July 13 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

The World Is Drinking Less Coffee While Office Workers Stay Home by bloomberg.com

Global coffee consumption is set to fall this year for the first time since 2011, the U.S. Department of Agriculture predicts.

The disappearance of cafe culture is happening in every major region.

Citigroup Inc. predicts that futures for arabica beans could drop roughly 10% in the second half of the year

“We believe that consumers will move down price points, and turn more to cheaper, instant coffee, as they tighten their belts amidst the gloomy economic outlook,” Taohai Lin, a consumer and retail analyst at Fitch Solutions.

U.S. Targets French Luxury, Beauty Giants in Tariff Retaliation by bloomberg.com

The U.S. is set to go after the beauty and luxury companies in France after President Emmanuel Macron’s government said it plans to tax the Silicon Valley tech giants.

list of imports from France worth $1.3 billion will be subject to an additional 25% tariff if both nations fail to reach an agreement.

Navarro Says More U.S. Action on TikTok, WeChat to Be Expected by bloomberg.com

“If TikTok separates as an American company, that doesn’t help us,” Navarro said. “Because it’s going to be worse — we’re going to have to give China billions of dollars for the privilege of having TikTok operate on U.S. soil.”

TikTok, owned by Chinese company ByteDance Ltd., is popular among teens in the U.S.

The company is mulling changes to its corporate structure to distance itself from China.

GCC NEWS BRIEF

Middle Eastern Markets Climb With Oil, Stimulus Eyed by bloomberg.com

In Dubai, the main index climbed as much as 0.5% after a new set of economic incentives worth 1.5 billion dirhams ($408.4 million) focused on reinforcing liquidity in companies and reducing the cost of conducting business. 

Dubai SME provides Dhs170m worth of incentives, services to entrepreneurs in 2019

To date, 172 projects have received financing products worth over Dhs80m from the fund, 64 per cent of which was facilitated through Beehive, the fintech partner of the fund. 

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