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Chinese technology giant Huawei Technologies has announced opening of a cloud data center in Riyadh, Saudi Arabia, as part of its efforts to expand its online services in the Middle East and North Africa (MENA). This move will support government services for the kingdom and facilitate the development of AI applications and language models in Arabic. Huawei’s president for the region, Steven Yi, emphasized that establishing the cloud data center will benefit Huawei and serve as a gateway for other Chinese companies to enter Saudi Arabia.

The move aligns with Saudi Arabia’s strategy to encourage foreign companies to have regional headquarters in the kingdom. Huawei is currently the fifth-largest player in the global cloud services market. The company stated earlier this year that it plans to invest $400 million in the Saudi Arabia cloud region over the next five years.

European carmakers are facing fierce competition from Chinese automakers in developing and producing lower-cost electric vehicles (EVs), according to executives at the Munich Auto Show. Chinese EV makers, such as BYD, Nio, and Xpeng, are targeting Europe’s EV market, which saw a 55% increase in sales in the first seven months of 2023. European carmakers, including Renault, are striving to close the cost gap with their Chinese counterparts and achieve price parity. Chinese battery makers are also expanding in Europe, contributing to lower EV costs. Concerns are rising about Chinese dominance in the European EV market, prompting calls for increased investment in electrification from German industry leaders.

Small businesses that depend on summer tourism are finding extreme weather conditions to be the new determining factor in their success. While the pandemic brought its ups and downs for the tourism industry, businesses now face the challenge of coping with heatwaves, fires, and storms. This shift in weather patterns has positive and negative effects on businesses, with some regions benefiting from temperate weather while others suffer economic losses and disruptions. As extreme weather events become more frequent and intense, small businesses are increasingly concerned about the long-term impact of climate change on their operations.

The CEO of Mercedes-Benz, Ola Kaellenius, stated that the variable costs for producing electric vehicles will remain higher than those for combustion engine models for the foreseeable future. This, in turn, will continue to drive intense competition in the electric vehicle market. Kaellenius made these comments while revealing more details about the upcoming CLA compact electric sedan, which aims to offer 30% to 35% more driving range.

The higher variable costs for EV production are attributed to factors such as raw materials for batteries, software development, and electricity prices. Mercedes-Benz is working towards optimizing fixed costs and resource allocation to achieve the same profitability with electric cars as with combustion engines. The CLA will have a power use of 12 kilowatt hours per 100 kilometers and a driving range of 750 km. It is expected to reduce costs by approximately 50% compared to its previous generation. The batteries for the CLA will be supplied by CATL and ACC, of which Mercedes owns a third. The CLA will be available in hybrid and all-electric versions, with no diesel versions planned.

Interest on federal student loans has begun accumulating again after a three-year pause caused by the COVID-19 pandemic. Borrowers have at least another month before they need to start repaying their loans. It is recommended that borrowers log into their StudentAid.gov account to check their loan servicer, update personal information, and access loan balance, monthly payment amount, and interest rate. Options for managing payments include making use of the 12-month grace period, exploring income-driven repayment plans, and considering the new SAVE plan. Borrowers should be cautious of scams and safeguard their login information.

German automaker BMW is introducing a prototype for its upcoming electric vehicle (EV), part of the “Neue Klasse” brand. The move is aimed at catching up with Tesla and replicating the success of the original “Neue Klasse” model introduced in the 1960s. BMW’s EV prototype, unveiled at the Munich autoshow, showcases modern features and design elements while addressing the technology gap with Tesla. The company is making a multibillion-euro investment in battery-making and assembly operations for the “Neue Klasse” in Hungary. The vehicles are set to enter production in 2025 and will include advancements in battery technology and software systems. While BMW has not disclosed pricing details, it aims to offer a competitive product in a segment where Tesla has initiated a price war.

Hollywood’s labor pool faces severe consequences as actors and writers continue their strikes, leading to declining job opportunities. The film, TV, and music industries collectively lost 17,000 jobs in August, directly associated with the ongoing strike activities. In contrast, the US economy added 187,000 jobs during the same month, primarily driven by healthcare, leisure, and construction growth. The job losses in Hollywood highlight the effect of the strikes initiated by the Writers Guild of America and SAG-AFTRA in May and mid-July, respectively.

Notable film and TV productions have been disrupted or halted due to the strikes. The impact of the work stoppage has also rippled into other sectors, such as hospitality and real estate, resulting in an estimated $3 billion loss for California’s overall economy. The striking writers and actors are currently negotiating with traditional studios for improved compensation, considering the evolving nature of the industry with streaming and the rise of artificial intelligence. Recently, the Writers Guild of America received a new proposal from the Alliance of Motion Picture and Television Producers, representing major studios, signaling a potential resumption of talks after weeks of stalemate and slow progress.