August, 2021

• 17 August

  Nigeria’s Bank of Industry plans $883m eurobond sale

  

  Bloomberg Nigeria’s state-owned Bank of Industry plans to raise as much as 750 million euros ($883 million) from international debt markets this year for lending to companies hampered by the Covid-19 pandemic in Africa’s largest economy. Financial advisers have been appointed for the issue, Chief Executive Officer Olukayode Pitan, said in a virtual interview without providing details. The lender will ...

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• 17 August

  Foreign banks may resume FX trade as India relents

  Bloomberg The Reserve Bank of India (RBI) relaxed a rule on bank’s purchases of foreign sovereign bonds, paving the way for lenders to resume a profitable currency trade. In a notice sent to some banks, the RBI said foreign sovereign bonds wouldn’t fall under a regulatory cap that requires holdings of securities unlisted in India to be 10% or less of ...

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• 17 August

  JPMorgan plots derivatives path into new era of ESG finance

  

  Bloomberg The world’s largest underwriter of green bonds plans to significantly expand its offering of investment products touting environmental, social and governance metrics, as Wall Street starts attaching the label to more complex financial services. JPMorgan Chase & Co says its decision to add the ESG tag to derivatives is part of a strategy to link sustainability to all forms ...

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• 17 August

  China tech stocks fall as nation issues draft competition rules

  

  Bloomberg China’s latest moves to tighten its grip on the nation’s internet giants helped trigger a fifth consecutive day of selling in the nation’s bellwether technology stocks. The Hang Seng Tech Index dropped 3.1%, after the market regulator issued draft rules banning unfair competition among the nation’s online platform operators. Alibaba Group Holding Ltd falls nearly 5% and was the ...

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• 17 August

  Stocks, futures slide on virus angst; dollar gains

  

  Bloomberg Global stocks dropped for a second day and US equity-index futures tumbled amid concern more economic shutdowns are becoming necessary to contain a fast spreading pandemic. A stronger dollar and a slide in Treasury yields underscored the risk-off mood on Tuesday as New Zealand discovered a positive case and announced a lockdown. Gold rises for a fifth day and ...

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• 17 August

  Coronavirus: Hope Consortium accelerates global vaccination

  

  ABU DHABI / WAM Abu Dhabi’s Hope Consortium, which offers one of the most capable and effective vaccine supply chains in the world, has extended its value proposition to include in-country vaccination services with the aim of accelerating global immunisation and eliminating vaccine wastage. The new solution is unique in the Covid-19 immunisation space as it combines end-to-end vaccine delivery ...

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• 17 August

  Aramco in advanced talks on up to $25b Reliance deal

  

  Bloomberg Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd’s oil refining and chemicals business, people with knowledge of the matter said. The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people ...

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• 17 August

  Sheikh Mohamed, Kyrgyzstan president discuss bilateral ties

  ABU DHABI / WAM HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sadyr Japarov, President of Kyrgyzstan, discussed during a telephone call on Monday, ways of strengthening relations of friendship and cooperation for the benefit of the two countries and their people as well as mutual ...

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• 17 August

  Waha Capital secures new $500 million credit facility

  

  ABU DHABI / WAM Waha Capital, an investment management company in Abu Dhabi, has announced the completion of the refinancing of its revolving credit facility with the support of four local and regional banks. The 3-year $500 million revolving credit facility replaces and upsizes the current facility of $400 million. The syndication of the facility was positively received with the ...

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• 17 August

  UAE, Iraq discuss plan to form new business council

  

  ABU DHABI / WAM Abdullah Mohammed Al Mazrouei, Chairman of Abu Dhabi Chamber of Commerce and Industry, and Dr. Mudaffar Mustafa Al Jubouri, Ambassador of Iraq to the UAE, have discussed ways to boost economic relations between the UAE and Iraq. During a recent visit to Abu Dhabi Chamber, the Iraqi Ambassador expressed his country’s interest in boosting economic cooperation ...

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