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☆ VW cuts 2023 deliveries outlook, aims to boost cash flow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said. Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles. Reuters GraphicsWorldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon.

Persons: DAX, Arno Antlitz, Cupra, Miranda Murray, Rachel More, David Goodman Organizations: VW, BERLIN, Volkswagen, Benz, Renault, Graphics Worldwide, Volkswagen Group, VW Commercial Vehicles, Skoda, Audi, Lamborghini, Bentley, Ducati, Reuters Graphics Reuters, Rus, Art, Finance, Victoria, Thomson Locations: Kaluga

NEW YORK, July 27 (Reuters) - Bank of America CEO Brian Moynihan said U.S. authorities need to be careful when implementing new capital requirements of the Basel III accord to avoid reducing the ability of U.S. banks to compete globally. ... We're talking about a $30 or $40 billion bank, or a $100 billion bank, not being able to compete for a middle market loan because a bank or a supplier in Europe ... is getting a lower cost of capital", Moynihan added. U.S. banking regulators are expected to unveil on Thursday a sweeping proposal for stricter bank capital requirements. While the precise details aren't yet known, regulators have said the rules will apply to banks with $100 billion in assets or more. Bank of America expects a "slight" recession in the first part of next year and predicts the first interest rate cut will happen by mid-2024.

Persons: Brian Moynihan, Moynihan, JPMorgan, Jonathan Stempel, Tatiana Bautzer, David Goodman, Chizu Organizations: YORK, Bank of America, Basel III, Fox Business, Pacwest Bancorp, JPMorgan Chase, Thomson Locations: Basel, U.S, Europe, Banc, California

☆ Sony PlayStation 5 console sales pass 40 million
▼ + stars: | 2023-07-27 | by ( Sam Nussey | ) www.reuters.com time to read: 1 min

TOKYO, July 27 (Reuters) - Sony Group Corp (6758.T) has sold more than 40 million PlayStation 5 consoles, its gaming division said on Thursday, citing the easing of supply chain problems. "It took months for supply chains to normalise so we could have the inventory to keep up with demand," Sony Interactive CEO Jim Ryan wrote in a blog post. "Now PS5 supply is well-stocked and we are seeing that pent up demand finally being met." The Japanese tech and entertainment conglomerate has said it expects to sell 25 million PS5 units this year, which would be a record for any PlayStation device. Sony's latest console is closing the gap with the PS4 console, said Piers Harding-Rolls, analyst at Ampere Analysis.

Persons: Jim Ryan, Piers Harding, Sam Nussey, David Goodman Organizations: Sony Group Corp, Sony Interactive, Ampere Analysis, Thomson Locations: TOKYO

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

☆ Gov. Abbott’s Policing of Texas Border Pushes Limits of State Power
▼ + stars: | 2023-07-26 | by ( J. David Goodman | More About J. David Goodman | ) www.nytimes.com time to read: +1 min

Along Texas’ 1,200-mile-long border with Mexico, state troopers routinely arrest migrants for trespassing. Texas National Guard troops unspool razor wire along the banks of the Rio Grande. Greg Abbott has been testing the legal limits of what a state can do to enforce immigration law. He has overseen aggressive deterrence by state police officers at the border and mounted a brazen challenge to federal authority by placing a floating barrier in the middle of the Rio Grande. In the small border city of Eagle Pass, the state police bulldozed vegetation from a sandbar in the middle of the river last month to create a new security outpost.

Persons: Greg Abbott, Abbott Organizations: Texas National Guard, Gov, Lone Star, Republican Locations: Texas, Mexico, Rio Grande . State, Rio Grande, Eagle

☆ Justice Department Sues Texas Over Floating Barrier in Rio Grande
▼ + stars: | 2023-07-24 | by ( J. David Goodman | More About J. David Goodman | ) www.nytimes.com time to read: +1 min

The Justice Department filed suit on Monday against the State of Texas over its installation of a floating barrier meant to stop people from swimming across the Rio Grande, arguing that the interlocking buoys placed in the river by the state violated federal law. Greg Abbott of Texas, who heralded the installation of the 1,000-foot barrier this month, refused a request from the Justice Department to remove the buoys voluntarily, vowing instead to fight in court to keep them in place. Mr. Abbott has blamed President Biden for the large numbers of migrants crossing the border illegally. “If you truly care about human life, you must begin enforcing federal immigration laws,” Mr. Abbott wrote in a letter to President Biden on Monday. State police officers have been shouting at migrants to turn back and, in some cases, refusing to provide water to people who request it.

Persons: Greg Abbott of Texas, Abbott, Biden, ” Mr, “ Organizations: Department, State of, Gov, Justice Department, Rio Grande . State Locations: State of Texas, Rio, Texas, Rio Grande .

The abrupt maneuver caused a young woman to hit her face on a spike, leaving a gash on her forehead, Ms. Escobar recalled. She said several of the agents stood still for several minutes, until an officer wearing what looked like a soldier’s uniform offered help to the wounded woman. State officials did not immediately respond to a request for comment on the incident. “I was still in the river, about to jump over, when I saw what that agent did and was horrified,” she said of the officer in the cowboy hat. “What I am against is the use of tactics that hurt people.”The tactics by Texas appear to have intensified in the lead-up to the lifting in late May of Title 42, a public health policy imposed during the coronavirus pandemic that allowed federal agents to rapidly expel most arriving migrants.

Persons: “, Escobar, ”, Rolando Salinas Jr Locations: Mexico, Texas, Eagle

☆ Vingegaard marches towards Tour de France title as Pogacar explodes
▼ + stars: | 2023-07-19 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

[1/3] Cycling - Tour de France - Stage 17 - Saint-Gervais Mont Blanc to Courchevel - France - July 19, 2023 AG2R Citroen Team's Felix Gall celebrates as he crosses the finish line to win stage 17 REUTERS/Stephane MaheCOURCHEVEL, France, July 19 (Reuters) - Jonas Vingegaard made a giant stride towards a second consecutive Tour de France title when crash-hit rival Tadej Pogacar cracked in the toughest stage of the race on Wednesday. What was a 10-second gap two days ago is now an unbridgeable 7:35 gap after Pogacar huffed and puffed over the line more than five minutes behind Jumbo-Visma leader Vingegaard. "I'm relieved to have more than seven minutes but we're not in Paris yet, there's some tricky stages left, still," said Vingegaard. Vingegaard slowed down and zig-zagged through to continue his demolition work until the line, which he crossed with a big smile on his face. Also why do they let cars pass us when the gap between the groups of riders is just 15 seconds?"

Persons: Gervais Mont, Team's Felix Gall, Stephane Mahe COURCHEVEL, Jonas Vingegaard, Tadej Pogacar, Vingegaard, la, Felix Gall of Austria, Saint Gervais, I'm, Pogacar, Benoot, Marc Soler, Griescha Niermann, Jonas, Thibaut Pinot, Julien Pretot, David Goodman, Mike Harrison Organizations: de, de France, UAE Emirates, Thomson Locations: Gervais Mont Blanc, Courchevel, France, Saint, Paris

☆ Gucci CEO Bizzarri to leave company in September
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Kering (PRTP.PA) managing director Jean-Francois Palus has been appointed to lead star label Gucci after a management reshuffle at the top ranks of the French luxury goods company. Marco Bizzarri, Gucci's president and chief executive since 2015, will leave the company on Sept. 23, the French owner of Italian brand Kering said on Tuesday. As part of the changes, Francesca Bellettini, who has run fast-growing fashion label Yves Saint Laurent since 2013, has been named Kering's deputy CEO in charge of brand development while group finance chief Jean-Marc Duplaix has been named as Kering deputy CEO in charge of operations and finance. “We are building a more robust organisation to fully capture the growth of the global luxury market," Kering Chairman and CEO Francois-Henri Pinault said in a statement Tuesday. Reporting by Piotr Lipinski and Mimosa Spencer Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean, Francois Palus, Gucci, Marco Bizzarri, Kering, Francesca Bellettini, Yves Saint Laurent, Marc Duplaix, Francois, Henri Pinault, Piotr Lipinski, Mimosa, David Goodman Organizations: Thomson

☆ ASML to hire 100 researchers leaving Philips
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 18 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) will hire 100 researchers who are leaving Philips (PHG.AS), the companies said on Tuesday. ASML was founded as a joint venture between Philips and ASM International (ASMI.AS) in 1984 and has become Europe's largest technology company by market capitalisation. Philips, a former industrial conglomerate that now focuses on medical technology, has been retrenching and cutting staff after a major recall of respiratory devices. The employees switching companies are from Philips' Engineering Solutions division, including staff working on "mechatronics", the integration of mechanical control systems into electronics. ASML hired a net 7,000 employees in 2022, adding almost 20% to its global workforce, but it is expected to slow that pace this year.

Persons: ASML, Toby Sterling, David Goodman, Jonathan Oatis Organizations: Philips, ASM International, Engineering Solutions, Thomson Locations: AMSTERDAM, Financieele Dagblad, ASML

☆ Oil dips more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

China's gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of three Libyan fields shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Warren Patterson, ING's, Brent, Dennis Kissler, Arathy Somasekhar, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman, Mike Harrison, Barbara Lewis Organizations: . West Texas, BOK Financial, Oil, Thomson Locations: HOUSTON, China, Saudi Arabia, Moscow, Houston

☆ Oil slides more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "China data was always looked forward to with a degree of hope; well, for bulls anyway," John Evans of oil broker PVM said in a report. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of the three Libyan fields that were shut last week. Reporting by Alex Lawler Additional reporting by Florence Tan and Mohi Narayan Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Warren Patterson, ING's, Brent, John Evans, PVM, Oil, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman Organizations: . West Texas, Thomson Locations: China, Saudi Arabia, Libya, Nigeria, Moscow

☆ TLV $250 mln fund looks further afield for Israeli tech startups
▼ + stars: | 2023-07-17 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

TLV Partners, which said it could invest as much as $20 million per company over subsequent investment rounds, has already invested in 60 Israeli companies and exited 10 so far. "People are definitely interested in Israeli companies and Israeli technologies," said Rona Segev, a managing partner at TLV, though she also flagged concerns over the Israeli government's judicial plan. All of the companies that TLV has invested in so far in 2023 have been incorporated in Delaware, though many Israeli companies keep their research and development operations in Israel. "The $250 million is going to Israeli entrepreneurs but in the current political situation 90% at least will go to non-Israeli companies. "As venture capitalists, we are okay investing in Israeli entrepreneurs wherever they decide to be at that point."

Persons: Rona Segev, Benjamin Netanyahu's, Segev, TLV, Steven Scheer, David Goodman Organizations: Venture, TLV Partners, Reuters, Thomson Locations: United States, TLV, Israel, Delaware

☆ UK consumer group calls for government action on grocery prices
▼ + stars: | 2023-07-16 | by ( James Davey | ) www.reuters.com time to read: +3 min

says supermarket prices have risen 25.8% in two yearsSome prices have jumped by as much as 175%, consumer group saysRetailers say they have absorbed cost increasesLONDON, July 17 (Reuters) - British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021. found that supermarket prices rose by 25.8% between June 2021 and June 2023. Food prices have been driven up by increased costs for animal feed, fertiliser and fuel as well as energy and labour. While the UK government has raised concerns about soaring food prices it has said it was not considering imposing price caps.

Persons: Phil Noble, Jeremy Hunt, Helen Dickinson, James Davey, David Goodman Organizations: REUTERS, Tesco, Asda, Waitrose, Markets Authority, CMA, British Retail Consortium, Thomson Locations: Altrincham, Britain, British, Morrisons, Aldi, Europe, Hungary

☆ Jane Birkin, British-born actress and singer, dies at 76, French media report
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The 74th Cannes Film Festival - Photocall for the film "Jane par Charlotte" (Jane by Charlotte) presented as part of Cannes Premiere - Cannes, France, July 8, 2021. Director Charlotte Gainsbourg and cast member Jane Birkin pose. REUTERS/Johanna GeronPARIS, July 16 (Reuters) - British-born actress and singer Jane Birkin, a 1960s wildchild who became a beloved figure in France, has died in Paris aged 76, the French Culture Ministry said on Sunday. Birken was best known overseas for her 1969 hit in which she and her then-lover, the late French singer and songwriter Serge Gainsbourg, sang the sexually explicit “Je t’aime...moi non plus”. Jane Mallory Birkin was born in London in December 1946, daughter of British actress Judy Campbell and Royal Navy commander David Birkin.

Persons: Jane, Charlotte, Charlotte Gainsbourg, Jane Birkin, Johanna Geron PARIS, Birkin, Birken, Serge Gainsbourg, John Barry, Roselyne Bachelot, BFM, Jane Mallory Birkin, Judy Campbell, David Birkin, Michelangelo Antonioni, Gainsbourg, John Irish, David Goodman, Frances Kerry Organizations: Cannes, Cannes Premiere, French Culture Ministry, Le Parisien, Royal Navy, Thomson Locations: France, Paris, French, British, London, Charlotte

☆ Turkey increases fuel tax as it bolsters stretched budget
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

ANKARA, July 16 (Reuters) - Turkey raised tax on petrol on Sunday to help to fund a 1.12 trillion lira ($42.2 billion) increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring. The wider deficit was largely because of increased spending ahead of May elections, when President Tayyip Erdogan was elected for a third term, as well as on rebuilding work after the earthquakes in southern Turkey. The earthquakes, which killed more than 50,000 people, are expected to cost Turkey more than $100 billion in total. In the latest step to strengthen the Treasury's cash reserves, the tax rate for gasoline was increased to 7.52 lira per litre from 2.52 lira ($0.1) while tax on diesel oil rose to 7.05 lira from 2.05 lira. The 1.12 trillion lira boost to Ankara's budget was approved by parliament on Saturday and follows various other recent tax increases among efforts to bolster government coffers, including a two percentage point increase to VAT.

Persons: Tayyip Erdogan, Ali Kucukgocmen, Diane Craft, David Goodman Organizations: stoke, Ece Toksabay, Thomson Locations: ANKARA, Turkey

☆ Actress and singer Jane Birkin dies, France loses an 'icon'
▼ + stars: | 2023-07-16 | by ( John Irish | ) www.reuters.com time to read: +4 min

PARIS, July 16 (Reuters) - British-born actress and singer Jane Birkin, a 1960s wildchild who became a beloved figure in France, has died in Paris aged 76. Jane Mallory Birkin was born in London in December 1946, daughter of British actress Judy Campbell and Royal Navy commander David Birkin. [1/8]A person takes a photo near the house turned museum where late actor and singer Jane Birkin has lived with singer Serge Gainsbourg, in Paris, France July 16, 2023. "It's unimaginable to live in a world without you," said French singer Etienne Daho, who produced and composed Birkin's last album in 2020. She is survived by two daughters the singer and actress Charlotte, born in 1971, and Lou Doillon, also an actress, born in 1982.

Persons: Jane Birkin, Birkin, Serge Gainsbourg, Paris Mayor Anne Hidalgo, Jane Mallory Birkin, Judy Campbell, David Birkin, John Barry, Michelangelo Antonioni, Pascal Rossignol, Gainsbourg, Jane, Etienne Daho, Brigitte Bardot, Bardot, Jacques Doillon, Jean, Louis Dumas, Charlotte, Lou Doillon, Kate, John Irish, David Goodman, Frances Kerry Organizations: French Culture Ministry, Paris Mayor, Royal Navy, REUTERS, Moi, BBC, Vatican, Thomson Locations: France, Paris, French, London, British

☆ 'Heat storm' stretches into southern Europe, health alerts issued
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

ROME, July 16 (Reuters) - Italy issued hot weather red alerts for 16 cities on Sunday, with meteorologists warning that temperatures will hit record highs across southern Europe in the coming days. Spain, Italy and Greece have been experiencing scorching temperatures for several days already, damaging agriculture and leaving tourists scurrying for shade. "We need to prepare for a severe heat storm that, day after day, will blanket the whole country," Italian weather news service Meteo.it warned on Sunday. Italy's Health Minister Orazio Schillaci said authorities were keeping a close eye on Rome and urged people to take care. Europe's highest recorded temperature of 48.8C (119.8F), registered in Sicily two years ago, could be exceeded in the coming days, notably on the Italian island of Sardinia, meteorologists have said.

Persons: Charon, Meteo.it, Orazio Schillaci, Il, Crispian Balmer, Graham Keeley, David Goodman Organizations: Italy's, Thomson Locations: Italy, Europe, Spanish, La Parma, Spain, Greece, Africa, Acropolis, Rome, Florence, Palermo, Sicily, Bari, Seville, Sardinia, Barcelona

☆ M7.2 quake hits Alaska Peninsula, tsunami warning issued for nearby region
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

July 16 (Reuters) - An earthquake of magnitude 7.2 struck the Alaska Peninsula region early on Sunday, the United States Geological Survey (USGS) said, leading to a tsunami warning for nearby regions. USGS revised the magnitude of the earthquake down from an initial reading of 7.4, and it revised the depth of the quake to 32.6 km (20.3 miles) from an initial 9.3 km. The U.S. Tsunami Warning System issued a tsunami warning for South Alaska, the Alaska Peninsula and regions of the Pacific near to the earthquake. Reporting by Juby Babu in Bengaluru; Editing by David Goodman and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Juby Babu, David Goodman, Hugh Lawson Organizations: United States Geological Survey, U.S ., Thomson Locations: Alaska, U.S, South Alaska, Bengaluru

WHY WE’RE HEREWe’re exploring how America defines itself, one place at a time. A cricket complex outside Houston hosts youth and professional players alike, reflecting the sport’s growing popularity in a changing city. July 15, 2023Drive northwest out of Houston, and as cow pastures wrestle back the flat expanse from the city’s tentacled sprawl, there arise along the road, suddenly, improbably, many, many cricket fields. Head south to find a small cricket stadium nestled in the suburbs, or west to find fields sprouting in county parks. The game of cricket — a bat-ball-and-wicket contest of patience and athleticism that was born in Britain and is barely understood by most Americans — has surprisingly taken hold in the land of Friday night football.

Persons: — Organizations: Houston, Dallas, Lone Locations: Houston, Britain, South, Lone Star

☆ Ashmore assets under management hit by flight from emerging markets
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 14 (Reuters) - Investment group Ashmore's (ASHM.L) assets under management dropped by $1.8 billion in the three months to June 30, down 3% from the previous quarter, as investors retreated from emerging markets owing to global macroeconomic uncertainties. Net outflows amounted to $2.9 billion, the emerging markets-focused asset manager reported on Friday, citing institutional clients' top-down asset allocation decisions to pull back on emerging market hard-currency debt and other fixed income in developing economies. Meanwhile, a positive investment performance of $1.1 billion cushioned the overall impact on assets under management, which stood at $55.9 billion at the end of June. "There remains some global macro uncertainty and certain investors have therefore reduced risk during the quarter," said Chief Executive Mark Coombs. "However, emerging markets continue to perform well, with support from improving fundamentals such as accelerating GDP growth, falling inflation and the potential for rate cuts, as well as the benefit of a weaker U.S.

Persons: Jeffries, Ashmore, Mark Coombs, Karin Strohecker, Dhara Ranasinghe, David Goodman Organizations: Thomson

☆ China drives Burberry first-quarter sales jump
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry NichollsLONDON, July 14 (Reuters) - British luxury fashion brand Burberry (BRBY.L) on Friday reported an 18% rise in its first-quarter comparable store sales, in line with market expectations thank to continued recovery in China. CEO Jonathan Akeroyd said outerwear and leather goods were performing well and he was excited about new products from designer Daniel Lee arriving in stores in September. Lee, who joined in September, unveiled his debut collection at London Fashion Week in February. Like-for-like leather goods sales increased 13%, with women's bags, especially the Frances shapes and vintage Burberry check performing well, the company said.

Persons: Henry Nicholls LONDON, Jonathan Akeroyd, Daniel Lee, Lee, Frances, Suban Abdulla, Paul Sandle, David Goodman Organizations: Burberry, New, REUTERS, London Fashion, Thomson Locations: London, Britain, China, Europe, Americas

☆ In a Texas City, Heat Proved Deadly Even for Those Long Used to It
▼ + stars: | 2023-07-13 | by ( J. David Goodman | More About J. David Goodman | ) www.nytimes.com time to read: +2 min

In all, 10 people died from heat-related illnesses within the city limits of Laredo between June 15 and July 3, a toll unheard of in this heat-accustomed corner of Texas. Across the country, extreme heat, which can strain the heart, lungs and kidneys, is a leading weather-related cause of death. In Texas last year, 298 people died of heat-related causes, according to the state health department — the highest annual total in more than two decades. During the heat wave in Webb County, at least two migrants were found dead on local ranches, according to the sheriff, Martin Cuellar. And the temperature readings tell only part of the story, public health officials cautioned, because humid air worsens the heat, making it much more difficult for the body to cool down.

Persons: Martin Cuellar, Alicia Van Doren, “ We’re, ” Locations: Laredo, Texas, Webb County, California, Florida, In Louisiana, Virginia, Louisiana

☆ Oil prices steady as supply cuts counter economic headwinds
▼ + stars: | 2023-07-11 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Anxiety is still palpable that recession fears could lead to downgrades in oil demand," said PVM analyst Tamas Varga. Seperately on Tuesday several sources told Reuters that top buyer China again requested less supply from the world's biggest oil exporter, Saudi Aramco (2222.SE). Meanwhile, the secretary general of OPEC on Tuesday told a Nigerian oil and gas conference that global energy demand is forecast to rise 23% by the end of 2045.

Persons: Brent, Edward Moya, Tamas Varga, Seperately, Natalie Grover, Arathy Somasekhar, Jason Neely, David Goodman Organizations: Saudi, . West Texas, U.S, U.S . Federal, International Energy Agency, Reuters, China, OPEC, Tuesday, Thomson Locations: Russian, Saudi Arabia, Russia, U.S, China, Saudi Aramco, Nigerian, London

☆ Dubai property prices surge at fastest pace since 2014
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 11 (Reuters) - Dubai residential property prices in the year to June 30 rose at their fastest in almost a decade, climbing by 16.9%, while average rents jumped by 22.8%, property consultancy CBRE said on Tuesday. Its property market has boomed after a swift post-pandemic economic rebound and relaxed residency rules. In June 9,876 residential units were sold, up 18.8% from a year earlier, with off-plan sales jumping 44.9% while the secondary market's sales weakened by 0.5%, CBRE added. Average rent was up 22.8% in the year to June 30, slowing from the 24.2% growth recorded at the end of May. ($1 = 3.6729 UAE dirham)Reporting by Yousef Saba Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: CBRE, Taimur Khan, Yousef Saba, David Goodman Organizations: Thomson Locations: DUBAI, Dubai, UAE

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