LONDON: Dubai-based telecom company du has signed a 3 billion dirham ($817 million) loan via mandated lead arrangers and bookrunners Mashreq Bank and WestLB, the lenders announced. It is the borrower’s first syndicated loan. Proceeds will be used to finance the company’s retail network across the United Arab Emirates. In syndication banks were invited to commit $60 million-equivalent for an upfront fee of 60 bps, $40 million for 45 bps, or $20 million for 30 bps.
Qantas names new chief executive
SYDNEY: Australian airline Qantas yesterday named Alan Joyce, the head of its budget subsidiary Jetstar, to take over when group Chief Executive Geoff Dixon retires in November. Irish-born Joyce, 42, said he intended to pursue Dixon’s strategies which had made Qantas one of the world’s most successful airlines, and that the “key message will be continuity of business.” Qantas Chairman Leigh Clifford said Joyce would “assume the role of chief executive designate and will also join the board of Qantas with immediate effect.
India’s RBI may increase rates
MUMBAI; India’s central bank is expected to hike interest rates at its upcoming policy meeting as it battles to curb inflation hovering at a 13-year-high of nearly 12 percent, economists said yesterday. In recent months, the government has opted for a “safety first” approach, with the Reserve Bank of India (RBI) choosing to aggressively tighten monetary policy despite the risk of slowing growth in Asia’s third-largest economy.
Singapore Airlines profit falls 15.4%
SINGAPORE: Singapore Airlines said yesterday its net profit in the first quarter fell 15.4 percent compared with the same period last year as higher fuel costs cut into rising revenues. The airline reported a net profit of 359 million Singapore dollars ($263 million) for the three months ended June, a drop of 65 million from the same quarter last year.
Third Annual GPCA Forum set
JEDDAH: Gulf Petrochemicals and Chemicals Association (GPCA) said yesterday that it is partnering again with Chemical Week to organize the Third Annual GPCA Forum from Dec. 2-4, at the Atlantis, The Palm, Dubai. Based on the 75 percent increase in attendance in 2007 over the debut event in 2006 and expanded marketing campaign this year, GPCA expects significant growth again in 2008, according to GPCA Secretary General Abdullah S. Bin Zaid Al-Hagbani.
UGB posts 10.3% rise in net income
BAHRAIN: United Gulf Bank BSC-Bahrain (UGB) has announced a net profit of $71.5 million for the first half of 2008, or 8.57 US cents per share, an increase of 10.3 percent over the normalized net income of $64.8 million for the same period in 2007. Total net income of $168.3 million posted during the first half of 2007 included a one-off gain of $103.4 million from the sale of UGB’s stake in Wataniya and United Fisheries of Kuwait.
Wartsila, Manara form joint venture
JEDDAH: Wartsila Corporation and Manara Consortium have formed Manara Wartsila Power Ltd. (MWP), a joint venture that aims to become the leading developer of decentralized independent power producer (IPP) projects in Islamic countries. MWP will develop, sponsor and invest in IPPs utilizing Wartsila’s leading edge reciprocating engine technology.
