March, 2023

• 13 March

  Floods, old trees in Malaysia set to tighten palm oil market

  

  BLOOMBERG The global palm oil market is expected to tighten this year as floods and older trees constrain production in the world’s second-biggest supplier, according to a major Malaysian growers group. Indonesia and Malaysia may only see a marginal increase in output this year of less than 3%, respectively, Joseph Tek, the chief executive of the Malaysian Palm Oil Association, ...

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• 13 March

  Billionaire Li’s FWD files for Hong Kong IPO again

  

  BLOOMBERG FWD Group Holdings Ltd, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has filed for a third time for an initial public offering (IPO) in the financial hub. The company resubmitted listing documents with updated financial data, confirming an earlier Bloomberg News report, after its September application lapsed. The insurer is still seeking to raise about ...

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• 13 March

  China consumer spending shows strong rebound signs

  

  BLOOMBERG Consumer spending in China has picked up rapidly in recent weeks, especially on eating out and travel, giving a boost to an economic recovery that’s become increasingly reliant on local demand. High-frequency indicators of spending in some sectors have shown double-digit growth from a year ago, while leading travel companies and retailers have reported a strong increase in sales ...

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• 13 March

  Markets risk more upheaval as banking uncertainty persists

  

  BLOOMBERG Traders are steeling themselves for the risk of more turbulence after the biggest US bank collapse since the 2008 financial crisis sent shockwaves through markets. The unraveling of SVB Financial Group’s Silicon Valley Bank was driven in large part by the fallout from higher US interest rates, prompting questions about whether other institutions might also be at risk as ...

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• 13 March

  US futures up as traders recalibrate Fed rate bets

  

  BLOOMBERG US futures rose as investors dialled back bets on Federal Reserve rate hikes following the collapse of Silicon Valley Bank, which continued to reverberate through trading desks on Monday. Futures on the rate-sensitive Nasdaq 100 rose about 1% while those on the S&P 500 also resumed gains after initially erasing a rally. Stocks in Europe pared a drop of ...

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• 13 March

  Jawhara Jewellery captivates crowd at 51st WJME Show

  

  SHARJAH / GULF TIME Jawhara Jewellery, the premier Emirati brand, is proud to announce its participation in the 51st edition of the Watch & Jewellery Middle East (WJME) Show. The event, held at the Sharjah Expo Center from March 8-12, hosted 500 exhibitors from 20 countries worldwide, showcasing the most stunning collections of Jewellery, watches, and gold artifacts. Mohammed Tamjid ...

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• 12 March

  Aramco net income up 46.5% to record $161 billion in 2022

  

  DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned ...

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• 12 March

  Abu Dhabi to boost business opportunities of suppliers

  

  ABU DHABI / WAM In line with its new strategy and as part of its role as a Networker, the Abu Dhabi Chamber of Commerce and Industry (ADCCI), in cooperation with the National Marine Dredging group (NMDC group), is set to organise the “Let’s Grow Together” event, which will take place on March 16 at the chamber’s building, to bolster ...

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• 12 March

  UAE to forge ahead to ensure energy sector reaches new heights: Minister

  

  DUBAI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, reaffirmed that the UAE will continue to forge ahead to ensure all sectors, particularly the energy sector, reach new heights through collaboration and a steadfast commitment to excellence and leadership. The minister made his comment during a session titled ‘Charting the Future of the UAE’s Energy Sector’, ...

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• 12 March

  Egypt’s exports to China up by nearly 21% in 2022

  

  CAIRO / WAM Egyptian exports to China rose by 20.8% to $1.7 billion in the first 11 months of 2022, up from $1.4 billion in the same period in 2021, according to a statement released by Egypt’s Central Agency for Public Mobilisation and Statistics (Capmas). The trade exchange between Egypt and China increased by 2.6% during the first 11 months ...

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