Saudi Arabia raises $2.27 billion in Islamic bonds

Saudi bank notes. (Shutterstock)
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Updated 29 June 2020

Saudi Arabia raises $2.27 billion in Islamic bonds

CAIRO: Saudi Arabia has raised 8.495 billion riyals ($2.27 billion) in sukuk, or Islamic bonds, in June, the finance ministry said on Sunday.

The first tranche of the sukuk issue is 2.494 billion riyals, and the total tranche size is 5.017 billion riyals, maturing in 2027, a ministry statement said.

The second tranche has a size of 3.670 billion riyals , and a total tranche size of 13.966 billion riyals, maturing in 2030.

The third tranche has a size of 2.331 billion riyals, and a total tranche size of 10.569 billion riyals, maturing in 2035.

 


Canada’s Trudeau to unveil plan to address coronavirus outbreak, revive economy

Updated 23 September 2020

Canada’s Trudeau to unveil plan to address coronavirus outbreak, revive economy

  • Trudeau will stress the need for environmental policies such as retrofitting buildings, boosting the use of electric vehicles and biofuels
  • Trudeau is paring down talk of a green revolution to slash reliance on export of fossil fuels

OTTAWA: Canadian Prime Minister Justin Trudeau will unveil on Wednesday what he says is a far-reaching plan to help the economy recover from the coronavirus pandemic while ensuring efforts to fight the outbreak do not falter.
Trudeau, who has consistently vowed to do more to combat climate change, is paring down talk of a green revolution to slash reliance on export of fossil fuels as Canada faces a resurgence in coronavirus cases.
“The three prongs of what we are doing are fighting COVID-19, supporting Canadians, and a resilient recovery,” said a government source who requested anonymity given the sensitivity of the situation.
The so-called Speech from the Throne outlining government plans is a confidence measure and given that Trudeau’s Liberals only have a minority in the House of Commons, they will need the support of opposition legislators to avoid being toppled and plunging the country into an election.
The left-leaning New Democrats have made clear they are likely to vote in favor. Trudeau’s popularity initially soared over his handling of the pandemic, but polls suggest he and the Liberals were damaged by a scandal over his close ties to a charity chosen to run a student grant program.
Parliament is usually packed for the occasion but COVID-19 means few legislators will be present when Governor General Julie Payette — the representative of Queen Elizabeth, Canada’s head of state — delivers the speech at around 3 p.m. (1900 GMT).
Later on Wednesday, Trudeau plans to make a national address to address the urgency of fighting COVID-19, a spokesman said.
Officials say the throne speech will contain policy proposals such as childcare and an expanded employment insurance program rather than specific spending commitments, some of which will be disclosed in a fiscal update later in the year.
But Trudeau will stress the need for environmental policies such as retrofitting buildings, boosting the use of electric vehicles and biofuels, aides say.