Bloomberg UK business groups called for government support after Prime Minister Boris Johnson announced restrictions to curb the spread of the omicron variant, which Bloomberg Economics estimates could cost the economy as much as 2 billion pounds ($2.6 billion) a month. In remarks following Johnson’s televised address to the nation, business groups said the measures, which include advice ...
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Spanish inflation rises to three-decade high as food prices jump
Bloomberg Spanish inflation accelerated to the fastest in nearly three decades in November on rising food prices, underscoring the lingering consequences of supply-chain bottlenecks across Europe. Consumer prices jumped 5.6%, national data showed — the highest since September 1992. The European Union-harmonised measure also came in at that level, matching the median forecast in a Bloomberg survey. A national ...
Read More »GE expands debt buyback by $2bn on strong demand
Bloomberg General Electric Co said it now expects to buy back $25 billion of bonds, expanding one of the biggest debt repurchases ever, after finding strong demand from investors to sell the securities. Investors have so far offered to sell about $33 billion of bonds to the company, GE said in a statement. GE had sought to buy back ...
Read More »US consumer prices climb at fastest annual rate since 1982
Bloomberg US consumer prices rises last month at the fastest annual pace in nearly 40 years, underscoring how rapid and persistent inflation is eroding paychecks and increasing pressure on the Federal Reserve to tighten monetary policy. The consumer price index (CPI) climbed 6.8% from November 2020, according to Labour Department data. The widely followed inflation gauge rises 0.8% from ...
Read More »Rivian plans to build Georgia EV factory
Bloomberg Rivian Automotive Inc, the electric truck start-up valued at more than $100 billion, is planning to announce that it will build a vehicle-assembly and battery plant in Georgia, according to people familiar with the matter. The Irvine, California-based automaker, which had also considered competing sites in Texas and Arizona, is expected to reveal the plans at an event, ...
Read More »General Motors plans $4bn for EVs at Michigan plants
Bloomberg General Motors Co plans to build its third US battery plant with partner LG Chem Ltd. in Michigan and will commit its Orion assembly plant to electric vehicles, a person familiar with the matter said. The Detroit automaker has applied for tax abatements for projects in both Orion Township and outside Lansing, Michigan, said the person, who put the ...
Read More »Sheikh Mohammed issues law establishing Dubai Council
Dubai / WAM In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, on Saturday issued Law No. 21 of 2021, establishing the Dubai Council to outline and deliver the emirate’s future development agenda with a view to boosting its leading edge competitiveness and leadership regionally and internationally, and ...
Read More »Oil sees strongest week since August as virus fears abate
Bloomberg Oil set its biggest weekly gain in more than three months as the worst fears over the new virus strain have receded. West Texas Intermediate futures climbed 8.2% this week. Fuel consumption so far escaped any major blows from the omicron variant. Yet confidence is limited. Rallies are still punctuated by selloffs after rising infection rates prompted some governments ...
Read More »UAE offers condolences on death of Sheikh Duaij Al Sabah
ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a message of condolences to the Emir of Kuwait His Highness Nawaf Al Ahmad Al Jaber Al Sabah, on the death of Sheikh Duaij Khalifah Al Abdullah Al Khalifah Al Sabah. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the ...
Read More »G-7 ministers to discuss soaring global inflation
Bloomberg The Group of Seven (G-7) finance ministers will convene virtually on Monday to discuss the recent surge in inflation, according to people with knowledge of the matter. The talks will come against the backdrop of supply-chain snarls that have hampered the world economy, and ministers will also discuss healthcare, according to the people, who spoke on condition of anonymity. ...
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