July, 2023

• 5 July

  BYD unveils new premium SUV in push for EV market dominance

  

  BLOOMBERG BYD Co, China’s best-selling car brand, unveiled a new electric sport utility vehicle — the Denza N7 — at a glitzy event in a former factory in Beijing, stepping up its push into the premium sector. The model, which comes in six versions, has a starting price of 301,800 yuan ($41,680), which Morgan Stanley noted was pretty much in ...

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• 5 July

  Google set to hire ex-Apple executive as India policy head

  

  BLOOMBERG Alphabet Inc’s Google is set to appoint a manufacturing and policy veteran as its top government affairs executive in India to tackle legal challenges and expand hardware assembly to the country. Sreenivasa Reddy, currently a senior engineering executive at Microsoft Corp, is likely to join Google towards the end of this year, people familiar with the matter said, asking ...

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• 5 July

  Mukesh Ambani bets on $12 phone to disrupt India’s old internet network

  

  BLOOMBERG Billionaire Mukesh Ambani’s group announced an internet-enabled phone at an entry price of 999 rupees ($12) as the oil-to-retail conglomerate seeks to poach more budget device users from rivals to its growing consumer offerings. India’s No 1 wireless carrier Reliance Jio Infocomm Ltd will start beta trials for the first 1 million ‘Jio Bharat’ phones from July 7, according ...

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• 5 July

  Malaysia to simplify investment bodies to boost ease of business

  

  BLOOMBERG Malaysia is working on streamlining the roles of its investment promotion agencies to improve the ease of doing business in the country and speed up business approvals, according to the Trade Minister Zafrul Abdul Aziz. The trade ministry’s goal is to provide investors with a “simple journey” by defining clear roles and responsibilities for each approving authority, Zafrul said ...

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• 5 July

  China restricts chipmaking metal export in clash with US

  

  BLOOMBERG China imposed restrictions on exporting two metals that are crucial to parts of the semiconductor, telecommunications and electric-vehicle industries in an escalation of the country’s tit-for-tat trade war on technology with the US and Europe. Gallium and germanium, along with their chemical compounds, will be subject to export controls meant to protect Chinese national security starting from August 1, ...

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• 5 July

  Double-digit gains suggest turning point for Sri Lanka markets

  

  BLOOMBERG Sri Lankan stocks surged as markets reopened following a three-day holiday, after a plan to revamp domestic debt eased concern over financial sector stability. The Colombo All-Share Index closed 6.7% higher, its biggest single-day gain in more than 15 months, led by financial shares. The Sri Lankan rupee advanced 0.6% to 305.01 per dollar. A 2027 Sri Lanka rupee ...

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• 5 July

  Stocks decline as China data saps risk sentiment

  

  BLOOMBERG European stocks and US equity futures followed Asian shares lower after weak services-industry data from China raised fresh concerns about the outlook for the global economy. The Stoxx Europe 600 Index fell about 0.5%, with miners leading the retreat on concern about waning minerals demand from China. The gauge extended its decline after a composite purchasing managers’ index for ...

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• 4 July

  Al Mazrouei reveals details of updated UAE Energy Strategy 2050

  

  ABU DHABI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, on Tuesday revealed the details of the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy that were approved by the UAE Cabinet to enhance the country’s efforts to meet its climate and net-zero commitments by 2050. In a ...

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• 4 July

  Under directives of UAE President, UAE to establish field hospital in Chad

  

  ABU DHABI / WAM Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has begun to build a field hospital in the Chadian city of Amdjarass to support Sudanese refugees. The Ministry of Foreign Affairs announced that the establishment of the field hospital, with a contribution from the Khalifa Bin Zayed Al Nahyan Foundation, ...

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• 4 July

  Barakah One completes its N-energy plant refinancing

  

  ABU DHABI / WAM The Barakah One Company (Barakah One) — a joint-venture between the Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) — has successfully completed the milestone refinancing of the Barakah Nuclear Energy Plant, working with key banking institutions in the UAE. Barakah One has refinanced the full outstanding balance under the loan facilities ...

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