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Saturday, 13 June 2015

IMF to stand by $40bn Ukraine bailout - FT.com

IMF to stand by $40bn Ukraine bailout - FT.com:



"The International Monetary Fund has warned Ukraine’s creditors that it is prepared to continue its $40bn bailout even if the conflict-torn country fails to reach an agreement on restructuring its $70bn sovereign debt.



In an open letter released on Friday and addressed to the “financial community”, Christine Lagarde, IMF managing director, warned that the fund was prepared to continue its own financing of Ukraine even if it stopped servicing its debts.



“The IMF, in general, encourages voluntary pre-emptive agreements in debt restructurings, but in the event that a negotiated settlement with private creditors is not reached and the country determines that it cannot service its debt, the fund can lend to Ukraine consistent with its Lending-into-Arrears Policy,” she wrote."



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Gulf airlines fly through a golden age | GulfNews.com

Gulf airlines fly through a golden age | GulfNews.com:



"The Gulf based carriers are sure reshaping the global aviation industry, something that has been appreciated by flyers the world over. Indeed, these airlines keep placing new aircraft orders worth billions of dollars, a move complemented by further expansion of new airport terminals within the six-nation grouping.



Dubai based Emirates is the biggest operator of the A380 with regular announcements of new cities to be served by the world’s largest passenger plane. Notably, Dubai International Airport has emerged as the busiest in the world thanks in part to transit passengers. The Hamad International Airport in Doha is certainly the trendiest in the region.



Understandably, many travellers from all over the world like to fly GCC carriers — namely Emirates, Qatar Airways and Etihad — thanks to their ever expanding networks. In the words of an American diplomat, he always finds himself landing in Dubai, Doha and Abu Dhabi while travelling to places in India and China."



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Oil down second day, weekly gain cut on Saudi output worry | Reuters

Oil down second day, weekly gain cut on Saudi output worry | Reuters:



"Oil slid on Friday for a second day, giving back more of the week's gains as investors took profits on worries that higher Saudi Arabia output would feed the global supply glut.



The number of oil rigs in the United States notched another weekly decline, but crude prices did not move much on the data from oil services firm Baker Hughes. 




Gasoline prices RBc1 retreated from Thursday's seven-month highs. Traders said the fuel remains fundamentally strong due to summer driving demand and relatively low pump prices."



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