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The profits of China’s major industrial companies dropped by 19.3 per cent year on year between January and May this year due to the impact of the COVID-19 pandemic, the National Bureau of Statistics (NBS) said.
According to the NBS, industrial profits stood at 1.84 trillion yuan ($260 billion) for the first five months of the year, reports Efe news. The figure is less than the projections offered by analysts, who had predicted a 22 per cent fall in profits during this period.
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The indicator is based on the results of industrial firms with annual revenues above 20 million yuan. Of the 41 industrial sectors surveyed by the NBS, 30 registered a drop in profits between January and May, one managed to retain the same profit while 10 witnessed their earnings rise.
Similarly, the profits of state companies fell by 39.3 per cent during the period, while the losses for private companies were smaller, with an 11 per cent drop. The worst-hit sectors include oil, coal, and other fuels (-167.4 per cent), professional mining and auxiliary activities (-156.8 per cent), automobile (-33.5 per cent) and textile (-10.3 per cent).
On the other end of the spectrum, profits rose for companies producing electronic equipment (34.7 per cent), tobacco (28.1 per cent), and the agricultural and food processing industry (19 per cent).
NBS statistician Zhu Hong said the efficiency of major industrial firms continued to rise as the “restoration of work and production processes,” after a sudden halt in activities due to Covid-19 outbreak in the first few months of the year.
Although the expert admitted that the general scenario still amounted to a major decline with the 19.3 per cent fall in profits within the first five months of the year. He said that the recovery in profits mainly registered in May was due to factors such as eased pressure on costs, prices, changes of industrial products, and the profit improvement in key industries such as petroleum processing, electricity, and steel.
Industrial profit is the latest in a series of economic indicators – such as international trade and manufacturing – that have demonstrated a major impact of the coronavirus pandemic on the Chinese economy. (IANS)
According to the stats, car insurance costs are skyrocketing. It’s increasingly becoming expensive to purchase car insurance covers. That’s why most car owners are struggling to fund their car insurance covers. However, you can get cheaper auto insurance covers. So, if you are shopping around for car insurance, let the following tips and tricks guide you get a cheaper cover.
State Your Mileage Accurately
Don’t assume that lower mileage translates to lower prices. This isn’t the case. In fact, things are different on the ground. Thus, don’t under or overestimate your mileage. Consider checking the clock. Then submit accurate figures.
Enhance Your Car’s Security
Make it hard for someone to steal your car. Doing so can lower the cost of car insurance. It’s also important to note that the majority of cars manufactured after 1997 come with engine immobilizer as well as alarm fitting. Plus, if you add a tracker, it will optimize your car’s security level. Consequently, it will lower the amount of money you pay for your car insurance coverage.
Black Box Tech
Invest in black based box tech. With a telematics (which is actually a black box) policy, you have a solution that will tailor insurance-based costs based on three things. They include:
- How much you drive
- How you drive your car
- When you drive your four-wheeler
This policy will help lower the cost of car insurance.
How Your Car is Used
The policy you choose should explicitly reflect how your car is used. For instance, if your car is used for shopping, there is no need to have a cover for commuting. Also, don’t think that a third party based fire cover is cheaper than its comprehensive counterpart. The opposite is true. In fact, they are more expensive. Thus, it’s important to take a cover that suites your explicit needs.
Change Your Insurer
When it comes to insurance, loyalty is not a popular option. In fact, experts advise policyholders to switch insurers if they feel that they are getting raw deals. Loyalty will make you pay more towards your car insurance policy. Compare car insurance quotes and policies. It will give you a better deal.
Another great way of slashing your car insurance cost is by comparing different car insurance quotes. Also, look at the finer details. Check to see if there are extras you actually don’t need. Shop around for the best policy in town.
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- Consider tweaking your voluntary excess
- Revisit that job title of yours to see if it affect the way you drive your car
- Change your driver
- Downsize your four-wheeler
- Be sure to obey traffic laws
- Consider building that no-claims bonus of yours
Car insurance premiums are dependent on a number of factors. From mileage to how you use your car, several factors can play a key role in influencing your premiums. So, if you don’t want to overpay when it comes to auto insurance covers, think about embracing the above tips and tricks.
[ Disclaimer: The article published above promotes links of commercial interests.]
Now here’s something that the boys are just going to love, Automobili Lamborghini and the LEGO Group have partnered to produce the LEGOe Technice Lamborghini Sien FKP 37. The set is a 3,696 piece, 1:8 scale model that embodies the unmistakable power and stunning looks of the hybrid Lamborghini super sports car, for speed lovers and LEGO fans.
Originally revealed at Frankfurt Auto Show 2019, the Lamborghini Sian’s futuristic features are authentically recreated in the LEGO Technic model, including a replica of the V12 engine; a moveable rear spoiler; front and rear suspension; and steering powered by a wheel complete with the Automobili Lamborghini badge.
The model boasts scissor doors, which open to reveal the intricately recreated cockpit, with a fully-functioning eight-speed sequential gearbox controlled by a movable paddle gearshift. The vivid lime-green colour and elegant golden rims of the LEGO Technic replica are available as colour and trim on the real Sian, with the model measuring over 5″ (13 cm) high, 23″ (60 cm) long and 9″ (25 cm) wide.
“The LEGO brick is an icon in the same way as a Lamborghini super sports car,” said Stefano Domenicali, Chairman and CEO of Automobili Lamborghini.
Adding, “They both embody the pursuit of design perfection through constant research and development, create different emotions with every interaction, and are valued by generations. Each Lamborghini super sports car can be unique thanks to our Ad Personam personalization program and the specific driving style of each owner, just as LEGO bricks provide builders of all ages with endless possibilities for creation. This outstanding replica of the Lamborghini Sian FKP 37 from the LEGO Group presents a brilliant new building experience for both super sports car fans and LEGO enthusiasts and Lamborghini is privileged to share this opportunity with the LEGO Group.”
Speaking about the visionary design, Niels. B. Christiansen, LEGO Group CEO, said: “This new model truly encapsulates the pursuit of excellence embedded in the DNA of both Automobili Lamborghini and the LEGO Group. Both the 1:8 model and the reveal itself are feats of engineering innovation, pulled off by incredibly talented teams from across our two businesses. The LEGO Technic Lamborghini Sian FKP 37 is a true testament that with LEGO Technic, you can build anything your heart desires. I can’t wait to build this authentic replica of this futuristic super sportscar for real.”
Model owners can open the front hood of their LEGO Technic Lamborghini Sian to find a Lamborghini overnight bag, together with a unique serial number that unlocks special content. Proud owners can also scan a QR code in the building instructions to access an exclusive series of videocasts by Automobili Lamborghini and LEGO experts, exploring the inspiration behind the design of the original car and the LEGO Technic model. The LEGO Technic Lamborghini Sian FKP 37 comes in a unique box inspired by the iconic lines, signature headlight silhouette and eye-catching colour of the original Sian.(IANS)
Electric Vehicle (EV) maker Tesla has announced that it has produced its one millionth electric car, thus becoming the first auto manufacturer to reach the milestone.
Tesla CEO Elon Musk made the announcement by sharing a picture of the car — a red Model Y — on Twitter.
He also congratulated the Tesla team on hitting the milestone. It’s a significant moment for an automaker that was only founded in 2003, The Verge reported on Tuesday.
Notably, no other automaker has achieved this kind of volume when it comes to producing long-range electric passenger cars.
The new milestone also points to the significant production achieved through the first quarter of 2020, according to the Electrek.
According to reports, this month, the EV maker is expected to start shipping its latest car, the Model Y, months ahead of its original “fall 2020” estimate.
Meanwhile, Tesla’s Cybertruck is due to go into production in late 2021. (IANS)