March, 2023

• 15 March

  HSBC cuts base pay for some bankers

  

  BLOOMBERG HSBC Holdings Plc is cutting the base pay it offers some newly-promoted senior investment bankers in the UK by a quarter, ahead of a rule change that would allow higher bonuses. In some areas, new managing directors are now typically offered a salary of about £225,000 ($273,380), compared to £300,000 paid to bankers that already hold the same position, ...

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• 15 March

  Collapse of SVB threatens to further tarnish Powell’s legacy

  

  BLOOMBERG The collapse of Silicon Valley Bank (SVB) threatens to further besmirch the reputation of Federal Reserve Chair Jerome Powell, on top of the blemish he’s suffered for being slow to recognise the risk of rampant inflation. Friends and foes of the Fed alike have faulted the central bank for not heading off the troubles at the nation’s 16th-largest lender ...

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• 15 March

  H&M launches US resale platform to reduce fashion waste

  

  BLOOMBERG Hennes & Mauritz (H&M) is launching a resale platform with ThredUp Inc, as global apparel companies try to make a dent in the clothing waste they produce and seize on a potential new source of revenue. H&M was expected to start its first resale platform in the US market, H&M Pre-Loved, with around 30,000 items of used women’s and ...

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• 15 March

  Zara owner Inditex surprises its investors with big spending plan

  

  BLOOMBERG Inditex SA surprised investors with a plan to significantly increase spending on new stores and e-commerce despite closing more than 1,000 shops over the last three years and amid a wider market slowdown in online growth. Shares in the operator of the Zara and Bershka chains fell as much as 3.6% after the retailer said it planned to invest ...

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• 15 March

  Glossier revamps top exec ranks to reignite growth

  

  BLOOMBERG Glossier, the Gen Z-focussed beauty brand trying to rebound from a tumultuous period, has revamped its executive ranks and is moving further beyond its direct-to-consumer roots. The New York-based company is making several pushes to strengthen its business: announcing product launches every four to six weeks, expanding its physical brick-and-mortar footprint to 600 Sephora stores and positioning itself for ...

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• 15 March

  Latam Air plans return to US capital markets after overhaul

  

  BLOOMBERG Latin America’s largest airline is planning a return to US capital markets after cutting nearly $4 billion of debt during a years-long restructuring. Latam Airlines Group SA will seek to re-list its American depositary receipts on the New York Stock Exchange this year after they were suspended during the bankruptcy, Chief Financial Officer Ramiro Alfonsín said in a video ...

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• 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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