like bitcoin instead of a bank? From the start, the dream for crypto has always been “be your own bank.” I’m being a little simplistic there, but bitcoin, ether, and their digital cousins were supposed to be a smarter flavor of money.
Jan
The delay by Dangote Petroleum Refinery and Petrochemicals to serve its amended originating summons on Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and six other defendants on Monday, stalled the hearing of its suit seeking to stop issuance of oil import licenses to some oil marketing companies. Dangote Refinery had sued NMDPRA, Nigeria National Petroleum Corporation Limited (NNPCL), AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as 1st to 7th defendants respectively in the originating summons, marked: FHC/ABJ/CS/1324/2024 dated September 6, 2024. The oil company, through its lawyer, Ogwu Onoja, SAN, prayed the court to nullify import licences issued by NMDPRA to the NNPCL and the five other companies to import refined petroleum products. The company (plaintiff) also
Jan
The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year, but has also warned about the possible impact of Donald Trump’s economic plans. The global institution upgraded its prediction for UK growth to 1.6% for this year from its previous estimate of 1.5%. But it said a threatened wave of tariffs by incoming US president Trump could make trade tensions worse, lower investment, and disrupt supply chains across the world. The IMF also said although tariffs, tax cuts and deregulation could boost the US economy in the short term, they could ultimately backfire.The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year, but has also warned about the possible impact of Donald Trump’s economic plans. The global institution
Participants at the end of the first day of the 76th Annual New Year Conference (ANYC) have called on telecommunication companies operating in the country to expand their network coverage to meet the growing demands of the population. According to them the persistent network challenges in the country remained a significant hindrance to the digital user experience, thereby hampering efforts to bridge the digital divide. They further argued that the expansion of the telecommunication network would enable more Ghanaians to access financial technologies such as mobile banking, mobile money, and online marketplaces. The ANYC, which commenced last Monday at the University of Ghana, Accra, concluded yesterday. Organised by the School of Continuing and Distance Education, it was themed “Attaining the 5-Ps of Sustainable Development for a Resilient Ghana: People, Planet
CMC Motors Group is renowned for its New Holland brands. Photo: CMC Motors Group. Source: Facebook
Jan
CMC Motors Group has quit the Kenyan, Ugandan and Tanzanian markets, citing economic challenges, including high operating costs The company is one of the largest car assemblers in Kenya and has been offering agricultural and mechanical solutions to farmers It reaffirmed its dedication to helping staff members through the changeover and ensuring a smooth transition TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends. CMC Motors Group is closing its operations in Kenya, Tanzania, and Uganda after forty years in East Africa’s automotive and agricultural industries, leaving hundreds of its workers facing an uncertain future. CMC Motors Group is renowned for its New Holland brands. Photo: CMC Motors Group.Source: Facebook Why CMC Motors
Jan
If you have been to Manila lately, chances are you experienced its nightmarish traffic. The situation is expected to worsen unless the Philippine government takes bold and urgent actions to move away from car-centric policies and infrastructure projects. In 2023, it took an average of 25.5 minutes to travel 10km in Manila, the longest among 387 metropolitan areas worldwide, according to TomTom’s global traffic index. This was a 50-second increase from 2022, the largest rise in the index. Daily traffic costs – the lost economic opportunities as a result of the delay caused by traffic – in Metro Manila are estimated at 3.5 billion pesos (US$60 million), according to a 2018 study by the Japan International Cooperation Agency. The figure could rise to 5.4 billion pesos by 2035 if no
Jan
Canoo files for bankruptcy after dismissing the remainder of its workforce in the last two months. It was founded in 2017 and, at its peak, employed 800 people, but it lived off loans and never turned a profit. The company will liquidate all its assets to pay off its debts and creditors. Canoo was one of those EV startups that seemed to have a future with a cool product that showed plenty of promise. However, after failing to secure the necessary capital to stay afloat, the company announced yesterday that it’s filing for Chapter 7 bankruptcy. We knew Canoo, founded in 2017 and initially called Evelozcity, was in serious trouble when, in November, it cut almost a quarter of its workforce (around 30 employees)—it employed around 800 people in 2021
Jan
Government will continue importing electricity and speed up the completion of electricity power generation projects that were planned to be established countrywide. Chief Government Spokesperson Cornelius Mweetwa says the government is also closely monitoring the water levels for hydropower generation at all power stations following the improved rains in some parts of the country. Speaking when he delivered cabinet resolutions during a press briefing today, Mr. Mweetwa said the government is working to address all logistical challenges and ensure a constant supply of fuel across the country and at filling stations. And Mr. Mweetwa said to address cholera, measures have been taken, which include pre-positioning medical and non-medical logistics and stocks to all cholera high-risk districts and at all the provincial capitals. The Minister also disclosed the approval by Cabinet
Jan
The UK economy grew for the first time in three months, driven in part by a boost in trade for pubs and restaurants. Official figures showed an expansion 0.1% after the economy shrank in each of the two previous months. The return to growth will be a welcome sign for the government after recent turbulence in financial markets sent its borrowing costs to the highest level for several years and the value of the pound fell. But the figure was lower than economists had expected, with declines in manufacturing and business rentals and leasing. Chancellor Rachel Reeves reiterated her pledge to go “further and faster” to improve economic growth in order to boost living standards, declaring it was the “number one priority” for the government. “That means generating investment, driving