March, 2023

• 1 March

  India pushes Russia, China on consensus on war wording

  

  BLOOMBERG Russia’s war in Ukraine is expected to dominate discussions at the Group of 20 foreign ministers’ meeting in New Delhi as the conflict enters its second year. A meeting of the grouping’s finance ministers and central bank heads over the weekend failed to reach a consensus on the language to describe Russia’s aggressions in Ukraine, forcing host India to ...

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• 1 March

  Kremlin critics seek sanctions relief for anti-war tycoons

  

  BLOOMBERG Russian critics of President Vladimir Putin have spent the past year pressing the US and its allies to impose sanctions on thousands of Kremlin officials and business tycoons. Now they want a clear way for those who come out against the war to get off the blacklists. Exiled businessman Mikhail Khodorkovsky, who spent years in a Russian prison after ...

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• 1 March

  Markab Capital, Italian firm to set up civil aircraft factory in UAE

  

  ABU DHABI / GULF TIME The Emirati company “Markab Capital” signed a strategic partnership agreement with the Italian company “Super Jet International” to establish a factory for the assembly, installation and production of civil aircraft in UAE. The factory, which is scheduled to be completed in 2025, is the first of its kind in the Arab world, through which civil ...

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• 1 March

  Al Fardan Exchange forays into UAE’s education sector

  

  ABU DHABI / GULF TIME As one of the UAE’s leading institutions in the field of finance, Al Fardan Exchange under the umbrella of Al Fardan group has now ventured into the education sector with the inauguration of the Al Fardan Banking Training Institute. With corporate social responsibility at its core, the institute is aimed at developing and empowering UAE ...

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• 1 March

  MBRGI contribution to UNHCR pushes total to AED100 million

  

  DUBAI / WAM The Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) and the United Nations High Commissioner for Refugees (UNHCR) have signed two agreements amounting to $12.5 million (approximately AED46 million) to address the nutrition needs of forcibly displaced people. These bring MBRGI’s cumulative support for refugees to $27.2 million (AED100 million) in two years. The agreement is part ...

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• 1 March

  EDB approves AED6.1 billion worth of loans during 2022

  

  ABU DHABI / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, conducted a board meeting to review its results for the period ending December 31, 2022. The board discussed the bank’s milestone achievements over the course of the year, in addition to its ambitions for 2023 as the bank ...

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• 1 March

  Ghana misses restructuring target in blow to ailing currency

  

  BLOOMBERG Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help qualify for a $3 ...

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• 1 March

  HSBC riles Hong Kong bankers with plan to end private offices

  

  BLOOMBERG Senior investment bankers at HSBC Holdings Plc in Hong Kong could lose their private offices as the firm moves towards open-plan desks for the financial hub, causing angst among some executives who’ve complained about potential confidentiality risks. The investment-banking division isn’t being singled out and the plan is in line with a broader move across the company, people familiar ...

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• 1 March

  Ex-UK chancellor Javid to join Centricus Asset Management

  

  BLOOMBERG Sajid Javid, the UK’s former Chancellor of the Exchequer, is set to join London-based Centricus Asset Management Ltd, people with knowledge of the matter said, joining a long list of politicians who’ve moved into financial services after leaving office. Javid plans to join the $40 billion investment firm as a senior adviser, according to the people, who asked not ...

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• 1 March

  Citi clients shift supply chains away from China

  

  BLOOMBERG Citigroup Inc’s clients are shifting supply chains away from China in a trend that is likely to last for years, according to David Livingstone, the lender’s chief executive officer for Europe, the Middle East and Africa. The Wall Street giant remains positive on China but a recalibration of global supply chains that’s been underway since the Covid pandemic has ...

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