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Business News

Toyota suspends operations in China over Coronavirus outbreak 

Toyota, the world’s second-largest automaker, has announced that its auto plants located in China would remain shut due to coronavirus outbreak.

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JUST IN: Toyota Nigeria and Globe Motors sever partnership after 25 years, Toyota, Honda recall over six million vehicles as airbags endanger lives, Toyota suspends operations in China over Coronavirus outbreak 

Toyota, the world’s second-largest automaker, has announced that its auto plants located in China would remain shut due to the coronavirus outbreak.

The company reportedly went on break during the new year holidays with the aim of resuming early February. However, it decided to continue the suspension of operations, which would go on till February 17, the new date it plans to resume.

Coronavirus projected to affect crude oil demand negatively ,Worry, as Coronavirus threat pushes oil price below budget benchmark,Worry, as Coronavirus threat pushes oil price below budget benchmark

Coronavirus

Why this matters: This closure by Toyota affects a total of 12 plants it has in China, some with joint venture partners, GAC Motor and FAW Group. They include four car manufacturing plants and eight plants that manufacture components.

The closure may affect Toyota’s sales as China is to be the world’s biggest auto market. This was confirmed by Toyota, which sold about 1.4 million vehicles in China last year. The sale represented an increase of more than 6% from the previous year.

Meanwhile, apart from Toyota, other automakers like Honda and Hyundai Motors are also yet to resume operations since late January because of the virus.

[READ MORE: Worry, as Coronavirus threat pushes oil price below budget benchmark)

While Honda Motor plans to resume production at its plants in China from the week starting February 17, Hyundai Motor intends to resume operations at its Chinese factories on the same day with Toyota, February 17.

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Automakers remain concerned whether they can return to full production in China after reopening as authorities in China try to halt the spread of the virus.

Toyota suspends operations in China over Coronavirus outbreak 

What you should know: Many businesses across the world have been shut down, and countries are preventing goods and people into their territories from China, as the deadly virus, which started from Wuhan, is spreading across the world.

According to China’s National Health Commission, the death toll in the country related to the coronavirus outbreak has risen to 910 while the number of people infected increased to 40,614.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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