Global News You Need to Know this week

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1. ChatGPT Android version officially launched, but only available in four countries as an initial release.

2. The Russian State Duma passes a bill to raise the upper age limit for compulsory military service to 30 years.

3. Typhoon “Dusuirui” makes landfall early morning on the Babuyan Islands in northern Philippines.

4. California Bank to acquire West Pacific Universal Bank in an all-stock transaction.

5. Saudi Arabia reportedly close to reaching a deal with Vale for the sale of its 10% stake in the metals business.

6. IMF raises its 2023 global GDP growth forecast to 3% from 2.8%; upwardly revises US economic growth forecast to 1.8%, and expects Eurozone economic growth to be at 0.9%; projects China’s economic growth at 5.2%.

7. Saudi government data shows a 37.7% decline in oil exports in May, amounting to SAR 43.5 billion.

8. The European Central Bank notes that corporate loan demand in the Eurozone has hit a historic low.

9. Market reports suggest EU ministers have finally approved the EU chip law.

10. The European Council adopts new rules requiring a 11.7% reduction in its final energy consumption by 2030.

11. The Kremlin states that the revival of the lapsed Black Sea grain agreement is currently impossible.

12. UK’s CBI Industrial Orders Balance records -9 in July, the highest level since December last year.

13. Market reports indicate that the European Central Bank sees weaknesses in controlling leveraged financing risks and is considering implementing more capital requirements for banks engaging in leveraged financing.

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