Sudan National Carrier Receives Airbus Program for Rehabilitation

Sudan National Carrier Receives Airbus Program for Rehabilitation
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Sudan National Carrier Receives Airbus Program for Rehabilitation

Sudan National Carrier Receives Airbus Program for Rehabilitation

The Sudanese government announced on Saturday receiving a rehabilitation and operations plan from the European aeronautics company, Airbus, to serve its national carrier Sudan Airways for the upcoming 10 years.

The initiative was inked at a meeting held in Dubai and with each of the Sudanese Transport Minister representatives of the French company.

Transport Minister Makkawi Mohamed Al-Awad expressed in a press statement his hope that Sudan Airways would recapture its global status after having suffered long-term stalemate in world markets.

He considered the initiative with Airbus a step towards development and boosting competition for international airlines.The plan includes open options either through partnership, or sales, he added.

According to the minister, the restructuring of the Sudanese airliner is a part of a national plan to expand a fleet of civil aircraft over the next three years, noting that the Airbus plan is promising for the revival of Sudan Airways.

In preparation for the makeover, Sudan Airways carried out last month a huge employee survey and shuffle which saw the hiring of new personnel.

“Sudan Airways could have been bankrupt. It has not performed well in recent years and has difficulties in to pay back its debts to clients, including the Sudanese civil aviation authorities,” Awad said in an earlier interview.

The Airbus plan was prepared when Sales Director Airbus Middle-East & North Africa Cyrille Picard visited Khartoum two months ago with a large team of experts, Sudan Airways sources said.

Arrangements are under way for the purchase of a new air fleet comprising seven aircraft units.

In November 2017, Khartoum signed a contract with a Chinese company on buying two planes at $60 million.

It is worth noting that Sudan Airways’ partnership with the Islamic Development Bank helps greatly in financing a part of the new aircraft deals.



Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
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Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

The Australian and New Zealand dollars tumbled on Friday as Israel's strike on Iran hammered global stocks and drove investors into safe-haven assets, with domestic bond yields diving to over a month lows.

The commodity-sensitive currencies often track global risk sentiment and tend to take a hit when equity markets slide.

The Aussie plunged 0.9% to $0.6474, having risen 0.5% overnight to as high as $0.6534. It was already showing signs of fatigue as the currency has been unable to break a key resistance level of $0.6550 overnight even as the greenback slid due to another round of soft data.

For the week, it is down 0.3%.

The kiwi dollar dropped 1% to $0.6011. It gained gaining 0.7% overnight, hitting a high of $0.6071. Support comes in around $0.5990, while resistance is at the multi-month top of $0.6080. For the week, it is down 0.1%.

Israel said early on Friday that it struck Iran. Oil prices jumped over 6%, Wall Street futures dropped over 1%, while safe-haven currencies like the Japanese yen and Swiss franc rose.

Local bonds also rallied. Australia's ten-year government bond yields slid 11 basis points to 4.133%, the lowest since May 1, while New Zealand's ten-year government bond yields dived 8 bps to a six-week low of 4.529%.

Sean Callow, a senior analyst at ITC Markets, said the trend for the Aussie is still up given the pressure on the US dollar from a sluggish US economy and investor unease over the U. policy outlook.

"Investors are likely to expect that Israel's strikes will be contained to a relatively short period, not something that will dictate market direction multi-week," he said.

Also, Japan's Nikkei share average fell on Friday, mirroring moves in US stock futures, oil and other stock markets on news that Israel had conducted a military strike on Iran.

As of 0106 GMT, the Nikkei was down 1.5% at 37,584.47.

The broader Topix fell 1.28% to 2,7473.9.

"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.

Chip-making equipment maker Tokyo Electron fell 5.5% to drag the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 2.1%.

Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.75% and 1.5%, respectively.

All but three of the Tokyo Stock Exchange's 33 industry sub-indexes fell.

Energy sectors rose as oil prices jumped, with oil explorers and refiners gaining 3.6% and 2.2%, respectively.

The utility sector rose 0.7%.