Chinese government to sell sovereign bonds worth $340bn by year-end

Chinese government to sell sovereign bonds worth $340bn by year-end
The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June. (Shutterstock)
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Updated 29 September 2022

Chinese government to sell sovereign bonds worth $340bn by year-end

Chinese government to sell sovereign bonds worth $340bn by year-end

RIYADH: China will sell sovereign bonds totalling $340 billion in the final months of this year as the Asian giant taps the remaining annual quota and refinances maturing special bonds.

The government has issued 1.09 trillion yuan ($151 billion) of general bonds so far this year ⁠— less than 40 percent of the budgeted central deficit of 2.75 trillion yuan for 2022, Bloomberg reported based on its calculations.

According to the report, the government is expected to issue a total of 2.45 trillion yuan in sovereign bonds between October and December, which comprises 1.66 trillion yuan of new bonds and 786 billion yuan to refinance maturing special debts.

Meanwhile, Reuters, citing people familiar with the matter, said that the treasury bond issuance plan was made during a meeting of the finance ministry on Wednesday.

According to the Reuters report, the ministry also urged local governments to complete issuing the roughly 500 billion yuan in special bonds by the end of October under carryover quotas from previous years, the sources said.

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June.

Amid weak consumption recovery and softening export growth, authorities are doubling down on an infrastructure push, dusting off an old playbook by issuing debt to fund big public works projects to revive the economy.

China’s economy generally recovered and stabilized in the third quarter and the country will push ahead with its economic program in the fourth, state media quoted Li Keqiang, premier of the State Council of the People’s Republic of China, as saying on Wednesday.

But with few signs China will significantly ease its zero-COVID policy soon, many analysts expect the economy to grow by just 3 percent this year, which would be the slowest since 1976, excluding the 2.2 percent expansion during the initial COVID hit in 2020.

(With input from Reuters)


Rugby in Mideast thriving on and off the pitch

Rugby in Mideast thriving on and off the pitch
Updated 7 sec ago

Rugby in Mideast thriving on and off the pitch

Rugby in Mideast thriving on and off the pitch
  • Dubai 7s tourney continues to raise the sport’s profile in the region

DUBAI: The best 16 men’s and 12 women’s teams in the world took to the pitch at this year’s Emirates Dubai 7s as part of the HSBC World Rugby Sevens Series calendar, and there is compelling evidence that the annual event is helping to grow the game both on and off the pitch in the region.

While the global stars of this format of the game were wowing huge crowds at the Sevens Stadium, a busy schedule of age-group and invitational tournaments alongside the international fixtures painted a healthy picture of participation on the local level.

Off the pitch, four global superstars of rugby this year turned the spotlight away from the action to highlight the possibilities on offer on the sidelines.

South African World cup winner Bryan Habana, Ireland and Lions hero Brian O’Driscoll, England women’s World Cup winner Nolli Waterman and US sensation Abby Gustaitis all participated in this year’s HSBC World of Opportunity Programme, the latest step in HSBC’s long-term commitment to creating opportunity for the next generation.

This year the initiative is helping local teams in Dubai to further integrate women into sports beyond grassroot levels. Throughout the National Day weekend, there were a series of workshops aimed at showcasing the various roles available within the world of sport, partnered by World Rugby.

Waterman, who has carved out an impressive post-playing career as a commentator, hosted one session giving tips on podcasting, and she co-hosted another with Springbok superstar turned broadcaster Habana which offered essential tools on commentating. A third session created a mock press conference with Ireland legend O’Driscoll.

Waterman, a multiple Six Nations champion who also represented Team GB at the 2016 Olympics in Rio, said: “Obviously it is the dream of a lot of youngsters to play on the pitch in their country’s colors, or to line up alongside their friends.

“But there are so many opportunities to experience what it is all about to be part of a world-class event as a player, coach, referee, in media or administration or other roles,” added the former England fullback who scored a try on her way to glory in the 2014 World Cup final.

“The HSBC World of Opportunity initiative aims to give young people the opportunity to experience firsthand all the roles and responsibilities behind the running of such a brilliant tournament, and the young people on the program are absolutely thriving on the opportunity.”

Waterman knows from experience the popularity of the tournament, having turned out previously to represent England in Dubai. And returning in her ambassadorial role, she highlighted the rising levels of interest across the demographic in the UAE. “Dubai definitely has a place in my heart, I used to come here as a player and it is great to see the talent on the field.

“There is real evidence of the global spread of the game and also seeing the diversity in the crowd, the outfits and everything, it is obvious that men, women, boys and girls are all embracing rugby sevens and enjoying what it is about.

“It is fantastic to see the rise in interest across the region, not just in terms of the players playing the game but also that spread of fans. A lot of locals are coming here and enjoying themselves and embracing that wonderful atmosphere that sevens has to offer.

“The program this year also helps to further engage and inspire so many people about the opportunities around the game. With those players and people around rugby being passionate about the sport, it will only continue to grow.”


Jessica Alba lauds ‘beautiful’ Red Sea trip as Elle Macpherson celebrates Saudi fashion

Jessica Alba lauds ‘beautiful’ Red Sea trip as Elle Macpherson celebrates Saudi fashion
US actress and business mogul Jessica Alba took to Instagram to celebrate her short trip to Saudi Arabia. (Getty Images)
Updated 16 min 39 sec ago

Jessica Alba lauds ‘beautiful’ Red Sea trip as Elle Macpherson celebrates Saudi fashion

Jessica Alba lauds ‘beautiful’ Red Sea trip as Elle Macpherson celebrates Saudi fashion

DUBAI: US actress and business mogul Jessica Alba took to Instagram to celebrate her short trip to Saudi Arabia after she hit the red carpet at the Red Sea International Film Festival this week.

“A very quick but very beautiful trip,” she said in an Instagram caption posted alongside a carousel of images.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Jessica Alba (@jessicaalba)

“It is so important that women are able to be in control of their own stories and narratives — and tell them through our own lens. Thank you @moalturki and @jomanaalrashid for having me and empowering women in film by elevating so many voices that we need as storytellers in the world today,” she added, referring to the film festival’s CEO Mohammed Al-Turki and Jomana Al-Rashed, the CEO of the Saudi Research and Media Group.

“Film makers and entertainers are the dreamers that help the world see what’s possible. Let’s continue the dream of fairness and equality and compassion,” Alba concluded.

The actress — famously seen in movies such as “Sin City” and “Fantastic Four” — supported Middle Eastern labels during her trip by opting for an elegant embellished gown by Lebanese couturier Elie Saab when she attended the Dec. 2 Women in Cinema gala.

And she was not the only attendee flaunting regional labels.

Australian supermodel Elle Macpherson showed off an elegant jumpsuit by Saudi designer Arwa AlKadi, which she paired with a bag by Saudi brand Dania Shinkar.

“I am very impressed with the fashion in Saudi Arabia and I have chosen local designers for my trip both in Riyadh … and today in Jeddah at the film festival,” Macpherson wrote on Instagram.

Saudi designers are in the spotlight at this year’s edition of the film festival, with a number of high-profile names opting for homegrown labels for their red carpet outings.

Brazilian supermodel Alessandra Ambrosio dazzled in a blue jumpsuit from Jeddah-based designer Yousef Akbar on the opening night, while British actress Jacqui Ainsley, known for her role in the 2017 film “King Arthur: legend of the Sword,” took to the red carpet wearing US-based label Dazluq, founded by Saudi designer Salma Zahran on the same night.


UAE President commences Qatar visit

UAE President commences Qatar visit
Updated 7 min 34 sec ago

UAE President commences Qatar visit

UAE President commences Qatar visit
  • UAE among the Arab countries invited to attend the World Cup opening ceremony in Doha

DUBAI: UAE President Sheikh Mohamed bin Zayed Al-Nahyan commenced his visit to Qatar on Monday, Emirates News Agency (WAM) reported.

The visit comes in response to an invitation from the Emir of Qatar Sheikh Tamim bin Hamad Al-Thani, and builds on the existing brotherly relations between the two nations and their people, WAM added.

The two leaders would discuss bilateral ties and ways to enhance cooperation between the two Gulf states, said WAM.

The UAE was among the Arab countries invited to attend the FIFA World Cup opening ceremony in Doha.

Sheikh Mohammed bin Rashid Al-Maktoum, UAE’s vice president, prime minister and ruler of Dubai, represented the UAE among Arab leaders attending the opening ceremony of the global tournament.


KSRelief distributes over 92 tons of food baskets in Marib

KSRelief distributes over 92 tons of food baskets in Marib
Updated 27 min 25 sec ago

KSRelief distributes over 92 tons of food baskets in Marib

KSRelief distributes over 92 tons of food baskets in Marib

RIYADH: The King Salman Humanitarian Aid and Relief Center (KSRelief) distributed 92 tons and 127 kilograms of food baskets in Yemen’s Marib governorate, benefiting 5,166 people.
This is part of the Food Security Support Project 2022, which is being implemented by KSRelief in Yemen and aims to distribute more than 192,000 food baskets weighing more than 20,000 tons to needy and affected families in 15 Yemeni governorates.
KSRelief also continued to implement its voluntary medical project for specialized surgeries in Gambia, which is being carried out from Nov. 28 to Dec. 4.
Since the beginning of the campaign, the voluntary medical team has performed 105 surgeries.
Also, KSRelief distributed 1,644 winter bags in Pakistan, benefiting 11,508 people. 
This comes within the framework of the relief and humanitarian projects and voluntary programs being implemented by Saudi Arabia, represented by the KSRelief, for a number of brotherly and friendly countries.


Oil Updates — Crude climbs after OPEC+ meeting; Japan sets price cap on Russian crude  

Oil Updates — Crude climbs after OPEC+ meeting; Japan sets price cap on Russian crude  
Updated 31 min 21 sec ago

Oil Updates — Crude climbs after OPEC+ meeting; Japan sets price cap on Russian crude  

Oil Updates — Crude climbs after OPEC+ meeting; Japan sets price cap on Russian crude  

RIYADH: Oil prices rose as much as 2 percent on Monday after the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, held their output targets steady ahead of an EU ban and a price cap kicking in on Russian crude. 

At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend, though a patchwork easing in policies sowed confusion across the country on Monday. 

Brent crude futures were last up 72 cents, or 0.8 percent, to $86.29 a barrel at 0430 GMT, while US West Texas Intermediate crude futures gained 70 cents, or 0.9 percent, to $80.68 a barrel. 

OPEC+ agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day from November through 2023. 

Japan sets price cap on Russian crude oil, excluding Sakhalin-2 

Japan implemented a price cap on Russian crude oil from Monday, but crude oil imported from the Sakhalin-2 plant will be excluded, the government said in a statement. 

The decision follows an agreement by the Group of Seven nations and Australia on Friday to limit the price of Russian crude oil at $60 per barrel in the latest move to slap sanctions on Moscow over its war in Ukraine. 

The exclusion of crude oil from the far eastern Russian Sakhalin-2 project, which Japanese energy operators hold stakes in after the exit of Shell, was decided “in light of Japan’s energy security,” the government said in the statement. 

Further measures on Russian petroleum products, set to begin on Feb. 5, 2023, will be announced at a later date, the statement added. 

Algeria says OPEC+ decision to keep output unchanged appropriate 

Algeria’s energy minister said on Sunday that the OPEC+ decision to keep output unchanged was appropriate to market fluctuations, the country’s state news agency reported. 

The OPEC+ group will closely monitor crude markets for any developments, minister Mohamed Arkab said in remarks after its Sunday meeting, adding that the decision kept Algerian output unchanged at 1.007 million bpd. 

(With input from Reuters)