Elon Musk, the world’s richest person, has been left out from the upcoming UK Government International Investment Summit after his controversial comments during the August riots. Musk shared a conspiracy theory about the UK building detainment camps on the Falkland Islands for rioters, which was later deleted. This decision has come in response to the criticism from ministers who found his comments unjustifiable and deplorable. Last year, Musk attended the summit and the AI Summit in a starring role with then PM Rishi Sunak.
Meanwhile, the European Bank for Reconstruction and Development has lowered its growth forecast for Ukraine due to Russian attacks on its energy infrastructure. The attacks have destroyed more than half of Ukraine’s electricity generation capacity, forcing the country to rely on expensive imports for energy.
Europe is facing challenges with higher energy prices and lack of investment, leading to slower growth according to the EBRD. Gas prices in Europe are almost five times higher than in the US, affecting economies in the EBRD regions. The bank has revised down growth expectations for this year and next year, highlighting concerns about energy security, trade wars, and high interest rates. There are calls for increased investment across all 27 EU nations to boost long-term growth prospects. The report from the EBRD will set the stage for discussions on Europe’s competitiveness and investment finance.
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