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Etihad files lawsuit in Britain against Air Berlin administrators

Wednesday, 23 January 2019

Abu Dhabi’s Etihad Airways on Wednesday said it has begun legal proceedings in London, disputing a claim by the administrators of Air Berlin for damages of up to 2 billion euros ($2.26 billion). State-owned Etihad filed its case in the High Court in London on Wednesday, a company spokesman told Reuters, and believes that the case initiated in December by the German airline in Berlin should be determined by the English court. The insolvency administrator’s lawsuit said that Etihad ...

Saudi Arabia’s ‘Red Sea’ project preparing to come to life

Wednesday, 23 January 2019

The Red Sea project: An ultra-luxurious and sustainable touristic destination, planned to be accessible by 80 percent of the world’s population in less than 8 hours, is now one step closer to launching off the coasts of Saudi Arabia and inside the Red Sea. On Tuesday, the developer behind the project, the Red Sea Development Company (TRSDC), received the board of directors’ approval for the project’s master plan, meaning that construction of the project’s first phase can ...

DP World to spend at least $250 mln building stake in Australia unit

Wednesday, 23 January 2019

Dubai’s DP World will spend at least $250 million buying back some shares in its Australian port terminals business which it sold in 2010, a company spokeswoman said on Wednesday. DP World will buy the shares from Corsair Infrastructure Partners’ Gateway Infrastructure Investments and other investors, it said in a bourse statement. The Dubai-government controlled company will at least double its stake to 50 percent, valuing DP World Australia at about $1 billion, the spokeswoman ...

US will seek extradition of Huawei CFO from Canada

Wednesday, 23 January 2019

The US Justice Department said on Tuesday it will pursue the extradition of the chief financial officer of China’s Huawei Technologies Co Ltd’s, arrested in Canada in December. The United States has accused Meng Wanzhou of misrepresenting the company’s links to a firm that tried to sell equipment to Iran despite US sanctions. The arrest soured ties between Canada and China, which subsequently detained two Canadians and sentenced a third to death. The US statement came a day ...

Japan logs first trade deficit since 2015

Wednesday, 23 January 2019

Japan logged a trade deficit last year for the first time since 2015, with export growth slowing amid tensions between the country’s two biggest trading partners -- China and the United States.Japan logged the deficit of 1,203 billion yen ($11 billion) in 2018 after two years of surplus, with annual growth in exports slowing to 4.1 percent from 11.8 percent in 2017, according to finance ministry data released Wednesday.Exports to China increased 6.8 percent, markedly slower than the ...

Gulf gets boost as billions pour in before bond index entry

Wednesday, 23 January 2019

Government bonds issued by Saudi Arabia and four other Gulf states are outperforming debt from other regions, on expectations their inclusion in JPMorgan’s bond indexes will pull in up to $40 billion in foreign investment.JPMorgan told investors in September that Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait – all members of the Gulf Cooperation Council – would join its emerging-market government bond indexes this year, in phases starting Jan. 31 and running ...

Abu Dhabi fund allocates $3 bln deposit to Pakistan’s central bank

Wednesday, 23 January 2019

The Abu Dhabi Fund for Development has allocated $3 billion to Pakistan through a deposit into the country’s central bank, the fund said on Tuesday.Pakistan is battling to bring under control a gaping current account deficit that has hurt its economy and lowered growth.The deposit was announced in December. It is aimed at supporting Pakistan’s economic growth and helping it achieve its monetary policy targets.

Bahrain received first funds from Gulf aid last year: Central bank governor

Wednesday, 23 January 2019

Bahrain has received the first installment of a $10 billion aid package pledged by its Gulf allies last year, its central bank governor told Bloomberg TV in an interview. “This has been within the program we have agreed. The first payment was last year and I think this year this will continue,” Rasheed Mohammed Al Maraj said in Davos. He did not disclose the size of the first instalment. Bahrain was expected to receive $2 billion late last year, officials told Reuters in October, as ...

Lebanon dollar bonds slip after Moody's credit rating cut

Tuesday, 22 January 2019

Lebanon’s dollar-denominated sovereign bonds came under pressure on Tuesday after Moody’s cut the country’s credit rating to Caa1 on worries about a possible debt default.The country’s 2037 bond fell 0.811 cents to trade at 73.568 cents in the dollar, according to Tradeweb data.The bonds had made healthy gains on Monday when Qatar said it would invest $500 million in the country’s sovereign dollar bonds to support its struggling economy.

Davos kick starts as IMF warns of global economic slowdown

Tuesday, 22 January 2019

The world’s most powerful leaders, thinkers, academics, and businessmen are gathering at the Swiss ski resort Davos this week to attend the yearly World Economic Forum (WEF), which began on Tuesday morning. Titled “Globalization 4.0”, this year features about 350 sessions centered around various issues including climate change, digitalization and technology that affects the world’s economies. Meanwhile the IMF said on Monday that the global economy is weakening faster ...

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