March, 2023

• 22 March

  US will intervene if needed to protect smaller banks: Yellen

  

  BLOOMBERG Treasury Secretary Janet Yellen said that the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Yellen will say, according ...

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• 22 March

  Adnic shareholders approve cash dividends of 40 percent

  

  ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 40% cash dividends (AED0.40 per share, implying total cash dividends of AED228 million) for the financial year ended on December 31, 2022, after concluding its Annual General Meeting (AGM) on Wednesday. Shareholders discussed and approved all items on the agenda for the AGM, including Adnic’s ...

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• 22 March

  Al Naboodah joins Dubuy.com to enter new logistics markets

  

  DUBAI / WAM Dubuy.com has welcomed the UAE’s Al Naboodah group onto its wholesale e-commerce platform to help accelerate its growth, by providing instant access to new markets via its online business-to-business marketplace. Al Naboodah group will partner with DP World’s innovative and trusted platform Dubuy.com to sell its diverse portfolio of brands. By providing end-to-end supply chain solutions, Dubuy.com ...

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• 22 March

  China approves first mRNA vaccine as Covid wave ebbs

  

  BLOOMBERG China approved its first messenger RNA vaccine for Covid-19, clearing a shot from a local drugmaker that harnesses the powerful technology months after the world’s most-populous nation abandoned pandemic curbs. The mRNA vaccine, developed by CSPC Pharmaceutical Group Ltd and which targets the Omicron variant, has been approved for emergency use, according to a statement from the company to ...

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• 22 March

  Hindustan Zinc’s $1.3b dividend  raises concerns over cash use

  

  BLOOMBERG Hindustan Zinc Ltd’s plan to dole out $1.3 billion in dividends, a fourth such disbursement to shareholders this financial year, is raising concerns over the use of cash at Anil Agarwal’s zinc unit. The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totalling 109.9 billion rupees, according to an exchange filing. Key beneficiaries will be ...

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• 22 March

  Sembcorp weighs sale of waste management unit

  

  BLOOMBERG Sembcorp Industries Ltd, a Singaporean energy company backed by state-owned investor Temasek Holdings Pte, is considering selling its waste management unit, according to people with knowledge of the matter. The company is working with a financial adviser on the potential divestment of SembWaste Pte and could seek as much as $700 million for the unit, the people said. Other ...

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• 22 March

  GLP-backed fund to raise $100m for Asian fintech deals

  

  BLOOMBERG A Singapore-based fintech investment firm is close to raising $100 million to back finance and blockchain startups in China and Southeast Asia. BitRock Capital, backed by logistics real estate operator GLP Pte, targets a closing of the new fund by the third quarter, Alfred Shang, its chief executive officer and co-founding partner, said in an interview. It would more ...

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• 22 March

  Banks’ AT1 bonds rise as Goldman Sachs flags opportunity to buy

  

  BLOOMBERG Additional Tier 1 (AT1) bonds issued by lenders from UBS Group AG to Kookmin Bank in South Korea are rising as regulators’ assurances helped boost confidence and Goldman Sachs Group Inc analysts highlighted opportunities in the notes. UBS’s $1.5 billion 4.375% perpetual notes were among the biggest gainers in Europe on Wednesday, having risen around 2 points to 66.31 in ...

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• 22 March

  US equity futures steady in pre-Fed caution, pound up

  

  BLOOMBERG US equity futures were steady and European stocks edged higher as investors prepared for the Federal Reserve’s much-anticipated interest-rate decision. The pound rallied to a six-week high after a surprise rise in UK inflation increased pressure for action from the Bank of England. Contracts for the S&P 500 and the tech-heavy Nasdaq 100 were marginally lower. Virgin Orbit Holdings ...

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• 22 March

  Malabar Gold & Diamonds opens international hub in Dubai Gold Souk

  

  DUBAI / GULF TIME HE Abdullah Bin Touq Al Marri, UAE Minister of Economy, witnessed the opening of the new Malabar Gold & Diamonds international hub in Dubai Gold Souk. MP Ahammed, Chairman of Malabar Group; and other directors, distinguished guests, officials, well-wishers, and management team members of Malabar Gold & Diamonds were present on the occasion. The group is ...

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