March, 2023

• 27 March

  Fraud-hit Steinhoff shareholders reject debt-relief plan

  

  BLOOMBERG Steinhoff International Holdings NV failed to pass a plan to give creditors 80% of its equity as it sought to be released from its debt that is due at the end of June. Shareholders rejected all the resolutions that were voted on at the global retailer’s annual general meeting held in Amsterdam. The gathering lasted three hours because of ...

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• 27 March

  African e-commerce firm seeks to expand with French tools

  

  BLOOMBERG Jumia Technologies AG made a deal to sell French retailer Leroy Merlin’s products in West Africa, part of a plan to expand its reach and cut losses in half by the end of 2023. The Africa-focussed e-commerce giant will sell the French company’s tools and do-it-your-self products in Ivory Coast and Senegal, focussing on high-growth rural areas and smaller ...

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• 27 March

  China’s consumer brands stay cautious on recovery

  

  BLOOMBERG China’s biggest consumer brands like sneaker makers say they’ve seen a boom in demand as the country leaves the dark days of Covid Zero behind. But beneath the surface, a lingering sense of caution about the sustainability of the rebound points to a potentially rocky year ahead. A recovery in business since the Lunar New Year is still going ...

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• 27 March

  Germany faces travel chaos as airport, rail staff strike

  

  BLOOMBERG Germany’s air and rail services ground to a halt during a one-day strike as workers join peers in France and the UK to fight for higher pay. The walkout also affects some ports, with the Verdi and EVG transport and railway unions coming together in a strike that resulted in severe disruption to travel. Verdi is demanding a raise ...

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• 27 March

  Indian banks to gain $36b in deposits as funds get taxed

  

  BLOOMBERG  India’s decision to tax returns from fixed-income mutual funds is set to bolster its lenders’ efforts to lure deposits for financing a resurgent credit growth and boost profits. The nation scrapping tax incentives for some debt mutual funds has paved the way for banks to garner as much as $36 billion in deposits from the asset managers, according to ...

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• 27 March

  ClearBank sees 20% rise in client flows after SVB’s fall

  

  BLOOMBERG  The boss of ClearBank Ltd said clients moved 20% more money through its platform in the week of Silicon Valley Bank’s (SVB) implosion, adding the firm to a cohort of rivals benefiting from the collapse. Charles McManus, chief executive officer (CEO) of the London-based clearing bank, said business has now begun to stabilise after the sudden jump. The firm’s ...

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• 27 March

  First Citizens agrees to buy SVB

  

  BLOOMBERG  First Citizens BancShares Inc agreed to buy Silicon Valley Bank (SVB), which was seized by regulators following a run on the lender. The bank agreed to take on all deposits and loans, a deal that includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion, according to a statement from the Federal Deposit Insurance ...

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• 27 March

  Deutsche Bank London HQ sold for $315 million to Malaysian firm

  

  BLOOMBERG  Malaysian construction firm Gamuda Bhd has bought Deutsche Bank AG’s soon-to-be-vacated London office for $315 million in one of the City’s biggest property deals this year. Gamuda partnered with UK private equity firm Castleforge for the purchase of Winchester House, the company said in a statement. The buyers plan to refurbish the premises into a sustainable office for global ...

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• 27 March

  BOE governor says global banks more robust than in 2008

  

  BLOOMBERG  Bank of England (BOE) Governor Andrew Bailey said the global banking system is more robust and better capitalised than in was in 2008, making a repeat of the crisis more than a decade ago unlikely. “We’ve learned a lot of lessons in the financial crisis,” Bailey said in a pooled clip for broadcasters. “Of course we keep learning lessons. ...

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• 27 March

  Dubai Police to promote maritime safety, security

  

  DUBAI / GULF TIME Dubai Police announced its collaboration with Informa Markets to support the upcoming Seatrade Maritime Logistics Middle East (SMLME) event. Held under the patronage of the UAE Ministry of Energy and Infrastructure, the leading maritime and logistics event in the region is scheduled to take place on May 16-18, at the Dubai World Trade Centre. Dubai Police ...

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