December, 2021

• 12 December

  General Motors plans $4bn for EVs at Michigan plants

  

  Bloomberg General Motors Co plans to build its third US battery plant with partner LG Chem Ltd. in Michigan and will commit its Orion assembly plant to electric vehicles, a person familiar with the matter said. The Detroit automaker has applied for tax abatements for projects in both Orion Township and outside Lansing, Michigan, said the person, who put the ...

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• 12 December

  Top equity funds in Asia are all buying Chinese green stocks

  

  Bloomberg What do Asia’s five best-performing $1 billion-plus equity funds for 2021 have in common? They are all betting big on China’s renewables push. The funds returned at least 40% each by investing in stocks that are part of renewables and electric-vehicle supply chains, according to data compiled by Bloomberg. The $3.7 billion China AMC Energy Innovation Equity Fund led ...

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• 12 December

  Risk of major stocks drawdown modest for now: Goldman

  

  Bloomberg Goldman Sachs Group Inc strategists said there’s little reason to expect a major retreat in US stocks in the months ahead, even as the breadth of the rally that has pushed the S&P 500 index into successive records is getting increasingly narrow. Just five stocks account for 51% of the US benchmark’s returns since April, Goldman’s strategists led by ...

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• 12 December

  Sheikh Mohammed issues law establishing Dubai Council

  

  Dubai / WAM In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, on Saturday issued Law No. 21 of 2021, establishing the Dubai Council to outline and deliver the emirate’s future development agenda with a view to boosting its leading edge competitiveness and leadership regionally and internationally, and ...

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• 11 December

  Oil sees strongest week since August as virus fears abate

  

  Bloomberg Oil set its biggest weekly gain in more than three months as the worst fears over the new virus strain have receded. West Texas Intermediate futures climbed 8.2% this week. Fuel consumption so far escaped any major blows from the omicron variant. Yet confidence is limited. Rallies are still punctuated by selloffs after rising infection rates prompted some governments ...

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• 11 December

  UAE offers condolences on death of Sheikh Duaij Al Sabah

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a message of condolences to the Emir of Kuwait His Highness Nawaf Al Ahmad Al Jaber Al Sabah, on the death of Sheikh Duaij Khalifah Al Abdullah Al Khalifah Al Sabah. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the ...

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• 11 December

  G-7 ministers to discuss soaring global inflation

  

  Bloomberg The Group of Seven (G-7) finance ministers will convene virtually on Monday to discuss the recent surge in inflation, according to people with knowledge of the matter. The talks will come against the backdrop of supply-chain snarls that have hampered the world economy, and ministers will also discuss healthcare, according to the people, who spoke on condition of anonymity. ...

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• 11 December

  UAE cabinet amends food labeling policy from mandatory to optional

  

  ABU DHABI / WAM In line with the UAE government’s focus on supporting the performance and competitiveness of the industrial sector and easing procedures, the UAE cabinet has amended the requirement for nutritional labelling under the standard No. UAE.S 5034: 2018 (Nutritional labelling of pre-packed products as traffic light colors) from mandatory to voluntary. Under the standard, which was scheduled ...

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• 11 December

  Dubai to launch e-scooters in 10 areas from next year

  

  Dubai / WAM The Roads and Transport Authority (RTA) announced the start of civil site works for the infrastructure of the operation of the electric scooter in preparation for the launch of Phase I of the project, which would cover 10 Dubai districts and start operation in the first quarter of 2022. The step responds to the Executive Council’s endorsement ...

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• 11 December

  Sedd, Shams to enhance cooperation

  Sharjah / WAM Sultan Abdullah bin Hadda Al Suwaidi, Chairman of Sharjah Economic Development Department (Sedd), and Dr Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), discussed cooperation and enhancing coordination between the two parties for the benefit of the investor. Earlier, Al Suwaidi and several directors and advisors received Dr Al Midfa and his delegation at the ...

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