July, 2023

• 10 July

  French firms don’t see riots as long-lasting scar

  

  BLOOMBERG The world may have been shocked by images of burning cars and buildings during riots in France this month, but for French business leaders gathered in Aix-en-Provence, it’s overblown. Many of the attendees of a gathering in Aix that’s often dubbed the “French Davos” insisted on the resilience of the nation’s economy — even as they conceded that some ...

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• 9 July

  Electric car sales growth slows in US as inventory builds up

  

  BLOOMBERG Electric vehicle (EV) sales growth, while still brisk, has begun to slow in the US as inventory of battery-powered models piles up on dealer lots. Sales of plug-in models grew by nearly 50% in the first half of the year, according to data from researcher Motor Intelligence. That’s less than the 65% growth rate for all of 2022 and ...

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• 9 July

  Threads’ ‘positive’ vibe tested by users known for false claims

  

  BLOOMBERG Since Meta Platforms  launched Threads, millions of users have joined the new social platform that promises “positive, productive conversations” — an apparent swipe at the divisive rhetoric that is common on Twitter and other sites. That promise will be more difficult to keep as the app’s popularity grows — it’s so far drawn 70 million users. That early adopter ...

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• 9 July

  Peacemakers forum participants send message of hope to COP28

  

  GENEVA / WAM 50 young people from 24 countries have sent a message of hope to the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the UAE later this year. The message was delivered during a special ceremony as part of the second edition of the Emerging Peacemakers Forum, ...

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• 9 July

  Under directives of Sheikh Mohamed, UAE opens field hospital in Chad to support Sudanese refugees

  

  ABU DHABI / WAM Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE President, the UAE has built a field hospital in the Chadian city of Amdjarass to support Sudanese refugees. The initiative is the result of joint cooperation between three humanitarian entities in the UAE represented by the Emirates Red Crescent, Zayed Bin Sultan Al ...

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• 9 July

  UAE is employing AI in various fields: Al Olama

  

  DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Director-General of the Prime Minister’s Office and Chairman of the UAE Council for Artificial Intelligence and Blockchain, stated that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness ...

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• 9 July

  Shurooq unveils summer entertainment programmes in its tourist destinations

  

  SHARJAH / WAM The Sharjah Investment and Development Authority (Shurooq) has unveiled spectacular offerings across its fully-integrated and serviced world-class destinations to enable locals, residents and tourists to unlock the best of Sharjah all summer. From discounts of up to 50 percent on tickets to top attractions, to engaging kids’ summer camps and thrilling adventure activities, to exciting prizes and ...

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• 9 July

  ECB rate hikes to end soon at ‘high plateau’, says Villeroy

  

  BLOOMBERG  The European Central Bank (ECB) is nearly finished raising interest rates, but will then keep them at a “high plateau” to ensure they fully impact the economy, Governing Council member Francois Villeroy de Galhau said. The ECB’s record cycle of tightening will bring inflation towards its target of 2% by 2025, the Bank of France governor said. Price growth ...

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• 9 July

  UBS Group names new leadership team for Brazil, Latin America

  

  BLOOMBERG  UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG. Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according ...

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• 9 July

  BOE’s Bailey rejects calls to raise inflation goal above 2%

  

  BLOOMBERG  Bank of England (BOE) Governor Andrew Bailey rejected the need for an inflation target higher than 2%, warning that changing the goal could damage the bank’s credibility and “unpick expectations.” He told a conference in Aix-en-Provence in France that the BOE can be flexible about timing but that it’s “absolutely critical that that flexibility isn’t confused with people thinking ...

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