Abu Dhabi's Mubadala reports 7% stake in Virgin Galactic | ZAWYA MENA Edition:
Abu Dhabi state fund Mubadala Investment Co on Friday reported an over 7% stake in space tourism company Virgin Galactic Holdings Inc.
The fund said it acquired the shares for investment purposes, according to a regulatory filing.
Earlier this week, Virgin Galactic said its billionaire founder Richard Branson will fly into space on its rocketship early next year. The company had also said it would raise new funds with a share offering.
Saturday, 8 August 2020
#UAE central bank temporarily relaxes rules on liquidity, funding for banks | ZAWYA MENA Edition
UAE central bank temporarily relaxes rules on liquidity, funding for banks | ZAWYA MENA Edition:
The United Arab Emirates' central bank said on Saturday it was temporarily relaxing two key requirements to improve liquidity and funding needs of banks to encourage them to lend more to businesses under the COVID-19 economic stimulus plan.
Banks will be allowed to go below the 100% 'net stable funding ratio' (NSFR) but not below 90%, and above the 100% requirement for 'advances to stable resources ratio' (ASRR) but no higher than 110%, until December 31 2021.
"This step comes as an additional measure encouraging banks to strengthen the implementation of the Targeted Economic Support Scheme and support their impacted customers in overcoming the repercussions of COVID-19 pandemic," the central bank said in a statement.
The central bank has announced about $70 billion worth of economic stimulus to help businesses cope with the outbreak of the coronavirus outbreak. The economy is likely to contract by 3.6% this year, the central bank said in June.
The United Arab Emirates' central bank said on Saturday it was temporarily relaxing two key requirements to improve liquidity and funding needs of banks to encourage them to lend more to businesses under the COVID-19 economic stimulus plan.
Banks will be allowed to go below the 100% 'net stable funding ratio' (NSFR) but not below 90%, and above the 100% requirement for 'advances to stable resources ratio' (ASRR) but no higher than 110%, until December 31 2021.
"This step comes as an additional measure encouraging banks to strengthen the implementation of the Targeted Economic Support Scheme and support their impacted customers in overcoming the repercussions of COVID-19 pandemic," the central bank said in a statement.
The central bank has announced about $70 billion worth of economic stimulus to help businesses cope with the outbreak of the coronavirus outbreak. The economy is likely to contract by 3.6% this year, the central bank said in June.
Yara expects $1 billion #Qatar sales proceeds by end-August - Reuters
Yara expects $1 billion Qatar sales proceeds by end-August - Reuters:
Yara (YAR.OL), one of the world’s largest fertiliser-makers, expects to finalise its long-awaited sale of a stake in Qatar Fertiliser Company later this month, a senior executive at the Norwegian firm said on Friday.
In its earnings report for the second quarter, released on July 17, Yara had said it expected to complete the $1 billion transaction “within 2-3 weeks”, followed by a share buyback program, leading some analysts to suggest an Aug. 7 deadline.
“We have progressed in line with the timeline communicated in our Q2 reporting, and receipt of proceeds is expected towards the end of this month,” Yara investor relations executive Thor Giaever said in a statement to Reuters.
The company first announced the planned Qafco fertiliser stake sale to Qatar Petroleum [QATPE.UL] in March, adding it was conditional on regulatory approvals.
Yara (YAR.OL), one of the world’s largest fertiliser-makers, expects to finalise its long-awaited sale of a stake in Qatar Fertiliser Company later this month, a senior executive at the Norwegian firm said on Friday.
In its earnings report for the second quarter, released on July 17, Yara had said it expected to complete the $1 billion transaction “within 2-3 weeks”, followed by a share buyback program, leading some analysts to suggest an Aug. 7 deadline.
“We have progressed in line with the timeline communicated in our Q2 reporting, and receipt of proceeds is expected towards the end of this month,” Yara investor relations executive Thor Giaever said in a statement to Reuters.
The company first announced the planned Qafco fertiliser stake sale to Qatar Petroleum [QATPE.UL] in March, adding it was conditional on regulatory approvals.
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