July, 2023

• 11 July

  Hyundai hires women auto technicians for first time in Korea

  

  BLOOMBERG Hyundai Motor Co recruited female technicians for automobile manufacturing in South Korea for the first time, following union pressure to improve gender equality. The world’s third-largest automaker hired six women out of 200 new technicians, the first time it allowed females to apply for the position since the company started in 1967, according to a statement from Korea Metal ...

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• 11 July

  France’s Renault, China’s Geely sign $8.8bn powertrain tie-up

  

  BLOOMBERG France’s Renault SA has formally signed a joint venture agreement with China’s Zhejiang Geely Holding Group Co to set up a new combustion engine and hybrid powertrain company. The move follows a letter of intent signed between the three parties in March as the joint venture seeks to pool resources to work on hybrid technology and synthetic fuels to ...

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• 11 July

  Tata Group closes in on deal to become first Indian iPhonemaker

  

  BLOOMBERG Tata Group, India’s largest conglomerate, is close to an agreement to acquire an Apple Inc supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones, according to people familiar with the matter. A takeover of the Wistron Corp factory in southern Karnataka state, potentially valued at more than $600 ...

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• 11 July

  Buoyant mood fades as policy makers warn on interest rates

  

  BLOOMBERG The buoyant mood sparked by China’s latest economic support measures didn’t last long on Tuesday as European stocks and US futures wavered after policy makers’ warnings of higher-for-longer interest rates. The Stoxx Europe 600 index pared an early gain after Governing Council member Francois Villeroy de Galhau said the European Central Bank is nearly finished hiking, but added that ...

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• 11 July

  China’s stock market needs reform more than stimulus: Allianz Global

  

  BLOOMBERG China’s monetary and fiscal stimulus measures will only go so far to lift its stock market, with structural reforms necessary for a long-term boost, according to Allianz Global Investors. “It’s a confidence issue,” Raymond Chan, the firm’s equity chief investment officer for the Asia Pacific, said in an interview. Reforms to China’s heavyweight property sector and listed companies overall ...

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• 11 July

  Al Baddad Saudi Holding breaks the Guinness World Recordsâ„¢ title for the Largest Marquee Complex (Cumulative Area)

  

  SAUDI ARABIA / GULF TIME Al Baddad Saudi Holding breaks the Guinness World Recordsâ„¢ title for the Largest Marquee Complex (Cumulative Area) Albaddad Capital, through its arm in the Kingdom of Saudi Arabia, Albaddad Saudi Holding and Albaddad Manasik achieved a new and unique achievement by breaking the Guinness World Recordsâ„¢ title for the Largest Marquee Complex (Cumulative Area), as ...

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• 11 July

  UAE leaders wish President of Uzbekistan on re-election

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Shavkat Mirziyoyev on his re-election as President of the Republic of Uzbekistan. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed ...

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• 11 July

  ERC intensifies relief efforts for flood victims in Somalia’s Hirshabelle

  

  HIRSHABELLE / WAM The Emirates Red Crescent (ERC) has intensified its humanitarian efforts to support those affected by the floods that hit the Beledweyne area of Hirshabelle, Somalia. In collaboration with relevant authorities in the state, the ERC, through its office in Mogadishu, provided urgent and diverse relief assistance to thousands of affected families suffering after the devastating floods. The ...

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• 11 July

  5,000 new healthcare jobs for UAE Nationals

  

  ABU DHABI / WAM The Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the emirate, has set Emiratisation targets “Tawteen” for all healthcare facilities operating in Abu Dhabi to provide 5,000 new job opportunities for UAE nationals until the end of the year 2025. DoH called on all healthcare facilities in the emirate to ...

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• 11 July

  UAE’s per capita income rises, ranks 7th globally: World Bank

  

  ABU DHABI / WAM The UAE ranked seventh in the world in terms of per capita national income, according to the latest data released by the World Bank. The per capita income in the UAE, based on purchasing power parity (PPP) in current international dollars, rose to Int$87,729 in July 2022, an increase of Int$10,781 from 2021. The international dollar ...

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