Elon Musk tells Tesla staff: return to office or leave Tesla Inc Chief Executive Elon Musk has asked employees to return to the office or leave the company, according to an email sent to employees and seen by Reuters. “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week,” Musk wrote in the email sent on Tuesday night. […] June 2, 2022
Banking and Finance UAE’s Al-Futtaim Group to invest up to $1bn in Egypt Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […] June 2, 2022
Manufacturing Turkey’s trade deficit surges 157% in May Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s […] June 2, 2022
From Austria to the UAE: Monkeypox cases around the world Over 20 countries where monkeypox is not endemic have reported outbreaks of the viral disease, with more than 300 confirmed or suspected infections mostly in Europe. The outbreaks are raising alarm because monkeypox, which spreads through close contact and was first found in monkeys, mostly occurs in west and central Africa, and only very occasionally […] June 2, 2022
Business of Sport PGA Tour renews threat of ‘disciplinary action’ The PGA Tour on Wednesday reiterated a warning to members who choose to compete on the LIV Golf Invitational Series and said those who do feature on the Saudi-funded breakaway circuit would be “subject to disciplinary action”. The field for the inaugural LIV Golf event — to be held June 9-11 at Centurion Club outside […] June 2, 2022
Biden planning Gulf visit this month US officials are planning a trip for President Joe Biden to the Middle East later this month to meet Gulf allies, which could put him in the same room with Saudi Crown Prince Mohammed bin Salman, sources said on Wednesday. No final decisions have been made about the trip, according to sources inside and outside […] June 2, 2022
Business of Sport Canadian bank terminates sponsor deals over Saudi-backed rival golf tour Royal Bank of Canada said on Wednesday it decided to terminate sponsor agreements with Dustin Johnson and Graeme McDowell after the former major champions decided to play in the opening event of the Saudi-backed LIV Golf Invitational Series next week. World number 13 Johnson was both the highest-ranked and most surprising golfer named to the […] June 2, 2022
Business of Sport Formula One appoints Shaila-Ann Rao as new interim head Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […] June 2, 2022
Media & Advertising Streaming service Starzplay planning to go public Starzplay Arabia, an Abu Dhabi-based streaming platform, expects to go public in the next two or three years, its chief executive said on Thursday. Starzplay is among the global and regional streaming players vying for a share of the burgeoning Middle East market, hoping to tap into the region’s large youth population and take advantage […] June 2, 2022
Energy Saudi to raise oil production if Russian output falls Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources. Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting, […] June 2, 2022
Agriculture Turkish factory activity contracts for third straight month in May Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […] June 1, 2022
Markets Finland and Sweden to continue NATO talks with Turkey Finland and Sweden said on Wednesday they would continue a dialogue with Turkey over their bids for NATO membership, but did not say whether there had been progress on overcoming Ankara’s objections to their joining the military alliance. The Nordic neighbours applied to join NATO last month in response to Russia’s invasion of Ukraine, but […] June 1, 2022
Energy Egypt in $4bn deal to build waste-to-energy facility Egypt’s Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a greenfield site in east Port Said with an estimated cost of $4 billion, an SCZONE statement said on Wednesday. The project targets production capacity of 300,000 tonnes of green hydrogen per year, the […] June 1, 2022
Nearly a fifth of UK monkeypox cases linked to travel Nearly a fifth of monkeypox cases reported in the United Kingdom are linked to travel, Britain’s UK Health Security Agency(UKHSA) said on Wednesday. Recent foreign travel to a number of different countries in Europe within 21 days of symptom onset has been reported by 34 confirmed cases, or 18 percent of the 190 cases of […] June 1, 2022
Energy Saudi-led OPEC+ set for modest output rise, as oil hits $124, sources say Oil prices rally on future EU Russian oil ban OPEC experts didn’t discuss suspending Russia from quotas Russian oil output rising, Lavrov visits Middle East G7 again calls on OPEC to raise output US officials working on Biden’s visit to Riyadh OPEC+ is set to stick this week to its monthly modest oil output increases […] June 1, 2022
Energy UN nuclear watchdog urged to rebuke Iran, draft resolution shows IAEA reported scant progress with Iran on uranium traces Report came after three-month process to revive dialogue West previously held off of sending resolution to Board Iran bristles at such moves, could hurt talks on 2015 deal The United States, France, Britain and Germany are pushing for the U.N. nuclear watchdog’s Board of Governors to […] June 1, 2022
Markets What’s eating meal delivery stocks? Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. Whatever happened to these lockdown winners? Meal delivery companies had a great run in the early days of the COVID-19 epidemic and strived as growth and tech stocks led the rebound from the COVID-19 market crash. Things couldn’t be more different […] June 1, 2022
Real Estate Global real estate frenzy fades, as some markets slow Huge price rises of as much as 50 percent in last few years In Dubai analysts agree affordability will worsen Many have resigned themselves to renting over owning, driving up rents The global property market frenzy that gathered pace during the pandemic as people scrambled to buy more living space is likely over as interest […] June 1, 2022
Markets Dubai bucks the trend, as Gulf bourses fall on inflation fears Most Gulf bourses ended lower on Wednesday, in line with global peers as rising inflation fears around the globe deepened worries over growth prospects, with Dubai bucking the trend.Soaring food and energy costs drove euro zone inflation to a record high of 8.1 percent in May, figures on Tuesday showed, stoking concern about interest rate […] June 1, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
Manufacturing UK manufacturing growth hits 16-month low in May British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […] June 1, 2022
Energy Who is buying Russian crude oil and who has stopped Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil […] June 1, 2022
