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Gulf's 1st Ultra-fast Electric Vehicle Charging Stations Installed in Abu Dhabi

ION is fast-tracking the development of electric transportation in the UAE - WAM
ION is fast-tracking the development of electric transportation in the UAE - WAM
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Gulf's 1st Ultra-fast Electric Vehicle Charging Stations Installed in Abu Dhabi

ION is fast-tracking the development of electric transportation in the UAE - WAM
ION is fast-tracking the development of electric transportation in the UAE - WAM

ION, the UAE-based sustainable transportation joint venture between Bee’ah and Crescent Enterprises, has installed high-power, ultra-fast charging stations with a total capacity of up to 350KW, on Yas Island, Abu Dhabi.

This came in response to growing demand for electric vehicle infrastructure, state news agency WAM reported.

The stations can supply combined charging system (CCS) EVs and also solve a common issue with EV charging infrastructure by catering to all types of e-vehicles including buses.

I also offers the fastest charging times in the UAE, fully charging vehicles in less than 15 minutes on average and reducing user waiting time drastically.

They are 25 times faster than a traditional home charger which only supplies up to 7 KW. Featuring less cable work, the stations are also cost-effective and reduce carbon footprint.

Khaled Al Huraimel, Group CEO of Bee’ah and Chairman at ION, said: "This is yet another demonstration of ION’s commitment to supporting the e-mobility network in the UAE. ION is at the forefront of bringing transformative, green mobility solutions to the market, and we are delighted to claim we have installed the Gulf region’s first ultra-fast charging stations."

For his part, Nasir Al Shamsi, Director Sustainable Mobility at Bee’ah, said: "We are proud to have pioneered the installation of these ultra-fast charging stations in the region and the UAE, offering EV users convenience and efficiency that was not available before. We are rapidly responding to emerging industry trends and meeting the needs of players across the burgeoning electric transportation network in the UAE."

ION is fast-tracking the development of electric transportation in the UAE, and has achieved significant milestones within a few short years since its launch.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.