Visitors look at a Geely vehicle at the Shanghai Auto Show in China. Reuters
China will cut subsidies on new energy vehicles (NEV) such as electric cars by 10% this year, the finance ministry said, following a decision last month to continue providing incentives to buy clean energy vehicles.
China’s auto sales in May rose 14.5% from the same month a year earlier, industry data showed, the second consecutive month of increase as the world’s biggest vehicle market recovers from lows hit during coronavirus lockdowns.
Horton, who took silver behind Sun at the weekend, refused to step onto the top step of the podium for photos after the medal ceremony in Gwangju, as doping allegations swirl around Sun.
European and US stock markets slumped on Friday as investors dwelled on the prospect of rising US interest rates. Europe’s main bourses all fell nearly two per cent.
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
Sharjah Islamic Bank (SIB) has opened its newest branch in Abu Dhabi Mall. The decision serves as a key step forward in strengthening the bank’s network in the UAE and reach its growing customer base in the capital city.
Bilateral trade between UAE and Malaysia grew 26.52 per cent to $1.97 billion (Dhs7.25 billion) in the first quarter of 2021, compared to from $1.56 billion (Dh5.73 billion) in the corresponding period last year, reflecting the resilience in two-way trade.