October, 2021

• 10 October

  Musk sees output in Germany starting this year amid delays

  

  Bloomberg Elon Musk plans for Tesla Inc.’s electric-car plant near Berlin to start producing vehicles as early as next month even as the US company still awaits final approval for the project that’s been delayed by legal challenges. The factory is to begin making Model Y cars in November or December, Musk said during a visit to the site in ...

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• 10 October

  Sweden’s economy shrinks in August

  Bloomberg Sweden’s economy shrinks far more than anticipated in August, driven by a slump in exports, raising concerns the recovery of the largest Nordic economy may be cut short. Gross domestic product contracted 3.8% in August, the biggest fall since the monthly indicator was launched in February, according to a flash estimate from Statistics Sweden. Economists surveyed by Bloomberg predicted ...

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• 10 October

  UK more vulnerable to financial shocks than most: BOE

  

  Bloomberg The UK is more vulnerable to financial shocks than most other nations, a Bank of England (BOE) study concluded, indicating that openness to trade and banking poses some risks. Britain has more foreign assets and liabilities than any other major economy and relies on trade for 60% of its gross domestic product (GDP), more than the average across other ...

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• 10 October

  Stock investors worry supply chain woes could hit earnings

  

  Bloomberg Reopening demand and marooned containers have caused bottlenecks across supply chains just as the holiday shopping season kicks off in North America. It’s also prompting downgrades across analysts estimates for the upcoming earnings season. Few expect the supply snarls to end this year as an energy crisis stokes inflation fears. Caution abounds in the semiconductor, retail and raw material ...

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• 10 October

  Investors fear talk of taxes in Kishida’s ‘new capitalism’

  

  Bloomberg Fumio Kishida’s first speech to parliament as Japan’s 100th prime minister was an impassioned performance compared to his staid predecessor, but it did little to relieve investor concerns that his talk of redistribution and higher taxes are bad news for stocks. Kishida’s “new form of Japanese capitalism” made up the bulk of his speech, in which he repeated campaign ...

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• 10 October

  Oil surges to $80 as energy crisis threatens supplies

  

  Bloomberg US crude futures topped $80 a barrel for the first time since November 2014 as a global energy crisis boosts demand at a time when Opec+ producers are keeping supplies tight. Futures in New York rise 1.3%, popping above the key, psychological level before pulling back. This week brought many indications that supplies will remain constrained: Saudi Aramco said ...

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• 10 October

  Sheikh Mohamed, Angolan president discuss bolstering ties

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Saturday discussed ways of fostering the friendship and cooperation ties between the UAE and Angola in a phone call with President Joao Lourenco. The two leaders also addressed the prospects of accelerating trade and ...

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• 10 October

  China presses US to remove sanctions, additional tariffs

  

  Bloomberg US Trade Representative Katherine Tai and Chinese Vice Premier Liu He met virtually to discuss trade issues between the US and China. They agreed “that the two sides would consult on certain outstanding issues,” according to a White House account of the meeting. “In addition, Ambassador Tai emphasized US concerns relating to China’s state-led, non-market policies and practices that ...

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• 10 October

  New procedures to coordinate social work with local authorities: Minister

  

  DUBAI / WAM Hessa Buhumaid, Minister of Community Development, revealed the ministry will apply new procedures to increase the licencing of Non-Benefit Public Associations, NGO’s and Social Solidarity Funds (Takaful). This is being done under the Federal Law No. 35 of 2020 concerning the ratification of some provisions of the associations and double the number of declared associations in the ...

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• 10 October

  Expo 2020 a source of pride for Arabs: Envoy

  DUBAI / WAM Nassar Habashneh, Ambassador of the Hashemite Kingdom of Jordan to the UAE, has commended the UAE’s efforts in organising and hosting Expo 2020 Dubai, which he described as a source of pride for all Arabs. In a statement at the inauguration of the Jordan pavilion at Expo 2020 Dubai, Habashneh said that the event has amazed the ...

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