News
New US rules to exacerbate trade dispute with China
By Francesca Hangeior
China has warned the United States not to take “discriminatory actions” against its firms, following reports that Washington is planning to ban the sale of vehicles using Chinese and Russian technology.
Bloomberg and other media reported Sunday, citing sources, that the United States was mulling new rules that would ban hardware and software made in China from its vehicles.
Asked about the reports, foreign ministry spokesman, Lin Jian, said China urged, “the US to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises”.
“China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” Lin said.
“China will resolutely safeguard its legitimate rights and interests,” he added.
The rules, if confirmed, would mark the latest escalation of a simmering trade row between the US and China.
In May, Washington unveiled steep tariff hikes on Chinese imports like electric vehicles and semiconductors.
The tariff hikes hit $18 billion worth of Chinese imports, targeting strategic sectors like EVs, batteries, critical minerals and medical products, the White House said.
The tariff rate on EVs is set to quadruple to 100 per cent this year while the tariff for semiconductors will surge from 25 per cent to 50 per cent by next year.
Those plans were finalised this month, ahead of November’s presidential election, where both Democrats and Republicans are seeking to show a tough stance on China as competition between both countries intensifies.
The tariff hikes on the $18 billion worth of goods were taken after a review of levies imposed under then-president Donald Trump, which impacted some $300 billion in goods from China.
Apart from tariff increases including those on solar cells, the US Trade Representative’s office confirmed that a 50 percent duty on semiconductors a sharp rise from before would start in 2025.
US President Joe Biden has accused Beijing of “cheating” rather than competing on trade.
News
SAD! Boat ferrying Over 200 Passengers Capsizes In Niger State, Claims Many Lives
A boat ferrying over 200 passengers capsized early Friday morning along the Dambo-Ebuchi stretch of River Niger in Niger State, resulting in several fatalities.
Eyewitnesses reported that the vessel, owned by one Musa Dangana, was en route to the Katcha weekly market, transporting a mix of market women, farm laborers, and other passengers.
The boat overturned, throwing everyone on board into the river.
As of the latest updates, local rescue teams have recovered eight bodies, with ongoing search efforts aimed at finding the remaining missing individuals.
This incident follows a similar tragedy just two months ago on October 1, when another boat capsized on the Muwo Gbajibo River in the Mokwa Local Government Area, also claiming numerous lives.
Reports suggest that none of the passengers were wearing life jackets, which may have contributed to the severity of the tragedy.
Authorities have yet to release an official statement, but investigations into the cause of the capsizing are expected to begin soon.
Rescue operations continue, and local authorities are urging increased safety measures to prevent future accidents on the river.
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SEE FULL LIST of Tinubu’s latest seven appointments
President Tinubu has made seven new appointments.
President Bola Tinubu has appointed four individuals to join the Police Service Commission (PSC).
This Nigeria news platform understands that President Tinubu has now forwarded their names to the Senate for approval.
The nominees are Buba Ringim (rtd), a former Deputy Inspector General of Police; retired Justice Adamu Paul Galumje; Christine Ladi Dabup; and Abdulfatah Muhammed.
The President’s request, communicated by Senate President Godswill Akpabio, seeks confirmation under Section 154(1) of Nigeria’s 1999 Constitution.
In another separate request, the President nominated three individuals for the Governing Board of the Code of Conduct Bureau (CCB).
The nominees include Fatai Ibikunle, Kennedy Ikpeme, and Justice Ibrahim Buba. This request also aligns with the constitutional provisions outlined in Section 154(1) and the Third Schedule of Nigeria’s Constitution.
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Just in: NNPCL announces PH Refinery petrol price at N1,030 per litre
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed that petrol from the PortHarcourt refinery will be sold at N1,030 per litre, as disclosed by the Nigerian National Petroleum Company Limited (NNPCL).
In a statement released on Thursday night, PETROAN’s spokesman, Joseph Obele, stated that the NNPCL officially communicated the pricing to the association.
However, in a statement on Thursday night, PETROAN mentioned that a portal for product booking has been opened and petrol is being sold at N1,030 per litre.
PETROAN spokesman, Joseph Obele said, “NNPC Retail Ltd has officially announced the PMS price at the Port Harcourt refinery as N1,030 per litre. It was also communicated to PETROAN that the product request portal was open for booking/request.”
Obele further clarified that despite earlier claims of the refinery being non-functional, the plant is currently running at 70% of its capacity.
The refinery’s full capacity, which is 60,000 barrels per day, is expected to increase to 90% soon.
This news comes as part of NNPC’s ongoing efforts to revive its refineries, with plans for the new refinery, which has a capacity of 200,000 barrels per day, to begin production shortly.
Obele emphasized that both refineries, located in the Eleme area of Rivers State, are crucial for the country’s oil production, with PETROAN expressing interest in collaborating with all active refineries in Nigeria.
Additionally, the Senate Committee on Petroleum Resources recently visited the refinery, confirming its functionality and witnessing petroleum trucks being loaded.
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