March, 2023

• 13 March

  Credit Suisse default swaps hit record over SVB failure

  

  BLOOMBERG The cost of insuring the bonds of Credit Suisse Group AG against default climbed to the highest on record as the collapse of Silicon Valley Bank sparked concern about broader contagion in the banking industry. Five-year credit default swaps for the Zurich-based lender jumped as much as 44 basis points 446 basis points, data compiled by Bloomberg show. They ...

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• 13 March

  US regional banks remain under pressure as First Republic sinks

  

  BLOOMBERG The positive effect from the American regulators’ overnight support actions in the banking system quickly evaporated, with stocks signalling that fallout from the incident is far from over. S&P 500 futures erased most earlier gains and traded little changed, while Nasdaq futures trimmed their advance and the Cboe Volatility Index spiked, set for the highest since end-October. Turmoil continued ...

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• 13 March

  Goldman scraps March rate hike call as traders unwind Fed bets

  

  BLOOMBERG Less than a week after Federal Reserve Chair Jerome Powell opened the door to a re-acceleration in the pace of interest-rate hikes, traders slammed it shut again amid the sudden eruption of financial strains at US regional banks. Goldman Sachs Group economists said they no longer expect the Fed to deliver a rate increase next week, even after US ...

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• 13 March

  Biden backs $8bn Alaska oil project despite climate peril

  

  BLOOMBERG President Joe Biden authorised a giant ConocoPhillips oil project in northwest Alaska that environmentalists argue has no place in a warming world, even as he sought to bar future drilling across US Arctic waters and lands. The approach represents Biden’s bid for a middle ground, as he seeks to accelerate the transition away from fossil fuels while bound by ...

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• 13 March

  Oil tumbles as SVB failure sends investors fleeing from risk

  

  BLOOMBERG Oil tumbled, shaken by the biggest US bank collapse since 2008 as investors fled from risk assets and sought shelter in government bonds and gold. The failure of Silicon Valley Bank roiled markets as traders try to assess how the collapse will reverberate across the economy. Global benchmark Brent crude fell below $80 for the first time in more ...

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• 13 March

  Bill Gates backs algae biofuel firm Viridos after Exxon Mobil backs off

  

  BLOOMBERG For over a decade, Viridos Inc. was the centerpiece of Exxon Mobil Corp.’s heavily advertised push to develop climate-friendly biofuels from algae. The oil major slashed its support for the company last year. Now Viridos, based in La Jolla, California, has secured funding from a new group of backers. Viridos announced on Monday a $25 million round of financing ...

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• 13 March

  AI is crucial for achieving UAE’s Net Zero goals by 2050: Sheikha Shamma

  

  ABU DHABI / WAM Artificial Intelligence (AI) is crucial for the UAE in its ambitious efforts to tackle climate change, according to a senior Emirati official who graduated an AI programme from the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI). “Artificial Intelligence (AI) is set to play a fundamental role in the UAE’s transition to a green economy and ...

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• 13 March

  Dubai World Trade Centre welcomes 1.98mn visitors

  

  DUBAI / WAM Dubai World Trade Centre (DWTC) has announced 2022 annual results with strong performances across its businesses, hosting 1.98 million delegates with a robust visitation growth of 29%. The results were driven by 244 MICE (Meetings, Incentives, Conferences, and Exhibitions), business and consumer events. Of these, 97 exhibitions and conferences attracted 1.18 million attendees of which 38% were ...

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• 13 March

  Arada launches ‘Sarai’ at Sharjah’s forest community, Masaar

  

  SHARJAH / WAM Arada has introduced home sales for the first time in Sharjah with the launch of Sarai, the fifth phase at its woodland megaproject Masaar. With prices starting from AED20 million, the inclusion of a limited selection of 36 mansions in this phase of the fast-selling development comes amidst growing demand for ultra-luxury properties both in Sharjah and ...

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• 13 March

  Canned-tuna giant mulls Red Lobster unit exit as losses mount

  

  BLOOMBERG Thai Union Group Pcl, one of the world’s biggest makers of canned tuna, is considering an exit from its loss-making Red Lobster unit less than three years after boosting its stake in the US restaurant chain. The first half of this year will be crucial in demonstrating whether management changes and an operational overhaul can trim losses at the ...

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