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Nigeria’s Investment Climate Holds Favourable Promise

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CHINT Electric Co, Limited is a subsidiary of CHINT Group Corporation, the reliable player in the LV and HV Electrical equipment, manufacturing and EPC services in power generation, transmission and distribution. CHINT Electric has supplied its products and EPC services in over 140 countries and regions, including more than 90 national power utilities, renewable energy users, oil and gas users, metallurgy users, railway users, among others.
CHINT Electric Co Limited offers power/auto transformers, distribution transformers, gas insulated switches (GIS), circuit breakers, disconnectors, insulators, earthing switches, surge arresters, voltage transformers, current transformers, to name a few. CHINT’s presence cuts across countries in North America, Asia-Pacific and Europe, including Italy, Spain, Germany, Poland, Russia, U.S.A, Ukraine, Japan, Australia, Indonesia, and a host of others.The launch of CHINT Electric in Nigeria heralds a new era of technological advancement as one of our goals is to empower the country through our innovative electrical solutions. Electricity as you know is an essential component of any nation’s development process. Its use and access largely correlate to economic growth; hence its impact on the livelihood of citizens cannot be overstated. It is on this premise that CHINT Electric is looking to empower Nigeria through the provision of world-class electrical solutions. We offer our customers with high quality products and professional services by integrating electrical resources. The company has been focusing on industrial electrical manufacturing for 33 years and is known for the durability of its products.

CHINT offers EPC customers with on-demand products and services through innovative integration, and over the years, we have increasingly grown to become a reliable partner for many major international EPC contractors in the field of New Energy, Power Transmission and Distribution, among others. These are what we have in stock for Nigerians and Nigerian market.

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With already well-established presence in other countries across Europe, North America and Asia-Pacific, why has CHINT chosen to enter the Nigerian market?
Nigeria is undoubtedly one of Africa’s largest economies and we are highly optimistic about the potentials the country holds. While CHINT Electric ranks as one of the leading global players in the energy sector, with presence in over 140 countries, we strongly believe Nigeria is a nation that holds bountiful potentials for economic prosperity, and technology is one of the greatest catalysts to achieve this. There can be no technological advancement without first-rate electrical solutions; hence the establishment of operations in Nigeria. Also, we are very proud that Nigeria is the first subsidiary company of CHINT Group in Central and Western Africa, and the first in the whole sub-Saharan Africa.As a leading player in the global energy sector, CHINT has already positioned itself as not only an innovative brand but one with the capacity to meet the demands of customers in any geographical region. With up to 13 manufacturing bases in China, Thailand, Egypt and Germany as well as 17 international subsidiaries, 32 logistics centers and 2,300 sales companies, we are capable of maintaining the leadership position our brand has grown to be known for over the years.With a population of over 200 million, Nigeria is a hotspot for economic activities and this makes it an attractive consumer market for traders and investors. While there have been some reforms enacted to help boost Nigeria’s position in the World Bank’s annual Ease of Doing Business rankings, the investment climate has experienced some setbacks with Foreign Direct Investment in recent years, and this can be largely attributed to the outbreak of the COVID-19 pandemic.

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However, with the President Muhammadu Buhari’s administration leaning towards prioritizing diversification of the economy beyond oil and gas, with goals of building a competitive manufacturing sector and capitalizing on the nation’s existing innovative opportunities, we believe the investment climate for Nigeria holds favorable promises.

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Adulteration remains a challenge eating deep into profit margins of established brands. How secured are your brands to protect it from adulterators?
At CHINT Electric, we pride ourselves in quality; hence our products have gone through a variety of extensive important tests by the appropriate organizations to ascertain and maintain the high standards we are globally known for. Consumer safety is incredibly important to us, and every product we currently manufacture is certified and meets the global standards.

Are there any future plans to collaborate with stakeholders in your industry?
Certainly. During our recent official opening ceremony, we called for collaboration with key stakeholders as we believe that with the right initiatives, support and collaboration with key players, the Nigerian energy sector would drive economic prosperity and sustainability.Yes, our products are certified with the Standards Organization of Nigeria and affordable. We have also received certification from other global standards organizations to ensure our products meet the best standards. Other certifications include KEMA, CESI, PCT(GOST) and TUV.

Do you have plans to set up a manufacturing plant in Nigeria in the nearest future?
Of course, yes. We have engaged in high-level discussions in the past few months with some notable stakeholders in the power industry to set up a meter factory in Nigeria. We are still open to collaborations with others who are interested and share the same view with us in developing Nigerian energy sector with our innovation and smart solutions

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Corporate Social Responsibility (CSR) is key to every organisation. Does CHINT Electric has plans to empower communities through CSR initiatives?
As a socially conscious organization, CHINT Electric is always seeking avenues and creditable platforms to uplift members of the communities we operate in. We are always inspired to promote corporate philanthropy and sustainability while seeking to encourage other entities as well as well-spirited individuals to join hands in improving our society. As part of our CSR initiatives, we announced a strategic collaboration between CHINT Electric and the University of Lagos to offer best performing students of the Electrical and Electronics department annual internship programme.

In addition to the robust and extensive training, which will be gained during the course of their internship, our student beneficiaries will also receive financial benefits. I believe this serves as a glowing testimony to CHINT Electric’s goal to not only empower Nigeria but provide credible platforms for young Nigerian talents to flourish and excel. We are committed to creating value for customers, seeking development for employees and taking responsibility for the society.We see CHINT as a brand of choice and household name in Nigeria electricity industry in a few years’ time. The more customers that identify with your brand, the more loyal they become to it and the more resistant they are to any attempt made by competitors to lure them away. We have always set our priorities and today, I can say that those priorities have helped us achieve various things. Those decisions have rewarded us with the opportunity to host captains of industry, technocrats, academicians and our valued customers.

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iPhone 15 Launch: Redefining Connectivity, Safety, Sustainability

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Apple aficionados, hold onto your seats because the iPhone 15 series has officially landed. The lineup includes the iPhone 15 and iPhone 15 Plus, starting at an enticing $799, and the iPhone 15 Pro and Pro Max, with prices starting at $999. Here are some key takeaways:

USB-C Charging: Apple is embracing the universally accepted USB-C standard, allowing you to charge your iPhone 15 with the same cable that powers your Mac, iPad, and even AirPods Pro 2nd Generation. This seamless compatibility simplifies your tech life.

Satellite Roadside Assistance: In an innovative move, Apple has introduced Emergency SOS via satellite. This service has been a lifesaver in emergencies, aiding first responders in accidents and natural disasters. Moreover, it’s expanded to 14 countries across three continents, ensuring your safety wherever you are.

Voice Isolation: The iPhone 15 employs advanced machine learning models that prioritize your voice. It also offers Voice Isolation, filtering out distracting background noise to ensure your voice comes through crystal clear.

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The Future of Connectivity: MagSafe and FineWoven Accessories
iPhone 15 Launch: Redefining Connectivity, Safety, SustainabilityiPhone 15 launch with eco-friendly accessories

Apple is not only redefining how we charge our devices but also how we accessorize them:

MagSafe: iPhone 15 features MagSafe, which uses magnets with 100% recycled rare earth elements. This ensures perfect alignment for MagSafe and Qi chargers, as well as other accessories like cases and wallets.

FineWoven Accessories: Apple introduces FineWoven cases that are soft, durable, and eco-friendly. These join the existing lineup of Silicone and clear cases, all meticulously designed to complement your iPhone 15 while reducing carbon emissions.

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A17 Pro Chipset: Power and Performance

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Under the hood, the iPhone 15 series packs a punch with the A17 Pro chipset. It delivers up to 10% faster performance with microarchitectural and design improvements. The Neural Engine is also turbocharged, making features like autocorrect and Personal Voice in iOS 17 even more efficient.

iPhone 15 Pro Max: Photography Redefined

Photography enthusiasts will rejoice as the iPhone 15 Pro Max boasts the longest optical zoom ever on an iPhone—5x at 120 mm. It features a groundbreaking tetraprism design, combining optical image stabilization and autofocus 3D sensor-shift technology. Night Mode photography, Smart HDR, and support for ACES—the Academy Colour Encoding System—make this iPhone a photography powerhouse.

As the curtain fell on Apple’s iPhone 15 launch event, it’s evident that the tech giant continues to push the boundaries of innovation. The iPhone 15 series redefines connectivity and safety, while the A17 Pro chipset and photography enhancements demonstrate Apple’s zeal for excellence.

With USB-C charging, satellite assistance, and a focus on sustainability, Apple is not just launching a new iPhone; it’s setting the stage for a tech future that’s more accessible, connected, and eco-conscious. The iPhone 15 series and its innovations are not just a glimpse into the future; they are the future, and it’s looking brighter than ever.

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Unveiling the Future of Automotive: The Metaverse Motor Show 2024

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NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) — Leading virtual worlds Decentraland, Vegas City, and innovative digital architecture studio, Voxel Architects, are partnering to create the biggest automotive event in the history of the Metaverse: The Metaverse Motor Show 2024 (MVMS 2024). This collaboration aims to connect automotive enthusiasts, world-renowned car brands, and the global metaverse community to demonstrate the future of personal transportation.

MVMS24, slated for launch in February 2024, promises to be the ultimate convergence of technology, art, and imagination. By combining the expertise of Decentraland, the largest decentralized Metaverse, Vegas City, the pinnacle of gaming districts, and Voxel Architects, the renowned Metaverse-native digital architecture studio, this event will mark a new era for the automotive industry.

Hosted on an 800-parcel Estate within Decentraland, the MVMS 2024 will introduce an innovative approach to fan engagement, brand promotion, and experiential automotive showcases. With an array of features that include car runway shows, real-life car displays, wearable collections, live conferences, and live racetrack races, this event is poised to revolutionize how car lovers and automotive brands interact.

Sam Hamilton, Creative Director Decentraland Foundation expressed excitement about the potential of MVMS 2024, stating, “MVMS 2024 is a manifestation of the limitless possibilities that arise from the synergy of technology, design, and community. Our team is thrilled to create a visionary venue that will not only redefine how car enthusiasts experience automotive events but also pioneer the fusion of virtual and physical realities.”

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The MVMS 2024 represents a transformative journey into the future of automotive innovation. The event will facilitate unprecedented interactions between brands and their digitally native audiences. Automotive enthusiasts worldwide will witness a week-long celebration that blends reality and imagination, as cars take center stage in a Metaverse built for engagement, inspiration, and collaboration.

Brands participating in the MVMS 2024 will have the unique opportunity to embrace the next-generation internet, explore innovative Web3 fan engagement strategies, and pioneer new monetization models using NFT technology and exclusive ticket-access experiences.

Vegas City and Voxel Architects will design an exceptional event venue that mirrors the innovative spirit of the MVMS 2024. The organic-shaped building, surrounded by a racetrack, will host a central stage connected to brand plazas and pavilions that showcase iconic automotive brands in captivating and interactive ways.

The MVMS 2024 is more than an event; it’s a leap into the uncharted territories of automotive experiences. This is the future of automotive innovation, and the world is invited to be a part of history. Vroom Vroom.

About Decentraland
Decentraland is the first decentralized Metaverse built, governed, and owned by its users and creators. With renowned brands like Coca-Cola, Sotheby’s, Vogue, and more, Decentraland offers unparalleled opportunities for brand engagement and community building.

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About Vegas City
Vegas City, the largest gaming district in Decentraland, offers prime real estate and exciting venues. As a pioneer in the virtual social platform space, Vegas City presents a dynamic and engaging experience for virtual world enthusiasts.

About Voxel Architects
Voxel Architects is a Metaverse-native digital architecture studio and a benchmark in the creation of immersive experiences. With a diverse portfolio of clients, Voxel Architects is at the forefront of designing transformative virtual spaces for leading brands.

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The Need for Taxing the Metaverse: Opportunities and Implications

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Harvard scholar and esteemed law professor from Yeshiva University, Christine Kim, has unveiled a compelling study. It makes a case for taxing the metaverse and viewing it as a cutting-edge policy testing ground.
Wealth Creation in Metaverse Realms

Participants have the unique opportunity to generate wealth entirely in a virtual ecosystem within the metaverse. This new frontier of wealth accumulation prompts the question: how should it be regulated?

Kim’s research suggests that economic actions in the metaverse align with the established Haig-Simons and Glenshaw Glass income definitions. She warns, “Excluding it might inadvertently establish a tax haven.“

One of the metaverse’s hallmark features is its ability to record digital actions, enabling real-time wealth tracking meticulously. This attribute, Kim proposes, revolutionizes how governments might approach tax law, especially in the U.S. Immediate taxation upon income receipt could redefine existing practices.

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Currently, metaverse enthusiasts in the U.S. face taxation only during specific taxable events, such as withdrawals. However, Kim advocates for a paradigm shift. She recommends immediate taxation on all gains, even those unrealized, retained within the metaverse’s confines.
Navigating Enforcement Challenges

With new tax norms come the challenges of enforcement. Kim outlines two probable enforcement strategies:

Platform-Led Withholding: Individual platforms would retain taxes on their users’ behalf.
Residence Taxation: A less favored method, this requires platforms to dispatch tax details to users, placing the onus on them to settle their tax dues.

Beyond mere taxation, Kim posits that the metaverse offers lawmakers, even those distant from Web3 and metaverse tech, a golden chance. She eloquently states, “The Metaverse serves as an innovative lab for experimentation,” alluding to its potential to mimic situations the tangible world may never witness.

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The rise of the metaverse presents not just challenges but immense opportunities. Lawmakers and policy enthusiasts can delve deep, harnessing its potential to reshape fiscal policies and, perhaps, redefine our understanding of wealth and taxation in the digital age.

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