March, 2021

• 9 March

  DBS’s Gupta endorses benefits of office work

  Bloomberg DBS Group Holdings Ltd.’s Chief Executive Officer Piyush Gupta said employees need to sometimes work from the office to develop a firm’s identity. “You need to build the soul of the company, and it’s very hard to do that if everybody is always working from somewhere else,” Gupta, who runs Southeast Asia’s largest bank, said in an interview with …

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• 9 March

  Wells Fargo targets net-zero emissions after rivals set goals

  

  Bloomberg Wells Fargo & Co. joined rivals in pledging to achieve net-zero greenhouse gas emissions in the coming decades. The fourth-largest US lender said it aims to reach that goal, which includes its financed emissions, by 2050. It will also deploy $500 billion in financing to sustainable businesses and projects by 2030. “Climate change is one of the most urgent …

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• 9 March

  US futures climb as global bonds rally before auctions

  

  Bloomberg US stock futures climbed on Tuesday, while government bonds across the globe rallied before US debt auctions that have the potential to spark volatility. The dollar falls. Contracts on the tech-heavy Nasdaq 100 climbed 1.8%, signalling a rebound after an overnight slump in technology stocks amid a rotation to value. European shares opened modestly lower, dragged down by miners. …

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• 9 March

  China state funds buy stocks to stem worsening rout

  

  Bloomberg The bearish mood prevailing in China’s stock market is proving a match even for state-backed funds, and casting a cloud over the Communist Party’s biggest annual political event. The CSI 300 Index closed about 2.2% lower despite evidence that state-backed funds had intervened to shore up the market in morning trading. The news earlier helped the gauge erase losses …

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• 9 March

  China’s carbon market to grow to $25 billion by 2030, Citi says

  

  Bloomberg The size of China’s carbon market will expand more than 30-fold over the next decade as it covers more industries and polluting becomes more expensive, according to Citigroup Inc. The market’s physical turnover will rise from about $800 million this year, its first in operation, to around $25 billion by the end of the decade, analysts including Tracy Liao …

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• 9 March

  European gasoline diverted to Texas to ease supply crunch

  

  Bloomberg Five gasoline tankers that were enroute to the US East Coast diverted to the Port of Houston to help ease a supply crunch after last month’s freeze crippled the region’s refineries. Major refineries along Gulf Coast, the nation’s refining hub, shut gasoline units during the February deep freeze and power failures. Operators have gradually begun resuming production since the …

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• 8 March

  Marks & Spencer to expand online reach in overseas foray

  

  Bloomberg Marks & Spencer Group Plc (M&S) will launch websites in 46 new overseas markets to try to revive an international business that’s languished for years in spite of multiple turnaround efforts. The British seller of food, clothing and housewares said the expansion into nations from Nepal to Bolivia and Uzbekistan would extend its online reach to more than 100 …

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• 8 March

  UK aviation industry seeks for financial aid

  

  Bloomberg Heathrow airport, unionised workers and ground-handling staff issued a joint plea to UK Prime Minister Boris Johnson for more state funding to help the aviation industry survive Covid-19 travel restrictions that put demand at just 2% of its usual level. A June estimate by the New Economics Foundation said a further 124,000 jobs in the UK were at risk …

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• 8 March

  Walmart’s foray into finance makes a friend of an old foe

  

  Bloomberg One of Walmart Inc.’s longtime foes conceded the retailer’s latest foray into banking could end well for consumers. “There are still a lot of people who want a physical location to go to for their banking services, and Walmart could provide that with all its stores,” said Sheila Bair, who oversaw the Federal Deposit Insurance Corp. when the retail …

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• 8 March

  United plane’s broken fan blade last inspected in ’16

  Bloomberg The fan blade that broke on a United Airlines plane over suburban Denver last month failed well before it was required to receive its next routine inspection, investigators said. The blade that fractured, triggering the February 20 failure, had 2,979 cycles — each of which represents a flight or any time the engine was started — since its last …

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