March, 2023

• 5 March

  Bank of Canada risks falling too far behind Fed: Scotia

  

  BLOOMBERG The Bank of Canada (BoC) is limited in how much its interest rate increases can lag behind those of the Federal Reserve, with the gap threatening to weaken its currency and fuel inflation, according to an economist at Bank of Nova Scotia. Canada’s central bank was able to tighten less than the Fed in previous cycles when core inflation ...

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• 5 March

  ECB’s policy pioneer warns of more inflation shocks to come

  

  BLOOMBERG One of the pioneers of European Central Bank (ECB) monetary policy has a stark warning for officials about the threat of more inflation bearing down on the region’s economy. Otmar Issing, the former Bundesbanker who became the first chief economist of the Frankfurt-based institution in 1998, reckons further consumer-price pressures may already be in the pipeline. “I expect that ...

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• 5 March

  Boeing seals 737 Max order from HK’s Greater Bay Air

  

  BLOOMBERG Hong Kong’s newest carrier Greater Bay Airlines Co ordered 15 Boeing Co 737-9 Max jets and committed to five 787s as it looks to rapidly expand its network. The Max order is worth around $785 million, according to figures from aircraft appraiser Avitas Inc, while the five Dreamliners are worth $722 million, based on the 787-9 model and factoring ...

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• 5 March

  Amazon pauses construction on HQ2 in Virginia amid job cuts

  

  BLOOMBERG Amazon.com Inc is pausing construction on its sprawling second headquarters near Washington, a decision that coincides with the company’s deepest ever job cuts and a reassessment of office needs to account for remote work. John Schoettler, Amazon’s real estate chief, confirmed the pause in a statement to Bloomberg News. Schoettler said the company remains committed to Arlington, Virginia, where ...

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• 5 March

  Porsche, Ferrari e-fuel push at the heart of EU engine debate   

  

  BLOOMBERG Two of Europe’s most venerable names in the car industry, Porsche and Ferrari, are surfacing in an European Union (EU) debate about a plan to kill the combustion engine — and they’re changing the conversation. The luxury sports-car makers are seeking a carve-out for synthetic electro-fuels, or e-fuels, from the EU’s planned 2035 ban on new internal combustion engine ...

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• 5 March

  iPhone maker plans $700m India plant in shift from China

  

  BLOOMBERG Apple Inc partner Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production, underscoring an accelerating shift of manufacturing away from Beijing as US-China tensions grow. The Taiwanese company, also known for its flagship unit Hon Hai Precision Industry Co., plans to build the plant to make iPhone parts ...

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• 5 March

  YouTube to add AI-powered tools for video creators: CEO

  

  BLOOMBERG Google’s YouTube will incorporate new generative artificial intelligence (AI) features into its video-sharing platform, as the internet giant hastens to keep up with artificial intelligence rivals such as OpenAI Inc. and Microsoft Corp. — both of which have rolled out their own consumer-friendly products such as AI chatbots and image-creating services. “The power of AI is just beginning to ...

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• 5 March

  Dubai boat show: Carter & White showcases latest luxury yacht accessories

  

  DUBAI / GULF TIME The Emirati company, Carter & White, participated in the “Dubai International Boat Show 2023,” at Dubai Harbour, which concluded on March 5. Marwan bin Yousef Al Serkal, founder and CEO of Carter & White, expressed his pride in participating in the exhibition, pointing out that Dubai has strengthened its position as a regional and global destination ...

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• 4 March

  e& unit, Microsoft to help firms on sustainability

  

  ABU DHABI / WAM e& enterprise, part of e& (formerly known as Etisalat Group) on Friday announced the implementation of a unique Microsoft solution powered by cutting-edge data technologies that enables companies of any size to define and implement their sustainability agenda and reduce their carbon emissions. The solution called ‘Microsoft Sustainability Manager’ is an extensible solution that unifies data ...

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• 4 March

  Alpha Dhabi net profit soars 104% to AED10.6b in 2022

  

  ABU DHABI / WAM Alpha Dhabi Holding PJSC (Alpha Dhabi or the Group), listed on the Abu Dhabi Securities Exchange, has reported its financial results for the full year period ending on December 31, 2022, and the numbers are impressive. In 2022, Alpha Dhabi achieved a net profit of AED 10.6 billion, a staggering increase of 104% year-on-year from AED ...

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