March, 2023

• 10 March

  Bitcoin set for worst week since FTX crash on regulation, rates

  

  BLOOMBERG Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt  investor sentiment. The largest token fell as much 3.2% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on March 9. Smaller coins like ...

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• 9 March

  Agthia affirms strategy to acquire, consolidate value accretive businesses

  

  ABU DHABI / WAM Agthia Group has emphasised on its strategy to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core. This came as the group announced results for the fiscal year ending on December 31 in a statement recently. According to the statement, the group’s gross profit increased 21% year-on-year to AED1.2 billion, with ...

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• 9 March

  Sharjah, Japanese entity ink deal to boost trade ties

  

  SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) has signed a memorandum of understanding (MoU) with the Japan External Trade Organisation (Jetro) in Dubai, marking a significant milestone in their efforts to strengthen trade relations and develop mutual cooperation. The MoU was signed in the presence of various high-level officials and dignitaries, including Abdullah Sultan Al Owais, ...

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• 9 March

  Egypt, UAE to jointly support global climate action at COP28: Minister

  

  CAIRO / WAM Sameh Shoukry, Egyptian Minister of Foreign Affairs, highlighted his country’s willingness to continue working closely with the UAE during its COP28 presidency. He also stressed the importance of maintaining the commitment of developed countries to their financing pledges, as well as accelerating the reforms of international financing institutions and multilateral development banks to finance the efforts aimed ...

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• 9 March

  Al Ansari Exchange to float 10% in Dubai IPO

  

  DUBAI / WAM Al Ansari Financial on Thursday announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM). In a press statement, Al Ansari said that 750,000,000 (seven hundred and fifty million) shares, each with a nominal value of AED0.01 (one fils) will be made ...

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• 9 March

  Citigroup to ‘recalibrate’ investment banking headcount

  

  BLOOMBERG Citigroup Inc Chief Financial Officer Mark Mason said his firm will adjust headcount in its investment banking division as necessary as it continues to look for ways to boost profits. For years, Citigroup has been beefing up its investment bank, including through hires in sectors like energy, biotechnology and healthcare, Mason said in an interview with Bloomberg Television. Still, ...

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• 9 March

  BofA redeploying investment bankers amid deal drought

  

  BLOOMBERG Bank of America Corp (BofA), one of the few major Wall Street banks to avoid mass job cuts in recent months, has begun moving investment bankers into busier areas as the industry deals with a slowdown in dealmaking and capital markets. For years, the company has relied on attrition as a way to manage headcount, Chief Executive Officer Brian ...

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• 9 March

  Bitcoin at three-week low over Silvergate bank fallout

  

  BLOOMBERG Bitcoin fell to a three-week low, sapped by the collapse of crypto-friendly bank Silvergate Capital Corp and the prospect of higher-than-expected central bank interest rates. The largest token fell as much as 1.9% on Thursday, dropping for a fourth session, and was trading at about $21,780 in Singapore. Smaller coins ranging from Ether and Solana to Avalanche were subdued. ...

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• 9 March

  Silvergate plans to wind down operations, liquidate its bank

  

  BLOOMBERG Silvergate Capital Corp plans to wind down operations and liquidate its bank after the crypto industry’s meltdown sapped the company’s financial strength, sending shares plunging. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” the company said in ...

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• 9 March

  Southwest Air taps Amazon unit for technology revamp

  

  BLOOMBERG Southwest Airlines Co will use Amazon.com Inc servers to help process fare searches, crew scheduling and other software tasks, a modernisation of its technology that comes months after a meltdown stranded thousands of the airline’s passengers. Amazon Web Services (AWS) will become Southwest’s “preferred cloud provider,” the e-commerce giant said, calling the move a “large-scale migration” of the airline’s ...

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