March, 2023

• 1 March

  Japan’s sputtering exports may drag down yen further

  

  BLOOMBERG The yen has room to weaken further as Japan’s deteriorating international trade position adds to pressure to maintain a softer currency, potentially hindering the Bank of Japan’s (BOJ) scope to battle inflation with tighter monetary policy. The Japanese currency has already slumped more than 7% since mid-January, reversing the bulk of the gains it made after the BOJ officials ...

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• 1 March

  Airbus warns customers on longer wait for newest A321

  

  BLOOMBERG Airbus SE is advising customers they’ll face longer waits for its newest jetliner, the long-range A321XLR, according to people familiar with the matter, adding to pressure on carriers trying to source planes to meet surging demand for travel as Covid fades. The delays vary by airline, with deliveries typically sliding by a matter of months, the people said, asking ...

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• 1 March

  Ocado plunges on weak outlook for Marks & Spencer venture

  

  BLOOMBERG Ocado Group Plc shares plunged after the UK online grocery company said its venture with Marks & Spencer (M&S) Group Plc is struggling to make a profit this year as shoppers pull back amid the worst inflation on record. The UK e-commerce arm is forecast to be just above break-even this year, and Ocado reported a bigger-than-expected pretax loss ...

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• 1 March

  Sainsbury’s to shut two Argos depots, impacting 1400 jobs

  

  BLOOMBERG J Sainsbury Plc is planning to close two depots impacting 1,400 roles as Britain’s second-largest grocer makes a push into automation. The two sites serving Sainsbury’s general merchandise business Argos are set to shut by 2026. The retailer will spend £90 million ($109 million) overhauling its logistics network including automating a facility in Daventry. Sainsbury is also shutting its ...

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• 1 March

  De Havilland seeks to dominate Indian demand for small planes

  

  BLOOMBERG De Havilland Aircraft of Canada Ltd, a leading manufacturer of turboprop planes, is aiming to win 80% of India’s small-plane market as the country seeks to bolster connectivity in far-flung corners and over rugged terrain. The company is expecting India to have as many as 120 small aircraft that seat less than 20 passengers in the next 10 years, ...

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• 1 March

  China’s economy shows strong recovery as Covid Zero era ends   

  

  BLOOMBERG China’s economy is showing signs of a stronger rebound after Covid restrictions were abandoned, with manufacturing posting its biggest improvement in more than a decade, services activity climbing and the housing market stabilising. The manufacturing purchasing managers’ index rose to 52.6 last month, the National Bureau of Statistics said, the highest reading since April 2012. A non-manufacturing gauge measuring ...

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• 1 March

  India approves $3.9b hydropower project near China border    

  

  BLOOMBERG India approved its largest ever hydropower project in the mountainous northeastern region bordering China as the country seeks to build renewable generation to meet rising power demand. The government approved the estimated investment of 319 billion rupees ($3.9 billion) for the 2,880-megawatt Dibang project in Arunachal Pradesh, state-run hydropower producer NHPC Ltd said. The project is estimated to take ...

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• 1 March

  Tesla to import electric cars into Malaysia, set up office    

  

      BLOOMBERG Tesla Inc will sell its electric cars in Malaysia to tap into the rising foreign demand for EVs in the Southeast Asian. Elon Musk’s EV pioneer will set up an office in Malaysia, introduce service centres and build a network of superchargers, the trade ministry said in a statement after approving Tesla’s application to import EVs. Malaysia ...

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• 1 March

  Sizzling heat wave puts India’s farm sector, economy at risk

  

  BLOOMBERG India’s thriving farm sector — the only bright spot in its slowing economy — has become a hostage to warnings of a heat wave, muddling the outlook for policy makers already grappling with sticky inflation. The nation’s economic growth unexpectedly slowed to a three-quarter low of 4.4% in three months to December, data showed. The weather office’s prediction of ...

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• 1 March

  Power of trees, soil to absorb carbon may be waning: Experts

  

  BLOOMBERG All the carbon dioxide that’s accumulating in the atmosphere and heating the planet has given carbon-munching things on the ground plenty to eat. Land ecosystems have taken more CO2 out of the atmosphere in the last few decades than they did before — a “bonus” that essentially cleans up some pollution for us. Scientists hope it lasts, but they’re ...

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