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☆ German court dismisses challenge to 750 bln euro EU recovery fund
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 6 (Reuters) - Germany's constitutional court on Tuesday threw out a legal challenge to the European Union's 750-billion-euro ($786 billion) recovery fund, which saw the EU take on joint debt to help member states overcome the COVID-19 crisis. German Finance Minister Christian Lindner welcomed the ruling but said some aspects of the decision would have to be closely analysed by the government. The funds are to be repaid from the EU budget over the coming decades, with Germany shouldering by far the biggest share of any member state. The court ruled that the ratification act had not violated their right to democratic self-determination nor did it "impair the overall budgetary responsibility of the Bundestag". Lucke expressed disappointment at the ruling but said it was positive that the court had emphasized the EU has no general authority to take on common debt.

☆ Why Saudi Arabia is hosting one of the world's biggest raves
▼ + stars: | 2022-11-30 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +14 min

The kingdom’s Soundstorm music festival, which began in 2019, is back again for its fourth year and will start on Thursday. “(It) is a particularly powerful example because it seeks to bring together young people and women from across Saudi Arabia and the world,” she said. By contrast, Las Vegas’ Electric Daisy Carnival, considered North America’s biggest dance music festival, had an attendance of over 400,000 this year. Last year, Human Rights Watch (HRW) said that performers should either “speak up” about Saudi Arabia’s human rights violations or not attend the festival at all. Some however argue that opening up countries to international norms and values can allow for better discussion on human rights shortcomings.

Saudi Press Agency/Handout via REUTERSDUBAI, Nov 10 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is working with Lazard (LAZ.N) on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca, two sources with direct knowledge told Reuters. The PIF, Lazard and Masar did not respond to a Reuters query for comment. Bloomberg first reported Lazard was advising the sovereign wealth fund on NEOM. Masar is a 1.2 million square metre urban development project in the western part of Mecca. Reporting by Hadeel Al Sayegh;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Nike lifts Covid mandate, igniting harsh criticism from employees on both sides of the vaccine debate
▼ + stars: | 2022-10-24 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

"When our vaccination policy was implemented, vaccination was critical in preventing community spread," he added. Nike employees were overwhelmingly in favor of the vaccine mandate. 'Not sure where this leaves those of us who were fired only months ago'It's unclear how many people Nike terminated for not complying with its vaccine mandate. A group called the Health Freedom Defense Fund is suing Disney over its vaccine mandate, which like Nike's, required vaccination as a condition of employment. Companies have the broad authority to mandate vaccines in their workplace, according to Dorit Rubinstein Reiss, a UC Hastings law professor, and vaccine policy expert.

☆ Most Gulf markets in red ahead of U.S. inflation data
▼ + stars: | 2022-10-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Most stock markets in the Gulf ended lower on Thursday, ahead of U.S. inflation data which is likely to shape the size of the Federal Reserve's next interest rate hike. read moreThe Saudi market could continue seeing negative performances while oil markets continue to show downside risk, said Farah Mourad, senior market analyst of XTB MENA. In Abu Dhabi, the index (<.FTFADGI>) eased 0.4%, with the UAE's biggest lender First Abu Dhabi Bank (<FAB.AD>) falling 1.3%. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) retreated 0.5%, ending two sessions of losses, helped by a 0.8% increase in top lender Commercial International Bank Egypt (<COMI.CA>). Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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