Bloomberg President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters at Rehoboth Beach, Delaware. “I think we’re going to ...

  Bloomberg Swiss watch exports to China plunged for the second month in a row as the Covid-19 lockdowns battered demand. Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said on Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion ...

  Bloomberg Tesla Inc is cutting its salaried workforce by about 10% over the next three months, resulting in an overall reduction of some 3.5% in total headcount as hourly staff numbers are still expected to grow, Chief Executive Officer Elon Musk said. “We grew very fast on the salaried side,” Musk said in an interview with Bloomberg News editor-in-chief ...

  Bloomberg UK train services were brought to a near standstill on Tuesday after workers started the country’s biggest rail strike in more than three decades, with union leaders and government at odds over issues such as pay. A proposal from 13 train operating companies was turned down on Monday, National Union of Rail, Maritime and Transport Workers General Secretary ...

Bloomberg Oil held onto Friday’s sharp losses as traders weighed whether aggressive US monetary policy tightening will lead to a recession that would stymie consumption. Brent traded near $114 a barrel after shedding more than 5% as escalating concerns about the pace at which the Federal Reserve is raising rates rattle financial markets. Trading was thin on Monday due to ...

  ABU DHABI / WAM The Ministry of Energy and Infrastructure announced the fact that the UAE has joined the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), a new achievement added to the UAE’s long track record as a pioneer in the field of energy. The agreement was signed remotely by Sharif Al Olama, Under-Secretary of ...

  Abu Dhabi / WAM Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), acquired two Very Large Crude Carriers (VLCC) for its growing fleet. With a total value of AED404 million, the crude oil tankers, MV Twin Castor and MV Twin Pollux, each have a carrying capacity in the ...

  Dubai / WAM Google announced on Monday the launch of a new report, The Future of AI in the Mena region, which provides a high-level outlook for artificial intelligence (AI) developments over the next decade, with a specific focus on the United Arab Emirates, Saudi Arabia, Qatar, Egypt and Kuwait. It explores AI investments, industry trends in tourism, transport, ...

  Abu Dhabi / WAM Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber of Commerce and Industry, received Luis Alfonso De Alba Gongora, Ambassador of Mexico to the UAE, and the accompanying delegation at the Chamber’s headquarters in Abu Dhabi. Attended by Helal Mohamed Al Hameli, Deputy Director-General of the Abu Dhabi Chamber, the meeting discussed boosting trade ...

  DUBAI / WAM As travel rebounds from the impact of pandemic, Emirates airline is preparing for its busiest period yet, with over 550,000 customers expected to fly out from the UAE between June and July on over 2,400 weekly network-wide departures. The airline continues to add flights and frequencies where possible as it ramps up its summer schedule, and ...