Economy
The recession in the Eurozone intensified in July
Economic activity in the European region shrank at the fastest pace in eight months in July, as the slowdown accelerated on the back of output cuts, key survey results showed on Monday.
The HCOB Flash Eurozone PMI data released by Standard & Poor’s fell to 48.9 in July from 49.9 in June.
“Manufacturing remains weak in the eurozone. Manufacturers cut production again in July,” said Cyrus de la Rabia, chief economist at Hamburg Mercantile Bank.
“The eurozone economy is likely to contract further in the coming months as momentum in the services sector continues to slow,” he added.
Germany shrank for the first time since January on the back of a sharp drop in factory output, the latest figures showed.
The painful PMI data comes as the European Central Bank looks set to raise interest rates again this week to curb inflation.
Inflation in the eurozone eased to 5.5 percent as energy prices fell, but food and drink prices remained high.
With consumer prices still above the ECB’s 2% target, another rate hike looks almost certain when ECB policymakers meet on Monday.
But the central bank faces growing discontent in countries that fear higher interest rates will hurt growth.
The eurozone entered a technical recession at the start of the year, and growth is expected to be weak at around 1 percent this year.
“The latest PMI reading will not satisfy ECB officials as prices are still rising in the private sector, led only by the core services sector,” de la Rabia said.
“Therefore, ECB President Christine Lagarde will stick to her stance and raise interest rates by 25 basis points at the next monetary meeting,” he added.
The Frankfurt-based firm raised borrowing costs at an all-time high to combat high inflation after Russia’s war in Ukraine pushed up food and energy prices.
Key interest rates have risen by four percentage points since July last year, with the European Central Bank’s deposit rate now steady at 3.50 percent – the highest level since 2001.
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Economy
ADNOC and TAQA finalize financing agreement for sustainable water supply project
This strategic investment by two major energy companies in Abu Dhabi aims to build and operate sustainable seawater desalination facilities and supply ADNOC’s onshore operations at the Bab and Bu Hassa fields in Abu Dhabi. Reducing emissions, improving its operations and ensuring it is future-proof.
The consortium, which includes Orascom Construction and Medito, will also build a world-class central seawater treatment facility and a network to transport and distribute treated water.
ADNOC and TAQA hold a majority stake of 51 percent (25.5 percent each) in the project company, while the construction consortium holds the remaining stake (49 percent). , then Transfer of Ownership (BOOT), the entire ownership of the project will be transferred to ADNOC after 30 years of operation.
The project will be financed by nine local and international banks. First Abu Dhabi Bank, Gulf International Bank, Natixis Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Commercial Bank, Emirates NPT, Emirates Development Bank and Warba Bank by providing commercial and Islamic finance facilities. The rest of the project cost will be paid by the shareholders according to the ownership stake.
On this occasion, Abdul Monim Saif Al Kindi, Chief Executive Officer of ADNOC’s Exploration, Development and Production Division, said: “This sustainable strategic investment is another example of ADNOC’s efforts and efforts to improve and ensure the reduction of emissions from its operations. They are future-proof in an effort to contribute to enabling transformation in the energy sector and accelerate a paradigm shift in ADNOC’s ongoing efforts to improve and modernize its business to contribute to creating a low-emission future. I am pleased to collaborate with TAQA in the implementation of this new innovative project, which will provide energy-efficient water supplies to ADNOC’s onshore operations and contribute to reducing its environmental impact.
More than 60 percent of the project’s value is expected to be redirected to the UAE economy through the ADNOC project.
For his part, Jassim Hussain Thabet, Group CEO and Managing Director of Abu Dhabi National Energy Company (TAQA), said: “This collaboration between TAQA and ADNOC, two leading companies in the sector, will enable us to complete the world class. Sustainable project to reduce electricity consumption.” This enhances our efforts to ensure energy security. Based on TAQA’s position as a leader in fully integrated low-carbon applications, it is considered the partner of choice for companies in other sectors looking to decarbonize. “Climate.” By providing sustainable solutions for operations, water and electricity, and investing in key infrastructure needed to achieve neutrality.
By replacing the deep, high-salinity groundwater system currently used in fields, the project is expected to contribute to a 30 percent reduction in electricity consumption required for water injection operations. The project is expected to get all its electricity needs from clean sources.
The project is notable for:
- It includes a water transportation network spanning over 75 km, distribution pipelines spanning over 230 km and two pumping stations.
- It will provide more than 110 million gallons of filtered seawater per day based on nanofilter technology.
- The total cost of the project is $2.2 billion (as per market conditions at the time of funding), compared to $2.4 billion when announced on May 24, 2023.
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Economy
Cybersecurity Council exposes phishing methods
Abu Dhabi: Imad Al-Din Khalil
The UAE Government’s Cyber Security Council has revealed the methods that electronic phishing hackers use to capture personal data of individuals, companies, public and private institutions, and put businesses and finances at risk.
If a hacker wants to penetrate the security system of a company or bank, for example, it would take weeks or months for him to access a loophole that he could use to launch a cyber attack, the council said, however, there is another quick and relatively easy solution. A safe method used by many attackers is phishing.
He explained that electronic phishing is harmful messages that stimulate the senses of the user until he clicks on a particular link, whether this user is a general visitor or a specific person, once the user opens the link, he falls into the hacker’s trap and becomes a victim of unwanted curiosity and intrusion. He and his business are at risk. are exploited.
Through electronic phishing, a hacker tricks the user through a fake message containing a link containing malicious and harmful software. If the user does not carefully read the content of the message and opens it or clicks on the links in it. That, he faces a big problem that his money is stolen or his money is hacked, destroys his system or even his reputation because he has no control over the computer he is using.
In order to protect ourselves from the dangers of electronic phishing attacks, the Council emphasized the need not to disclose any personal information that could be used to identify you, as official organizations would never request such information and would not open any links from sources. What you didn’t know before, you should also use programs like protection from cyber attacks, updating all software periodically, changing passwords regularly and using double security keys.
The Cyber Security Council has called on mobile phone users to be cautious, avoid falling prey to phishing attacks and malicious scams, and avoid opening unknown links such as encrypted websites and suspicious links.
The Council called on users to regularly update their mobile device software to prevent device vulnerabilities from being exposed, citing ways to hack mobile devices, including using suspicious links, vulnerabilities and unencrypted public programs, and direct connection to lure unsuspecting users. to send their confidential data.
The Council emphasized the importance of mobile phone users adhering to usage standards, particularly for workplace phones, and continuous auditing and monitoring.
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Economy
Recovering from the conductor crisis… Toyota production rises in February
Japan – Toyota Motor Production Line
Japan’s Toyota Motor reported its global production rose 1.4 percent in February, after it recovered from disruptions caused by the semiconductor shortage crisis and the coronavirus pandemic.
Last month, Toyota, the world’s largest automaker, produced 896,712 cars.
Its global sales, including its subsidiaries Daihatsu Motor and Hino Motors, rose 10.5 percent to 856,376 units, the company said in a statement, as reported by Bloomberg.
According to the report, Toyota topped global sales of combustion engine cars just days before Lexus chief Koji Sato is set to take over as CEO of the iconic Japanese company.
Chatto is expected to lead the company into producing electric cars and vehicles based on renewable energy sources.
According to Toyota data, local sales rose 38 percent to 213,698 units, as both sales and production within Japan rose for the second month in a row on a year-on-year basis.
On the other hand, Nissan Motor saw its global production increase by 9.2 percent to 300,734 cars, while sales increased by 1.2 percent to 265,101 units.
In contrast, Honda Motor Co.’s global production fell 1.2 percent to 340,574 cars, the fourth straight month of decline.
#Toyota
#Japan
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