Turkey invests €3.7bn in first indigenous car
Turkey has allocated €3.7 billion to its first domestically produced car, according to Science, Industry and Technology Minister, Faruk Özlü.
"The basic parameters of the project were shaped. We will invest 3.2 billion euros. There will be a facility that has the capacity to produce 200,000 cars. There were five models of cars. As we thought since the beginning, the car will be electric," said Özlü.
"This project will directly provide 4,000 jobs and indirectly 20,000 jobs," he added.
The partnership contract to create Turkey's first domestically produced car was signed on May 31.
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European Commission injects €100 billion into new R&D programme
The European Commission has allocated €100 billion to its new Horizon Europe programme to fund research and development.
The objective of the programme is to keep the EU at the forefront of global research and innovation.
A detailed review conducted by numerous officials revealed that close to two-thirds of Europe’s economic growth over the last decades has been propelled by innovation.
The funding from Horizon Europe is expected to cover healthcare along with medical equipment, nuclear safety, security and radiation protection.
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Subsea 7 signs engineering contract with Shell
Subsea 7 has signed an agreement with Shell to manufacture pipeline bundles, flow lines and control systems for its Penguins field that is located 150 miles northeast of Shetland.
The oil and gas giant will also supply a 5.5-mile-long gas export pipeline, a flexible riser system, a dynamic umbilical riser system and associated subsea tie-ins.
“Following the successful conclusion of a competitive design competition, we are pleased to have the opportunity to bring our extensive expertise to a project of this importance,” said Jonathan Tame, Subsea 7’s vice-president, UK and Canada.
“In doing so it demonstrates Shell’s confidence in our value-adding solutions, and continues a successful North Sea collaboration that has been in place since 1984.”
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HSBC adds $17 bn in technology
HSBC Holdings PLC has revealed it will invest close to $17 billion in technology and growth.
"It is now time for HSBC to get back into growth mode," said Group Chief Executive John Flint.
HSBC has confirmed its plans to turn around its U.S. business, and advance its capital efficiency while increasing its market share.
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