March, 2023

• 8 March

  City of London hopes for Brexit thaw after Northern Ireland deal

  

  BLOOMBERG UK Prime Minister Rishi Sunak’s deal to solve the bitter dispute with the European Union (EU) over Northern Ireland’s trading arrangements has sparked hope in the City of London that the two sides could finally formalise a pledge to work together on setting rules for banks and financial markets. The so-called memorandum of understanding (MOU) on financial rules may ...

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• 8 March

  Deutsche Bahn picks US banks for sale of its $21.3bn logistics unit

  

  BLOOMBERG Deutsche Bahn AG has selected Goldman Sachs Group Inc and Morgan Stanley to advise on the potential sale of its DB Schenker logistics unit, which could be valued at as much as €20 billion ($21.3 billion), people with knowledge of the matter said. The German railroad operator is set to formally hire the two banks after a weeks-long pitching ...

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• 8 March

  EU’s fastest inflation finally slows to 25.4% as Hungary faces recession

  

  BLOOMBERG Hungarian consumer price growth slowed for the first time in 19 months, giving policy makers room to consider when to start reducing the European Union’s highest key interest rate. Headline inflation, the EU’s fastest, slowed to 25.4% in February from 25.7% the month before, the statistics office said. The data matched the estimate in a Bloomberg survey. It’s too ...

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• 8 March

  Renault no longer weak link in its alliance with Nissan

  

  BLOOMBERG The role of the squeaky wheel in Renault and Nissan’s alliance looks to be changing in a remarkable example of what a difference a year makes. One year ago, Renault shares hit rock bottom in a rout triggered by the invasion of Ukraine. Fitch Ratings was sounding alarm bells about the carmaker’s exposure to Russia, then its No. 2 ...

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• 8 March

  China bears brunt of Asia tech selloff after hawkish Powell talk

  

  BLOOMBERG Chinese tech giants led shares of Asian peers lower after hawkish comments from the Federal Reserve stoked concerns for the rate-sensitive sector. The Hang Seng Tech Index slid 3.2%, with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. each falling at least 2% in Hong Kong. The shares tracked losses in the Nasdaq 100 overnight as Fed Chair Jerome ...

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• 8 March

  Global stock markets reel from recession, Fed rate hike bets

  

  BLOOMBERG Global stock markets struggled on Wednesday, after comments from Federal Reserve Chair Jerome Powell boosted interest rate wagers, drove up Treasury bond yields and revived fears that the world’s largest economy will not be able to dodge a recession. Europe’s Stoxx 600 equity benchmark slipped about 0.2%, following a weak Asian session, though US equity futures turned marginally positive, ...

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• 8 March

  Adex, Japan’s SMBC to offer $135m loan to Trafigura

  

  ABU DHABI / WAM Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development, and Japan’s Sumitomo Mitsui Financial Banking Corporation (SMBC), have joined hands to provide a loan facility of $135 million to Trafigura, a market leader in the global commodities industry. Adex contributed $125 million of the total facility to support Trafigura’s working ...

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• 8 March

  EGA’s net profit jumps 34% to AED7.4 billion in 2022

  

  ABU DHABI / WAM Emirates Global Aluminium (EGA) on Tuesday reported its strongest-ever financial results, announcing net profit of AED7.4 billion ($2.0 billion), up 34 percent from AED5.5 billion ($1.5 billion) in 2021. EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted Ebitda) for 2022 was up 37 percent to a record AED12.4 billion ($3.4 billion), compared to AED9.0 ...

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• 8 March

  Mubadala, Stone Point Capital to buy $1.9bn stake in US’ Truist Insurance

  

  ABU DHABI / WAM Mubadala Investment Company announced that it has partnered with primary investor Stone Point Capital, a private equity firm focussed on the global financial services industry, alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings, Inc, a subsidiary of Truist Financial Corporation. Based in Charlotte, North Carolina, Truist Insurance Holdings is ...

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• 8 March

  UAE President, Polish counterpart review enhancing bilateral relations

  

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday at Qasr Al Shati Palace, received Andrzej Duda, President of the Republic of Poland. President His Highness Sheikh Mohamed bin Zayed welcomed President Duda and his accompanying delegation, expressing his hopes that his visit would constitute an impetus to the two countries’ relations. The two ...

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