March, 2023

• 15 March

  Stocks, US futures decline amid Credit Suisse turmoil

  

  BLOOMBERG Fresh turmoil at Credit Suisse Group AG roiled European bank shares and dented sentiment in the US futures market as investors remain on edge after last week’s regional-bank failures. Treasuries turned higher on haven demand. Europe’s Stoxx 600 equity benchmark fell 2%, with a gauge of banks plunging more than 5%. Shares in Credit Suisse slumped for an eighth ...

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• 15 March

  SVB blowout to drive shares of SoftBank below Son’s pain point

  

  BLOOMBERG The sudden collapse of Silicon Valley Bank looks set to increase scrutiny of SoftBank Group Corp. investments, and possibly drive its share price to Masayoshi Son’s pain point. The US tech lender’s failure has fuelled investor concern over the exposure to startup firms in the SoftBank Vision Funds. SoftBank shares have plunged 13% in four sessions to below 5,000 ...

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• 15 March

  Orthognathic Surgery Center opens in Dubai

  

  DUBAI / GULF TIME The opening ceremony of the Orthognathic Surgery Center, specialised in dentistry and jaw surgery, was held at the Hyatt Regency Creek Heights Hotel in Dubai Healthcare City on Monday. The center’s founders Dr Ahmad Al-Zahaili, Dr Jean Francois Tulasne and a large group of senior guests, doctors, media professionals and the center’s employees attended the event. ...

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• 14 March

  UAE supports global efforts to promote economic integration, says minister

  

  NEW DELHI / WAM Abdullah bin Touq Al Marri, Minister of Economy, participated in the CII Partnership Summit 2023, which is being held in New Delhi, India, from March 13-15 under the theme “Partnerships for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses”. The summit aims to facilitate the exchange of visions and ideas that can support sustainable development efforts and ...

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• 14 March

  UAE: Second auction of T-Bonds records AED5.51 billion in bids

  

  ABU DHABI / WAM The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the central bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the second auction in 2023 of the Treasury Bonds programme (T-Bonds), which is part of the T-Bond issuance programme for 2023 ...

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• 14 March

  Abu Dhabi’s Aldar launches Reeman Living in Al Shamkha

  

  ABU DHABI / WAM Aldar Properties has announced the launch of Reeman Living, a new residential development that brings design-led urban living to Aldar’s Alreeman project in the Al Shamkha neighbourhood of Abu Dhabi. The project provides a selection of vibrant and inclusive communities within prime areas of Abu Dhabi. The development also offers bespoke design elements and colour palettes, ...

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• 14 March

  Mashreq Bank funds $15.5bn in sustainable finance since Jan 2021

  

  DUBAI / WAM Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said that since January 2021, Mashreq has facilitated AED56.9 billion ($15.5 billion) of sustainable finance and adaptation-related investments. In a statement to Emirates News Agency (WAM), Dusen said that ESG is related to cash flow in five important ways. It minimises regulatory and legal intervention, ...

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• 14 March

  Yalla group revenue hits record AED1.1b in 2022

  

  ABU DHABI / WAM Yalla Group Limited has announced its unaudited financial results for the fourth quarter and full year ended on December 31, 2022. Yalla continued to focus on quality growth in 2022, with full year revenue hitting AED 1.1 billion, ($303.6 million), an increase of 11.2 percent compared to AED 1.0 billion in 2021. The group also recorded ...

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• 14 March

  Imran Khan supporters clash with police out to arrest him

  

  BLOOMBERG Supporters of Imran Khan clashed with Pakistani police outside his home as the security officials tried to arrest the former premier for the second time, prolonging a political crisis that’s overshadowing the country’s economic turmoil. Islamabad police spokesperson Taqi Jawad said that a police team reached Khan’s residence in the central city of Lahore late on Tuesday afternoon with ...

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• 14 March

  Xi reboots statesman image in push to counter US on world stage

  

  BLOOMBERG Chinese President Xi Jinping is rebooting his image as a global statesman — and he’s already got a significant win under his belt. Hours after securing a third term as China’s president on March 10, Xi’s government hosted the signing of a landmark deal between Saudi Arabia and Iran to restore diplomatic ties. While details of Beijing’s involvement remain ...

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