August, 2022

• 5 August

  US Senate ratifies Nato membership for Finland, Sweden

    Bloomberg The US Senate ratified adding Sweden and Finland to the North Atlantic Treaty Organization, a move intended to bolster the military alliance after Russia’s invasion of Ukraine. The vote was 95-1, far exceeding the two-thirds majority required for the approval of treaties. If the ascension wins approval from all current members of the alliance, Finland will join Estonia, ...

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• 5 August

  Argentina vows end of money printing to battle 60% inflation

  

  Bloomberg Argentina’s new Economy Minister Sergio Massa pledged Wednesday night to stop printing money that helps fuel runaway inflation, outlining his strategy to turn around the country’s deepening crisis. Massa rolled out his economic roadmap after being sworn in by President Alberto Fernandez as the third such minister in a month. Massa’s measures also focused on boosting exports, reducing the ...

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• 5 August

  Reuters US reporters are striking for first time in decades

  

    Bloomberg Thomson Reuters Corp. journalists in the US launched a daylong strike on Thursday, first walkout in decades among the media company’s long-unionised staff. Employees began a 24-hour strike after claiming the company didn’t fairly negotiate pay increases, according to the Communications Workers of America’s NewsGuild, which represents US-based Reuters reporters, photographers and video journalists. The group said about ...

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• 5 August

  Europe’s parched earth hits corn as climate crisis resounds

  

  Bloomberg Searing temperatures are shriveling corn crops across Europe, in the latest sign of a deepening crisis that spans everything from Rhine River transport to Spanish olive growers. Sown in the spring, corn is under stress due to a lack of rain as the region struggles with rolling heat waves. Three-quarters of Romania, Europe’s biggest producer, is affected by drought ...

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• 5 August

  German factory orders fall in June

    Bloomberg German factory orders sank for a fifth month in June as rampant inflation and global supply disruptions continued to weigh on the outlook in Europe’s largest economy. Demand slipped 0.4% from May, driven by a decline in orders for investment goods, particularly from abroad. That brought annual number down 9%. Economists had predicted a drop of 0.9% on ...

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• 5 August

  Toronto home prices drop for 4th month

    Bloomberg Toronto benchmark home prices fall for a fourth-straight month, a record-breaking streak of declines that some economists warn could become an historic downturn in Canada’s real estate market. The home-price index in Canada’s largest city declined 3.9% in July from the month earlier, bringing the total drop since April to 13.3%, according to data released on Thursday by ...

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• 5 August

  Futures, stocks advance as recession worries recede

  

    Bloomberg US futures rise with stocks on Thursday as investors shrugged off growth warnings from the bond market. Oil bounced back from the lowest level in almost six months. Contracts on both the S&P 500 and the Nasdaq 100 pushed higher, suggesting the tech-heavy Nasdaq will extend an advance of 19% from its June 16 low. Gains in the ...

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• 5 August

  Goldman, Bernstein strategists say stocks rally can fizzle out

  

    Bloomberg The recent brisk rebound in equity markets won’t last as the macroeconomic data continue to deteriorate and earnings forecasts are being slashed, strategists at Goldman Sachs Group Inc. and Sanford C Bernstein warn. “Without clear signs of a positive shift in macro momentum, temporary re-risking could actually increase risks of another leg lower in the market rather than ...

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• 4 August

  UAE signs Asean’s Treaty of Amity and Cooperation in Southeast Asia

  

    ABU DHABI / WAM The UAE participated in the 55th Foreign Ministers Meeting of the Association of Southeast Asian Nations (Asean), which is taking place in the Kingdom of Cambodia from July 30 to August 6. As part of the meeting’s key agenda items, the UAE signed Asean’s Treaty of Amity and Cooperation in Southeast Asia (TAC). The UAE ...

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• 4 August

  Global media, entertainment sector to reach $2.4tn in 2023

  

    ABU DHABI / WAM The global media and entertainment services sector is seeing a growing dependence on innovation and artificial intelligence (AI). The value of the sector is estimated to grow to $2.4 trillion next year, with a compound annual growth rate (CAGR) of 3.8% since 2015, according to figures from PricewaterhouseCoopers (PwC). The PwC report expects the sector ...

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