April, 2023

• 7 April

  ZHO sets up cheese factory at People of Determination centre

  

  ABU DHABI / WAM The Zayed Higher Organisation for People of Determination (ZHO) has set up a cheese factory at the ZHO’s People of Determination Production Centre in Al Bahia area, Abu Dhabi, adopting “Made in the UAE” slogan. The move is geared towards meeting the daily production requirements of various dairy products, storing goat milk for later production and …

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• 7 April

  Dubai Culture organises Sikka Ramadan pop-up

  

  DUBAI / WAM Dubai Culture and Arts Authority (Dubai Culture) is hosting a two-week Sikka Ramadan Pop-Up at the Al Safa Art and Design Library. The event will be held in two sessions, the first  from 7-9 April and the second from 14-16 April. The pop-up will feature talented fashion designers who will showcase their unique designs and products that …

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• 6 April

  Credit Suisse’s fatal bank run points to gaps in liquidity rules

  

  BLOOMBERG  Credit Suisse AG was hit by renewed outflows over several days in March that took it to the brink of bankruptcy, even when it was supposed to have enough funds to cover a month of deposit flight. As Swiss officials and Credit Suisse executives emphasised that the firm’s emergency sale staved off imminent collapse, they highlighted how sharp the …

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• 6 April

  FedEx targets $4bn cost cuts by merging delivery networks

  

  BLOOMBERG FedEx Corp is seeking to cut $4 billion in costs by combining its two main delivery networks, in an ambitious plan by new Chief Executive Officer (CEO) Raj Subramaniam to increase profit margins. The company has for decades operated an express package business separately from its ground unit, which FedEx acquired in 1998 and depends on third-party contractors to …

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• 6 April

  Walmart bets on warehouse robots, dangles profit potential

  

  BLOOMBERG Walmart Inc is betting on greater supply-chain automation and hinting that a recent investment binge might lift profit beyond the retailer’s stated long-term goals. Within three years, the unit cost of moving goods will fall 20% as warehouse robots play a larger role in speeding goods to customers, Walmart said. While the company reiterated its outlook for this year …

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• 6 April

  Branson’s rocket-launch firm Virgin Orbit files for bankruptcy

  

  BLOOMBERG Virgin Orbit Holdings Inc filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff. The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware. The move punctuates …

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• 6 April

  China accuses India of kicking out reporters

  

  BLOOMBERG China accused India of kicking out journalists with its official news agency, and said it would have to take corresponding measures. India recently asked journalists from Xinhua News Agency to leave the country, Chinese Foreign Ministry spokeswoman Mao Ning said on Thursday at a regular press briefing in Beijing. “The Chinese embassy and China’s Ministry of Foreign Affairs have …

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• 6 April

  Macron urges Xi to bring Putin ‘back to reason’ over Ukraine

  

  BLOOMBERG French President Emmanuel Macron urged Xi Jinping to use his influence to help restore peace to Ukraine, saying the Chinese leader could bring all sides together to discuss a way to end the Russian invasion. “I know I can count on you to bring Russia back to reason and everybody to the negotiation table,” Macron told Xi during a …

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• 6 April

  McCarthy assures Taiwan’s Tsai ‘ties with US are strong’

  

  BLOOMBERG US House Speaker Kevin McCarthy emerged from a meeting with Taiwan’s President Tsai Ing-wen stressing the importance of the relationship between the two sides to economic freedom, peace and stability in the region. Neither leader mentioned China in their joint public remarks, even as the meeting in Southern California provided a new challenge in the already fraught relations between …

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• 6 April

  Hottest China trade may unravel as earnings disappoint investors

  

  BLOOMBERG Shares of China’s state-owned enterprises (SOEs) have been a hot trade in a mostly lackluster equities market this year, but disappointing earnings are causing investors to reassess their bullish bets. About three-fifths of the largest constituents in a Hang Seng gauge of state-owned enterprises missed earnings-per-share estimates in the latest results season, according to data compiled by Bloomberg Intelligence. …

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