Economy

China rolls out incentives for IC, software industries

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China has rolled out a set of policies to support the high-quality development of the Integrated Circuit (IC) and software industries.


The measures include: tax incentives for companies in the IC and software industries, financial support from government-invested funds and improved intellectual property rights protection for the firms.

It also include policies to promote related research, trade, education, market application and international collaboration, according to a statement released by the State Council.

IC and software companies of all ownership types that were set up in China can enjoy the policy incentives, the country would improve its business environment for international companies in the fields to invest and develop.

Relevant government departments and local governments are required to formulate matching policies as soon as possible to push the high-quality development of the industries.

Edited By: Remi Koleoso/Ekemini Ladejobi (NAN)

https://nnn.ng/china-rolls-out-incentives-for-ic-software-industries/

Foreign

S/Africa seeks continent’s permanent representation at UN Security Council – Ramaphosa

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South Africa advocates for the continent to have permanent representation on the UN Security Council, President Cyril Ramaphosa said on Monday.


Ramaphosa said this ahead of his address for the high-level week of the 75th session of the UN General Assembly.

The 75th session of the General Assembly opened on Sept. 15. The high-level week will run from Monday until Sept. 29.

“We … need to strengthen bodies like the UN, ensure they are properly resourced and that they are representative.

“We must use this 75th anniversary to push ahead with the reform of the UN and particularly its Security Council, which does not give equal voice to the different regions of the world.

As South Africa, we will use our virtual presence in New York to continue to advocate for Africa – a continent of more than a billion people – to have permanent representation on the UN Security Council,” the statement read.

Earlier this year, a similar idea was voiced by Cairo.

In particular, the Egyptian Foreign Ministry proposed that two permanent seats be allocated to the African continent in the UN Security Council with full powers, including veto, following its reformation.

So far, there are five permanent members at the UN Security Council that have the right to veto — China, Russia, the United States, France and the UK.

The other 10 members of the UN body are non-permanent and elected for two-year terms by the General Assembly.

South Africa was elected as a non-permanent member for 2019 to 2020.

Edited By: Fatima Sule/Sadiya Hamza
Source: NAN

 

 

 

https://nnn.ng/s-africa-seeks-continents-permanent-representation-at-un-security-council-ramaphosa/
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Foreign

Russia conducts its largest 2020 military exercise in Caucasus

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Russia began its largest military exercise of this year on Monday in the southern part of the country’s Caucasus region, with about 80,000 troops to participate.


Forces from Russian allies Belarus, China, Armenia, Myanmar and Pakistan are taking part to strengthen coordination in joint military efforts, Russia’s Defence Ministry said in a statement.

The Caucasus-2020 exercise is to take place for five days at military bases in southern Russia and in the Black and Caspian seas, the statement said.

Russian media reported that Iranian forces would participate in naval drills in the Caspian Sea.

The exercise is to focus on combating cruise missiles and unmanned aerial vehicles, as well as electronic warfare activities, the Russian Defence Ministry said.

Edited By: Fatima Sule/Maharazu Ahmed
Source: NAN

 

https://nnn.ng/russia-conducts-its-largest-2020-military-exercise-in-caucasus/
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Economy

BHP in talks with three firms for LNG bunker supply contract – Executive

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BHP Group is in talks with three companies for the supply of liquefied natural gas (LNG) to fuel five ships it plans to use to transport iron ore between Western Australia and China, a senior company executive told Reuters.


A contract is expected to be awarded next month after an initial eight to 10 firms vied for delivery of the super-chilled fuel to the miner over 2022 to 2027, Rashpal Bhatti, BHP’s Vice-President for maritime and supply chain excellence told Reuters.

BHP earlier this month awarded a tender to charter five LNG-fuelled Newcastlemax bulk carriers to Singapore-based Eastern Pacific Shipping, aiming to cut greenhouse gas emissions on voyages to biggest customer China by more than 30 per cent.

The five vessels will be able to carry about 10 million tonnes per year (tpy) of iron ore or about 3.6 per cent of BHP’s 280 million tpy in exports.

BHP will assess the vessels once they are on the water before deciding whether to expand its LNG-fuelled fleet, Bhatti said.

Currently, less than 400 out more than 80,000 registered ships run on LNG as fuel source, according to Mohd Rafe Mohamed Ramli, head of global LNG bunkering at Petronas Marine.

“Our five vessels will make up 10 per cent of all Asian (LNG) bunkering volumes.

“That equates to 1.5 per cent of all global LNG bunkering requirements,’’ BHP’s Bhatti said.

Miners are under pressure to reduce pollution to meet concerns about the environment, while investors increasingly demand that companies offer a compelling sustainability strategy.

Spot LNG prices LNG-AS have fallen sharply over the past two years due to new supply from Australia and the United States

LNG is significantly less expensive than VLSFO (very low sulphur fuel oil),’’ Bhatti said.

“When it comes to cost, the build of the vessel is more expensive than a conventional vessel … but the gas supply is the one that really allows us to take a like for like view.’’

AIB

Edited By: Abdulfatah Babatunde
Source: NAN

https://nnn.ng/bhp-in-talks-with-three-firms-for-lng-bunker-supply-contract-executive/
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Economy

15th Abuja Int’l trade fair to feature 500 exhibitors – ACCI

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The Abuja Chamber of Commerce and Industry (ACCI) says its 15th Abuja International Trade Fair will feature not more than 500 local and foreign exhibitors.


ACCI Media Officer Latifat Opoola who made the disclosure on Sunday said the fair would hold in October at the Abuja Trade and Convention with the theme “Trade and Commerce Beyond Borders”.

According to Opoola, this year’s event in compliance with the COVID-19 protocols will only showcase indoor and virtual exhibitions to make room for a controlled environment that will ensure social distancing.

She noted that an average attendance of 100,000 visitors from both Nigeria and 150 countries, including U.K., United States, UAE, India, Malasyia and China would participate both physically and virtually at the fair.

She said other countries like Saudi Arabia, Ghana, South Africa, among others,  were expected to participate.

She noted that over the years, the fair had been an amazing trade platform for international and domestic industry professionals, leading brands and MSMEs to transact, share market insights, cutting edge technology and expertise in an interactive environment.

“This year’s event will provide a platform for sharing of trade, investment and market opportunity as well as information. It will also help buyers, investors and traders to foster business relationships.

“Over 500 exhibitors from within and outside Nigeria in all sectors of the economy, including Agriculture, Manufacturing, Mining, Electricity, Oil and Gas, Tourism, Textile, Transport, Telecommunications, Financial and Service sectors are expected to participate.

“With a team of trade professionals, we are persistent in providing a conducive trading atmosphere for our exhibitors, which will lead to strategies and tactics needed to innovate, grow and promote businesses,” she said in a statement.

The opening ceremony is scheduled to take place on Oct. 22,  while the closing ceremony holds on Nov. 2.

(
Edited By: Chioma Ugboma/Peter Ejiofor)
Source: NAN

https://nnn.ng/15th-abuja-intl-trade-fair-to-feature-500-exhibitors-acci/
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