Manufacturing Tesla hikes Model Y prices for third time since April Tesla Inc has slightly increased the price of its Model Y electric vehicle in the United States, according to its website. The company increased the price of the variant by a mere $250, bringing it to $47,740, the website showed, while prices for the other variants remained unchanged in the US. This is the third […] June 14, 2023
Opinion Economy Roubles, risks and rewards There are pros and cons to maintaining economic links with Russia despite Western sanctions June 13, 2023
Banking & Finance George Soros hands over rein of $25bn empire to son Billionaire financier George Soros is handing control of his massive empire to his son Alexander, a Soros spokesperson said. The spokesperson confirmed the details from an interview with Soros published in The Wall Street Journal on Sunday. A hedge fund manager turned philanthropist and major backer of liberal causes, Soros, 92, said he previously didn’t want his […] June 12, 2023
Business of Sport LIV Golf merger may face challenge from US authorities US competition authorities may intervene to prevent Saudi Arabia’s plans for a merger of two golf bodies and its own LIV Golf, under its own direction, industry experts have warned. Saudi Arabia’s LIV Golf series, backed by millions of dollars from the kingdom’s Public Investment Fund, announced on Tuesday plans to merge with the traditional […] June 9, 2023
Transport Dubai key to GM’s $50bn driverless car plans General Motors aims to generate $50 billion a year in revenues from driverless cars, with Dubai positioned as a key market in the company’s “robust” global plans. Speaking at a Sanford Bernstein conference in New York, GM chair and CEO Mary Barra said there is a “giant growth opportunity” in the company’s Cruise autonomous vehicle […] June 7, 2023
Banking & Finance Binance offshore trading firms at heart of US lawsuit Binance said it would “vigorously defend” itself against the SEC charges and that all user assets were “safe and secure.” Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission (SEC) lawsuit launched against the world’s largest crypto exchange, which highlights concerns over […] June 7, 2023
Oil & Gas White House focused on oil prices after Opec+ move A White House official said on Sunday that the Biden administration is focused on oil prices and “not barrels” after Saudi Arabia planned to make a deep cut to its crude output. “We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year,” said the official, who […] June 5, 2023
Aviation Iata urges jetmakers to fix aircraft delivery delays The head of a group representing global airlines renewed pressure on planemakers to speed up plane and parts production on Sunday, warning the delays would curtail airline capacity as demand for air travel nears a full recovery from the pandemic. Willie Walsh, director general of the International Air Transport Association (Iata), told Reuters the topic […] June 5, 2023
Banking & Finance Mexico in exploratory talks to issue Islamic bonds Mexico is in exploratory talks to issue sukuk, or Islamic bonds, in an effort to tap new investors, Mexican deputy finance minister Gabriel Yorio said. “We have started exploratory talks to expand our investor base via potential entry into the sukuk market, aiming for greater financial ties,” Yorio said while on a visit to Kuwait, […] June 2, 2023
Banking & Finance JPMorgan Chase to cut 500 jobs across main businesses JPMorgan Chase & Co. is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology […] May 29, 2023
Banking & Finance US leaders reach tentative debt ceiling deal US President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. However, the deal was announced without any celebration, in terms that reflected the bitter tenor of the negotiations and the difficult path it has to pass through […] May 28, 2023
Energy Clean energy funding to beat oil for first time, says IEA Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency (IEA) said, with solar projects expected to outpace outlays on oil production for the first time. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15 percent rise for […] May 26, 2023
Opinion Aviation Airline alliances? Emirates forges its own flight path Bilateral agreements can be easier to manage and more tightly targeted May 25, 2023
Trade Canada and Saudi Arabia restore diplomatic relations Canada and Saudi Arabia have brought an end to a five-year dispute by resuming diplomatic relations. They will now appoint new ambassadors and renew diplomatic talks. A statement from both countries said that the decision was reached “on the basis of mutual respect and common interests”. Canadian Prime Minister Justin Trudeau and Saudi Crown Prince […] May 25, 2023
Banking & Finance Fitch puts US credit rating on negative watch Ratings agency Fitch on Wednesday put the United States’ credit on watch for a possible downgrade, raising the stakes as negotiations over the country’s debt ceiling go down to the wire. Fitch put the country’s “AAA” rating, its highest rank, on a negative watch in a precursor to a possible downgrade should lawmakers fail to […] May 25, 2023
Economy IMF chief confident US will not default on debt The managing director of the International Monetary Fund (IMF) Kristalina Georgieva said on Wednesday she was confident the United States would avoid a debt default. The US government could fall behind on its bills next month – and even default on its debt – if Congress doesn’t raise a $31.4 trillion cap on government borrowing, […] May 25, 2023
Opinion Food & Drink The Arab world needs to ease global food trade barriers The region must embrace food imports May 23, 2023
Retail Tesla to sell China-made electric vehicles in Canada Tesla is listing China-made Model 3 and Model Y models for sale in Canada, the company’s website showed, confirming the electric car maker has completed its first shipments to North America from its Shanghai factory. Tesla’s website showed both rear-wheel drive Model Y vehicles and the long-range, all-wheel drive version of the Model 3 available […] May 23, 2023
Tech Cybersecurity firms to gain from growing threat of hacks Top US cybersecurity companies are expected to report another quarter of strong growth as high-profile hacks and a shift in client preference for bigger players with better integrated offerings help support their businesses in a turbulent economy. Palo Alto Networks, the largest player in the space by market share and valuation, will kick off sector […] May 23, 2023
Banking & Finance Wall Street gears up for possible US debt default As talks over raising the US government’s $31.4 trillion debt ceiling go down to the wire, Wall Street banks and asset managers have been preparing for the fallout from a potential default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame […] May 22, 2023
Banking & Finance Pfizer plans $31bn debt to fund Seagen takeover Pfizer Inc said on Tuesday it plans to raise $31 billion from a debt offering to finance its proposed acquisition of Seagen Inc. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in Covid-related sales and generic competition for some top-selling […] May 17, 2023
Retail Elon Musk reverses course on Tesla advertising its cars Tesla Inc boss Elon Musk, who has never used traditional advertising to sell cars, said on Tuesday that the automaker would try it and see whether it produced results. Musk said it was “ironic” that as CEO of Tesla, he now owns Twitter. The social media platform is highly dependent on ads and will soon […] May 17, 2023
