March, 2023

• 19 March

  Audi CEO seeks to catch up in China in test of Germany’s grit

  

  BLOOMBERG Markus Duesmann, the chief executive officer (CEO) of Audi, flew to China last week to tackle a problem that’s indicative of the challenges facing Germany: how to compete with its biggest trading partner on new technology. The head of the German luxury brand went to visit Audi’s Chinese joint venture (JV) partners — China FAW Group Co. and SAIC ...

  Read More »
• 19 March

  Samsung joins South Korea’s $400bn bid to lead in key tech

  

  BLOOMBERG South Korea will join its largest companies including Samsung Electronics Co to pour some $422 billion into areas such as chips and electric vehicles in its most aggressive effort yet to win a heated global race for tech supremacy. The government will focus support on chips, batteries, robots, electric vehicles, displays and biotechnology in an investment plan through 2026, ...

  Read More »
• 19 March

  Hind Al Oud launches new retail concept at Bawabat Al Sharq Mall

  

  ABU DHABI / GULF TIME Hind Al-Oud always surprises its guests by making them an essential part of its vision and achievements, and it loves to share those moments of success in a unique way. In normal opening events key persons only are responsible for cutting the opening ribbon in the store. For that reason, Hind Al-Oud flipped the script ...

  Read More »
• 19 March

  “Woman of Universe” Grand Success – An extravaganza

  

  DUBAI / GULF TIME Dubai hosts the largest and most glorious beauty & fashion event this year at the Intercontinental Hotel, Festival City, Dubai from March 7 and the Grand Final Gala Dinner on March 11. The title of the ‘Woman of the Universe’ was given to Alyona Kononenko of Ukraine and the first runner up award was given to ...

  Read More »
• 17 March

  Abu Dhabi’s Presight offering receives AED94.9bn in orders

  

  ABU DHABI / WAM / AGENCIES Presight AI Holding PLC, a G42 company, and the region’s leader in big data analytics powered by artificial intelligence (AI), announced that its Initial Public Offering (IPO) is subscribed in full. The IPO received total gross demand amounting to AED 94.9 billion ($25.8 billion) and was 136 times oversubscribed in aggregate, excluding the commitment ...

  Read More »
• 17 March

  ADX reports 10 deals worth AED15.6b since 2023 start

  

  ABU DHABI / WAM The Abu Dhabi Securities Exchange (ADX) has reported the execution of 10 significant deals with a total value of over AED15.6 billion since the beginning of 2023. According to ADX data, these deals were carried out through 321.14 million shares of three listed companies, namely Al Alamiya Holding, the Multiply Group, and Ghada Holding. Among the ...

  Read More »
• 17 March

  Abu Dhabi-Japan Economic Council reviews growth in investment sector

  

  TOKYO / WAM The 9th session of the Abu Dhabi-Japan Economic Council (ADJEC), held in Tokyo, has reaffirmed its commitment to further enhance partnerships and benefits from investments opportunities in Abu Dhabi and Japan. Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (Added), and Kodaira Nobuyori, President of Japan Cooperation Centre for the Middle East (JCCME), ...

  Read More »
• 17 March

  Ras Al Khaimah, Austria to boost economic cooperation

  

  RAS AL KHAIMAH / WAM The Ras Al Khaimah Chamber of Commerce and Industry and the Austrian Embassy in the UAE met to discuss opportunities for economic and commercial cooperation between Ras Al Khaimah and Austria. The goal of the meeting was to explore ways to create strong bilateral partnerships that will benefit the business communities of both countries. The ...

  Read More »
• 17 March

  UK’s John Lewis cancels employee bonus, warns jobs cuts

  

  BLOOMBERG John Lewis Partnership Plc cancelled staff bonuses for the second time in three years and warned of fresh job cuts after reporting a large loss amid intense competition in the British retail market. The owner of the John Lewis department store and upmarket grocer reported a £234 million ($283 million) loss for the full year, driven in large part ...

  Read More »
• 17 March

  Dollar General to spend extra $100m on stores

  

  BLOOMBERG Dollar General Corp said it would spend an extra $100 million on its stores, mostly to increase staffing, after incurring a series of fines from the US government over working conditions. The investment will be “primarily in incremental labour hours,” Chief Executive Officer Jeff Owen said in a statement as Dollar General reported earnings. The spending will help the ...

  Read More »