March, 2023

• 15 March

  Australian nuclear subs are ‘worst deal in history,’ says ex-PM

  

  BLOOMBERG Ex-Australian Prime Minister Paul Keating condemned the center-left Labor government’s deal with the US and UK to obtain nuclear submarines, saying the nation’s military sovereignty was being surrendered to the “whim and caprice” of Washington. A former Labour party leader, Keating served as prime minister from 1991 to 1996, during which he sought to loosen Australia’s bonds with the ...

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• 15 March

  ECB should change rates plan, says Bini Smaghi

  

  BLOOMBERG The European Central Bank (ECB) should either delay or pare back this week’s planned interest-rate increase to avoid a policy error reminiscent of 2011, former Executive Board member Lorenzo Bini Smaghi told Boersen-Zeitung. The German newspaper published an interview with the Italian, the eve of a decision for which a half-point hike has been described by President Christine Lagarde ...

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• 15 March

  BofA gets more than $15b in deposits following SVB crisis

  

  BLOOMBERG Bank of America Corp (BofA) mopped up more than $15 billion in new deposits in a matter of days, emerging as one of the big winners after the collapse of three smaller banks dented confidence in the safety of regional lenders. The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s ...

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• 15 March

  HSBC cuts base pay for some bankers

  

  BLOOMBERG HSBC Holdings Plc is cutting the base pay it offers some newly-promoted senior investment bankers in the UK by a quarter, ahead of a rule change that would allow higher bonuses. In some areas, new managing directors are now typically offered a salary of about £225,000 ($273,380), compared to £300,000 paid to bankers that already hold the same position, ...

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• 15 March

  Collapse of SVB threatens to further tarnish Powell’s legacy

  

  BLOOMBERG The collapse of Silicon Valley Bank (SVB) threatens to further besmirch the reputation of Federal Reserve Chair Jerome Powell, on top of the blemish he’s suffered for being slow to recognise the risk of rampant inflation. Friends and foes of the Fed alike have faulted the central bank for not heading off the troubles at the nation’s 16th-largest lender ...

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• 15 March

  H&M launches US resale platform to reduce fashion waste

  

  BLOOMBERG Hennes & Mauritz (H&M) is launching a resale platform with ThredUp Inc, as global apparel companies try to make a dent in the clothing waste they produce and seize on a potential new source of revenue. H&M was expected to start its first resale platform in the US market, H&M Pre-Loved, with around 30,000 items of used women’s and ...

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• 15 March

  Zara owner Inditex surprises its investors with big spending plan

  

  BLOOMBERG Inditex SA surprised investors with a plan to significantly increase spending on new stores and e-commerce despite closing more than 1,000 shops over the last three years and amid a wider market slowdown in online growth. Shares in the operator of the Zara and Bershka chains fell as much as 3.6% after the retailer said it planned to invest ...

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• 15 March

  Glossier revamps top exec ranks to reignite growth

  

  BLOOMBERG Glossier, the Gen Z-focussed beauty brand trying to rebound from a tumultuous period, has revamped its executive ranks and is moving further beyond its direct-to-consumer roots. The New York-based company is making several pushes to strengthen its business: announcing product launches every four to six weeks, expanding its physical brick-and-mortar footprint to 600 Sephora stores and positioning itself for ...

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• 15 March

  Latam Air plans return to US capital markets after overhaul

  

  BLOOMBERG Latin America’s largest airline is planning a return to US capital markets after cutting nearly $4 billion of debt during a years-long restructuring. Latam Airlines Group SA will seek to re-list its American depositary receipts on the New York Stock Exchange this year after they were suspended during the bankruptcy, Chief Financial Officer Ramiro Alfonsín said in a video ...

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• 15 March

  Tecom approves AED200m cash dividend for H2 2022

  

  DUBAI / WAM Tecom group has approved the group’s financial statements for the year ended December 31, 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million. The announcement came during the annual general assembly meeting at ...

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