November, 2022

• 13 November

  Swiss workers face sharpest loss in real wages in 80 years

    Bloomberg Swiss workers face the largest loss in real wages since 1942, with the country likely to dodge a wage-price spiral due to low salary increases, according to a UBS survey. Employers lifted pay by an average 1.1% this year and intend raise them by 2.2% in 2023, 290 surveyed companies told UBS. Taking inflation into account, this translates ...

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• 13 November

  Toronto home price slide slows in October

    Bloomberg A multimonth slide in Toronto home prices slowed in October, as sellers stepped back in hope the market will improve if they wait. The benchmark price for a home in Canada’s largest city fell 1.1% in October to C$1.1 million ($802,217) according to data released Thursday by the Toronto Regional Real Estate Board. That’s the smallest decline in ...

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• 13 November

  Amazon’s new warehouse robot could one day replace humans

  

    Bloomberg Amazon.com Inc. has developed a robot capable of identifying and handling individual items, a milestone in the e-commerce giant’s efforts to reduce its reliance on the human order pickers who currently play a key role in getting products from warehouse shelves to customers’ doorsteps. The robotic arm, tipped by a set of retractable suction devices, is called Sparrow. ...

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• 13 November

  TikTok slashes ad sales target by $2 billion after tech downturn

  

    Bloomberg ByteDance Ltd.’s TikTok has slashed about $2 billion off its target for 2022 ad revenue, underscoring fallout of a global downturn that’s hammered fellow internet giants from Google to Meta Platforms Inc. TikTok Chief Executive Officer Shou Zi Chew told a handful of employees that the Chinese-owned app has slashed its ad forecast for 2022 to $10 billion ...

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• 13 November

  BMW, Stellantis see Europe demand slowing as inflation bites

  

    Bloomberg Europe’s inflation crisis is beginning to catch up with the automakers. Stellantis NV said consumers in Europe are slightly dialling back car purchases, joining Germany’s BMW AG in warning the region is on the backfoot due to surging costs for anything from energy to lending. Carmakers long defied economic headwinds thanks to robust demand for their priciest models, ...

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• 13 November

  Foxconn to ramp up China expansion

  Bloomberg Hon Hai Precision Industry Co. intends to keep expanding capacity in China despite persistent disruption from some of the world’s harshest Covid control measures. The company known as Foxconn intends to raise capital spending in 2023 and the biggest portion of that expenditure will go toward its already giant production base in China, Chairman Young Liu told analysts. Foxconn, ...

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• 12 November

  Adnoc Distribution 9-month net profit up 39% to AED2.3b

  

  Abu Dhabi / WAM Adnoc Distribution on Friday reported that its Ebitda rises by 26% year-on-year to AED2.86 billion, and net profit up by 39% year-on-year to AED2.33 billion for the first nine months of 2022. For the third quarter, Ebitda rose by 18% year-on-year to AED868 million, while net profit increased by 45% year-on-year to AED767 million. With the ...

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• 12 November

  Vietnam needs $5.91b to upgrade seaports by 2024

  

    HANOI / WAM Vietnam needs 147 trillion VND (over $5.91 billion) to upgrade seaports over the next two years, with an amount of 251 trillion VND by 2030. The figures were announced at a conference hosted by the Ministry of Transport (MoT). In his keynote speech, Deputy Minister of Transport Nguyen Xuan Sang said that after 20 years of ...

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• 12 November

  Aldar joins Cebc to help enhance energy efficiency in Mena region

  

  Abu Dhabi / WAM Aldar Properties has become the first real estate industry entity to join the Clean Energy Business Council (Cebc) as a partner member and will work closely with the organisation to enhance energy efficiency in the region. The Cebc is a non-profit member association that is working to accelerate the transition towards clean energy in the Mena ...

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• 12 November

  Africa can become green hydrogen leader: Masdar

  

    Abu Dhabi / WAM Africa could capture as much as 10 percent of the global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as $120 billion to the continent’s gross domestic product (GDP), according to a landmark report issued jointly by Masdar and its Abu Dhabi Sustainability Week (ADSW) platform on the ...

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