Ukraine Bond Drops Most in Month as Plane Downing Boosts Tension - Bloomberg:
"Ukraine’s benchmark Eurobonds fell the most in a month as the government said Russian forces may have downed one of its military planes, signaling Kiev’s bid to wipe out pro-Russian insurgents faces mounting headwinds.
The yield on the dollar note maturing in July 2017 rose 23 basis points to 8.46 percent, the biggest increase since June 16 on a closing basis. The hryvnia weakened less than 0.1 percent to 11.71 per dollar by 1:55 p.m. in Kiev.
A “powerful weapon” not previously used by the separatists, probably from inside Russia, downed the transport plan, according to Defense Minister Valeriy Geletey. Ukrainian forces are trying to encircle insurgents who retreated to the mainly Russian-speaking cities of Luhansk and Donetsk as the U.S. pushed for deeper sanctions to stop assistance to separatists."
'via Blog this'
Tuesday, 15 July 2014
BRICS establish $100bn bank to cut out Western dominance — RT Business
BRICS establish $100bn bank to cut out Western dominance — RT Business:
"The emerging economies signed a long-anticipated document to create a $100 billion BRICS Development Bank. The institution will counter the influence of Western lending firms as well as the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries.
The countries’ finance ministers signed the memorandum of understanding in Fortaleza, Brazil on Tuesday, the first day of the BRICS 6th summit. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked."
'via Blog this'
 |
| (L to R) Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma join their hands during the official photograph of the 6th BRICS summit in Fortaleza, Brazil, on July 15, 2014 (AFP Photo) |
"The emerging economies signed a long-anticipated document to create a $100 billion BRICS Development Bank. The institution will counter the influence of Western lending firms as well as the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries.
The countries’ finance ministers signed the memorandum of understanding in Fortaleza, Brazil on Tuesday, the first day of the BRICS 6th summit. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked."
'via Blog this'
Business Mood Brightens, But Won't Save Russian Economy, Study Finds | News | The Moscow Times
Business Mood Brightens, But Won't Save Russian Economy, Study Finds | News | The Moscow Times:
"Economic sentiment among Russian businesses improved in the second quarter, but the effect was largely seasonal and shot through with troubling long-term trends, a study published by the Higher School of Economics found.
As the mood in retail and the services industry brightened — largely thanks to traditionally strong demand for food products and seasonal services in the spring and summer — the spirits of entrepreneurs in construction and manufacturing continued to slide.
"It is clear that in the second quarter the consumer sector, including retail and the services sphere, remained the driver for sluggish growth in the Russian economy," the study, published Monday, found."
'via Blog this'
"Economic sentiment among Russian businesses improved in the second quarter, but the effect was largely seasonal and shot through with troubling long-term trends, a study published by the Higher School of Economics found.
As the mood in retail and the services industry brightened — largely thanks to traditionally strong demand for food products and seasonal services in the spring and summer — the spirits of entrepreneurs in construction and manufacturing continued to slide.
"It is clear that in the second quarter the consumer sector, including retail and the services sphere, remained the driver for sluggish growth in the Russian economy," the study, published Monday, found."
'via Blog this'
Dubai Stocks Re-Enter Bull Market Three Weeks After Bear Selloff - Bloomberg
Dubai Stocks Re-Enter Bull Market Three Weeks After Bear Selloff - Bloomberg:
"Dubai stocks rose, sending the benchmark index back into a bull market three weeks after a selloff ended the longest rally since 2005, as investors bet Arabtec (ARTC) Holding Co. will keep state backing.
The DFM General Index (DFMGI) climbed 3.4 percent to 4,765.64 at the close, the best performer among more than 90 gauges tracked globally by Bloomberg and bringing its increase since a low on June 30 to 21 percent. Arabtec, the biggest builder in the United Arab Emirates, surged 14 percent as volume climbed to 2.5 times the three-month daily average. The stock, which rose the most on the DFM, has rallied 86 percent this month.
Arabtec has reversed the slide that sent Dubai’s gauge tumbling into a bear market on June 23 as concern eased that Aabar Investments PJSC, Arabtec’s second-biggest shareholder, would divest its stake. The stock is up 69 percent since Khadem Al Qubaisi, who chairs both Arabtec and Aabar, said July 2 the Abu Dhabi government-owned company may rebuild its holding in the Dubai-based builder."
'via Blog this'
"Dubai stocks rose, sending the benchmark index back into a bull market three weeks after a selloff ended the longest rally since 2005, as investors bet Arabtec (ARTC) Holding Co. will keep state backing.
The DFM General Index (DFMGI) climbed 3.4 percent to 4,765.64 at the close, the best performer among more than 90 gauges tracked globally by Bloomberg and bringing its increase since a low on June 30 to 21 percent. Arabtec, the biggest builder in the United Arab Emirates, surged 14 percent as volume climbed to 2.5 times the three-month daily average. The stock, which rose the most on the DFM, has rallied 86 percent this month.
Arabtec has reversed the slide that sent Dubai’s gauge tumbling into a bear market on June 23 as concern eased that Aabar Investments PJSC, Arabtec’s second-biggest shareholder, would divest its stake. The stock is up 69 percent since Khadem Al Qubaisi, who chairs both Arabtec and Aabar, said July 2 the Abu Dhabi government-owned company may rebuild its holding in the Dubai-based builder."
'via Blog this'
EM liquidity: relief is at hand – but of the wrong kind – beyondbrics - Blogs - FT.com
EM liquidity: relief is at hand – but of the wrong kind – beyondbrics - Blogs - FT.com:
"Are liquidity conditions in emerging markets about to improve? A new report from CrossBorder Capital, which has been monitoring liquidity in DMs and EMs for a quarter of a century, offers cautiously positive evidence suggesting relief may indeed be at hand.
But “cautious” is the word. Mike Howell of CrossBorder Capital told beyondbrics: “It may not be hugely bullish news but it certainly isn’t bearish. It’s at least supportive of better market conditions.”
Given the extent to which market conditions have tightened, however, even limited support will receive an enthusiastic welcome from many market participants."
'via Blog this'
"Are liquidity conditions in emerging markets about to improve? A new report from CrossBorder Capital, which has been monitoring liquidity in DMs and EMs for a quarter of a century, offers cautiously positive evidence suggesting relief may indeed be at hand.
But “cautious” is the word. Mike Howell of CrossBorder Capital told beyondbrics: “It may not be hugely bullish news but it certainly isn’t bearish. It’s at least supportive of better market conditions.”
Given the extent to which market conditions have tightened, however, even limited support will receive an enthusiastic welcome from many market participants."
'via Blog this'
Kazakh Growth Dragged Down by Russia's Economic Slump | The Moscow Times
Kazakh Growth Dragged Down by Russia's Economic Slump | The Moscow Times:
"Kazakhstan's economic growth eased in the first half of this year, hit by a slowdown in key partner Russia and a drop in oil and non-ferrous metal production, the country's statistics agency said Tuesday.
Gross domestic product grew 3.9 percent in January-June year-on-year, compared with a 5.1 percent rise in the same period last year, State Statistics Agency head Alikhan Smailov said, citing preliminary data.
Central Asia's largest economy, Kazakhstan, is officially targeting GDP growth of 6 percent this year, the same as last year and up from 5 percent in 2012."
'via Blog this'
"Kazakhstan's economic growth eased in the first half of this year, hit by a slowdown in key partner Russia and a drop in oil and non-ferrous metal production, the country's statistics agency said Tuesday.
Gross domestic product grew 3.9 percent in January-June year-on-year, compared with a 5.1 percent rise in the same period last year, State Statistics Agency head Alikhan Smailov said, citing preliminary data.
Central Asia's largest economy, Kazakhstan, is officially targeting GDP growth of 6 percent this year, the same as last year and up from 5 percent in 2012."
'via Blog this'
Negotiations to launch new BRICS bank at impasse - sources | Reuters
Negotiations to launch new BRICS bank at impasse - sources | Reuters:
"Hours before launching a joint development bank to challenge Western dominance over global finances, the BRICS emerging market nations on Tuesday had still not agreed on where the new lender will be headquartered, senior officials involved in the talks told Reuters.
Leaders of the five BRICS countries were expected to sign off later Tuesday on plans to create the $100 billion bank and a reserves fund of the same size.
But the latest impasse reflects the difficulties that Brazil, Russia, India, China and South Africa face in working together to counter Western-run multilaterals that have shaped world finances since the end of World War Two."
'via Blog this'
"Hours before launching a joint development bank to challenge Western dominance over global finances, the BRICS emerging market nations on Tuesday had still not agreed on where the new lender will be headquartered, senior officials involved in the talks told Reuters.
Leaders of the five BRICS countries were expected to sign off later Tuesday on plans to create the $100 billion bank and a reserves fund of the same size.
But the latest impasse reflects the difficulties that Brazil, Russia, India, China and South Africa face in working together to counter Western-run multilaterals that have shaped world finances since the end of World War Two."
'via Blog this'
Russia Has Lost Control of Central Asian Gas | The Moscow Times @cjcmichel
Russia Has Lost Control of Central Asian Gas | The Moscow Times:
"When Moscow announced that it would be cutting off gas supplies to Ukraine last month, the stoppage was compared with the two previous suspensions in 2006 and 2009. This time, observers noted, Moscow's motivations seemed far more political than economic.
Outrage from European capitals arose in the two prior instances, but the responses this time from Brussels have been less understanding. There is one other substantive difference: In 2006 and 2009, Russia was bullish, able to cow and convince external clients of its necessity. The most recent stoppage, though, has illustrated Moscow's decreasing capacities as both provider and partner, as the European Union plays hardball over the South Stream gas pipeline.
Moreover, the declining importance of Russia's presence as a gas provider can be seen not simply in the markets it once held, but in the markets it has lost, either through past oversight or the Kremlin's Crimean adventurism."
'via Blog this'
"When Moscow announced that it would be cutting off gas supplies to Ukraine last month, the stoppage was compared with the two previous suspensions in 2006 and 2009. This time, observers noted, Moscow's motivations seemed far more political than economic.
Outrage from European capitals arose in the two prior instances, but the responses this time from Brussels have been less understanding. There is one other substantive difference: In 2006 and 2009, Russia was bullish, able to cow and convince external clients of its necessity. The most recent stoppage, though, has illustrated Moscow's decreasing capacities as both provider and partner, as the European Union plays hardball over the South Stream gas pipeline.
Moreover, the declining importance of Russia's presence as a gas provider can be seen not simply in the markets it once held, but in the markets it has lost, either through past oversight or the Kremlin's Crimean adventurism."
'via Blog this'
Egypt Likely to Lead Mideast Private Equity Rebound, Report Says - Middle East Real Time - WSJ
Egypt Likely to Lead Mideast Private Equity Rebound, Report Says - Middle East Real Time - WSJ:
"The private equity sector in the Middle East and North Africa has been experiencing a rough ride since the global financial crisis engulfed the region five years ago.
Last year was no different with the total number of private equity deals in the region declining to 66 from 101 in 2012, while the total value of those investments fell to $0.7 billion from $0.9 billion, according to the MENA Private Equity Association’s annual report on the industry.
The sector’s vulnerabilities have been well-documented: company owners are reluctant to sell in the hope the economy will improve and the funds are finding it difficult to offload assets as initial public offerings and overall deal activity remain lackluster."
'via Blog this'
"The private equity sector in the Middle East and North Africa has been experiencing a rough ride since the global financial crisis engulfed the region five years ago.
 |
| MENA Private Equity Association |
Last year was no different with the total number of private equity deals in the region declining to 66 from 101 in 2012, while the total value of those investments fell to $0.7 billion from $0.9 billion, according to the MENA Private Equity Association’s annual report on the industry.
The sector’s vulnerabilities have been well-documented: company owners are reluctant to sell in the hope the economy will improve and the funds are finding it difficult to offload assets as initial public offerings and overall deal activity remain lackluster."
'via Blog this'
Russian Stocks Continue to Fall on Ukraine Fears | The Moscow Times
Russian Stocks Continue to Fall on Ukraine Fears | The Moscow Times:
"Russian assets fell for the second straight session on Tuesday on signs of renewed tension in eastern Ukraine.
At 10.30 a.m in Moscow, the dollar-denominated RTS index was down 0.7 percent to 1,352 points, while the ruble-traded MICEX lost 0.5 percent to 1,475 points. Both fell more than 1 percent on Monday.
Ukraine accused Russian army officers on Monday of fighting alongside separatists in the east of the country and said Moscow was once more building up its troops on the joint border. The United States accused Russia of providing armaments to rebels."
'via Blog this'
"Russian assets fell for the second straight session on Tuesday on signs of renewed tension in eastern Ukraine.
At 10.30 a.m in Moscow, the dollar-denominated RTS index was down 0.7 percent to 1,352 points, while the ruble-traded MICEX lost 0.5 percent to 1,475 points. Both fell more than 1 percent on Monday.
Ukraine accused Russian army officers on Monday of fighting alongside separatists in the east of the country and said Moscow was once more building up its troops on the joint border. The United States accused Russia of providing armaments to rebels."
'via Blog this'
RDIF Announces Multi-Billion Dollar BRICS Infrastructure Investment Fund | News | The Moscow Times
RDIF Announces Multi-Billion Dollar BRICS Infrastructure Investment Fund | News | The Moscow Times:
"The Russian Direct Investment Fund, or RDIF, will create a multi-billion dollar infrastructure investment fund together with sovereign wealth funds from the BRICS group of developing countries.
The joint fund will invest in the equity capital of BRICS infrastructure projects, the RDIF said Monday on its website, adding that its international partners had pledged their support to the initiative. If final negotiations are successful, the RDIF said the fund should be active by the next BRICS summit in the Russian city of Ufa in summer 2015.
Highlighting the huge shortfalls in infrastructure investment in BRICS countries, Kirill Dmitriev, CEO of the Russian state-sponsored private equity fund, told business daily Vedomosti that the fund's cash pot will run into the billions of dollars, though not all partners have specified their commitments."
'via Blog this'
"The Russian Direct Investment Fund, or RDIF, will create a multi-billion dollar infrastructure investment fund together with sovereign wealth funds from the BRICS group of developing countries.
The joint fund will invest in the equity capital of BRICS infrastructure projects, the RDIF said Monday on its website, adding that its international partners had pledged their support to the initiative. If final negotiations are successful, the RDIF said the fund should be active by the next BRICS summit in the Russian city of Ufa in summer 2015.
Highlighting the huge shortfalls in infrastructure investment in BRICS countries, Kirill Dmitriev, CEO of the Russian state-sponsored private equity fund, told business daily Vedomosti that the fund's cash pot will run into the billions of dollars, though not all partners have specified their commitments."
'via Blog this'
Gaza's hydrocarbon potential
Gaza's hydrocarbon potential:
"Is the move the by the Israel Defense Forces in Gaza really about natural gas?
A statement of the Israeli defence minister leads to believe so. Israel’s attack on Gaza would be to control the gas and prevent Gaza from developing its offshore resources and hence strengthening economically. Does Israel need to attack Gaza to control its natural gas? This article will not discuss the motives of Israel’s assault or assess the veracity of the various allegations but will rather give a closer look at Gaza’s offshore riches.
USGS estimated the Levant basin to contain as much as 122 Tcf. A lot has been said about Israel’s giant 19 Tcf Leviathan field (recently even upped further) and Tamar 10 Tcf field. A lot has been said about Cyprus 5 Tcf (in gross mean resource) Aphrodite field and the island’s efforts to develop an onshore LNG facility to export the gas via LNG and attract neighbouring countries’ gas for processing and shipping. A lot has also been said about Lebanon’s struggle to launch its first licensing round and begin the exploration of its waters believed to contain as much as 95 Tcf of natural gas (and 850 million barrels of oil). Very little has been said about Gaza, however located in the same agitated Eastern Mediterranean currently experiencing a gas bonanza."
'via Blog this'
"Is the move the by the Israel Defense Forces in Gaza really about natural gas?
A statement of the Israeli defence minister leads to believe so. Israel’s attack on Gaza would be to control the gas and prevent Gaza from developing its offshore resources and hence strengthening economically. Does Israel need to attack Gaza to control its natural gas? This article will not discuss the motives of Israel’s assault or assess the veracity of the various allegations but will rather give a closer look at Gaza’s offshore riches.
USGS estimated the Levant basin to contain as much as 122 Tcf. A lot has been said about Israel’s giant 19 Tcf Leviathan field (recently even upped further) and Tamar 10 Tcf field. A lot has been said about Cyprus 5 Tcf (in gross mean resource) Aphrodite field and the island’s efforts to develop an onshore LNG facility to export the gas via LNG and attract neighbouring countries’ gas for processing and shipping. A lot has also been said about Lebanon’s struggle to launch its first licensing round and begin the exploration of its waters believed to contain as much as 95 Tcf of natural gas (and 850 million barrels of oil). Very little has been said about Gaza, however located in the same agitated Eastern Mediterranean currently experiencing a gas bonanza."
'via Blog this'
Rapid expansion of Gulf airlines squeezes out European rivals | The National
Rapid expansion of Gulf airlines squeezes out European rivals | The National:
"Europe’s big airlines are being hit hard by the rapid expansion of Arabian Gulf rivals in the US amid a looming transatlantic price war.
Etihad Airways and Emirates Airline will both boost capacity on US routes by more than a quarter this year, adding thousands of new seats every week to routes that include Los Angeles and Boston. Qatar Airways last week added a direct daily service between Doha and Dallas-Fort Worth.
Their US offensive comes as European carriers including Air France-KLM and Lufthansa warn that competition on US routes could hit profits this year."
'via Blog this'
"Europe’s big airlines are being hit hard by the rapid expansion of Arabian Gulf rivals in the US amid a looming transatlantic price war.
Etihad Airways and Emirates Airline will both boost capacity on US routes by more than a quarter this year, adding thousands of new seats every week to routes that include Los Angeles and Boston. Qatar Airways last week added a direct daily service between Doha and Dallas-Fort Worth.
Their US offensive comes as European carriers including Air France-KLM and Lufthansa warn that competition on US routes could hit profits this year."
'via Blog this'
Mideast investment banking fees up 72% in Q2 | GulfNews.com
Mideast investment banking fees up 72% in Q2 | GulfNews.com:
"Middle Eastern investment banking fees reached $237.9 million (Dh873.8 million) during the second quarter of 2014, a 72 per cent increase from the previous quarter, according to the quarterly investment banking fees figures from Thomson Reuters.
Despite the quarterly uptick, fees earned during the first half of 2014 registered a 19 per cent drop from the same period in 2013 to $375.9 million.
Fees from completed mergers and acquisitions (M&A) transactions totalled $110.9 million during the first six months of 2014, up 3 per cent from the same period in 2013, and accounted for 29 per cent of this year’s overall Middle Eastern fee pool."
'via Blog this'
"Middle Eastern investment banking fees reached $237.9 million (Dh873.8 million) during the second quarter of 2014, a 72 per cent increase from the previous quarter, according to the quarterly investment banking fees figures from Thomson Reuters.
Despite the quarterly uptick, fees earned during the first half of 2014 registered a 19 per cent drop from the same period in 2013 to $375.9 million.
Fees from completed mergers and acquisitions (M&A) transactions totalled $110.9 million during the first six months of 2014, up 3 per cent from the same period in 2013, and accounted for 29 per cent of this year’s overall Middle Eastern fee pool."
'via Blog this'
DIFC courts consult legal community to increase enforceability of judgements | GulfNews.com
DIFC courts consult legal community to increase enforceability of judgements | GulfNews.com:
"The DIFC Courts, Dubai’s established English-language, commercial common law judicial system, have begun a month-long consultation period with the UAE legal community on the introduction of a new mechanism to allow parties opting into the jurisdiction of the DIFC Courts to also refer their final judgements for enforcement through the DIFC-LCIA Arbitration Centre. “If it comes into force, the innovative Practice Direction, the first of its kind globally, would allow the DIFC-LCIA Arbitration Centre to convert a DIFC Courts’ judgement into an arbitral award, providing greater enforcement internationally under the provisions of the New York Convention of 1958,” the DIFC said on Monday. Observations, comments and suggestions on the Practice Direction consultation can be submitted to the DIFC Courts via email at Consultation@difccourts.ae The consultation will close at 4pm on August 6, 2014."
'via Blog this'
"The DIFC Courts, Dubai’s established English-language, commercial common law judicial system, have begun a month-long consultation period with the UAE legal community on the introduction of a new mechanism to allow parties opting into the jurisdiction of the DIFC Courts to also refer their final judgements for enforcement through the DIFC-LCIA Arbitration Centre. “If it comes into force, the innovative Practice Direction, the first of its kind globally, would allow the DIFC-LCIA Arbitration Centre to convert a DIFC Courts’ judgement into an arbitral award, providing greater enforcement internationally under the provisions of the New York Convention of 1958,” the DIFC said on Monday. Observations, comments and suggestions on the Practice Direction consultation can be submitted to the DIFC Courts via email at Consultation@difccourts.ae The consultation will close at 4pm on August 6, 2014."
'via Blog this'
NBAD broadens scope of its regional funds | GulfNews.com
NBAD broadens scope of its regional funds | GulfNews.com:
"The National Bank of Abu Dhabi (NBAD) has rebranded several of its equity funds moving investment focus to a broader Middle East and North Africa (Mena) focus from a UAE emphasis.
The expanded scope, diversification and geography of the rebranded regional funds will offer new opportunities to institutional and retail investors.
The adjustment applies to NBAD UAE Islamic Fund (Al Naeem), rebranded to NBAD Islamic Mena Growth Fund; NBAD GCC Opportunities (AJAJ), rebranded to NBAD Mena Growth Fund; and NBAD UAE Distribution, rebranded to NBAD Mena Income & Growth Fund."
'via Blog this'
"The National Bank of Abu Dhabi (NBAD) has rebranded several of its equity funds moving investment focus to a broader Middle East and North Africa (Mena) focus from a UAE emphasis.
The expanded scope, diversification and geography of the rebranded regional funds will offer new opportunities to institutional and retail investors.
The adjustment applies to NBAD UAE Islamic Fund (Al Naeem), rebranded to NBAD Islamic Mena Growth Fund; NBAD GCC Opportunities (AJAJ), rebranded to NBAD Mena Growth Fund; and NBAD UAE Distribution, rebranded to NBAD Mena Income & Growth Fund."
'via Blog this'
Russian Traders Better Cows as Moscow Clocks Go Back - Bloomberg
Russian Traders Better Cows as Moscow Clocks Go Back - Bloomberg:
"When Russia widened the time difference between Moscow and London three years ago, stock trader German Nikonenko found himself working 12-hour days. With the country about to scrap the idea, he might get his life back.
“This change is for the better because otherwise we had to stay at the office really late,” Nikonenko, the chief equity trader at UralSib Capital in Moscow, said by phone on July 7. “The smaller the time difference with London the better, because you can plan your personal time and sports exercise. You wouldn’t go jogging at 11 p.m., would you?”
The wider time difference has made it more difficult for brokers in Moscow to service clients in Europe and for traders in London to be active in Russia’s early market hours, hurting volume and revenue. The spread grew to four hours from three hours in 2011 after then-President Dmitry Medvedev ordered the switch to permanent summer time, saying seasonal clock changes disrupted the human biorhythm and confused milk cows."
'via Blog this'
"When Russia widened the time difference between Moscow and London three years ago, stock trader German Nikonenko found himself working 12-hour days. With the country about to scrap the idea, he might get his life back.
“This change is for the better because otherwise we had to stay at the office really late,” Nikonenko, the chief equity trader at UralSib Capital in Moscow, said by phone on July 7. “The smaller the time difference with London the better, because you can plan your personal time and sports exercise. You wouldn’t go jogging at 11 p.m., would you?”
The wider time difference has made it more difficult for brokers in Moscow to service clients in Europe and for traders in London to be active in Russia’s early market hours, hurting volume and revenue. The spread grew to four hours from three hours in 2011 after then-President Dmitry Medvedev ordered the switch to permanent summer time, saying seasonal clock changes disrupted the human biorhythm and confused milk cows."
'via Blog this'
Coffee With Your Trophy? Emirates Scores at World Cup - Bloomberg
Coffee With Your Trophy? Emirates Scores at World Cup - Bloomberg:
"As the jubilant German soccer team hoisted its World Cup trophy and FIFA President Sepp Blatter preened, a phalanx of Emirates flight attendants flanked the scene in frozen smiles.
The women, dressed in their beige Emirates uniforms topped off with red pillbox caps, presented the German athletes with gold medals on silver trays -- a not-so-subtle display of the big bets the airline and its rivals are making on soccer.
The Dubai carrier’s sponsorship of the World Cup tournament cost about $100 million over four years, according to consultancy Brand Finance. That gave it the chance to place its flight attendants in countless images of the winning team, underscoring the company’s evolution over the past three decades from an upstart from a desert kingdom to the world’s largest airline by international traffic."
'via Blog this'
"As the jubilant German soccer team hoisted its World Cup trophy and FIFA President Sepp Blatter preened, a phalanx of Emirates flight attendants flanked the scene in frozen smiles.
The women, dressed in their beige Emirates uniforms topped off with red pillbox caps, presented the German athletes with gold medals on silver trays -- a not-so-subtle display of the big bets the airline and its rivals are making on soccer.
The Dubai carrier’s sponsorship of the World Cup tournament cost about $100 million over four years, according to consultancy Brand Finance. That gave it the chance to place its flight attendants in countless images of the winning team, underscoring the company’s evolution over the past three decades from an upstart from a desert kingdom to the world’s largest airline by international traffic."
'via Blog this'