July, 2021

• 8 July

  UK faces three catastrophic risks to public finances, says watchdog

  

  Bloomberg The UK faces three potentially catastrophic risks to its public finances, the government’s budget watchdog said, underlining the challenge confronting Chancellor of the Exchequer Rishi Sunak to restore fiscal restraint. Unfunded pressures on government departments total some 30 billion pounds ($42 billion) over the next three years as a result of the pandemic, the Office for Budget Responsibility (OBR) ...

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• 8 July

  Consumer confidence in Canada hits record on vaccine reopenings

  

  Bloomberg Canadians are entering the second half of the year more confident about their economic prospects than they’ve ever been. Consumer sentiment marched higher to a new record last week, according to polling by Nanos Research Group for Bloomberg News, driven by optimism about the outlook for the economy and growing job security. The numbers will stoke confidence among economists ...

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• 8 July

  US worker aid becomes a casualty as Biden trade authority ends

  

  Bloomberg President Joe Biden’s pledge to refrain from pursuing new trade deals is leaving a key training and assistance program for workers, who the administration says are at the center of its agenda, without a clear path for renewal. Biden on July 1 officially lost Trade Promotion Authority, or TPA — the fast-track deal-making ability Congress delegates to a president ...

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• 8 July

  German factory orders drop in May

  Bloomberg German manufacturers unexpectedly saw demand decline in May, suggesting an uneven start to the country’s economic recovery. Orders fall 3.7%, worse than all estimates in a Bloomberg survey. The Economy Ministry said the slump was driven by weak export demand for cars following a steep rise the previous month. Domestic orders rise as much as 0.9%. German companies are ...

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• 8 July

  Covid-19 wipes out 22m jobs in major economies: OECD

  

  Bloomberg Labour markets in developed nations have recovered only half of the loss of employment they suffered in the pandemic, with the young and low-skilled hurt most. That’s the conclusion of a 400-page study by the Organisation for Economic Cooperation and Development (OECD), which found that about 22 million jobs disappeared by the end of 2020 in industrial nations. The ...

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• 8 July

  China’s Xiaomi seeks up to $1 billion in dollar bond sale

  

  Bloomberg Xiaomi Corp is marketing a dollar bond deal to global investors as Chinese technology companies face fresh scrutiny in an new era of tighter oversight from Beijing. The smartphone maker is looking to raise about $1 billion from the debt sale, people familiar with the matter said. That would include a rare green bond tranche from the nation’s tech ...

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• 8 July

  Futures rise with stocks ahead of Fed minutes

  

  Bloomberg US equity-index futures rise along with stocks in Europe as investors awaited minutes from the Federal Reserve’s latest meeting for clues on policy makers’ thinking on interest rates and stimulus. Bonds stabilised after a rally. The Stoxx Europe 600 Index climbed, led by gains in commodity sectors, with Royal Dutch Shell Plc rising more than 3% after saying it ...

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• 7 July

  Masdar wins tender for 200 MW solar power project in Armenia

  

  Abu Dhabi / WAM Masdar (Abu Dhabi Future Energy Company) has won a tender to build a $174 million utility-scale solar project in Armenia. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of $0,0290/kWh. The 200-megawatt (MW) plant will be located in ...

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• 7 July

  Abu Dhabi updates home quarantine guidelines

  ABU DHABI / WAM Abu Dhabi Emergency, Crisis and Disasters Committee, in collaboration with Abu Dhabi Public Health Centre, has updated the home quarantine guidelines for those in contact with a positive case, to protect the health and safety of all community members. Those vaccinated must quarantine for seven days and take a PCR test on day 6. If the ...

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• 7 July

  DAE signs deals to sell 9 aircraft valued at $500m

  

  DUBAI / WAM Dubai Aerospace Enterprise (DAE) will sell nine narrow and wide body aircraft with a total market value of approximately $500 million. The agreements to sell aircraft were signed by its leasing division DAE Capital, and sales are all expected to close in 2021, the company said on Tuesday. Firoz Tarapore, Chief Executive Officer of DAE, commented, “The ...

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