August, 2022

• 13 August

  UAE enhancing leading stature as destination for life, work for youth

  

    ABU DHABI / WAM Shamma bint Suhail Al Mazrouei, Minister of State for Youth Affairs and Vice President of the Arab Youth Centre (AYC), said the UAE believes in the youth and is enhancing its leading stature as a destination for life and work for young people. In her statement on World Youth Day, she stressed that in the ...

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• 13 August

  RWE to invest more on wind, solar as gas crisis deepens

  

    Bloomberg RWE AG is investing more than it originally planned on building renewable energy capacity to make Europe more energy independent as a worsening crisis threatens the region’s economy. Germany’s biggest power producer plans to spend more than 5 billion euros ($5.2 billion), on green technologies this fiscal year, including wind, solar and batteries, as well as ramping up ...

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• 13 August

  Gautam Adani plans $5.2bn alumina mill in growing metal ambitions

  

    Bloomberg Adani Enterprises Ltd plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha, as Gautam Adani, Asia’s richest man, adds one more business to his rapidly-expanding empire. The flagship company of the Adani group got the approval to build the refinery and a captive power plant in Rayagada for an ...

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• 13 August

  UK oil producer sees windfall tax threatening investment

  

  Bloomberg Neptune Energy Group Ltd.’s chief warned that the UK’s windfall tax on oil and gas profits will threaten long-term investment in the sector, but have limited impact on the firm itself. The government in May slapped a 25% windfall tax on producers’ profits to fund aid to the poorest households amid a cost-of-living crisis. The levy — which will ...

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• 13 August

  Rhine closure puts 400,000 barrels a day of oil trade at risk

  

    Bloomberg A closure of the Rhine River could disrupt the daily trade of hundreds of thousands of barrels of oil products, piling yet more pressure on Europe’s energy-supply chain. The water level at Kaub, west of Frankfurt, is forecast to drop below a critical 40-centimeter mark (under 16 inches), and to 33 centimeters. At that point, it becomes uneconomical ...

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• 13 August

  Thyssenkrupp lowers profit outlook

    Bloomberg Thyssenkrupp AG lowered its full-year profit forecast after rising interest rates triggered a writedown at the German company’s steel division. The engineering giant said it now sees net income in the high triple-digit million-euro range for 2022, below its previous projection of at least 1 billion euros ($1.03 billion). Thyssenkrupp made some progress improving operating profitability. Adjusted earnings ...

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• 13 August

  Bank of England takes a $100b leap into unknown

  

  Central banks are about to start withdrawing the stimulus they’ve pumped into their economies by buying bonds. For the Bank of England (BOE) in particular, reducing its balance sheet while simultaneously raising interest rates takes monetary policy into uncharted territory. Policy makers could quickly find themselves in the crosshairs, blamed for exacerbating the economic slowdown they’ve forecast. The UK central ...

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• 13 August

  Singapore’s next big challenge is here

  

  To listen to Singapore’s leader, the Bank of England nailed it. The UK central bank’s warning of a tough new era that sent shockwaves through the world of monetary economics resonated in the city-state. The tiny republic that’s staked its survival on the ebbs and flows of global capitalism is girding for a protracted period of slacker growth and a ...

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• 13 August

  GSK’s got heartburn that £50b could probably fix

    Investors are waking up to the risk of litigation against the makers of Zantac, once a blockbuster treatment for heartburn. All of a sudden, GSK Plc’s decision to spin off rather than sell its consumer-healthcare business, Haleon Plc, is looking costly. Haleon, which is behind brands like Sensodyne toothpaste and Panadol painkillers, was a joint venture between GSK, the ...

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• 13 August

  Don’t buy stock rally? The smart money does

    Just like old times. That’s what it must seem like with the S&P 500 Index up about 15% since mid-June and poised for its fourth consecutive weekly gain, its longest winning streak of the year. Those who question the durability of this rally, given the slowdown in the economy and a Federal Reserve that has doubled down on its ...

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