Indonesia loses WTO appeal in halal food fight with New Zealand and US

Indonesia had argued before the WTO that its rules were based on health concerns and halal food standards, or aimed to deal with temporary surpluses in the domestic market. (Reuters)
Updated 10 November 2017
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Indonesia loses WTO appeal in halal food fight with New Zealand and US

GENEVA: Indonesia lost an appeal ruling at the World Trade Organization on Thursday in a dispute with the US and New Zealand over Indonesia’s restrictions on imports of food and animal products including beef and poultry.
Indonesia had argued that its rules were based on health concerns and halal food standards, or aimed to deal with temporary surpluses in the domestic market. In December 2016, a panel of adjudicators faulted Indonesia, which appealed.
An Indonesian trade ministry official said the government would study the ruling before easing any restrictions, which cover products such as apples, grapes, potatoes, onions, flowers, juice, dried fruit, cattle, chicken and beef.
“The Indonesian government will study and conduct internal coordination related to the recently circulated Appellate Body Report, including its implications for current regulations,” Oke Nurwan, Indonesia’s director general of foreign trade, said.


Abu Dhabi’s Senaat sees ‘potential’ for bond next year

An event was held on Sunday to mark the listing of the first tranche of Senaat’s sukuk on the Abu Dhabi Securities Exchange and London Stock Exchange. (WAM)
Updated 10 December 2018
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Abu Dhabi’s Senaat sees ‘potential’ for bond next year

LONDON: Abu Dhabi’s Senaat sees potential to issue an additional bond next year, its CEO said on Sunday.

The state-owned investor in the industrial sector last month issued $300 million in sukuk, or Islamic bonds, according to reports. 

Jamal Al-Dhaheri, CEO of Senaat, said further bond issuances could be made next year. 

“Yes, there is potential (for 2019). We wanted to test the market and the response was very good,” Al-Dhaheri was quoted as saying by Reuters.

He was speaking at an event to mark the listing of the first tranche of Senaat’s sukuk, valued at $300 million, which is dually listed on the Abu Dhabi Securities Exchange and London Stock Exchange.

The sukuk was raised at a profit rate of 4.76 percent with a seven-year tenure, and saw demand from over 180 local and global investors, exceeding the coverage ratio by almost tenfold, state news agency WAM reported.

“The listing of the sukuk on the Abu Dhabi Securities Exchange is an important milestone in the company’s history. This is the first time the company has entered the public markets to issue sukuk that can be traded in one of the world’s leading financial markets,” Al-Dhaheri was quoted as saying.