March, 2023

• 6 March

  Japan, South Korea reach ‘groundbreaking’ deal to mend relations

  

  BLOOMBERG Japan and South Korea signaled a breakthrough to end a feud that had disrupted ties on everything from trade to security, drawing praise from President Joe Biden as he seeks to convince the two US allies to help counter growing Chinese influence in Asia. South Korean President Yoon Suk Yeol said on Monday he hoped to “enter a new ...

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• 6 March

  Retailers dread high-flying US consumers falling back to earth

  

  BLOOMBERG One of the biggest questions for investors over the past year has been when Americans will pull back on spending and trigger a recession. In the fourth quarter, that didn’t happen as retailers and brands exceeded expectations. But their results and forecasts raised a bunch of red flags for the year ahead. After the highest inflation in a generation, ...

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• 6 March

  Amazon to shut cashierless stores in NYC, other cities

  

  BLOOMBERG Amazon.com Inc is closing eight cashierless Amazon Go locations in Seattle, New York and San Francisco, marking the e-commerce giant’s latest round of cost-cutting amid slowing sales growth. The affected stores will remain open until April 1, the company said. “Like any physical retailer, we periodically assess our portfolio of stores and make optimisation decisions along the way,” Amazon ...

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• 6 March

  Lufthansa joins peers in predicting travel recovery this year

  

  BLOOMBERG Deutsche Lufthansa AG joined major European airline companies in predicting an earnings boost this year as travel demand continues to swing back from the coronavirus pandemic. The region’s biggest airline group said it expects a “significant improvement” on the €1.5 billion ($1.6 billion) adjusted earnings before interest and taxes result it reported for 2022. Summer vacations to Mediterranean countries ...

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• 6 March

  UBS chief Hamers gets 11% pay increase while cutting bonuses

  

  BLOOMBERG UBS Group AG raised Chief Executive Officer Ralph Hamers’ compensation for last year by 11%, making him one of Europe’s best-paid bank bosses, even as bonuses for the rest of the firm were cut in a challenging period for dealmaking. Hamers received 12.2 million Swiss francs ($13 million) for his second full year in the job. That included a ...

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• 6 March

  Crypto exchange Bybit halts dollar payments

  

  BLOOMBERG Crypto exchange Bybit is suspending US dollar-denominated deposits and withdrawals via bank transfers, including SWIFT payments. Dollar wire deposits have been temporarily suspended and withdrawals will be halted on March 10, the platform said on its website, citing “service outages from our end-point processing partner.” Bybit said customers can use other methods to buy and withdraw crypto. It didn’t ...

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• 6 March

  Dubai WoodShow 2023 kicks off at DWTC with 400 exhibitors

  

  DUBAI / WAM The 19th edition of the Dubai International Wood and Woodworking Machinery Exhibition is set to commence on Tuesday at the Dubai World Trade Centre to showcase the most innovative products, technologies, production scenarios, and large-scale machinery to wood industry key players and participating representatives of government agencies from the region. The Dubai WoodShow, the only dedicated trade ...

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• 6 March

  Abu Dhabi gets new wholesale farmers market at Mina Zayed

  

  ABU DHABI / WAM Abu Dhabi Agriculture and Food Safety Authority (Adafsa) opens a new farmers’ market at Zayed Port in Abu Dhabi to serve as a platform for wholesalers, retailers, and consumers interested in buying medium to large quantities of locally sourced products. The move follows the directives of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, ...

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• 6 March

  ZHO produces bags for Sheikha Fatima Fund for Refugee Women

  

  ABU DHABI / WAM Zayed Higher Organisation for People of Determination (ZHO) produced bags made by Women of Determination — by recycling fabrics and materials — to be donated to the Sheikha Fatima Fund for Refugee Women. Dr Maitha bint Salem Al Shamsi, Minister of State, appreciated this initiative of supporting the participation of People of Determination in the UAE’s ...

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• 6 March

  SLG to build AED200mn new plant at Dubai Industrial City

  

  DUBAI / WAM Silver Line Gate Group (SLG) is constructing a new manufacturing, warehouse and corporate offices facility, spanning 1.37 million square feet at Dubai Industrial City, a member of Tecom group. The AED200 million manufacturing facility is set to open in Dubai Industrial City in 2025 to bolster the UAE’s commitment to building a self-reliant food security programme. SLG ...

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