March, 2023

• 14 March

  US urges Turkey to allow Nato expansion as officials set to meet

  

  BLOOMBERG US National Security Adviser Jake Sullivan urged Turkey to ratify the membership bids of Sweden and Finland into Nato as pressure builds on two remaining holdouts to approve the expansion of the military alliance. Officials from Turkey, Sweden and Finland have been trying to break an impasse that has held up the North Atlantic Treaty Organisation’s expansion since the ...

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• 14 March

  US, allies announce submarine deal to counter China in Pacific

  

  BLOOMBERG The leaders of the US, the UK and Australia unveiled an ambitious multibillion-dollar plan for a new fleet of nuclear-powered submarines that will ply the Pacific in an effort to blunt China’s growing assertiveness in the South China Sea and around Taiwan. “Forging this partnership, we’re showing again how democracies can deliver our own security and prosperity, and not ...

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• 14 March

  Covid-19: UAE announces 50% discount on fines

  

  ABU DHABI / WAM The Emergency, Crisis and Disasters Prosecution on Tuesday announced a 50 percent discount on penalties imposed for violating Covid-19 precautionary measures. Effective as of March 15, the decision – which will last for two months – includes all the unpaid violations committed during the pandemic. The Emergency Prosecution called for benefiting from the reduction decision and ...

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• 14 March

  Expo City Dubai unveils plans for new residential projects

  

  DUBAI / WAM Expo City Dubai has launched the first phase of Expo Valley and Expo Central – its new residential developments that build on the exceptional standards of Expo 2020 Dubai to redefine urban living within a smart, sustainable, people-centric city of the future. An integral part of the Dubai 2040 Urban Master Plan, the clean, green, integrated communities ...

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• 14 March

  UAE launches Manara Centre to promote regional co-existence

  

  ABU DHABI / WAM The UAE on Tuesday announced the formation of the Manara Centre, the regional centre for coexistence. Based in Abu Dhabi and named after the Arabic word that means “source of light”, the centre will support core UAE values and initiatives, such as the Year of Tolerance and the Abrahamic Family House. The Manara Centre was established ...

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• 14 March

  Prada sales jump as slingback shoes become new fashion hit

  

  BLOOMBERG Prada SpA sales jumped as the Italian fashion group benefited from a strong appetite for its brushed leather loafers and slingback pumps. Net revenue in 2022 rose to €4.2 billion ($4.44 billion), up 21% at constant exchange rates, the group said in a statement. Analysts had expected revenue of €4.01 billion. Demand in Europe was particularly strong. Adjusted earnings ...

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• 14 March

  JetBlue-Spirit DOT action paused until antitrust lawsuit is decided

  

  BLOOMBERG Federal transportation regulators will decide whether to challenge JetBlue Airways Corp’s purchase of Spirit Airlines Inc only after the Justice Department’s (DOJ) lawsuit to block the deal is decided, setting up lengthy litigation over the deal. Transportation Secretary Pete Buttigieg said in an interview with Bloomberg that his agency is looking at all potential avenues to inject competition into ...

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• 14 March

  German airports face fresh disruption over pay strike

  

  BLOOMBERG German airline passengers faced disruption on March 13, with scores of flights cancelled at Berlin airport as ground staff went on strike over pay. Hamburg, Hanover and Bremen airports are also affected by walkouts and flight cancellations. The Verdi labour union is pushing for improved pay and conditions as workers grapple with the soaring cost of living. The planned ...

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• 14 March

  Walmart chips away at rival’s lead in rich online shoppers

  

  BLOOMBERG Walmart Inc’s online subscription service is narrowing the gap with Amazon.com Inc in a key demographic: affluent shoppers. Launched in 2020 as a competitor to Amazon Prime, Walmart+ is resonating with higher-income households eager to fend off inflation. At $98 a year, Walmart+ costs $41 less than Prime and offers many of the same perks, such as shipping discounts ...

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• 14 March

  ECB gathers amid growing dissonance over trajectory for rates

  

  BLOOMBERG When the European Central Bank (ECB) sets interest rates, attention will be on the increasingly acrimonious path that lies ahead. Despite its insistence on decisions being taken “meeting by meeting,” investors have grown accustomed to getting a preview of where borrowing costs are likely to head in the ensuing weeks and even months. But with officials bickering over how ...

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