Elon Musk, the world’s richest person, has been excluded from the upcoming UK International Investment Summit due to his controversial social media posts during the August riots in the UK. Musk had shared conspiracy theories about detainment camps being built on the Falkland Islands for rioters, which led to government criticism. This exclusion comes as part of the Labour government’s efforts to attract investment to the UK and demonstrate that the country is open for business under new leadership. Business leaders have expressed concerns about the timing of the summit, just two weeks before the budget, and the high costs associated with participating.
In related news, the European Bank for Reconstruction and Development has reduced its growth forecast for Ukraine due to Russian attacks on its energy infrastructure. The attacks have destroyed over half of Ukraine’s electricity generation capacity, forcing the country to rely on more expensive imports. As a result, Ukraine’s economic growth forecast has been lowered to 4.7% for next year, down from 6% in May.
Overall, the EBRD warns that Europe is facing challenges such as high energy prices and a lack of investment, which could hamper economic growth in the region. The bank has revised down growth forecasts for this year and next, citing the difficulties faced by many countries in the wake of rising energy prices. Beata Javorcik, the chief economist at EBRD, emphasizes the need for ongoing vigilance as economies adapt to inflationary pressures and uncertainties in the global economy.
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