Hyundai will soon begin construction of an electric vehicle and battery plant in the state of Georgia, aiming to be the third-largest provider of electric vehicles in the US by 2026.
South Korean automaker Hyundai will build a $5.5 billion electric vehicle and battery plant in the southern US state of Georgia, its governor has announced, as President Joe Biden pursues his trip to Seoul.
Brian Kemp made the announcement on Friday alongside Hyundai Motor Company president Jay Chang at the future factory site near Savannah, hailing the more than 8,000 jobs the venture is expected to create.
“We are proud to welcome Hyundai Motor Group to Georgia as we forge an innovative future together,” Kemp said, according to a statement released by his office.
He called the plant “the largest economic development project in our state’s history.”
Hyundai suppliers are expected to invest an additional $1 billion in the factory, which will have an annual capacity of 300,000 units, according to the statement.
The automaker said it plans to begin construction in January 2023 and to complete the plant in the first half of 2025. It did not yet give any details on which of its electric models will be produced at the Georgia location.
Hyundai has projected that 27 percent of its global fleet will be electric within seven years.
By building battery production into the new factory, Hyundai “aims to establish a stable supply chain for EV battery and other EV components in the US market,” the statement said.
Biden arrived on Friday in South Korea, on a trip aimed at cementing economic ties with Seoul. He is due to meet with Chang on Sunday, according to the White House.
The Hyundai plant will be the second electric vehicle factory in Georgia: electric truck maker Rivian announced in December that it will invest $5 billion to build its second US assembly plant there.
Hyundai aims to be the third-largest provider of electric vehicles in the United States by 2026, but it faces stiff competition.
The sector is currently dominated by Tesla, but traditional automakers General Motors and Ford plan to invest tens of billions of dollars to increase their electric offerings in the coming years, and many start-ups are also trying to break into the industry.
STO signs agreement to purchase MSS Graphene
State Trading Organisation (STO) has signed the agreement for the purchase of MSS Graphene. This is the third vessel to be purchased by Maldives State Shipping (MSS).
Managing Director of STO Hussain Amr and the Managing Director of German-based company Kandlar, Jonas Keller, signed the agreement at a special ceremony held at the STO head office. Managing Director Amr said MSS Graphene is the latest addition to the MSS fleet and that it will facilitate direct cargo service between the Maldives, Singapore, and Malaysia. He said that the purchase of the new ship is a huge step towards expanding the services of MSS to the international sphere.
Furthermore, Amr noted the accomplishments MSS has been able to achieve within a short period of time and said that this was the first ever negotiations held to purchase a container ship for the Maldives. He added that work is now being done to obtain containers stamped with the MSS logo.
Additionally, Managing Director of MSS Abdulla Saeed said that MSS Graphene is similar in size to MSS Galena, with an on-board cargo capacity of 680TEU, and that the new ship will begin operations in August. He highlighted that the crew of all the ships in the MSS fleet are mostly made up of Maldivians and that the company is providing more training and employment opportunities for Maldivians interested in the shipping industry.
MSS is a shipping and logistics company owned by STO, offering an extensive international liner shipping service. MSS began its services in 2020 to reduce the price of goods imported into the country.
Bulgarian ‘Crypto Queen’ added to US most-wanted list
Ruja Ignatova was behind one of the most notorious scams in the frequently treacherous world of crypto currencies.
A Bulgarian woman dubbed the “Crypto Queen” after she raised billions of dollars in a fraudulent virtual currency scheme has been placed on the FBI’s 10 most wanted list.
The Federal Bureau of Investigation on Thursday put up a $100,000 reward for Ruja Ignatova, who disappeared in Greece in October 2017 around the time US authorities filed a sealed indictment and warrant for her arrest.
The 42-year-old, who is also a German citizen, was behind one of the most notorious scams in the frequently treacherous world of crypto currencies.
In 2014, she launched OneCoin, ostensibly aiming to replace Bitcoin as the world’s leading virtual money.
Tapping a global network to market the coin to friends and family in exchange for their own payouts, she and co-conspirators pulled in at least $3.4 billion and possibly over $4 billion, according to court documents.
Ruja Ignatova is the newest addition to the #FBI's Ten Most Wanted Fugitives List. She's #wanted for allegedly leading a fraud scheme that affected millions of investors worldwide. We're offering a reward of up to $100,000 for info leading to her arrest. https://t.co/5mk0NccE7x pic.twitter.com/xKoj0RN6BZ
— FBI (@FBI) June 30, 2022
Classic Ponzi scheme
Officials said that OneCoin was not backed by any secured, independent blockchain-type technology as other crypto currencies are.
Instead, they said, it was a classic Ponzi scheme, in which early investors are encouraged to find others and then paid out by receipts from later investors.
“OneCoin claimed to have a private blockchain,” said FBI Special Agent Ronald Shimko in a statement.
“This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin,” he said.
Rewards for information
Ignatova disappeared in 2017 as international investigators began to close in on her group.
“Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities,” the FBI said Thursday.
“She travelled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since.”
On May 11, Europol announced it had added Ignatova to its most-wanted list, and offered a 5,000 euro ($5,200) reward for information on her whereabouts.
But on Thursday she was no longer on the list. It was not clear why or when she came off it, and authorities in Europe and the United States have not shown evidence of whether she is alive or dead.
Samsung starts mass production of advanced 3-nanometre chips
The new chips will be more powerful and efficient and will be used in high-performance computing applications before being put into gadgets such as mobile phones.
Samsung Electronics has become the first chipmaker in the world to mass-produce advanced 3-nanometre microchips as it seeks to catch up with Taiwan’s TSMC.
“Compared to 5nm process, the first-generation 3nm process can reduce power consumption by up to 45 percent, improve performance by 23 percent and reduce area by 16 percent,” Samsung said in a statement on Thursday.
The South Korean conglomerate last month announced a five-year plan to invest 450 trillion won (US$356 billion), saying it would “bring forward the mass production of chips based on the 3-nanometre process”.
The vast majority of the world’s most advanced microchips are made by just two companies – Samsung and Taiwan’s TSMC – both of which are running at full capacity to alleviate a global shortage.
Smaller, more powerful
The new chips will be smaller, more powerful and efficient, and will be used in high-performance computing applications before being put into gadgets such as mobile phones.
Samsung is the market leader in memory chips but it has been scrambling to catch up with TSMC in the advanced foundry business.
TSMC dominates more than half of the global foundry market, with clients including Apple and Qualcomm, while Samsung trails with around 16 percent market share, according to TrendForce.
TSMC plans to begin volume production of 3-nanometre technology in the second half of this year, and entered the development stage of 2-nanometre technology last year, according to the company’s 2021 annual report.
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