Bloomberg Mexico’s central bank cut its growth forecast for this year and next, as the country’s recovery continues to sputter amid supply chain shortages and the impact of Russia’s invasion of Ukraine. Banxico, as the central bank is known, sees gross domestic product expanding 2.2% for this year in the main scenario of its quarterly inflation report released Wednesday. ...

  Bloomberg The Philippine peso has weakened beyond a key level of support to a three-year low, paving the way for further declines. The currency slid past support around 52.50 per dollar that had held since the middle of March as it tumbled as much as 0.5% to 52.76, the weakest since March 2019. The peso came back under pressure ...

Bloomberg The global semiconductor shortage that’s bogged down the auto industry for almost two years is showing signs of easing, at least for now. Mercedes Benz AG, Daimler Truck Holding AG, and BMW AG are among carmakers now getting enough of the high-tech components to produce at full capacity after experiencing crippling outages for months. The breakthrough comes earlier than ...

Bloomberg A lobby group including Apple Inc and other technology giants operating in India called out the country’s authorities for misunderstanding how patent fees work, following local officials’ dispute with Xiaomi Corp. In a letter to ministries, the India Cellular and Electronics Association (ICEA) urged the federal government to intervene and accused the country’s enforcement agencies of a “lack of ...

  Bloomberg Microsoft Corp said it will work with labour groups when workers wish to join them, taking a pre-emptive stance amid a wave of union organising in the tech industry and ahead of its acquisition of Activision Blizzard Inc, home of the first labour union in the gaming industry. In a blog post outlining the company’s principles on engaging ...

  Bloomberg Mercedes-Benz Group AG will recall almost a million vehicles worldwide because of a potential problem with the braking system, Agence France-Presse (AFP) reported, citing the German federal transport authority. The regulator, known as KBA, said in a statement June 1 that the affected cars were built between 2004 and 2015 and belong to the ML and GL sports ...

  Abu Dhabi / WAM The UAE has strongly condemned a terror attack on a rapid deployment force patrol of peacekeeping mission in Mali in which one Jordanian peacekeeper was killed and three were injured. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed, “The UAE expresses its strong condemnation of these criminal acts and its ...

  Abu Dhabi / WAM Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation (Enec), met Seung-il Cheong, President and CEO of the Korea Electric Power Corporation (Kepco), the joint venture partner and prime contractor of the Brakah Nuclear Energy Project, being developed in the Al Dhafra region in the Abu Dhabi emirate. The meeting ...

  Abu Dhabi / WAM Ministers from the UAE, Egypt and Jordan have met for the first time since the signing of the Industrial partnership for Sustainable Economic Growth last week, to discuss a roadmap for implementing initiatives related to the new partnership. The tripartite higher committee meeting was attended by Dr Sultan bin Ahmed Al Jaber, Minister of Industry ...

  Dubai / WAM Abdullah bin Touq Al Marri, Minister of Economy, has affirmed that the UAE succeeded in attracting more than $20.7 billion of foreign direct investment (FDI) in 2021, which reflects the confidence of investors worldwide in the country’s economy. This came during his keynote speech at the UAE-Kyrgyzstan Business Forum, which was held in the Kyrgyz capital, ...