Bloomberg The Bank of Spain more than doubled its forecast for inflation next year but still sees it easing sharply after that to well below the 2% goal for the euro zone. The central bank raised its outlook for annual price increases to 3.7% in 2022 and then slightly reduced the projection for the following year to 1.2%. Inflation ...

  Bloomberg Traders are betting the Bank of England will look through risks from the omicron strain to hike its key interest rate above 1% next year for the first time since 2009. Money markets are now pricing 100 basis points of policy tightening from the UK central bank in Dec. 2022, according to sterling overnight index swaps. That would ...

  Bloomberg The Hungarian central bank raised effective interest rates for the sixth time in as many weeks to stem accelerating inflation. A day after Prime Minister Viktor Orban announced a freeze on mortgage rates — which will act as a break on monetary tightening from the central bank — policy makers raised the one-week deposit rate by 20 basis ...

  Bloomberg A Chinese proverb goes, “If you have guanxi (relations) with very important people, all your troubles will go away, but if you don’t have any guanxi with any VIP, your troubles will continue to haunt you.” Carmakers seem to be embracing the proverb as they continue to confront and struggle with the persistent chip shortage that’s expected to ...

  Bloomberg Hyundai Motor Co will expand its lineup to six battery-electric vehicles in India by 2028, as the South Korean carmaker tries to seize first-mover advantage in the growing market. The vehicles will comprise different styles, including SUV, and will cater to segments including the mass market and mass premium, the company said in a statement. Hyundai, which currently ...

  Bloomberg Tesla Inc has agreed to take the majority of battery-ready graphite from a production facility planned in Louisiana, as it races to secure supplies of the key material in a market dominated by China. Melbourne-based Syrah Resources Ltd will supply Elon Musk’s company with graphite anode material for an initial four years, with an option to buy additional ...

  Bloomberg Apple Inc temporarily shuttered at least eight retail stores in US and Canada over the past day as Covid-19 cases surged among the public and employees. Apple, based in Cupertino, California, typically shuts down a retail store when around 10% of staff members test positive for Covid-19. Such closures have become increasingly routine in recent weeks. Before the ...

  Dubai / WAM The Steering Committee of the College of Commissioner Generals of Expo 2020 Dubai has held its third event-time meeting, doubling down on its united commitment to continue hosting an exceptional and safe World Expo in a manner that is engaging, exciting and full of learning. The meeting of the committee, which represents Expo’s 192 participating nations, ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise Adnoc’s offshore production operations, further strengthening their position in driving and leading sustainability efforts and supporting the UAE ‘Net-Zero by 2050 Strategic Initiative’. The innovative project will see the ...

  Abu Dhabi / WAM The UAE provided urgent humanitarian aid to those affected by the floods that swept different states of Malaysia. The move is in implementation of the directives of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the follow-up of HH Sheikh Hamdan ...