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Saturday, 23 September 2017

Dana Gas sukuk trial to continue in London on Monday - The National

Dana Gas sukuk trial to continue in London on Monday - The National:

"A complex trial on the validity of a Dana Gas Islamic bond will continue on Monday in London amid an ongoing dispute between bondholders including BlackRock and the Sharjah-based company.   The case will continue despite an injunction from a UAE court preventing Dana Gas and some of its bondholders from participating.  "The trial will proceed on Monday," said the UK high court judge George Leggatt. "I will treat the defendants' counterclaim as the primary claim and will hear oral argument on behalf of BlackRock as intervenors. They will be opening the case." "



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VAT likely to affect UAE retail sector | GulfNews.com

VAT likely to affect UAE retail sector | GulfNews.com:

"The appliances sector, especially consumer electronics, will be hardest hit by the introduction of value-added tax (VAT), according to Euromonitor International.
As for other segments of the retail sector, the UAE’s first major tax will have varying degrees of impact, says Nikola Kosutic, Research Manager for Euromonitor International Middle East.

“Broadly speaking, the grocery segment will be least affected as most of it will be exempted,” Kosutic said, adding: “But the hardest hit will be the appliances segment due to the elasticity of demand for such products.”"



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Boeing Lands $11 Billion 787 Deal From Resurgent Turkish Air - Bloomberg

Boeing Lands $11 Billion 787 Deal From Resurgent Turkish Air - Bloomberg:

"Turkish Airlines said it intends to purchase 40 of Boeing Co.’s 787-9 Dreamliners, a long-awaited deal that signals the carrier’s rebound following a terrorist attack on its Istanbul hub last year.

When finalized, the order would be valued at almost $11 billion before the customary discounts for large aircraft purchases. The pact, unveiled during a brief signing ceremony in New York late Thursday, came after years of market studies and negotiations for wide-body planes as the airline plotted its expansion.

Boeing’s carbon-composite Dreamliners will help upgrade Turkish’s fleet of long-range aircraft as it competes with other Middle Eastern airlines amid slowing growth in the region. The carrier’s expansion would hasten President Recep Tayyip Erdogan’s goal of making Istanbul one of the world’s premier air travel hubs. The airline already has 75 Boeing 737 Max jets on order, according to the planemaker’s website."



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Oil heads for third weekly gain as Opec says market is improving | GulfNews.com

Oil heads for third weekly gain as Opec says market is improving | GulfNews.com:

"Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut. Front-month oil futures were little changed in New York, leaving them 1.3 per cent higher this week. It’s critical for the Organisation of Petroleum Exporting Countries to maintain focus and fully implement their agreed curbs, Secretary General Mohammad Barkindo said Friday. The oil market is well on its way to rebalancing and the pace of the drop in inventories in developed economies has accelerated, Kuwait’s Oil Minister Issam Al Marzooq said. Oil has advanced this month on forecasts for rising crude demand and as US Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the Opec-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilises around 1.8 million barrels a day."



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The Deep Damage from Dana's Debt Drama - Bloomberg Gadfly

The Deep Damage from Dana's Debt Drama - Bloomberg Gadfly:

"There is brinkmanship, and then there is Dana Gas. Not repaying your debt has been seen before -- but demanding previous payments back from investors is a new one.Dana Gas PJSC is an independent natural gas supplier from Sharjah, one of the smaller United Arab Emirates. It produces most of its energy from the Kurdish region of Iraq as well as Egypt. With a market capitalization of about $1.5 billion it may not be a major player, but it has certainly learnt how to play hardball in legal wranglings over its sukuk securities.Its dispute with investors including Blackrock Inc. and Goldman Sachs Group Inc. is now making its way through the English courts -- the latest wrinkle is due on Monday -- and trading suggests bond holders are banking on common sense prevailing. "



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