A unit of India’s largest company Reliance Industries is planning to borrow at least $500 million to refinance debt, in what could be the conglomerate’s first offshore loan this year.
It is in talks with a group of foreign banks for a loan with a tenure of 12-15 years, sources said, asking not to be identified as the discussions are private.
The funds would be raised for Ethane Crystal, a subsidiary of Reliance Ethane Holding, the group’s business of buying ships to transport ethane, they said.
In 2016, Reliance Ethane had raised $572 million with a 12-year tenor to purchase six new ethane carriers.
A longer repayment period will potentially help billionaire Mukesh Ambani’s conglomerate to improve its cost competitiveness.
The ethane business is one of the factors that contributed to its profitability in the March quarter.
The proposed fundraising comes as India’s ethane demand hit a record high this year. The country is seeking to boost its petrochemical capacity to keep pace with the growing consumption of plastics.
Reliance Industries operates one of the world's largest ethane transportation and cracker facility, which enables procurement of the gas from North America to its plant in Dahej, Gujarat.
In March, Reliance Ethane invested $102.9 million into three new subsidiaries, which plan to use the funds to make part payments for contracting three new ships.
The latest loan plan follows Reliance Industries’ record borrowing in foreign currency last year.
Bill Ackman
Hedge fund manager Bill Ackman kicked off fundraising for a new US-listed closed-end fund, an effort sources say could bring in as much as $20 billion, more than double his assets under management.
Last month, Mr Ackman sold 10 per cent of his firm, Pershing Square Capital Management, which posted mostly double-digit returns since 2019 after a spell of losses.
The new fund, Pershing Square USA, will offer lower fees for investors and quicker access to capital than traditional hedge funds, regulatory filings show.
There will be no management fee charged for the first year after the fund's initial public offering and no performance fees ever.
It will be listed on the New York Stock Exchange and open to anyone who can invest in the US, including pension funds, endowments and retail investors.
Roughly 80 per cent of the financing is expected to be raised by institutions, with retail investors making up the rest, a filing showed.
Mr Ackman, a heavy user of social media platform X, referenced the fundraising on July 9 when he messaged his 1.3 million followers: “I am going to be busy for the next few weeks. $PSUS!!”
Investors, including ones unable to write the multimillion-dollar cheques Wall Street hedge funds traditionally demand, can pay $50 a share for the new vehicle.
At the end of June, Pershing Square Capital Management oversaw $18.7 billion in assets, according to a company document.
This includes some $15 billion in assets in Pershing Square Holdings, the 10-year-old closed-end fund listed in Amsterdam and London.
Mr Ackman built his reputation as an activist investor with noisy campaigns at companies ranging from railway Canadian Pacific to payroll and tax services company ADP.
He owned stakes in Chipotle Mexican Grill, Hilton Worldwide Holdings and Restaurant Brands International at the end of the first quarter.
Mr Ackman's recent string of strong returns – Pershing Square Holdings earned 27 per cent last year, 27 per cent in 2021, 70 per cent in 2020 and 58 per cent in 2019 (it dropped 8.8 per cent in 2022 when the market tumbled) – followed a reorganisation of the firm.
Taking the advice he usually gives to companies to perform better personally, Mr Ackman re-engineered the way he invests and reversed double-digit losses in 2015 and 2016 and smaller declines in 2017 and 2018.
Carlos Slim
A company controlled by Mexico’s richest person, Carlos Slim, is investing $1.2 billion to develop a vast field in the Gulf of Mexico that is expected to produce gas by around 2026.
Mr Slim’s Grupo Carso agreed to a deal with Mexico’s state-run Petroleos Mexicanos to explore and extract from Lakach, a deepwater field discovered in 2007 about 98 kilometres south-east of the city of Veracruz.
Pemex will own the field and its reserves, while Grupo Carso will build an inland facility to store and process the gas and condensates.
It could serve as a potential model for how Mexico’s state oil company will work with private enterprises.
Under President Andres Manuel Lopez Obrador, whose term ends in September, the Mexican government has reasserted state control of the energy industry, but production and exploration have slowed with less private investment.
Last year, Pemex scrapped a similar agreement to develop Lakach with New Fortress Energy.
In December, Mr Lopez Obrador praised a Carso agreement to acquire stakes in two oilfields, “because it stays in the hands of Mexicans and I’m sure that they’re going to invest to extract crude”.
Mr Lopez Obrador’s successor, President-elect Claudia Sheinbaum, has said she will work with private investors in energy while insisting that Mexico’s natural resources belong to the people.
Carso will team with Houston-based Talos Energy and a local unit of Spain’s Fomento de Construcciones y Contratas to develop Lakach.
Mr Slim owns stakes in both companies. While most of his $93.3 billion fortune comes from his telecoms company, America Movil SAB, Mr Slim has been investing in energy projects such as the construction of offshore platforms for more than a decade.
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Mohammed bin Zayed Majlis
MATCH INFO:
Second Test
Pakistan v Australia, Tuesday-Saturday, 10am daily at Zayed Cricket Stadium, Abu Dhabi
Entrance is free
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More on Quran memorisation:
Mohammed bin Zayed Majlis
The five pillars of Islam
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The five pillars of Islam
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
More from Neighbourhood Watch:
Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
More coverage from the Future Forum
KILLING OF QASSEM SULEIMANI
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
More from Neighbourhood Watch
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Killing of Qassem Suleimani
More from Neighbourhood Watch:
More from Neighbourhood Watch
More from Neighbourhood Watch:
Zayed Sustainability Prize
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Read more about the coronavirus
The years Ramadan fell in May
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Zayed Sustainability Prize
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Killing of Qassem Suleimani
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
