March, 2023

• 26 March

  House of Wisdom offers annual membership for unlimited learning

  

  SHARJAH / WAM With its annual membership packages, the House of Wisdom (HoW) created a new opportunity for the UAE community to read, play, work and be entertained throughout the year, enjoying uninterrupted access to world-class sources of knowledge and spaces to bring their imaginations to life. Members will have access to the entire collection of HoW’s world-class physical and ...

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• 26 March

  Foodco wins prestigious ‘Product of the Year’ award in UAE

  

  DUBAI / IBRAHIM ELDESOUKIE Foodco National Foodstuff, one of the leading local food companies, has won the prestigious “Product of the Year” award in two categories in the United Arab Emirates (UAE) for 2023. The company’s brand Shehrazade won the award for the best rice product for the third time in a row, while Virginia — Tuna Salad won the ...

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• 26 March

  Americanas proposes steep losses for creditors in debt plan

  

  BLOOMBERG Americanas SA, the embattled Brazilian retailer, proposed a plan to restructure its 42.3 billion real ($8.1 billion) debt load some two months after obtaining bankruptcy protection that includes losses for unsecured creditors, a capital injection and asset sales. The plan, released in a securities filing, foresees a capital injection of 10 billion reais and potential asset sales including its ...

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• 26 March

  Cathay Pacific in talks to add 50 of Airbus’ A320neo-type aircraft

  

  BLOOMBERG Cathay Pacific Airways is in talks with aircraft lessors as it seeks to source as many as 50 of Airbus SE’s A320neo-type aircraft, people familiar with the discussions said, with Hong Kong’s main carrier aiming to ramp up and potentially expand following the scrapping of Covid curbs. Given Airbus’s order book that stretches out several years, Cathay and its ...

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• 26 March

  Walmart cuts staffing levels at some of its US warehouses

  

  BLOOMBERG Walmart Inc is cutting staffing levels at some e-commerce fulfillment centres in the US as the nation’s largest private-sector employer steps up investment in automation. The retailer is working with the affected employees to find other positions at Walmart, according to a company statement. In a regulatory filing, Walmart provided advance notice of the cuts to 201 employees in ...

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• 26 March

  Bombardier climbs as its CEO sees faster growth, lower debt

  

  BLOOMBERG When Eric Martel returned to Bombardier Inc in the spring of 2020, the company was hardly recognisable from the one he’d left five years earlier. Bombardier had just sold its two biggest divisions, which built commercial jets and trains, in a desperate, sell-anything-you-can effort to raise money. A new viral disease called Covid-19 was ripping around the globe, forcing ...

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• 26 March

  Credit Suisse takeover hands Swiss business big headache

  

  BLOOMBERG UBS Group AG’s emergency buyout of Credit Suisse Group AG threatens to drastically shrink the financing options for small and mid-sized companies, after the demise of a 166-year-old champion of Swiss entrepreneurship. While smaller cantonal lenders and cooperative banks offer a counterbalance to UBS in retail banking and the Swiss mortgage market, Credit Suisse has long been the market ...

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• 26 March

  BofA trims staff in banking, lending

  

  BLOOMBERG Bank of America Corp (BofA) is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts. Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge ...

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• 26 March

  Deutsche Bank settles $1.6bn US lawsuit

  

  BLOOMBERG Deutsche Bank AG is settling a US lawsuit it filed against a pair of offshore feeder funds that backed out of an alleged deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds — Kingate Global Fund Ltd and Kingate Euro Fund Ltd — filed ...

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• 26 March

  Philippines may pause rate hike cycle in May

  

  BLOOMBERG The Bangko Sentral ng Pilipinas (BSP) has done enough to address inflation and could pause from raising interest rates at the next policy meeting in May, Finance Secretary Benjamin Diokno said. “Contrary to some analysts’ view that the BSP’s Monetary Board could even push its policy interest rate higher than 6.5%, I think that the BSP is leaning towards ...

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