March, 2023

• 6 March

  UK unveils £360m science plan in growth push before budget

  

  BLOOMBERG Prime Minister Rishi Sunak is committing more than £360 million to cutting-edge technologies under plans to make Britain a science “superpower” by the end of the decade, as he starts to sketch out his vision in the build-up to next week’s budget. Under a 10-point Science and Technology Framework, a “coordinated cross-government approach” will drive innovation in “trailblasing” technologies ...

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• 6 March

  Starbucks plans to add 100 UK stores next year

  

  BLOOMBERG Starbucks Corp is investing £30 million ($36.1 million) to open and renovate coffee shops in the UK, pushing on with expansion in a market where profit has dropped due to soaring costs of coffee beans and labour. Starbucks aims to add 100 stores in the UK in the next year, the US coffee chain said as it reported results ...

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• 6 March

  Germany, EU pursue talks on deal to ban combustion engines

  

  BLOOMBERG German Chancellor Olaf Scholz said talks were constructive with the European Union in resolving a dispute over plans to ban new combustion-engine cars in the bloc from 2035, after Berlin derailed the effort this past week. Scholz met with European Commission President Ursula von der Leyen on the sidelines of a government retreat in Meseberg north of Berlin. The ...

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• 6 March

  EV charging supplier sees US raising costs by cutting off China

  

  BLOOMBERG Taiwan’s Zerova Technologies is riding a boom spurred by demand for greener cars in the US. The maker of electric-vehicle charging systems is also navigating Joe Biden’s Inflation Reduction Act (IRA), and according to Chief Executive Officer Jay Yang, it isn’t an altogether positive law. His take is that efforts to minimise reliance on China in the EV supply ...

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• 6 March

  Global stock markets pause as China’s growth goal disappoints

  

  BLOOMBERG Global stock markets paused on Monday after last week’s rally, as investors waited to see if US Treasury yields would extend their declines off recent highs and assessed the potential impact of China’s modest new economic growth target. Europe’s Stoxx 600 index firmed slightly, while futures contracts on the S&P 500 and Nasdaq 100 traded around flat, struggling to ...

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• 6 March

  UK stocks’ valuation gap to US driving listings abroad: Citi

  

  BLOOMBERG The UK equity market’s record valuation gap to the US is increasing pressure on its companies to maximise shareholder returns through options such as relisting abroad, according to Citigroup Inc. The MSCI United Kingdom Index now trades at a record 40% discount to the US on a 12-month forward earnings-based valuation, strategists including Beata Manthey wrote in a note ...

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• 6 March

  CellSave Arabia hits milestone with 100 stem cell transplants in UAE in 2022

  

  DUBAI / GULF TIME CellSave Arabia, the UAE’s only licensed private stem cell biobank, is proud to be at the forefront of the regenerative medicine revolution. In 2022, the company successfully released over 100 stem cell units from its state-of-the-art laboratories for transplant to treat over 12 diseases in the UAE. These achievements are a testament to CellSave Arabia’s commitment ...

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• 6 March

  Electra Bicycle Company opens 2 million-euro store in Dubai

  

  DUBAI / GULF TIME American manufacturer of bicycles for comfortable riding, Electra Bicycle Company, announced its entry into the UAE market. It has recently opened a 2 million- euro flagship store spanning an area of 109 square meters in Bluewaters Island in Dubai. The staff can speak five languages, so customers from different countries can easily talk to them. The ...

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• 5 March

  Investment in quantum computing to be major economic driving force in 2 years

  

  ABU DHABI / WAM Thought leaders and entrepreneurs from around the world discussed the opportunities presented by AI and quantum computing to optimise efficiency and growth in all walks of life, during Investopia 2023 conference. The session, titled “Quantum Leap: Transforming Industry Through Quantum Computing & AI”, was led by Jan Goetz, CEO and co-Founder of IQM Quantum Computers, Joanna ...

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• 5 March

  UAE, Oman sign pact to bolster climate efforts

  

  DUBAI / WAM A UAE delegation, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, has concluded an official visit to Oman, during which ways of enhancing cooperation in fish farming, achieving net-zero targets, mangrove plantation and the UAE’s preparations for the 28th Conference of the Parties (COP28). The visit culminated in the signing of an ...

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