March, 2023

• 22 March

  Virgin Orbit resumes some of its operations to shake off crisis

  

  BLOOMBERG Virgin Orbit Holdings Inc said it’s targeting “an incremental resumption of operations” after temporarily halting activities in the wake of a failed satellite launch a few months ago that threw the ambitious space program off course. “Our first step will begin on Thursday of this week, when we plan to return a subset of our team to focus on ...

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• 22 March

  Australian banks are ‘unquestionably strong,’ says RBA’s Kent

  

  BLOOMBERG Australian banks are “unquestionably strong” with solid capital and liquidity buffers, a senior Reserve Bank (RBA) official said, alleviating fears that stresses in the global financial system could hurt the nation’s big four lenders. “Volatility in Australian financial markets has picked up but markets are still functioning and, most importantly, Australian banks are unquestionably strong,” RBA Assistant Governor Chris ...

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• 22 March

  UBS credit outlook slashed over Credit Suisse integration risks

  

  BLOOMBERG UBS Group AG had its credit outlook lowered by S&P Global Ratings and Moody’s Investors Service as the bank faces integration and restructuring challenges following its emergency takeover of Credit Suisse Group AG. The Swiss lender’s rating outlook was cut to negative from stable by both firms, with analysts citing the risk of client attrition and the complex task ...

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• 22 March

  BofA’s Asia-Pacific prime financing head resigns

  

  BLOOMBERG Bank of America Corp’s (BofA) Asia-Pacific prime financing head Graham Seaton has left the firm, according to people familiar, after more than 10 years overseeing teams dealing with hedge funds. Seaton, who was based in Hong Kong, left the bank early March, the people said, requesting not to be named because the matter is private. He resigned for personal ...

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• 22 March

  First Republic Bank shares rebound from record low

  

  BLOOMBERG First Republic Bank shares rallied in US premarket trading after falling to a record low, as investors ponder what’s next for the struggling midsize lender following an offer of help from JPMorgan Chase & Co. The stock jumped as much 27% in US premarket trading, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also rising. The ...

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• 22 March

  US will intervene if needed to protect smaller banks: Yellen

  

  BLOOMBERG Treasury Secretary Janet Yellen said that the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Yellen will say, according ...

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• 22 March

  Adnic shareholders approve cash dividends of 40 percent

  

  ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 40% cash dividends (AED0.40 per share, implying total cash dividends of AED228 million) for the financial year ended on December 31, 2022, after concluding its Annual General Meeting (AGM) on Wednesday. Shareholders discussed and approved all items on the agenda for the AGM, including Adnic’s ...

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• 22 March

  Al Naboodah joins Dubuy.com to enter new logistics markets

  

  DUBAI / WAM Dubuy.com has welcomed the UAE’s Al Naboodah group onto its wholesale e-commerce platform to help accelerate its growth, by providing instant access to new markets via its online business-to-business marketplace. Al Naboodah group will partner with DP World’s innovative and trusted platform Dubuy.com to sell its diverse portfolio of brands. By providing end-to-end supply chain solutions, Dubuy.com ...

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• 22 March

  China approves first mRNA vaccine as Covid wave ebbs

  

  BLOOMBERG China approved its first messenger RNA vaccine for Covid-19, clearing a shot from a local drugmaker that harnesses the powerful technology months after the world’s most-populous nation abandoned pandemic curbs. The mRNA vaccine, developed by CSPC Pharmaceutical Group Ltd and which targets the Omicron variant, has been approved for emergency use, according to a statement from the company to ...

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• 22 March

  Hindustan Zinc’s $1.3b dividend  raises concerns over cash use

  

  BLOOMBERG Hindustan Zinc Ltd’s plan to dole out $1.3 billion in dividends, a fourth such disbursement to shareholders this financial year, is raising concerns over the use of cash at Anil Agarwal’s zinc unit. The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totalling 109.9 billion rupees, according to an exchange filing. Key beneficiaries will be ...

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