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Bloomberg The poorest families in the UK were left “brutally exposed” to the cost of living crunch after almost two decades of income stagnation, the Resolution Foundation warned. In a report, the think tank said too many families faced the current crisis already struggling with low incomes, scant savings and ungenerous welfare support. Adjusted for inflation, the disposable income of ...

  Bloomberg Germany reported its first monthly trade deficit in three decades, as companies faced surging costs for imports and softer demand for their products amid a darker economic outlook. The shortfall in May for Europe’s biggest economy was 1 billion euros ($1 billion), a gap not seen since 1991. Cross-border sales unexpectedly falls by 0.5%, while imports rise 2.7%, ...

  ABU DHABI / WAM The UAE Circular Economy Council convened its second meeting of 2022, presided over by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment. The council approved 22 policies proposed by its subsidiary, the Circular Economy Policies Committee, that focus on accelerating the implementation of the circular economy model in the UAE in four ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) announced that the total production capacity of energy has reached 14,117 megawatts (MW) after adding 700MW. This includes 600MW from the Hassyan Power Complex, which runs on natural gas, and 100 MW from photovoltaic (PV) solar panels at the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park, ...

  DUBAI / WAM Humaid Mohammed bin Salem, Secretary-General of the Federation of UAE Chambers of Commerce and Industry (FCCI), and Maria Camilleri Calleja, Ambassador of Malta to the UAE, have met to discuss the preparations for the visit of the Maltese trade mission to the country in mid-September. The visit aims to seize investment opportunities in the UAE and ...

  ABU DHABI / WAM The Abu Dhabi Judicial Department (ADJD) organised a webinar on the “Mechanisms to combat money laundering and terrorism financing and the Obligations of Legal Professionals, Officers of the Court and Others Towards these Crimes in the Light of UAE Legislation and Judiciary, and International Experiences”, as part of the efforts to strengthen anti-money laundering endeavours ...

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) announced that Tesla Model 3 had been added to Dubai Taxi Corporation’s taxi fleet on a trial basis, following the huge success of operating 172 Tesla vehicles in the limousine service since 2017. The trial operation aims to verify the efficiency of the vehicle when deployed on the taxi fleet ...

Bloomberg The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader. Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said on Sunday on a podcast. “There’s very clear evidence out there of economic stress ...

Bloomberg Russia’s defense chief told President Vladimir Putin that Moscow’s troops have captured Lysychansk, the last major Ukrainian-held city in Luhansk, state media reported. The move would give Russia a stronger grasp on its goal of controlling Ukraine’s entire Donbas, an important industrial region. A Ukrainian defense official said Lysychansk is not under the “full control” of Russia. The capture ...

  Bloomberg Employers in the US probably added workers at a more moderate yet still healthy pace last month as the jobless rate held near its lowest level in decades, suggesting resilient labour demand even as the economy cools. The government’s latest payrolls tally is projected to show a 273,000 increase for June, based on the Bloomberg survey median. The ...