March, 2023

• 21 March

  Greece seeks to overhaul EU electricity grid

  

  BLOOMBERG Greece will put forward a plan to overhaul the European Union’s (EU) electricity grids in order to lay foundations for a massive rollout of renewable power. The country wants to boost so-called north-south corridors so that areas with high levels of wind power generation are better connected with those that produce solar electricity, according to a non-paper seen by ...

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• 21 March

  Amazon to cut 9,000 more jobs, deepening biggest pullback ever

  

  BLOOMBERG  Amazon.com Inc is laying off an additional 9,000 employees, adding to cuts that were already the largest round of firings in the company’s history. CEO Andy Jassy announced the cuts internally, saying they would occur in the coming weeks and primarily affect Amazon Web Services, human resources, advertising and the Twitch livestreaming service groups. “Given the uncertain economy in ...

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• 21 March

  Foot Locker’s new CEO plots route to $9.5 billion in sales

  

  BLOOMBERG  Foot Locker Inc’s new chief executive officer has unveiled a turnaround plan for the shoe retailer that hopes to break $9.5 billion in annual sales by 2026. Mary Dillon, who took the top job in September, and her senior executives told investors and analysts in a presentation that they will open new store formats away from shopping malls, push ...

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• 21 March

  Nestle gets 35% of sales from foods considered unhealthy

  

  BLOOMBERG  Nestle SA said a third of its sales missed an independent definition of healthy as it applied a nutritional rating test across its portfolio. The finding shows that Nestle has room to improve as it aims to be the top health and wellness food company. Nestle said that according to the Health Star Rating (HSR) system, 30% of the ...

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• 21 March

  Air India confident on funding for world’s biggest plane deal

  

  BLOOMBERG  Air India Ltd is in talks with banks to help fund its recently announced record aircraft order, benefitting from the support of new owner Tata Sons Ltd, the carrier’s chief executive officer said. “We have the backing of Tata Sons, so there is financing available for these aircraft,” CEO Campbell Wilson said in an interview with Bloomberg News on ...

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• 21 March

  NLA set to host International Council Congress in October

  

  ABU DHABI / GULF TIME The National Library and Archives (NLA) announced the completion of the necessary preparations for hosting the International Council Congress (ICA) 2023 in Abu Dhabi on October 9-13 at the first meeting of the organising committee for the major archival event, which announced the activities of the conference and exhibition at Abu Dhabi National Exhibition Centre ...

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• 21 March

  Emirates Red Crescent distributes 1,500 school bags to Syrian children

  

  LATAKIA / WAM The Emirates Red Crescent (ERC) distributed around 1,500 school bags and stationery to Syrian students in the Latakia Governorate, one of the areas affected by the recent earthquake that hit the country. The aid is the first phase of an initiative to distribute more than 10,000 school bags and stationery to several Syrian governorates. It is part ...

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• 21 March

  Emirates NBD arranges ALC’s $600 million inaugural sukuk

  

  DUBAI / WAM Emirates NBD has successfully priced a five-year $600 million sukuk for Air Lease Corporation (ALC), marking the first sukuk issued by a US corporation. The strong demand for the sukuk saw orders of over $2.2 billion, allowing ALC to increase the offering to $600 million. The profit rate was tightened by 30 basis points to 5.85%, at ...

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• 21 March

  Etihad Airways enhances interline, codeshare with six airlines

  

  ABU DHABI / WAM Etihad Airways has announced the launch of reciprocal interline partnerships with three new airline partners — Philippine Airlines (PAL), Austrian Airlines (OS) and Airlink South Africa (4Z), while re-launching interline links with Biman Bangladesh and codeshares with Air Seychelles (HM) and ITA Airways (AZ). The deal means customers of all airlines involved will enjoy enhanced connectivity ...

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• 21 March

  Mercedes loses EU suit over ‘defeat device’ system in cars

  

  BLOOMBERG Mercedes-Benz Group AG suffered a setback in a dispute at the European Union’s top court over its duty to compensate owners of cars equipped with illegal computer technology that overrides anti-pollution systems in order to protect components at low temperatures. In a suit referred from a court in Germany, the owner of a Mercedes car equipped with a so-called ...

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