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Spotlight Stories

Apple to start producing cars by 2024

Apple is targeting 2024 to produce its first self-driving cars that will also come with ‘next level’ battery technology.

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U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Apple Inc is advancing its operations to develop a self-driving passenger car by 2024, which would include innovations in car battery technology also.

This was disclosed in an exclusive report by Reuters on Tuesday morning after speaking with apple staff working on the project.

READ: Uber sells self-driving unit UberATG to Aurora in $4 billion worth deal

Apple’s self-driving car project is called ” Project Titan” and has experienced a couple of gains and losses since it launched in 2014. Apple sacked 190 staff working on the project in 2019, even though it designed its own car from scratch.

Insiders revealed that Apple now has plans to build a customer-friendly passenger car to compete directly with Tesla.

READ: Apple drops 4%, iPhone sales slump

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” a person who worked on Project Titan said.

The sources disclosed that Apple may soon announce a manufacturing partner for the project and there might be plans to reduce efforts to self-driving software with a traditional carmaker.

The car battery is said to be of the innovative “monocell” that comprises of multiple cell batteries and saves space in the battery pack by removing the need for pouches and modules that hold battery materials.

READ: Apple drops 2%, iphone 12 not exciting

What you should know 

The International Energy Agency revealed that sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year. Only about 17,000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million,

READ: Sanwo-Olu launches Nigeria’s first electric car, to complete Lagos-Badagry expressway

bitcoin train

Nairametrics reported this week that electric vehicle maker, Tesla Inc’s market cap rose to over $650 billion at the close of its trading session as Tesla will become on Monday, the most valuable company to ever be added to Wall Street’s main benchmark index.

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READ: Tesla up 500% in 2020, near $500 billion market value

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Coronavirus

Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines

Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.

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Katsina Abduction, Recession: Economy should be redirected from wasteful-consumption to productivity — Peter Obi

Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.

The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.

Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.

They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.

Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.

Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.

Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.

In case you missed it

  • Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
  • About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.

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Spotlight Stories

Bears claw on Nigerian stocks, Sterling Bank, Nestle tumble

The Nigerian stock market breadth closed negative as 26 stocks posted 28 declines while 17 stocks appreciated.

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Nigerian stocks ended Tuesday’s trading session negative. Consequently, the NSE All-Share Index fell 0.59% to settle at 39,697.62 points, hence, the YTD performance retracted to 1.17%.

  • A total of 222.5million shares, worth N5,390 billion were traded in 4,470 deals. Transactions in the shares of Zenith Bank topped the activity chart with 48.10 million shares valued at N1.23 billion.
  • Across coverage sectors, the performance was mostly negative as all tracked indices closed negative for the day save for the NSE insurance which gained +0.21%.
  • The NSE consumer goods, oil & gas, industrial, and banking indexes fell by 3.86%, 0.88%, 0.41%, and 0.12%, respectively.
  • The Nigerian stock market breadth closed negative as 26 stocks posted 28 declines while 17 stocks appreciated.

Top gainers

  1. ACADEMY up 9.76% to close at N0.45
  2. PZ up 9.38% to close at N5.25
  3. BETAGLAS up 8.00% to close at N54
  4. ROYALEX up 8.00% to close at N0.27
  5. REGALINS up 7.69% to close at N0.28

Top losers

  1. MBENEFIT down 10.00% to close at N0.36
  2. ARDOVA down 9.97% to close at N16.25
  3. CHAMPION down 9.69% to close at N2.05
  4. INITSPLC down 9.62% to close at N0.47
  5. STERLNBANK down 8.75% to close at N1.46

Outlook

Nigerian bourse suffered significant losses as investors sold ARDOVA (-9.97%), STERLNBANK (-8.75%), WAPCO (-7.08%), and NESTLE (-6.90%).

  • That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

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