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Norway’s GDP grows in Q2, helped by services

  Bloomberg Norway’s economy grew in line with analysts’ forecasts in the second quarter, boosted by a post-pandemic rebound in service industries that outweighed the dent from surging prices. Mainland GDP, which adjusts for the oil-rich nation’s offshore industry, expanded 0.7% from the previous three months, the statistics office said. This was in line with economists’ projections in a Bloomberg ...

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German Rhine River’s navigability improves

  Bloomberg The water level at a key German chokepoint on the Rhine River jumped, easing a crisis that’s hampered energy and industrial production this month. The marker at Kaub — a narrow and shallow waypoint west of Frankfurt — jumped to 47 centimeters from 35 centimeters a day earlier, according to Federal Waterways and Shipping Authority. At that depth ...

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Electric car-charging investment soars

Bloomberg More than $4.8 billion has been pumped into the electric-vehicle (EV) charging industry this year — a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures. Large corporates are competing for M&A targets with pure-play charging companies they may previously have acquired, and new competitors are cropping up. ...

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Tesla, SAIC ask China government to help secure power to suppliers

  Bloomberg Tesla Inc and SAIC Motor Corp told Shanghai’s government they may have difficulty maintaining production if a power crunch in Sichuan continues to impact suppliers, according to people familiar with the matter, prompting city officials to ask the southwestern province if it could prioritise electricity for the carmakers’ suppliers. The companies informed authorities in Shanghai that key parts ...

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Lockdowns, shortages hit Geely sales

  Bloomberg Chinese car maker Geely Automobile Holdings Ltd. reported first-half profit that missed analyst estimates as sales fell short of expectations — pummeled by Covid-19 lockdowns and supply chain disruptions. Net income dropped 35% to 1.55 billion yuan ($228 million) in the six months ended June 30 from a year earlier, the Hangzhou-based automaker said in a statement. That ...

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Apple expects to sustain iPhone sales as market slows

  Bloomberg Apple Inc has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn. The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for ...

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UAE is a global pioneer of humanitarian work

  Abu Dhabi / WAM Hamad Salem bin Kardous Al Ameri, Director-General of the Zayed Charitable and Humanitarian Foundation (Zayed CHF), said the foundation is continuing to implement its key overall objectives established by the late Sheikh Zayed bin Sultan Al Nahyan to provide people with decent lives without discrimination, as part of the efforts to promote the noble values ...

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World Bank mobilises $20.7bn to help LatAm, Caribbean economies

Washington / WAM As Latin America and the Caribbean (LAC) continues to deal with the negative impact of the pandemic, the World Bank group (WBG) deployed $20.7 billion to support the region in its just-completed fiscal year ending June 30. These brings the WBG support to LAC since April 1, 2020, to an unprecedented total of $49.8 billion to fight ...

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UAE shipped $16.34m worth of medications

Dubai / WAM The Dihad Sustainable Humanitarian Foundation, in collaboration with Emirates Red Crescent (ERC), sent the first medicines and medical supplies shipment worth AED60 million (16.34 million) to countries in need to reduce burden on patients suffering from severe health conditions and chronic diseases around the world. The shipment comes as part of the ‘Forevercare’ Initiative which was launched by ...

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