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Toyota to Invest $1.8 billion in Indonesia

Toyota plans to invest 27.1 trillion rupiah ($1.80 billion) in Indonesia over the next five years to produce electric vehicles, according to the Indonesian economy ministry on Wednesday.

The Southeast Asian country aspires to become a significant global hub for producing and exporting electric vehicles by processing its plentiful resources of nickel laterite ore for use in lithium batteries.

The Toyota stock (NYSE: TM) traded 0.80% lower on Tuesday’s trading session to price at $158.06 per share.


On Wednesday, a member of the South Korean central bank's board of directors said that interest rates should continue to rise, but stressed that hikes should be moderate because there are now greater negative risks to both exports & consumer spending. Suh Young-kyung, one of the six policy-board members of the Bank of Korea, stated at a lecture that the central bank "has to sustain its rate-raising posture for the time being, because long-term rates, based on inflation expectations, are assessed to remain below the neutral level."

Private home prices in Hong Kong fell more rapidly in June, hitting their lowest mark since December 2020, according to official data released on Wednesday. Homebuyers were reluctant due to uncertain outlooks and escalating interest rates. Home prices in one of the world's most unaffordable housing markets fell 1.1% last month from the previous month, compared to a revised 0.2% slip in May.


The U.S. dollar was down on Wednesday morning ahead of the highly-anticipated Federal Reserve of the United States interest rate increase, which is expected to occur on Wednesday. The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down 0.14% to 106.895.


Gold prices fell on Wednesday morning in Asia ahead of the policy decision from the U.S. Federal Reserve. Investors & traders believe that the Fed would hike interest rates by 75 basis points. Gold futures inched lower by 0.01% to $1,717 per ounce, despite a weaker dollar greenback which typically drives demand for the bullion.


Oil prices remained stable on Wednesday morning, as fears over weakening demand outweighed news from the industry that revealed a larger-than-anticipated reduction in U.S. crude stockpiles. Brent crude futures increased by 0.31% to $99.77 per barrel, while WTI crude barrels rose by 0.68% to $95.64 a barrel.


USA: S&P500 -1.15%, Dow Jones Industrial Average -0.71%, Nasdaq Composite -1.96%

Europe: FTSE 100 +0.00%, DAX -0.86%, CAC 40 -0.42%

Asia: Nikkei 225 +0.22%, Hang Seng -1.25%, CSI 300 -0.57%, Nifty 50 +0.49%


Dubai Airport Expects Travel Surge, Hikes Annual Forecast

The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.

According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.

Jewelry Maker Pandora Goes Big on Lab Diamonds

Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.

In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.

Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.

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