Day: September 14, 2024

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has pledged unflagging support to private investors in the territory.

Wike made the promise when he visited the Zeberced Limited Quarry, Kubwa, in Abuja on Saturday, to see what the company was doing.

The News Agency of Nigeria (NAN) reports that Zeberced Limited Quarry provides services in construction and quarrying of natural stones and asphalt.

The minister, who described the facility as the biggest quarry in West Africa, said that the investment was very important to the development of the territory.

He, however, pointed out that with such an enormous quarry, the cost of construction ought not to be very expensive, particularly in the FCT.

‘Apart from equipment that are being imported for use in the quarry, the raw materials are available here in Abuja.

‘I wonder why contractors will be talking about the cost of aggregate, as if gravels, asphalt and stones needed for construction are imported. They are not imported; they are produc
ed here.

‘It is really amazing that we have this kind of manufacturing going on here. I really want to encourage the company,’ he said.

Wike also commended the company for employing more than 800 persons as workers in the quarry company.

He said: ‘This is the same company that is constructing the Abuja Technology Village located in Idu.

‘We are going to give them all the necessary support. I am really encouraged by what I am seeing here.

‘My only problem is environmental impact assessment, but the Managing Director of the company has explained that it is up to standard and that there is no problem.’

Source: News Agency of Nigeria

Mongolia’s central bank has decided to reduce its benchmark interest rate to 10 percent, according to a statement by the bank on Saturday.

Byadran Lkhagvasuren, governor of the Bank of Mongolia, explained that the decision was made after evaluating the current and projected state of the economy, financial markets, and external economic risks. The rate was lowered by 1 percentage point to 10 percent in an effort to stabilize inflation at the target level.

The central bank previously reduced the benchmark interest rate by 1 percent to 11 percent in May.

According to the central bank, Mongolia’s inflation rate was 6.5 percent in August, down 3.5 percentage points from the same period last year but up 1 percentage point from the previous month.

The Asian country has set a goal to stabilize inflation around the target rate of 6 percent in the medium term.

Source: The Namibia Press Agency

A passenger bus plunged into a ravine in Pakistan’s southwest Balochistan province on Saturday, claiming six lives while injuring 24 others, police said.

The incident happened when the vehicle tumbled off a road in the Dhana Sar area of Zhob district of the province, according to the police in the area.

Following the incident, police along with rescue teams reached the site and shifted the bodies and injured to a nearby hospital. Local volunteers also participated in the rescue activities.

The condition of several of the injured is reported to be critical, according to the hospital sources.

The incident took place when the bus driver lost control of the vehicle while taking a turn, said police, adding that the ill-fated bus was carrying the passengers from the federal capital Islamabad to the provincial capital city of Quetta when it met with the accident.

Source: The Namibia Press Agency

Galati County, Romania, is struggling to recover from the severe floods brought by Cyclone Boris on Saturday, which has claimed five lives and displaced over 250 residents.

The cyclone unleashed heavy rainfall, totaling 150 liters per square meter. It caused widespread flooding, leaving more than 25,000 homes without power and impacting over 5,000 households across 12 towns, according to local media reports.

In response to the disaster, the Romanian government has mobilized emergency resources.

Prime Minister Marcel Ciolacu visited Slobozia Conachi, one of the hardest-hit towns.

“Our priority is saving lives. We have the logistics in place to respond quickly,” he said, promising temporary housing, food, and other essential supplies for displaced families.

Meanwhile, the National Committee for Emergency Situations approved emergency aid, which includes 400 tons of food, sleeping bags, mattresses, and modular housing units to provide temporary shelter for those affected.

The Ministry of National Defense d
eployed military personnel, rescue boats and trucks to assist in rescue operations.

Romanian Gendarmerie patrols have also been deployed to prevent looting and vandalism in the affected towns.

“The safety of the people remains our top priority,” a Gendarmerie spokesperson said, urging residents to follow safety instructions and avoid returning to dangerous areas until conditions stabilize.

As more severe weather is forecast, with a red alert for heavy rain issued for nearby Vaslui County, the Romanian government is closely monitoring the situation. Efforts are also underway to repair damaged infrastructure and restore normalcy for the thousands impacted by what has been described as the worst flooding in the region since 2016. Enditem

Source: The Namibia Press Agency

The U.S. administration on Friday finalized sharp tariff hikes on some Chinese imports, including a 100 percent duty on electric vehicles (EVs), drawing harsh criticism from industrial insiders and experts.

In addition to the duty on EVs, the tariff rate will go up to 50 percent on solar cells and to 25 percent on EV batteries, critical minerals, steel and aluminum products, and ship-to-shore cranes, beginning Sept. 27, according to the U.S. Trade Representative’s Office.

Kuang Xianming, deputy head of the China Institute for Reform and Development, warned that the U.S. decision could backfire, saying that besides harming its trading partners, the imposition of tariffs is also unfavorable to relevant industries within the United States, and disrupts global economic and trade rules as well as the overall global economic order.

The purpose of the U.S. tariffs is to increase the cost of entry for Chinese products and thus reduce their competitiveness, but the competitiveness of the Chinese products largely st
ems from their cost performance. If the Chinese manufacturers continue to leverage the quality and performance of the products, they will still maintain their competitive advantage despite the U.S. policies, he said.

The tariff hikes will harm the United States and the whole world as the “global economy is too interdependent,” said Sven O. Otten, general manager of Tnkers (Jiangsu) Automation Technology Co., Ltd.

Some American and European manufacturers are producing cars in China for the whole world, and these manufacturers will also be impacted by the tariff hikes, Otten said.

According to a Guangdong-based technology company focusing on the exports of camera products, the rise in tariffs is a “strategic tool” employed by American politicians to stifle the growth of China’s emerging industries, constituting an unfair competitive practice. The company is determined to further improve its products through technological innovation and continue to attract global buyers.

Commenting on the 25 percent tariff o
n Chinese-manufactured ship-to-shore cranes, Wang Xing, partner expert of global strategy consulting firm Roland Berger, said the tariff increase is driven by broader geopolitical and domestic political considerations rather than the protection of U.S. domestic industries.

The U.S. tariff increase has a limited overall effect on China’s ship-to-shore crane industry, Wang said, adding that the Chinese industry’s global competitiveness is likely to remain strong due to its technological and cost advantages, though it may face short-term challenges in the U.S. market.

Source: The Namibia Press Agency

An art exhibition showcasing world-renowned Chinese artist of Peking Opera Mei Lanfang’s life achievements kicked off Friday at the University of Southern California (USC) in Los Angeles, the largest city in the Western United States.

On the occasion of the 130th anniversary of the birth of Mei and the 94th anniversary of his visit to the United States, the exhibition “Reunion: Mei Lanfang and the United States,” hosted by USC and the Chinese National Academy of Arts, will last from Sept. 13 to Dec. 20 at the USC East Asian Library, which is well known for its unique collections documenting Chinese culture.

Mei Lanfang (1894-1961) was an acclaimed Chinese artist of Peking Opera who made prominent contributions to improving and popularizing the traditional Chinese art.

In 1930, Mei embarked on a six-month theatrical tour to the United States. During his visit to Los Angeles, Mei received an honorary doctorate from USC.

The exhibition will present to audiences the traditional oriental art aesthetics and spi
ritual core represented by the Chinese artist through various types of exhibits, including paintings, historical photos, and precious publications.

USC’s Dean of Libraries, Melissa Just, said in her speech that the remarkable collection of artifacts highlights Mei’s extraordinary life and legacy.

“Thanks to all of you and to the unique items featured in the exhibition, we are able to step back in time and explore Mei’s remarkable life and embark together on a cross-cultural collaboration to better understand its meaning for us today,” she noted.

Li Shufeng, vice president of the Chinese National Academy of Arts, called Mei “an ambassador of art” who brought opera art and Chinese culture to the American people and made epoch-making contributions to cultural exchanges between China and the United States.

The Chinese National Academy of Arts is the only national-level comprehensive academic institution in China that integrates art research, art education, art creation, and intangible cultural heritage protec
tion. It’s also a cultural and artistic think tank.

Source: The Namibia Press Agency