Politics could scuttle Emirates tie-up with South Africa Airways | The National:
"The political climate in South Africa has hindered a deal between its loss-making national carrier and Emirates that could create a partnership similar to the successful tie-up that the Dubai-based airline has with Australia’s Qantas, aviation analysts said.
Earlier this week, news reports in South Africa said a 2 billion rand (Dh607.6 million) deal to save South African Airways (SAA) from possible bankruptcy fell through after a meeting between the two airlines in Paris.
The financially ailing SAA underwent a 90-day action plan this year to turn its operations around after the South African government bailed out the airline twice and injected 10bn rand in the process. The SAA chief executive Nico Bezuidenhout has set a target to increase revenue from Africa by 30 per cent in the next 12 to 18 months."
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Friday, 26 June 2015
Bullish outlook on RAK Ceramics from EFG-Hermes | The National
Bullish outlook on RAK Ceramics from EFG-Hermes | The National:
"RAK Ceramics, one of world’s biggest makers of ceramic tiles and bathroom fixtures, is expected to grow its profit by 10 per cent a year through 2019.
The profit will be driven by a revenue increase of 7 per cent a year, planned expansion at the Ras Al Khaimah-based firm and improved margins, the Egyptian investment bank EFG-Hermes said.
The bank initiated coverage of RAK Ceramics with a “buy” rating, and a fair value of Dh4.30 per share. The shares closed up 0.9 per cent at Dh3.30 in Abu Dhabi."
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"RAK Ceramics, one of world’s biggest makers of ceramic tiles and bathroom fixtures, is expected to grow its profit by 10 per cent a year through 2019.
The profit will be driven by a revenue increase of 7 per cent a year, planned expansion at the Ras Al Khaimah-based firm and improved margins, the Egyptian investment bank EFG-Hermes said.
The bank initiated coverage of RAK Ceramics with a “buy” rating, and a fair value of Dh4.30 per share. The shares closed up 0.9 per cent at Dh3.30 in Abu Dhabi."
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Taqa seeks $3bn loan to refinance maturing debt | The National
Taqa seeks $3bn loan to refinance maturing debt | The National:
"Abu Dhabi National Energy Company, known as Taqa, is seeking to raise US$3 billion to refinance some of its maturing debt, according to banks involved in the deal.
The company, which primarily focuses on energy investments outside of the UAE, has been struggling under the weight of a heavy debt load at a time when its asset base has been weakened by write-offs related to bad investments and lower oil and gas prices. Moody’s Investors Service, which this week downgraded Taqa’s “baseline credit assessment”, noted that Taqa was “thinly capitalised relative to its reported debt of Dh74.4 billion and relative to its cash flows”.
The Moody’s analyst Julien Haddad said that about Dh2.2bn of Taqa’s outstanding bank loans were maturing in the next 12 months. More than $2bn worth of bonds will also come due before the end of 2017."
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"Abu Dhabi National Energy Company, known as Taqa, is seeking to raise US$3 billion to refinance some of its maturing debt, according to banks involved in the deal.
The company, which primarily focuses on energy investments outside of the UAE, has been struggling under the weight of a heavy debt load at a time when its asset base has been weakened by write-offs related to bad investments and lower oil and gas prices. Moody’s Investors Service, which this week downgraded Taqa’s “baseline credit assessment”, noted that Taqa was “thinly capitalised relative to its reported debt of Dh74.4 billion and relative to its cash flows”.
The Moody’s analyst Julien Haddad said that about Dh2.2bn of Taqa’s outstanding bank loans were maturing in the next 12 months. More than $2bn worth of bonds will also come due before the end of 2017."
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Obama must hold firm on Iran deal terms - FT.com
Obama must hold firm on Iran deal terms - FT.com:
"Four days from now, Iran and a group of leading world powers will reach the much-awaited deadline for a deal to contain Tehran’s nuclear programme. All the signs are that, after 12 years of often fraught negotiation, the final hours will be the most challenging.
The US and its allies have long feared Iran’s nuclear programme is designed to build an atomic weapon. At their last meeting in the Swiss city of Lausanne in April, they reached a framework deal with Tehran that would avert this. Iran would sharply restrict its programme for the next 10 years, maintaining a limited uranium enrichment capability and curbing atomic research. In return, the west would begin reducing the energy and financial sanctions that have blighted the Iranian economy.
As all sides haggle over the final details ahead of next Tuesday’s deadline, an agreement suddenly looks uncertain. Ayatollah Khamenei, Iran’s supreme leader, appeared to pull back this week, demanding that most international sanctions be lifted before Tehran dismantles parts of its nuclear infrastructure. He has also repeated his refusal to allow international inspections of Iranian military sites. In response, a group of former close security advisers to President Barack Obama has warned him that he must not make further concessions."
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"Four days from now, Iran and a group of leading world powers will reach the much-awaited deadline for a deal to contain Tehran’s nuclear programme. All the signs are that, after 12 years of often fraught negotiation, the final hours will be the most challenging.
The US and its allies have long feared Iran’s nuclear programme is designed to build an atomic weapon. At their last meeting in the Swiss city of Lausanne in April, they reached a framework deal with Tehran that would avert this. Iran would sharply restrict its programme for the next 10 years, maintaining a limited uranium enrichment capability and curbing atomic research. In return, the west would begin reducing the energy and financial sanctions that have blighted the Iranian economy.
As all sides haggle over the final details ahead of next Tuesday’s deadline, an agreement suddenly looks uncertain. Ayatollah Khamenei, Iran’s supreme leader, appeared to pull back this week, demanding that most international sanctions be lifted before Tehran dismantles parts of its nuclear infrastructure. He has also repeated his refusal to allow international inspections of Iranian military sites. In response, a group of former close security advisers to President Barack Obama has warned him that he must not make further concessions."
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