March, 2023

• 10 March

  US, India planning to boost chips collaboration, says Raimondo

  

  BLOOMBERG The US and India will sign an agreement to boost coordination of their chip-industry incentive plans and are discussing the best ways to avoid over-subsidisation as the South Asian nation looks to boost its role in the global technology supply chain. The memorandum of understanding focusses on information-sharing and policy dialogue, Commerce Secretary Gina Raimondo told reporters. While she ...

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• 10 March

  Apple supplier’s Vietnam chief exits after China shift

  

  BLOOMBERG AirPods maker GoerTek Inc’s Vietnam business chief is leaving the company, days after the executive outlined how Apple Inc’s Chinese suppliers are likely to move capacity out of the country far faster than anticipated to pre-empt fallout from escalating Beijing-Washington tensions. Deputy Chairman Kazuyoshi Yoshinaga is departing for “personal reasons,” the Chinese firm said in a brief exchange filing, ...

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• 10 March

  Copa to boost Venezuela flights to cash in on economic rebound

  

  BLOOMBERG Copa Holdings SA is planning to boost flights to Venezuela as a budding economic recovery boosts demand for travel, and new connections to Colombia are set to open. The Panama-based airline aims to add eight new flights to its existing 35 per week, Copa’s general manager in Venezuela, Roberto Pulido, said. These will connect the capital and three other ...

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• 10 March

  7-Eleven operator rises on report of closing Ito-Yokado stores

  

  BLOOMBERG Seven & I Holdings Co is closing roughly one out of every four of its Ito-Yokado stores in Japan, marking the retailer’s latest response to pressure from an activist investor to streamline its business. Shares in the world’s largest convenience-store operator rose 4.1%, the most in two months, after public broadcaster NHK reported the store closings. The Tokyo-based company ...

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• 10 March

  PE firms weighing bids for Lufthansa’s Technik

  

  BLOOMBERG Advent International and CVC Capital Partners are among private equity firms weighing bids for a minority stake in Deutsche Lufthansa AG’s aircraft maintenance and repair unit, people with knowledge of the matter said. A stake in Lufthansa’s Technik business is also attracting initial interest from Bain Capital and Blackstone Inc, according to the people, who asked not to be ...

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• 10 March

  Ares Management backs Toys ‘R’ Us owner WHP at $1.6 billion valuation

  

  BLOOMBERG WHP Global, the owner of the Toys ‘R’ Us and Express retail brands, has secured $375 million in growth capital from private equity giant Ares Management Corp. The transaction values the company at $1.6 billion, according to a statement reviewed by Bloomberg News. The investment will add significant cash to the retail operator’s balance sheet and spur its “next ...

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• 10 March

  Keystone oil spill probe seen cutting back pipeline flows

  

  BLOOMBERG A US probe into the 13,000-barrel oil spill on TC Energy’s Keystone pipeline is expected to cut into crude flows ahead of the summer driving season. Regulators ordered the company to reduce operating pressure along the entire Keystone system stretching from Hardisty, Canada, to Cushing, Oklahoma until further notice. The new restrictions will likely force the pipeline to curb ...

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• 10 March

  Vietnam scouts for its inaugural LNG shipment after prices fall

  

  BLOOMBERG Vietnam is looking to purchase the country’s first liquefied natural gas shipment, the latest emerging nation to rekindle interest in the super-chilled fuel after a drop in prices. PetroVietnam Gas JSC is in discussions with suppliers about procuring an LNG shipment for this summer to the Thi Vai terminal, according to traders with knowledge of the matter. PV Gas, ...

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• 10 March

  The power of floating solar panels

  

  BLOOMBERG In a world of finite land, solar farms can take up a lot of space. But there’s a solution for that scarcity: panels that float. In nearly a dozen countries around the world, floating solar farms are providing a welcome alternative to ground-mounted modules, with the potential to significantly boost clean power as the world races to cut carbon ...

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• 10 March

  US bank troubles hammer stocks, bolster Treasuries

  

  BLOOMBERG Stocks tumbled and Treasuries rallied amid mounting concerns about the health of the US banking system. Nasdaq futures pared losses in early trading. Europe’s Stoxx 600 equity gauge dropped 1.7%, with an index of bank stocks sliding the most since June, led by a 7% plunge for Deutsche Bank AG. Credit Suisse Group AG shares tumbled to a record ...

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