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Bloomberg The European Union (EU) cut its prediction for 2022 euro-area growth and almost doubled its estimate for inflation, according to new draft projections. In the first forecast since the outbreak of war in Ukraine, the European Commission says gross domestic product will expand 2.7% in 2022 and 2.3% in 2023, according to a draft seen by Bloomberg. That’s down ...

  Bloomberg Technology companies including ASML Holding NV and Adyen NV called on the Dutch government to maintain a tax break that seeks to attract expatriates to the Netherlands. Ingrid Thijssen, head of the Confederation of Netherlands Industry and Employers, said the government for budget reasons is considering shrinking or scrapping a rule that exempts 30% of an expat’s salary ...

Abu Dhabi / WAM The Federal Supreme Council on Saturday unanimously elected His Highness Sheikh Mohamed bin Zayed Al Nahyan as President of the United Arab Emirates. The council held a meeting on Saturday at Al Mushrif Palace in Abu Dhabi, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Ruler of the Emirate of Abu Dhabi, received condolences on the passing of Sheikh Khalifa bin Zayed Al Nahyan, from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme ...

  Bloomberg Six months ago, UK North Sea oil and gas faced the bleakest outlook in its 50-year history. The government was focused on hosting the COP 26 climate talks and environmentalists were close to killing off one of the country’s largest oilfield developments, called Cambo. An industry that had excelled at prolonging its lifespan was at risk of sudden ...

Bloomberg The Texas grid operator called on residents to conserve energy after six generation facilities tripped offline amid hot weather, prompting power prices to spike. The power-plant failures resulted in a loss of about 2,900 megawatts of electricity, the Electric Reliability Council of Texas (Ercot) said. That’s enough power for about 580,000 homes and businesses. Natural-gas fired plants make up ...

Bloomberg Finnish President Sauli Niinisto phoned Russian President Vladimir Putin to say the Nordic country plans to seek Nato membership in the near term. The conversation with Putin “was direct and straight-forward and it was conducted without aggravations,” he said in a statement. The move would be a “mistake because there are no threats to Finland’s security,” Putin told his ...

Bloomberg Foreign ministers of the Group of Seven (G-7) industrialised nations blamed North Korea’s push for weapons of mass destruction for the humanitarian situation in the country, as state media reported more than 170,000 new cases in a worsening fever outbreak. In a joint statement following a meeting in northern Germany, the G-7 ministers expressed their grave concern about the ...

Bloomberg Elon Musk sowed new chaos into the market over his takeover bid for Twitter Inc, first claiming his offer was “temporarily on hold” and then maintaining he is “still committed” to the deal, sending the social media giant into a tailspin. The billionaire initially sent an early tweet saying the $44 billion deal is pending until he receives more ...

  Bloomberg Amazon.com Inc founder Jeff Bezos accused President Joe Biden of “misdirection” on Twitter in response to the US leader’s tweet saying inflation could be tamed by making wealthy corporations “pay their fair share.” The exchange began with Biden’s tweet: “You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share.” Amazon, which paid ...