Business

Beijing ‘firmly opposes’ US ban on smart cars with Chinese tech

Published

3 months ago

January 15, 2025

BYD electric cars wait to be loaded onto a ship in Suzhou, China. Washington has finalised a rule effectively barring Chinese technology from cars in the US market. Photo: - / AFP/File Source: AFP

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Beijing on Wednesday said it “firmly opposes” a US move to effectively bar Chinese technology from smart cars in the American market, saying alleged risks to national security were “without any factual basis”.

“Such actions disrupt economic and commercial cooperation between enterprises… and represent typical protectionism and economic coercion,” foreign ministry spokesman Guo Jiakun said, adding: “China firmly opposes this.”

Tuesday’s announcement in the United States, which also pertains to Russian technology, came as outgoing President Joe Biden wrapped up efforts to step up curbs on China, and after a months-long regulatory process.

The rule follows an announcement this month that Washington is mulling new restrictions to address risks posed by drones with tech from adversaries such as China and Russia.

US Commerce Secretary Gina Raimondo said that modern vehicles contain cameras, microphones, GPS tracking and other technologies connected to the internet.

“Cars today aren’t just steel on wheels — they’re computers,” she said.

“This is a targeted approach to ensure we keep PRC and Russian-manufactured technologies off American roads,” she added, referring to the People’s Republic of China.

But Guo slammed the move, telling journalists in Beijing that China would “take necessary measures” to safeguard its legitimate rights and interests.

“What I want to say is that the US, citing so-called national security, has restricted the use of Chinese connected vehicle software, hardware, and entire vehicles in the United States without any factual basis,” he told a regular press conference.

“China urges the US to stop the erroneous practice of overgeneralising national security and to stop its unreasonable suppression of Chinese companies.”

‘Trying to dominate’

The final US rule currently applies just to passenger vehicles under 10,001 pounds (about 4.5 tonnes), the Commerce Department said.

It plans, however, to issue separate rulemaking aimed at tech in commercial vehicles like trucks and buses “in the near future”.

For now, Chinese electric vehicle manufacturer BYD, for example, has a facility in California producing buses and other vehicles.

National Economic Advisor Lael Brainard added that “China is trying to dominate the future of the auto industry”.

But she said connected vehicles containing software and hardware systems linked to foreign rivals could result in misuse of sensitive data or interference.

Under the latest rule, even if a passenger car were US-made, manufacturers with “a sufficient nexus” to China or Russia would not be allowed to sell such new vehicles incorporating hardware and software for external connectivity and autonomous driving.

This prohibition on sales takes effect for model year 2027, and also bans the import of the hardware and software if they are linked to Beijing or Moscow.

Business

Dangote refinery, NNPC: More fuel stations increase pump price in Nigeria

Published

1 day ago

April 4, 2025

Ekwutos Blog

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The price of Premium Motor Spirit, popularly known as fuel, has recorded a significant increase in the past days, which may worsen the economic hardship Nigerians face.

MRS, a filling station partner of Dangote Refinery, kicked off the latest fuel price increase when it adjusted its petrol pump to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.

Similarly, other fuel marketers such as Empire Energy, Recoil, Juda Oil, Total, Emedab, and others also increased their fuel pump to between N950 and N970 per litre.

On Wednesday, the Nigerian National Petroleum Company Limited retail outlets also jacked up their fuel price to N950 per litre from N880 in Abuja.

Summarily, Ekwutosblog observed motorists will have to pay N70 more to buy a litre of petrol in the coming days.

The development comes amid the suspension of petrol product sales in Naira by Dangote Refinery. This follows the initiation of the naira-for-crude sale deal between Dangote Refinery and the federal government through NNPCL.

On Wednesday, President Bola Ahmed Tinubu announced a reshuffling of NNPCL.

Meanwhile, local oil prices are increasing in Nigeria, despite the decline in global crude prices. As of the time of this report, United States West Texas Intermediate was at $62.15 per barrel, down from above $65, while Brent crude stood at $65.42 per barrel, down from $72 last week.

Business

Global Billionaires’ Net Worth Plummets by $65 Billion Amid Market Downturn

Published

2 days ago

April 4, 2025

Ekwutos Blog

Elon musk, Jeff Bezos, Larry Elison

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In a significant setback, the world’s wealthiest individuals collectively lost over $65 billion in net worth today, as key market sectors experienced a sharp downturn.

This decline affected prominent figures in technology, finance, and other industries, sending shockwaves through financial markets.

Ekwutosblog reports that the downturn occurs amidst cautious optimism that new US policies may not be as severe as initially feared.

However, the immediate impact has already been felt, leading to a decline in the net worth of billionaires such as Elon Musk, Warren Buffett, and Jeff Bezos, amongst others who have significant stakes in tech, finance, and other industries.

The global billionaire population has been growing, with over 2,850 individuals representing almost $15 trillion in wealth.

Despite this growth, the market downturn serves as a reminder of the volatility and risks associated with wealth concentration.

Business

Sterling Bank Makes History: Scraps Transfer Fees for Local Online Transactions, Earns Praise from Lawmakers, Including Mohammed Bello El-Rufai, and the Public

Published

2 days ago

April 3, 2025

Ekwutos Blog

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Sterling Bank has taken a groundbreaking step to ease the financial burden on Nigerians by eliminating transfer fees and other charges for local online transactions.

This move is a significant stride towards financial inclusion and customer-centric banking, particularly during a time when economic pressures are high.

Ekwutosblog gathered that this initiative has been commended by Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, who praised Sterling Bank’s commitment to creating a more accessible and equitable banking system.

El-Rufai encouraged other financial institutions to follow Sterling Bank’s example, emphasizing that a competitive banking sector prioritizing Nigerians’ interests will strengthen the economy and rebuild public trust in financial services.

Sterling Bank’s decision to scrap transfer fees is expected to benefit individuals and small business owners who frequently make online transactions. The bank’s customers can now perform local transfers via the mobile app without incurring any charges. Obinna Ukachukwu, Growth Executive at Sterling Bank, stated that access to one’s own money shouldn’t come with a penalty, highlighting the bank’s values-driven approach to customer-centric banking.

This move has sparked widespread public approval, with many calling on other banks to adopt similar policies.

As policymakers, El-Rufai reiterated their commitment to fostering a regulatory environment that encourages pro-customer initiatives while ensuring sustainability within the banking sector.