Business News

Etisalat's Debt Outlook As Stable affirmed by Fitch Ratings

Fitch Ratings

UAE-based Etisalat's Long-term foreign currency has been given Issuer Default Rating (IDR) at 'AA'- by Fitch Ratings, which indicates that the Outlook on the IDR is Stable.

Fitch's assessment of the sovereign's creditworthiness is clearly reflected by the ratings, given Etisalat's strong operational and strategic ties with the UAE government. It won't be wrong to say that very soon this will be the key driver of any potential rating actions.

Cargo ship stuck between two rocks at Karwar

cargo ship

On Friday, a cargo ship, named MV-Shahin, was caught between two big rocks in the Arabian Sea at Karwar - the ship was on its way to Dubai from Malaysia.

The ship, which belongs to Fly Flowers Trading Company of Dubai owned by Jabaj Ali, has 10 sailors on board including six Indians, three Iranians and a Siberian. The sources have clarified that the ship is fully loaded with 19 tonnes of petrol, 13 tonnes of diesel and 4,000 tonnes of lubricant oil.

Future TV ties up with TAG

Future TV ties up with TAG

Kishore Biyani-led Future TV has announced that it has entered into a marketing association with TAG Media Network that will have an in-store television presence at over 500 retail outlets across the country.

The company has entered into this tie up with the aim to enhance consumer spending.

The sources said that the two networks - Future Media India Ltd (which runs Future TV) and TAG - will have a presence at over 556 stores across Big Bazaar, Spencers, More, Pantaloon, Central, and Home Store locations.

Kuwait's Alafco posts 50% rise in Q3 net profit

Kuwait's Alafco posts 50% rise in Q3 net profit

Kuwait's Aviation Lease and Finance Company (Alafco) has recorded 50% growth in net profit during the third quarter of the fiscal year ending September 30.
Company’s net profit in the nine months to June 30 surged to 8.3 million dinars, compared with 7.7 million dinars in the year earlier period.

The sources said that company’s third-quarter net profit climbed to 5.1 million dinars from 3.4 million in the year earlier period.

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