October, 2023

• 9 October

  Mexico Airport changes to affect passenger fee, other tariffs

  

  BLOOMBERG Government-imposed changes to the fees Mexican airports can charge will affect all of the companies’ tariffs and not just the charges for airline passengers, according to a person familiar with the matter. President Andres Manuel Lopez Obrador’s administration made changes to the formula that sets price caps for airport tariffs, including the passenger fee known as the TUA, the ...

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• 9 October

  Levi’s shares fall as sales weakness sparks downbeat outlook

  

  BLOOMBERG Levi Strauss & Co reported quarterly revenue that missed expectations as performance at retailers including department stores dragged down results, leading the company to cut its full-year sales outlook. The denim brand is taking a more “cautious approach” to its projections for the current quarter, according to a statement. It now expects full-year earnings per share, excluding some items, ...

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• 9 October

  Monte Paschi sale process kicks off as Italy hires advisers

  

  BLOOMBERG Italy began the process of selling Banca Monte dei Paschi di Siena SpA by hiring advisers as Prime Minister Giorgia Meloni seeks to maximise the value of the state’s controlling stake. The Finance Ministry will select legal and financial advisers to help in the sale, the ministry said in a statement. The disposal can be done in one or ...

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• 9 October

  Tesla Sales Drop Brings BYD Closest Ever to Global EV Crown

  

  BLOOMBERG BYD Co is poised to overtake Tesla Inc as the world’s biggest seller of electric vehicles as the Chinese automaker’s global sales push gains greater traction. China’s best-selling car brand came within a whisker of toppling Tesla last quarter after factory downtime led to the US automaker’s first delivery decline in more than a year. BYD sold 431,603 fully-electric ...

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• 9 October

  Tesla reintroduces rear-wheel drive Model Y at lower price

  

  BLOOMBERG Tesla Inc reintroduced a Model Y crossover sport utility vehicle (SUV) with rear wheel drive in the US, after reporting third quarter deliveries that fell short of Wall Street expectations. The starting price of the rear-wheel drive Model Y is now $43,990, according to Tesla’s website, and have a stated range of 242-260 miles. The electric vehicles likely use ...

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• 9 October

  Tesla deliveries slide as factory downtime slows production

  

  BLOOMBERG Tesla shipped 435,059 cars globally in the third quarter, as factory downtime led to its first quarterly delivery decline in more than a year. The results missed expectations. Several Wall Street analysts had slashed their delivery estimates in recent days, and the consensus compiled by Bloomberg fell to 456,722. Tesla delivered 466,140 cars in the second quarter. The electric-vehicle ...

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• 9 October

  EU opens anti-subsidies probe into EVs made in China

  

  BLOOMBERG The European Union (EU) has formally launched an anti-subsidies probe into electric vehicles (EV) manufactured in China, setting in motion a one-year investigation that could see provisional measures such as countervailing duties imposed in the next nine months. The probe, which was announced by European Commission President Ursula von der Leyen in September, will focus on new battery-powered electric ...

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• 7 October

  UAE President, US Senator Joni Ernst discuss bilateral strategic alliance

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Friday met with US Senator Joni Ernst of Iowa to discuss ways to further solidify the strategic alliance between the two nations in various fields. During the meeting at Qasr Al Shati, the two sides exchanged views on a number of regional and international developments ...

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• 6 October

  FAB issues largest-ever USD tier 2 bond from a UAE Bank

  

  ABU DHABI / WAM First Abu Dhabi Bank (FAB), UAE’s largest bank and one of the world’s largest and strongest financial institutions, successfully issued its inaugural USD Tier 2 capital securities on Tuesday, September 26,2023. The USD 1 billion 10.5NC5.5-Year Tier 2 Bond is the largest-ever Tier 2 issuance from a UAE bank and the largest-ever Tier 2 conventional bond ...

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• 6 October

  UAE as hub will help ‘I2U2 food security corridor in India’ control global food prices: Indian Minister

  

  ABU DHABI / WAM The UAE as a geographical and business hub will help the proposed ‘food security corridor project in India under the I2U2 framework’ control global food prices, Piyush Goyal, Indian Minister of Commerce and Industry; Consumer Affairs, Food, Public Distribution and Textiles, told the Emirates News Agency (WAM). “The UAE as a trading hub can cater to ...

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