DUBAI / Reuters Etihad Airways has set its planned five-year sukuk at $1.5 billion, the upper end of an expected range of $1.25 billion to $1.5 billion, banks leading the transaction said on Wednesday. The UAE airline set the final spread for its debut Islamic debt issuance at 210 basis points over midswaps, after one bank involved said on …
Read More »ABU DHABI / WAM UAE-based satellite operator Yahsat said on Wednesday the company had entered into a strategic partnership with Talia, a market-leading teleport, satellite and terrestrial network operator. Under the agreement, Talia is committed to capacity on Yahsat’s upcoming Ka-band Al Yah 3 satellite, located at 20 degree W, to be launched in 2017, alongside existing services on the …
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ABU DHABI / WAM In line with his commitment to innovation as a key pillar of future government work, HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and the Minister of Finance of the UAE, inaugurated on Wednesday the Innovation Lab at the Ministry of Finance (MoF) Headquarters in Dubai. He attended the first brainstorming session …
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Bloomberg As India undergoes the world’s biggest currency overhaul in decades, one official is noticeably absent: central bank Governor Urjit Patel. The head of the monetary authority has spoken just once since the government invalidated 86 percent of currency in circulation in a surprise move on Nov. 8. Mounting cash shortages pushed the Supreme Court to warn of riots, …
Read More »Bloomberg The rupee’s slide toward a record low, amid $2.8 billion in outflows from Indian stocks and bonds, is prompting speculation the central bank will step up intervention to stem losses. With a Federal Reserve interest-rate increase next month all but a certainty for bond traders, the rupee has slumped 2.6 percent in November, the most in 15 months. …
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Johannesburg / AFP South Africa’s political turmoil and weakening economy will come under the harsh spotlight of international credit ratings from this week amid predictions the country could lose its investment-level status. Moody’s will release its updated grading on Friday, before Standard & Poor issues its key announcement a week later on December 2. S&P currently has South Africa—the …
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Bloomberg Turkey’s President Recep Tayyip Erdogan will lead a meeting of the economic coordination board on Wednesday, a day after a session under the chairmanship of Prime Minister Binali Yildirim to discuss the slide of the lira was canceled. Government officials said ministers in charge of the economy and senior advisers are expected to attend the 7:30 p.m. meeting …
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Karachi / AFP Shah Nawaz walks Karachi’s dusty streets, one of thousands in the financial hub who are being fed by charities as Pakistan’s economy picks up pace—but, some say, not fast enough for its poverty-stricken millions. Confidence in Pakistan is growing, with the International Monetary Fund claiming in October that the country has emerged from crisis and stabilised …
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Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, on Wednesday morning received the credentials of new ambassadors of several friendly countries to the UAE, at Al Mushrif Palace. Also present were HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of …
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Abu Dhabi / Emirates Business With more than 60,000 race fans converging on the capital city for the Formula 1 Etihad Airways Abu Dhabi Grand Prix and related festivities between November, 25 and 27, Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) is forecasting highly impressive occupancy rates of 92 percent in the emirate’s leading hotels over the …
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