News in Brief
UAE plans to invest $54b in renewables
BLOOMBERG – The United Arab Emirates plans to invest as much as $54 billion on renewables over the next seven years as part of efforts to reach net zero emissions by 2050.
The nation is targeting a threefold increase in the share of energy produced from renewable sources over the period and will focus on hydrogen as a source for clean power, UAE Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid said in a tweet.
First step of monetary-tightening era in Turkey
CNBC – Turkey’s central bank said last month’s interest-rate raise was the “first step” of a monetary tightening cycle, as the administration of newly-reelected President Recep Tayyip Erdogan tries to slow inflation of almost 40%.
Last month’s decision to increase the benchmark to 15% from 8.5% was meant to “establish the disinflation course as soon as possible,” the bank said in a summary, published on Monday, of its June 22 Monetary Policy Committee meeting.
Pakistan inflation eases
AFP – Pakistan’s headline inflation eased for the first time in seven months in June, figures released Monday showed, a bright spot for the government that must call an election this year.
Year-on-year inflation was 29.4 percent last month, Pakistan Bureau of Statistics data showed, compared with a record 38 percent in May.