Stock index futures pointed to a sharply lower open on Wall Street on Tuesday following a long holiday weekend, as mounting doubts over the pace of the global economic recovery hit stocks worldwide.
The United Arab Emirates' economic growth is expected to accelerate to up to 3.2 percent this year and no further major restructuring of Dubai debt is seen, the Gulf country's economy minister said on Saturday.
Dubai plans to set up a program to address weaknesses in its financial system while the United Arab Emirates will open a debt management office to coordinate on issuance for state-linked companies, an official said on Sunday.
UAE-based low cost airline Air Arabia will begin flights on its new Egypt-based carrier in June after it received an operating certificate from Egyptian authorities, the company said on Saturday.
Dubai World, the state-owned conglomerate, has reached a deal to restructure $23.5 billion in debt with its core lenders, addressing the most immediate of a string of problems facing investors in Dubai.
Bank creditors to Dubai World have accepted an offer from the indebted conglomerate to settle $14.2 billion in outstanding bank claims, according to a report in a UAE newspaper on Thursday.
Dubai World , the indebted state-owned conglomerate, has reached a deal in principal to restructure $23.5 billion, with its core bank creditors, the company said in a statement on Thursday.
GE Capital, a unit of General Electric Co. , plans to issue its second Islamic bond in late 2010 or in 2011, a senior executive said on Sunday.
At a time when China is tightening its realty industry and which in turn is impacting the demand for steel, Gulf countries have decided to abolish the 5% steel import duty soon to ease supply strain that has been mostly felt in Saudi Arabia. Finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. There is consensus among GCC countries about this proposal.
Gold prices, which have rallied sharply in recent weeks on sovereign risk concerns, may be vulnerable to a sharp correction when the fear factor dies down.
Dubai World's creditors have agreed in principal on the technical aspects of a debt restructuring agreement and should reach on an overall deal within two weeks, an Arabic language newspaper said on Tuesday.
Dubai World's restructuring plan is very fair and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday.
UAE banks are likely to face the brunt of the Dubai World restructuring in the second quarter, after the central bank told lenders they are not required to book provisions until there is more clarity.
Malaysia's Petronas has stopped supplying gasoline to Iran, a company spokesman said on Thursday, as the threat of U.S. sanctions on oil firms with supply ties to the Islamic Republic looms large.
The exciting news from the CFTC gold and silver hearings seem to have coinincided with the predictable gold move.
Creditors of state-owned Dubai World will give their response to the indebted conglomerate's debt restructuring proposal within weeks, one of its main lenders said on Monday.
Nakheel trade creditors will be offered a large-scale Islamic bond, or sukuk, as part of a debt restructuring plan, a source close to parent firm Dubai World said on Sunday, potentially boosting the region's sukuk market.
Dubai will spend up to $9.5 billion restructuring its debt-laden Dubai World conglomerate in a plan to give bank lenders their money back in five to eight years and repay two key bonds.
Dubai will spend up to $9.5 billion restructuring its debt-laden Dubai World conglomerate in a plan to give bank lenders their money back in five to eight years and repay two key bonds.
Stock index futures rose on Thursday as sovereign debt concerns remained in focus ahead of a meeting of European leaders to help Greece, while investors awaited data on first-time U.S. jobless claims.
Dubai will recapitalize its Dubai World conglomerate and repay property unit Nakheel's bonds in full, with $9.5 billion of aid for a debt deal promising creditors all their money back in up to eight years.
The Dubai government unveiled plans to recapitalize its indebted Dubai World flagship and repay Nakheel bonds in full, injecting what it said was $9.5 billion in new funding, but without new aid from Abu Dhabi.
