APRILASIA BUSINESS OUTLOOK8The Karachi Gateway Terminal (KGTL), which is located at berths 6­9 at the Port of Karachi, will receive $220 million in new concession and growth capital investment during the first ten years from the joint venture between AD Ports Group and Kaheel Terminals, according to a company spokesman.Over the course of the ten years, the joint entity will invest mostly in infrastructure and superstructure, with 2026 being the year of greatest investment. Leading port operator in the United Arab Emirates, Abu Dhabi Ports (AD Ports), and the Karachi Port Trust (KPT) inked a 50-year concession deal in June of last year for the management of the KGTL.As per the proposal, the port will be capable of handling Post Panamax class boats of up to 8,500 twenty-foot equivalent units (TEUs), increasing yearly container capacity from 750,000 to 1 million TEUs. Annually, the terminal generates roughly $55 million in revenue and approximately $30 million in earnings before interest, taxes, depreciation, and amortization (EBITDA)."The AD Ports Group is ready to invest $220 million in the container terminal over the next decade. With an additional $175 million earmarked for the multi-purpose terminal, the investment reflects GTL's confidence in Karachi's potential as a key gateway for global trade," Raheel Monis, manager of marketing and commercial at KGTL, added."The strategic alliance between the Ports Group and KPT is poised to open up new opportunities for economic development and trade expansion not only for Karachi but for the entire region." NEWSROOMUAE'S AD PORTS TO FUND USD 220 MILLION IN KARACHI GATEWAY TERMINALAccording to Elon Musk, the CEO of Tesla, on Monday, it was announced that the company will begin making 10 percent cuts in its global workforce, which is associated with the increasing competition among EV manufacturers, especially as Chinese brands are gaining more prominence in this area. Musk mentioned that these layoffs would be part of the streamline process by which they would strive to improve operations and productivity, and the company would feel the need to reorganize itself periodically to facilitate future growth stages. With a plunge of 6 percent in the share price of the company in the U.S. market on Monday, a large cap which had around 140,000 employees at the end of the previous year, has to find an adjustment of its workforce to the changing market dynamics.While the details about the potential job cuts are yet to be confirmed, it is possible that the loss of jobs may span across Tesla Shanghai plant, its plants in the US and Germany. Merely, in the event that the battery technology development supervisors have resigned, that is a significant factor. While Tesla's sales outperform other EV brands in key worldwide markets, it's facing a barrage of competition from the more affordable alternatives, particularly from China where EV sales make up more than half of the global sales. The strategic workforce change represents Tesla's readiness to adapt to the market shifts and create a competitive advantage in an evolving electric vehicle ecosystem. ADAPTING TO EV RIVALS: TESLA IMPLEMENTS 10 PERCENT WORKFORCE REDUCTION
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