March, 2023

• 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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• 15 March

  Youth-led ‘Road to COP28’ opens in Expo City Dubai

  

  DUBAI / WAM The first COP28 Presidency-hosted and youth-led event “Road to COP28” kicked off on Wednesday at Expo City Dubai, under the patronage of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Higher Committee overseeing preparations for COP28. The event represents a significant moment for the country’s youth ...

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• 15 March

  Deyaar launches seafront residential tower Mar Casa

  

  DUBAI / WAM Deyaar Development has launched its seafront project Mar Casa with a total value of AED1.1 billion. A residential destination at Dubai Maritime City where heritage meets modernity, Mar Casa is connected to the old city, the financial centre of Dubai and the Jumeirah area. Mar Casa presents an iconic architecture that seamlessly blends the beauty of the ...

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• 15 March

  Dewa achieves exceptional results in ‘brand finance’ rankings

  

  ABU DHABI / WAM Dubai Electricity and Water Authority (Dewa) has been recognised as the second most valuable Middle Eastern utilities brand and its brand value has risen by 30%, according to Brand Finance, the world’s leading brand valuation consultancy. Saeed Mohammed Al Tayer, MD and CEO of Dewa, has been ranked 3rd among the top CEOs in the Middle ...

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• 15 March

  China property bulls see silver lining behind earnings flop

  

  BLOOMBERG China property bulls are looking past what’s likely another disastrous earnings season for the nation’s embattled developers, betting on a recovery as green shoots emerge in sales. Sixteen of Hong Kong-listed Chinese real estate firms have so far flagged profit slumps for 2022 with the number expected to grow, according to JPMorgan Chase & Co. The wave of warnings, ...

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• 15 March

  Sri Lanka’s GDP slump deepens in Q4 after chasing IMF bailout

  

  BLOOMBERG Sri Lanka’s economic contraction probably worsened last quarter as borrowing costs at a two-decade high to quell Asia’s fastest inflation took its toll on a nation chasing a $2.9 billion bailout. Gross domestic product fell 13.4% in the three months to December from a year ago, according to a median estimate of economists in a Bloomberg survey. That would ...

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• 15 March

  Hon Hai expects flat 2023 amid EV push

  

  BLOOMBERG Hon Hai Precision Industry Co said it expects to multiply its sales of electric vehicle components this year while weathering cooler consumer spending on technology. The Taiwanese Apple Inc assembler offered a forecast of slumping consumer electronics demand this year offset by an uptick in sales of cloud and networking products, PCs and especially EV hardware, which it sees ...

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• 15 March

  China sees economic rebound, but warns of risks to recovery

  

  BLOOMBERG China reported a rebound in consumer spending, industrial output and investment this year after coronavirus restrictions were dropped, while warning of risks to the economy’s recovery as unemployment rose and real estate investment continued to slump. Retail sales rose 3.5% in January and February compared to the same period last year, the National Bureau of Statistics said. Industrial output ...

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• 15 March

  Stocks, US futures decline amid Credit Suisse turmoil

  

  BLOOMBERG Fresh turmoil at Credit Suisse Group AG roiled European bank shares and dented sentiment in the US futures market as investors remain on edge after last week’s regional-bank failures. Treasuries turned higher on haven demand. Europe’s Stoxx 600 equity benchmark fell 2%, with a gauge of banks plunging more than 5%. Shares in Credit Suisse slumped for an eighth ...

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• 15 March

  SVB blowout to drive shares of SoftBank below Son’s pain point

  

  BLOOMBERG The sudden collapse of Silicon Valley Bank looks set to increase scrutiny of SoftBank Group Corp. investments, and possibly drive its share price to Masayoshi Son’s pain point. The US tech lender’s failure has fuelled investor concern over the exposure to startup firms in the SoftBank Vision Funds. SoftBank shares have plunged 13% in four sessions to below 5,000 ...

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