South Korea’s SK Innovation Co Ltd. plans to invest $2.53 billion to build a new electric vehicle (EV) battery factory in China, China’s local government backed Yancheng News reported on Thursday.
SK Innovation’s wholly-owned battery subsidiary SK On, which supplies electric car batteries to Ford Motor Co, Volkswagen (VOWG_p.DE) and Hyundai Motor Co. among others, has battery production sites in the United States, Hungary, China and South Korea.
The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).
“SK On has been building (battery) factories in the United States, China and Hungary as a growth strategy after securing battery orders in the global market,” SK On said in a statement.
SK On said last week that it has an order backlog of about 1.6 terawatt hours (TWh) of batteries worth about 220 trillion won, which could power about 23 million electric vehicles.
Established by the colonial masters in 1852, The Nigerian postal service (NIPOST) dates back to the 19th Century. Government-owned and operated corporation, NIPOST provides postal administration and services to Nigerians.
There are over 5000 running post offices with more than 20,000 employees hence its wide coverage.
On January 1, 1914 the protectorates of Northern and Southern Nigeria were formed to create Nigeria.
Nigeria’s first stamps were issued on June 1, 1914 and continued until 1932 with many changes in watermark, colours and shades, coloured papers etc., with 4 different types of the £1 top value identified by specialised stamp collectors.
The rarest Nigeria stamps are the sideways and inverted watermark errors found on several values of the 1938-51 definitive issue.
The first issue of independent Nigeria was issued on October 1, 1960, following with a definitive issued on 1 January 1961.
In 1963 Nigeria became a Republic within the British Commonwealth and a new definitive set was issued on 1 November 1965.
Between 1960 and 1961, Nigerian definitives of 1953-57 were overprinted “CAMEROONS/U.K.T.T.” for use in Southern Cameroons of the British Mandate territory of British Cameroons.
This issue was also valid for use in Northern Cameroons until it joined Nigeria. In 1961, Southern Cameroons became part of Cameroon.
Between 30 May 1967 and 15 January 1970, the region of Biafra attempted to secede from Nigeria and issued their own postage stamps. Eventually, after a bloody civil war they rejoined Nigeria.
Today, NIPOST divides the country into 9 regions which makes up the first digit of the code.
The second and third digits combined with the first are the dispatch district for outgoing sortings.
The last 3 digits represent the delivery locations- post office facility, rural area or an urban area. The postal head office has their postal code ending with 0001.
The Abuja has a postal code 900001, Lagos 100001 and Port Harcourt 500001. Every local government in each state have Post offices.
POSTAL REGIONS AND THEIR STATES
REGION 1
With a postal code 100001, Lagos is the leading State in this region as well as Ogun state with postal code 110001.
REGION 2
Headed by Oyo State with postal code 200001, It has other states Kogi, Kwara and Osun State.
REGION 3
The lead dispatch district for this region is Edo State (300001) with states like Delta, Ondo, and Yobe.
REGION 4
This region consists of Enugu (400001), Abia, Anambra, and Imo State.
REGION 5
Rivers (500001), Akwa Ibom and Cross River State.
REGION 6
Borno with postal code 600001, Adamawa and Taraba State.
REGION 7
Kano 700001, Bauchi and Jigawa State.
REGION 8
Kaduna 800001, Katsina, Kebbi, Sokoto and Ebonyi State.
REGION 9
Federal Capital Territory (Abuja) 900001, Niger and Plateau State.
1576 Eighty Years’ War: In Flanders, Spanish defeat Walloon and capture Antwerp
1794 The London Missionary Society is founded.
1841 First wagon train arrives in California
1845 First nationally observed uniform election day in the United States, the first Tuesday after the first Monday in November
1862 American inventor Richard Jordan Gatling patents the hand-cranked Gatling machine gun in Indianapolis
1879 African American inventor Thomas Elkins patents the Refrigerating Apparatus
1884 C. T. Studd, one of a group of Christian students known as The Cambridge Seven, meets missionary Hudson Taylor and is accepted for service in the China Inland Mission.
1898 Pan Xiushan, the first Christian convert of the Hmu tribe in China’s Guizhou Province, becomes also the tribe’s first martyr when struck down with a sword. Minutes later William Fleming, a missionary for whom he translated, is also killed, the first martyr of the China Inland Mission.
1922 Howard Carter discovers the intact tomb of the Pharaoh Tutankhamun in Egypt
1928 A. W. Tozer begins his long-lasting Chicago ministry.
2008 Barack Obama becomes the first African-American to be elected President of the United States, defeating Republican candidate John McCain
TODAY’S HISTORICAL EVENTS
TODAY IN MUSIC
1876 Johannes Brahms’ 1st Symphony in C premieres in Karlsruhe, Grand Duchy of Baden
TODAY IN SPORT
1987 NBA announces 4 new franchises; Charlotte & Miami for 1988 & Minneapolis & Orlando for 1989
DO YOU KNOW THIS FACT ABOUT TODAY? DID YOU KNOW?
James Ritty patents first cash register, to combat stealing by bartenders in his saloon in Dayton, Ohio, on this day in 1879
WOULD YOU BELIEVE THIS FACT ABOUT TODAY? WOULD YOU BELIEVE?
John Lennon utters his infamous line at a Royal Variety Performance “Will the people in the cheaper seats clap your hands? And for the rest of you, if you’ll just rattle your jewelry…” in London, on this day in 1963
Nigeria’s President Muhammadu Buhari on Tuesday revealed that Nigeria requires 1.5 trillion dollars over ten years, to achieve an appreciable level of the National Infrastructure Stock.
President Buhari speaking at a COP 26 high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen and the UK Prime Minister, Boris Johnson, added that Nigeria was ready for investment in infrastructure.
Nigeria is ready for your investments in infrastructural development in the country.
The President welcomed the G7 countries’ plan to mobilize hundreds of billions of dollars of infrastructure investment for low – and middle-income countries.
‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
‘‘We look forward to working with you in this regard,’’ he told world leaders at the high-level meeting on the margins of the climate change conference.
He declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians from poverty by 2030.
‘‘There is a nexus between infrastructural development and the overall economic development of a nation.
‘‘My administration identified this early enough as a major enabler of sustainable economic development and the realization of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.
‘‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.
‘‘In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources.
‘‘We provided more financial resources for these policies, charted new international partnerships and pursued liberalization policies to allow private sector participation.
‘‘We introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects is cross-sectorally integrated and environmentally friendly, ’’ he said.
Buhari noted that infrastructure investment should, therefore, take into account economic, environmental and social, and governance aspects, guided by a sense of shared, long-term responsibility for the planet, consistent with the 2030 Agenda for Sustainable Development.
The President added that the positive and negative impacts of infrastructure projects on ecosystems, biodiversity, climate, weather and the use of resources should be internalized by incorporating these environmental considerations over the entire process of infrastructure investment.
Climate and environmental justice groups cautiously welcome the $8.5 billion partnership announced at COP26, but demand transparency about the scope and conditions, and accountability by lenders, beneficiaries and the South African government.
The Life After Coal campaign, comprising environmental justice groups groundWork, Earthlife Africa, and Centre for Environmental Rights, cautiously welcomes the announcement at COP26 in Glasgow November 3, of a partnership between the governments of South Africa, the US, the UK, France, Germany and the EU to mobilise $8.5 billion (R131 billion) over the next 3-5 years to support the implementation of South Africa’s Just Transition.
The partnership sends a strong and important political message of both the acknowledgement by Northern countries of their climate debt, and their commitment to support South Africa’s Just Transition from coal. It also affirms that South Africa is a country with the potential to transform its economy to be zero carbon and climate resilient through a Just Transition for workers and for affected communities.
“While this partnership is a step forward, it is a first step – South Africa’s need is much greater than the $8.5 billion proposed”, cautions groundWork’s Director Bobby Peek. “To achieve a Just Transition to a zero carbon economy, South Africa needs climate finance that is transformational. For Mpumalanga alone, at least $1bn is needed only for worker support and other direct Just Transition interventions,” says Peek.
“We require a lot more detail on the terms of the deal to establish whether this finance is of sufficient quality, and to determine the potential broader implications for South Africa,” says Centre for Environmental Rights Executive Director Melissa Fourie. “Some of our questions include:
How much of this amount is, in fact, new funding? Does the deal commit South Africa to new debt?
What are the terms of the deal, described as a “range of instruments, including grants and concessional finance”?[2] How much is grant funding, and how much is concessional finance? For concessional finance, described as “highly concessional” in the announcement, what is the nature of the concessionality? What is the “grant equivalent”[3] of the deal?
Does the deal provide for the establishment of a Just Transition Fund for workers, small, medium, and micro-enterprises, and coal communities? How much will be used for on-the-ground projects?
Western nations have pledged some $8.5 billion over the next five years to support South Africa’s decarbonization efforts with a new political declaration announced Nov. 2 at the UN Climate Change Conference.
The UK, US, along with France, Germany, the EU and South Africa announced the “Just Energy Transition Partnership”, which is expected to prevent up to 1.5 gigatonnes of emissions over the next 20 years.
“This will provide a significant boost to investment and growth while ensuring [state-owned utility] Eskom can access resources to finance repurposing of coal fired power-stations due for decommissioning over the next 15 years,” South Africa’s President Cyril Ramaphosa said in a separate statement.
Coal prices have surged in 2021 as global economies rebound from COVID-19. CIF ARA 6,000 kcal/kg NAR thermal coal assessed by S&P Global Platts on a 15-60 day basis has gained 157.4% this year to $177/mt Nov. 2.
South Africa depends to up to 90% on coal for its electricity, the highest share amongst G20 nations.
The country’s 15 coal-fired power stations generated some 191 TWh in 2020, making it the world’s sixth-largest coal generator, according to environmental think-tank Ember.
Over the next five years, the partnership will mobilize the initial commitment for the first phase of financing, through various mechanisms including grants, concessional loans and investments and risk sharing instruments, including the private sector, the joint statement said.
The 20-point political declaration sets out a framework how to deploy the funds with a basic timeframe to allow South Africa to move away from coal.
The declaration noted its “intention to decommission and repurpose or repower coal-fired power stations, invest in new low-emission generation capacity such as renewables, increase energy efficiency and pursue green industrialization such as manufacturing using green technology and a shift to the production of electric vehicles.”
In a separate statement, Germany’s environment ministry also mentioned support for green hydrogen with around $700 million coming from Germany’s development aid funds.
French energy minister Barbara Pompili added that France was contributing $1 billion to the partnership.
Global energy company, Shell, has announced a new business line in Nigeria to expand natural gas marketing and sales to meet the rapidly growing energy needs of wholesale customers and provide more and cleaner energy solutions in the country.
This is as the Country Chair, Shell Companies In Nigeria (SCiN), Osagie Okunbor, has said that 100 per cent of its contracts worth $800 million were awarded to Nigerian companies in 2020.
Building on the success of Shell Nigeria Gas, Shell Energy Nigeria, aims to deliver competitive and reliable energy for power generation and industrial users and to develop gas distribution to serve the people in new regions.
Speaking during the unveiling of the new deal, the General Manager of Shell Energy Nigeria, Markus Hector said, “In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources”.
Shell Energy Nigeria’s gas solutions are designed to partner with other sources of energy – including renewables – to provide competitively priced and flexible energy, while helping the country to transition to a lower carbon energy system.
The new business would draw on the capabilities and experience of Shell Energy, a leading global provider of reliable, integrated and innovative energy solutions from a portfolio of natural gas, power and environmental products.
It offers a comprehensive selection of energy solutions available from a single supplier and made possible by one of the industry’s largest trading operations.
In his remarks, Country Chair of Shell Companies in Nigeria (SCiN), Osagie Okunbor, said, “Shell Energy Nigeria demonstrates our ongoing commitment to powering progress by providing more and cleaner energy solutions in the country.
“It brings to Nigeria Shell’s decades of marketing and trading experience, a wealth of market knowledge and its ability to integrate energy solutions to support economic development in Nigeria”, he added.
The Tide gathered that Shell Nigeria Gas would continue its current operations as part of Shell Energy Nigeria.
Director-General of the Nigeria’s Debt Management Office (DMO), Patience Oniha, said: “We can’t talk about debt alone; we must also talk about revenues. When you borrow and invest these monies wisely, it will enhance growth and development. That is why we have issued promissory notes of over N1.5 trillion approved by the National Assembly.”
Reiterating the assertion of Chairman of the Debt Management Roundtable (DMR), Taiwo Oyedele, who hinted that Nigeria’s unsustainable debt burden is fuelled by weak revenue generation.
Oyedele, who was a panellist during a session on ‘Sustainable Approaches to Public Debt Financing’ at the just-concluded Nigerian Economic Summit (NES 27), observed that Nigeria’s debt profile had reached unsustainable levels, and is characterised by low revenue, high spending or a combination of both factors.
He said: “The revenue of the government and the 36 states is not up to the budget of New York, which is a single state in the United States of America. As such, we have to harmonize multiplicity of taxes and collection agencies to ensure that revenue collection mechanisms are boosted.”
While admitting that Nigeria’s debt service to revenue is on the high side, she harped on the urgency of revenue diversification to hedge against the country’s growing debt burden.
At the session, where the DMR’s report on West Africa’s debt profile was launched, DMR Director of Research, Dr. Segun Omisakin, also attributed Nigeria’s growing debt burden to high overhead cost and over-reliance on oil and gas commodities.
He advised government to build a digital economy driven by innovation in key sectors of the economy such as telecommunications, transport and agriculture, adding that economic diversification and a refocus on the non-oil sector were the surest pathways to inclusive growth.
Apple’s software boss Craig Federighi took the stage at the Web Summit in Lisbon to voice the iPhone maker’s objections to EU draft guidelines that could allow customers to install software from outside its App Store.
Apple contends that such a move would make phones the target of malware or hijacking by cybercriminals and the company is sending top executives to Europe to garner public support and show its resolve in stopping the proposal becoming law.
The Digital Markets Act under consideration in Brussels would force phone makers to allow third-party software to be installed on their devices from outside official app stores.
Big Tech critics say Apple and others use their control over software to entrench their dominant positions, while Apple argues its policies are a matter of keeping users safe.
Apple calls such unofficial app installations “side-loading”. Such a function is already available on Android phones that make up a majority of devices around the world. Apple warned of malicious apps infecting shopper gadgets and made doomsday predictions.
“Sideloading is a cybercriminal’s best friend,” Federighi pressed the case on stage, addressing thousands of attendees at Europe’s largest technology conference.
One compromised device could overflow into entire networks, and malware could jeopardize government systems, enterprise networks and public utilities, he said.
The draft rules need a green light from EU lawmakers and EU countries before they become law, likely in 2023.
Apple charges commissions of up to 30% for purchases made within the App Store and loosening its grip on it might allow developers to avoid paying those commissions.
The National Drug Law Enforcement Agency (NDLEA) has solicited the cooperation of Nigerians in its fight against the menace of drug abuse.
Brig.-Gen. Mohammed Buba-Marwa (Retired), NDLEA Chairman, made the call on Wednesday in Abuja at the 20th anniversary of the establishment of Centre for Ethical Rebirth Among Nigerian Youths (CERANY), an NGO.
The News Agency of Nigeria (NAN) reports that the anniversary also coincided with the flag-off of a nationwide campaign against drug abuse and insecurity by Maj.-Gen Ibrahim Haruna (retired), Grand Patron, CERANY.
Buba-Marwa, represented by NDLEA’s Director, Prosecution and Legal Services, Mr Joseph Sunday, said the agency alone could not fight against drug abuse without the cooperation of the public.
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