March, 2023

• 6 March

  UBS chief Hamers gets 11% pay increase while cutting bonuses

  

  BLOOMBERG UBS Group AG raised Chief Executive Officer Ralph Hamers’ compensation for last year by 11%, making him one of Europe’s best-paid bank bosses, even as bonuses for the rest of the firm were cut in a challenging period for dealmaking. Hamers received 12.2 million Swiss francs ($13 million) for his second full year in the job. That included a ...

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• 6 March

  Crypto exchange Bybit halts dollar payments

  

  BLOOMBERG Crypto exchange Bybit is suspending US dollar-denominated deposits and withdrawals via bank transfers, including SWIFT payments. Dollar wire deposits have been temporarily suspended and withdrawals will be halted on March 10, the platform said on its website, citing “service outages from our end-point processing partner.” Bybit said customers can use other methods to buy and withdraw crypto. It didn’t ...

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• 6 March

  Dubai WoodShow 2023 kicks off at DWTC with 400 exhibitors

  

  DUBAI / WAM The 19th edition of the Dubai International Wood and Woodworking Machinery Exhibition is set to commence on Tuesday at the Dubai World Trade Centre to showcase the most innovative products, technologies, production scenarios, and large-scale machinery to wood industry key players and participating representatives of government agencies from the region. The Dubai WoodShow, the only dedicated trade ...

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• 6 March

  Abu Dhabi gets new wholesale farmers market at Mina Zayed

  

  ABU DHABI / WAM Abu Dhabi Agriculture and Food Safety Authority (Adafsa) opens a new farmers’ market at Zayed Port in Abu Dhabi to serve as a platform for wholesalers, retailers, and consumers interested in buying medium to large quantities of locally sourced products. The move follows the directives of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, ...

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• 6 March

  ZHO produces bags for Sheikha Fatima Fund for Refugee Women

  

  ABU DHABI / WAM Zayed Higher Organisation for People of Determination (ZHO) produced bags made by Women of Determination — by recycling fabrics and materials — to be donated to the Sheikha Fatima Fund for Refugee Women. Dr Maitha bint Salem Al Shamsi, Minister of State, appreciated this initiative of supporting the participation of People of Determination in the UAE’s ...

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• 6 March

  SLG to build AED200mn new plant at Dubai Industrial City

  

  DUBAI / WAM Silver Line Gate Group (SLG) is constructing a new manufacturing, warehouse and corporate offices facility, spanning 1.37 million square feet at Dubai Industrial City, a member of Tecom group. The AED200 million manufacturing facility is set to open in Dubai Industrial City in 2025 to bolster the UAE’s commitment to building a self-reliant food security programme. SLG ...

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• 6 March

  UK unveils £360m science plan in growth push before budget

  

  BLOOMBERG Prime Minister Rishi Sunak is committing more than £360 million to cutting-edge technologies under plans to make Britain a science “superpower” by the end of the decade, as he starts to sketch out his vision in the build-up to next week’s budget. Under a 10-point Science and Technology Framework, a “coordinated cross-government approach” will drive innovation in “trailblasing” technologies ...

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• 6 March

  Starbucks plans to add 100 UK stores next year

  

  BLOOMBERG Starbucks Corp is investing £30 million ($36.1 million) to open and renovate coffee shops in the UK, pushing on with expansion in a market where profit has dropped due to soaring costs of coffee beans and labour. Starbucks aims to add 100 stores in the UK in the next year, the US coffee chain said as it reported results ...

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• 6 March

  Germany, EU pursue talks on deal to ban combustion engines

  

  BLOOMBERG German Chancellor Olaf Scholz said talks were constructive with the European Union in resolving a dispute over plans to ban new combustion-engine cars in the bloc from 2035, after Berlin derailed the effort this past week. Scholz met with European Commission President Ursula von der Leyen on the sidelines of a government retreat in Meseberg north of Berlin. The ...

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• 6 March

  EV charging supplier sees US raising costs by cutting off China

  

  BLOOMBERG Taiwan’s Zerova Technologies is riding a boom spurred by demand for greener cars in the US. The maker of electric-vehicle charging systems is also navigating Joe Biden’s Inflation Reduction Act (IRA), and according to Chief Executive Officer Jay Yang, it isn’t an altogether positive law. His take is that efforts to minimise reliance on China in the EV supply ...

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