BLOOMBERG Electric vehicle (EV) sales growth, while still brisk, has begun to slow in the US as inventory of battery-powered models piles up on dealer lots. Sales of plug-in models grew by nearly 50% in the first half of the year, according to data from researcher Motor Intelligence. That’s less than the 65% growth rate for all of 2022 and ...

BLOOMBERG Since Meta Platforms  launched Threads, millions of users have joined the new social platform that promises “positive, productive conversations” — an apparent swipe at the divisive rhetoric that is common on Twitter and other sites. That promise will be more difficult to keep as the app’s popularity grows — it’s so far drawn 70 million users. That early adopter ...

GENEVA / WAM 50 young people from 24 countries have sent a message of hope to the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the UAE later this year. The message was delivered during a special ceremony as part of the second edition of the Emerging Peacemakers Forum, ...

ABU DHABI / WAM Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE President, the UAE has built a field hospital in the Chadian city of Amdjarass to support Sudanese refugees. The initiative is the result of joint cooperation between three humanitarian entities in the UAE represented by the Emirates Red Crescent, Zayed Bin Sultan Al ...

DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Director-General of the Prime Minister’s Office and Chairman of the UAE Council for Artificial Intelligence and Blockchain, stated that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness ...

SHARJAH / WAM The Sharjah Investment and Development Authority (Shurooq) has unveiled spectacular offerings across its fully-integrated and serviced world-class destinations to enable locals, residents and tourists to unlock the best of Sharjah all summer. From discounts of up to 50 percent on tickets to top attractions, to engaging kids’ summer camps and thrilling adventure activities, to exciting prizes and ...

BLOOMBERG  The European Central Bank (ECB) is nearly finished raising interest rates, but will then keep them at a “high plateau” to ensure they fully impact the economy, Governing Council member Francois Villeroy de Galhau said. The ECB’s record cycle of tightening will bring inflation towards its target of 2% by 2025, the Bank of France governor said. Price growth ...

BLOOMBERG  UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG. Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according ...

BLOOMBERG  Bank of England (BOE) Governor Andrew Bailey rejected the need for an inflation target higher than 2%, warning that changing the goal could damage the bank’s credibility and “unpick expectations.” He told a conference in Aix-en-Provence in France that the BOE can be flexible about timing but that it’s “absolutely critical that that flexibility isn’t confused with people thinking ...

BLOOMBERG  Switzerland’s lenders are strong enough to cope with possible additional interest-rate increases by the Swiss National Bank (SNB), its vice president, Martin Schlegel, told Schweiz am Wochenende. Most lenders have sufficient capital buffers to handle even an abrupt increase in borrowing costs, Schlegel said in an interview published in the weekly newspaper. While further monetary tightening could lead to ...