Evergrande misses payments to some bondholders: Reuters

Evergrande misses payments to some bondholders: Reuters
It had missed paying $83.5 million in coupon last Thursday. (Shutterstock)
Short Url
Updated 30 September 2021

Evergrande misses payments to some bondholders: Reuters

Evergrande misses payments to some bondholders: Reuters
  • The cash-strapped company was due on Wednesday to make a $47.5 million bond interest payment on its 9.5 percent March 2024 dollar bond

HONG KONG: Some of China Evergrande Group’s offshore bondholders have not received interest payment due by the end of Wednesday New York time, two people familiar with the matter told Reuters, with the company missing its second debt obligation this month.
The cash-strapped company was due on Wednesday to make a $47.5 million bond interest payment on its 9.5 percent March 2024 dollar bond. It had missed paying $83.5 million in coupon last Thursday.
A spokesperson for Evergrande did not have any immediate comment. Reuters was unable to determine whether Evergrande has told bondholders what it plans to do regarding the coupon payment due on Wednesday.


Saudia records over 500 flights in a day in post-pandemic recovery

Saudia records over 500 flights in a day in post-pandemic recovery
Updated 12 sec ago

Saudia records over 500 flights in a day in post-pandemic recovery

Saudia records over 500 flights in a day in post-pandemic recovery

RIYADH: Saudi Arabian national airline Saudia has set a new record in the number of daily flights since the beginning of the pandemic.

The airline operated 507 flights on Dec. 4 during the peak of operational movements, Saudi Press Agency reported. 

Flights to Jeddah and Riyadh topped the list of the largest share of trips, with 128 flights each, followed by the Dammam and then Madinah, with 30 and 14 flights respectively. 

The national carrier’s total number of destinations is currently at 76, with 27 domestic routes and 49 international ones, compared to a total of 100 destinations during pre-COVID times.  

Recovery from the effects of the pandemic continues to rise, the CEO of Saudia, Ibrahim bin Salman said, referring to an operational performance report.


Flying taxis set for Sydney by 2026 after deal struck with Embraer’s Eve

Flying taxis set for Sydney by 2026 after deal struck with Embraer’s Eve
Updated 11 min 38 sec ago

Flying taxis set for Sydney by 2026 after deal struck with Embraer’s Eve

Flying taxis set for Sydney by 2026 after deal struck with Embraer’s Eve

Flying taxis will soon be taking to the air above Sydney after Embraer’s Eve Urban Air Mobility Solutions signed an agreement with Sydney Seaplanes.

Eve’s electric vertical take-off and landing aircraft, or eVTOL, are scheduled to begin flights in the Australian city in 2026, with a total of 50 aircrafts earmarked to be in service.

“This is an exciting development for Sydney Seaplanes,” the company’s CEO Aaron Shaw said.

“Sydney needs a post-COVID lift and what better way to do that than by developing high-tech and zero-carbon jobs that support transport, tourism, and the vibrancy of this wonderful city,” he added.

Shaw declared that the company will operate some flights from Rose Bay aviation terminal in Sydney Harbor, subject to community consultation.


New Riyadh ‘innovation lab’ to focus on developing Saudi women’s ICT skills 

New Riyadh ‘innovation lab’ to focus on developing Saudi women’s ICT skills 
Updated 30 min 36 sec ago

New Riyadh ‘innovation lab’ to focus on developing Saudi women’s ICT skills 

New Riyadh ‘innovation lab’ to focus on developing Saudi women’s ICT skills 

DUBAI: As more women join Saudi Arabia’s workforce, a multinational company is setting up an “innovation lab” to support digital skills development. 

The new platform, created by India’s Tata Consultancy Services, will work with startups and universities to provide participants, particularly women, a chance to “explore and innovate with new technologies.”

Women’s participation in the Kingdom’s workforce has increased from 20 percent in 2018 to 33 percent in 2020 — a 64 percent rise in just two years. 

Although the all-women center will focus on developing IT and digital-related skills, Tata said it will also support participants to pursue long-term careers in finance, accounting, human resource operations, and supply chain management. 

Several representatives from different Saudi bodies were present at the inauguration, including Ahmed Altheneyan, the deputy minister for future jobs and digital entrepreneurship.


Retail offering of 10m shares in stc begins

Retail offering of 10m shares in stc begins
Updated 47 min 40 sec ago

Retail offering of 10m shares in stc begins

Retail offering of 10m shares in stc begins

RIYADH: Retail investors can subscribe to buy some of the 10.02 million shares being offered in the Saudi Telecom Company on Tuesday Dec. 7 and will end on Dec. 8.

The company will allocate 10 percent of the offering to retail investors while the remaining 90 percent, representing 90.18 million shares, will be allocated to institutional investors.

The number of retail investors’ shares and the share ratio will be announced after completing the book-building process and announcing the final offering price.

The offering comprises a fully marketed secondary public offering of 100.2 million shares in stc, representing 5.01 percent of its share capital owned by the Public Investment Fund.

The price range has been set between SR100 ($26.66) and SR116 per share.

The PIF and stc announced the launch of a secondary public offering of stc’s ordinary shares on Dec. 5.

Institutional investors’ subscription began on Dec. 5, and will continue until Dec. 9.


Lawsuit loss forces Uber UK business model reform 

Lawsuit loss forces Uber UK business model reform 
Image: Shutterstock
Updated 59 min 6 sec ago

Lawsuit loss forces Uber UK business model reform 

Lawsuit loss forces Uber UK business model reform 

JEDDAH: Uber and some of its rivals will have to change their business models in the UK after losing a court battle, re-classifying its drivers as workers.

The company is also required to give its drivers access to vacation pay, rest breaks and minimum wage while they’re using the app.

The partly PIF-owned firm is also now required to sign a direct contract with passengers when providing car journeys, according to Bloomberg.

The European Union is following the UK to push for app drivers to be considered as employees rather than self-employed.

This could cost the sector a 4.5 billion euros ($5.1 billion)  a year, Bloomberg reported.