News

  Bloomberg Bhavish Aggarwal, who founded India’s top ride-hailing startup and then moved into manufacturing electric scooters, is expanding his business empire again, unveiling plans to enter the electric-car market in competition with local giants like Tata Group and global automakers from Hyundai Motor to Tesla. The 36-year-old entrepreneur said that Ola aims to launch its first electric car in ...

  Bloomberg Gold dropped — following four straight weeks of gains — as investors assessed signs China’s economy is struggling to recover ahead of minutes from the Federal Reserve later in the week. Bullion fell 1.1%, after the longest run of weekly gains in almost a year, as it came under pressure from the stronger dollar. The precious metal has ...

Bloomberg Thailand’s baht rebounded so rapidly in the past few weeks on optimism about the country’s tourism-led growth that it’s already hit year-end analyst targets. The currency jumped 2.3% to about 35.45 per dollar this month, leading gains in Asia by a wide margin. In addition to rising forecasts for tourists arrivals, the advance is also being driven by a ...

  Bloomberg Inflation and higher interest rates will push up the UK’s debt serving costs and social welfare spending by more than £50 billion ($60.7 billion) in next fiscal year, according to Financial Times (FT) calculations. The bill for servicing government debt will almost double, to £95 billion ($115.35 billion) from £50 billion ($60.71 billion), given that about £500 billion ...

  Bloomberg The US is imposing export controls on technologies that support the production of advanced semiconductors and turbines, protecting against their “nefarious” military and commercial use. The innovations “are essential to the national security” of the US and meet the criteria for the protection, the Department of Commerce’s Bureau of Industry and Security said in a statement. The agency ...

  Bloomberg Irish house prices rise to the highest since 2007 in June, matching the peak seen before the country suffered one of the worst property crashes in Western Europe. It’s taken over 15 years for prices to recover from the property crash that almost bankrupted the country, forcing it to seek an international bailout in November 2010. The national ...

  Bloomberg Argentina’s government has asked the country’s crop export and processing companies to make sales equivalent to $1 billion over the next week as it seeks to bolster reserves. The government discussed with Ciara-Cec, a group that represents more than 40% of Argentina’s exports, a mechanism implemented this week that aims to encourage the sale of crops and bring ...

Bloomberg Hungary’s outlook was revised to negative from stable by Standard & Poor’s Global Ratings as the nation tackles the fallout from war in neighbouring Ukraine and government wrangles with the European Union over billions of euros in funding. The country’s credit grade was maintained at BBB, the second-lowest investment grade, S&P said in a statement. That matches the level ...

  Dubai / WAM Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai Electricity and Water Authority, and the World Green Economy Organisation, will organise the 8th World Green Economy Summit (WGES) on September 28-29, in conjunction with the Water, Energy, Technology and Environment ...

  DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter. The results set a new quarterly earnings record for the company since ...