March, 2023

• 7 March

  US risks catastrophe with moves to ‘contain’ Beijing, warns China

  

  BLOOMBERG China’s new foreign minister warned that soaring US-China tensions risk blowing past any guardrails in the relationship, showing that divisions between the world’s biggest economies are becoming more entrenched. “The US claims that it seeks to outcompete China but does not seek conflict,” Foreign Minister Qin Gang said on Tuesday at his first news briefing since taking office late ...

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• 7 March

  Trudeau orders review of alleged Chinese election meddling

  

  BLOOMBERG Prime Minister Justin Trudeau yielded to pressure over allegations China interfered in Canada’s elections, appointing a special investigator to study the matter. “Upholding confidence in our democratic process in our elections, in our institutions, is of utmost importance,” the prime minister told reporters in Ottawa. The “independent special rapporteur” will have a wide mandate and make recommendations on fighting ...

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• 7 March

  Kezad, Emtelle partner to build $50mn manufacturing facility

  

  ABU DHABI / WAM Khalifa Economic Zones Abu Dhabi – Kezad group and Emtelle, a global manufacturer of passive fibre-optic network solutions, on Tuesday signed an agreement to build one of the world’s largest facilities for the manufacture of fibre optic ducting and pre-connectorised solutions. Emtelle will invest approximately $50 million in three phases of manufacturing. The building, located on ...

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• 7 March

  MBRGI expands global partnerships to achieve sustainable food security

  

  DUBAI / WAM Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), through its 1 Billion Meals initiative, on Tuesday announced its support for the United Nations UNITLIFE Trust Fund, which aims to address chronic malnutrition across the globe. As the region’s largest food donation drive, 1 Billion Meals aims to provide food aid to the underprivileged in 50 countries, especially ...

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• 7 March

  Adib shareholders approve AED1.7 billion cash dividend

  

  ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib has announced that its general assembly has approved a cash dividend of AED1.7 billion, 49 fils per share for the fiscal year ending December 31, 2022. This represents an increase from 31 fils per share in 2021 and constitutes 49.2% of the bank’s net profit for the year. In addition, Adib ...

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• 7 March

  Hub71 signs deal to expand venture capital access for startups

  

  ABU DHABI / WAM Hub71, Abu Dhabi’s global tech ecosystem, has launched a partnership with Asia-Pacific based venture capital firm Investible, to support the growth of tech startups and early-stage companies in Abu Dhabi. Founders at Hub71 will benefit from access to Investible’s Early-Stage Funds, valued at approximately AUS$180 million funds under management collectively. Hub71 startups will also gain access ...

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• 7 March

  Eskom to miss target to boost power output from coal plants

  

  BLOOMBERG South Africa’s state power utility will miss a target to boost output from struggling coal-fired plants by the end of March, highlighting the poor state of equipment whose viability is being reviewed by German energy consultants. Eskom Holdings SOC Ltd., which is subjecting South Africa to its worst-ever electricity outages, told lawmakers in January it planned to increase production ...

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• 7 March

  Beijing shakes up tech, data regimes to counter US curbs 

  

  BLOOMBERG China granted a key ministry new powers and created a bureau to oversee increasingly valuable data, shaking up oversight of its vast technology arena as Xi Jinping’s administration battles the US in areas from AI to semiconductors. The moves — part of a broader overhaul of official bodies to further consolidate Xi’s hold over the world’s second-largest economy — ...

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• 7 March

  India’s Reliance taps Sethia from McLaren  as Jio Financial CEO

  

  BLOOMBERG Reliance Industries Ltd has tapped a top executive from McLaren Strategic Ventures as CEO for its newly-created financial services unit that is preparing for a listing in India, according to people familiar with the matter. Hitesh Sethia is due to join Jio Financial Services Ltd as its CEO and managing director, said the people, who asked not to be ...

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• 7 March

  Singapore tech salaries rise at slower pace as industry cools

  

  BLOOMBERG Salaries for software engineers in Singapore rose by an average of 7.6% last year, with pay increases falling short of rent hikes after technology companies worldwide slashed jobs. Even as the increase slowed from a 22% surge a year earlier, the city-state’s tech salaries stand out among countries in South and Southeast Asia, according  to a report published by ...

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