Subsidy

The Nigerian government said Tuesday the decision to remove petroleum subsidy is a challenging one but necessary move needed to promote long-term energy security and economic prosperity in the country. President Bola Tinubu disclosed this at the opening ceremony of the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) held at the presidential banquet hall in Abuja on Tuesday. “Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the…

In a bid to attract more Global Capability Centres (GCCs), Tamil Nadu government in its Budget has said it will incentivise the creation of high paying jobs in new GCCs by providing a payroll subsidy. The move is being lauded by industry watchers and experts as one that could potentially bolster Tamil Nadu to narrow the gap with other GCC hubs like Bengaluru and Hyderabad."I see this to be a brilliant move to bring the spotlight back on Tamil Nadu which has the unique distinction of having deep technology and domain…

Just four months after France’s Prime Minister announced a new EV subsidy program to incentivize drivers to go all-electric, the government is putting a halt to the savings, at least for the rest of the year. On October 22, 2023 French Prime Minister Emmanuel Macron announced a new “social leasing” program for French residents with the goal of providing payments of €100 ($109) per month for low-income drivers with down payments  subsidized by the local government.  Automakers took Macron’s…

Reliance Jio aims to phase out 2G and 3G networks nationwide and it has urged the government to do the same. Akash Ambani led Reliance Jio has revolutionised the telecom sector in the country by launching a range of affordable devices and plans. Jio is often credited for the wide distribution of the 4G and 5G network in the country. Over the past few months, Akash Ambani and his father Mukesh Ambani have been pushing to free the 25 crore feature phone users who are still ‘trapped’ in the 2G era. The Ambani-owned Reliance…

According to a Wall Street Journal report, US President Joe Biden will soon announce subsidies top semiconductor companies like Samsung, Intel, TSMC (Taiwan Semiconductor Manufacturing Co) and others to make advanced chips in the US. The strategy is to keep the US and its allies as ahead of fierce rivals like China as is possible. The windfall is expected to be in the billions of dollars and it will be announced in coming weeks and this will be to help them build new factories in the U.S. The forthcoming announcements…

The Nigerian government will pay as much as N1.6 trillion to subsidise electricity in the year 2024. The Chairperson of the Nigerian Electricity Regulatory Commission, (NERC), Sanusi Garba, disclosed this while speaking at a press conference in Abuja on Wednesday. NERC also unveiled a new electricity tariff plan payable by electricity consumers in the country. The Multi-Year Tariff Order (MYTO) shows that the order takes effect from 1 January and shall cease to be effective on the issuance of a new tariff review…

Swedish lithium-ion battery maker Northvolt locked in European approval for a €902 million ($986 million) subsidy from the German government to build its gigafactory there. The European Commission gave the new factory the stamp of approval, adding that it will boost the bloc’s clean energy future and help curb its dependency on China, according to a statement. The EC also had said that without the German subsidy, Northvolt – a battery startup founded by two former Tesla executives – would have…

In 2022, the President of the United States, Joe Biden, signed the CHIPS and Science Act, to boost the manufacturing of semiconductors in the US. Under this act, the US government is supposed to offer $52.7 billion in grants to companies building foundries in the country. Looking at the lucrative incentive, Samsung started building a chip plant in Taylor, Texas, USA with an estimated cost of $17 billion. Unfortunately for the Korean tech giant, things aren’t going as it had planned. According to a new report from Korea…

Credit: Genesis The Federal Highway Administration announced today that it will seek feedback on how government rules should be updated to account for the new NACS/J3400 charging standard, potentially unlocking $7.5 billion in federal subsidies for the Tesla-developed charging connector. As part of the Bipartisan Infrastructure Law, the US government has allocated $7.5 billion in subsidies to expand EV charging access. $5 billion of that is through the NEVI program, which is intended…

SpaceX founder Elon Musk’s mother on Wednesday said she is “furious” at President Biden after the Federal Communications Commission (FCC) denied a $885.5 million subsidy for SpaceX satellite internet unit Starlink. “I am the mother of @elonmusk His goal is to make this world a better place. @POTUS wants to stop him. Have you any idea how furious I am?” Maye Musk wrote in a post on X, the platform formerly known as Twitter, which Musk purchased last year. “People in other countries are proud of Elon and…