International News

Record 114 million people now displaced worldwide: UN

GENEVA: The number of people worldwide living in forced displacement from their homes is estimated to have exceeded 114 million, the United Nations said Wednesday -- a record figure.
"The number of people displaced by war, persecution, violence and human rights violations globally is likely to have exceeded 114 million at the end of September," UNHCR, the UN refugee agency, said in a statement.
The main drivers in the first half of 2023 were the conflicts in Ukraine, Sudan, Myanmar and the Democratic Republic of Congo; a prolonged humanitarian crisis in Afghanistan; and a combination of drought, floods and insecurity in Somalia, UNHCR said.

Lavrov talks boosting bilateral partnership in Iran within high-level agreements

MOSCOW: Russian Foreign Minister Sergey Lavrov discussed expanding bilateral cooperation within high-level agreements in Tehran, the Russian Foreign Ministry following the meeting of foreign ministers in the "3+3" format.
"The current bilateral agenda was thoroughly discussed, with an emphasis on the further development of the entire complex of the multifaceted Russian-Iranian partnership in accordance with the agreements reached between Russian President Vladimir Putin and Iranian President Ebrahim Raisi," the statement said.

Adani Cement refinances USD 3.5 billion from 10 international banks

Adani Cement, through Endeavour Trade and Investment Ltd, is pleased to announce the successful completion of its refinancing program for acquisition debt taken for Ambuja and ACC, through a USD 3,500 million financing package, raised from a clutch of international banks.
This showcases Adani's robust access to the global financial market and strong liquidity position. This achievement reflects our commitment to financial stability and growth. This facility will result in an overall cost saving of ~ USD 300 million for the Adani Cement vertical.
Adani Cement is the second largest cement player in India, with the USD 6.6 billion acquisition of Ambuja and ACC (two of the storied brands of India) completed by the Adani cement, the largest acquisition in infrastructure and materials space concluded in Sep 22. The USD 3.5 billion facility marks the continued execution of the capital management plan outlined in Sep 2022 that will see step wise planned deleveraging of Adani Cement. With cement vertical Net Debt to EBITDA now under 2x.
Currently, Ambuja Cements and ACC have a combined installed production capacity of 67 MTPA to conclusively mover to 100 MTPA by 2025 with the announced acquisition of Sanghi Cement. ACC & Ambuja are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure – these along with benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise has resulted in to improvement in the EBITDA / Ton from INR 340 / ton in quarter ending Sep 22 (immediately after the acquisition) to INR 1,253 / ton in the quarter ending Jun-23 which represents embedded deleveraging through elevated coverage positioning.
The transaction was financed by facilities aggregating to have USD 3,500 million from 10 international banks. DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as Mandated Lead Arranger and Bookrunners and Underwriter to the transaction. In addition, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank acted as Mandated Lead Arrangers and Bookrunners for the transaction.
Cyril Amarchand Mangaldas, Latham and Watkins acted as Borrower counsel for the financing with Allen & Overy LLP, Talwar Thakore and Associates acting as legal counsels to the lenders.

120 incubator babies at risk after Israel cuts Gaza fuel: UN

JERUSALEM: The lives of at least 120 newborn babies on incubators in war-torn Gaza hospitals are at risk as fuel runs out in the besieged enclave, the UN children agency warned Sunday.
More than 1,750 children have already been killed by Israeli strikes launched against the Gaza Strip in retaliation for the October 7 Hamas attacks, according to the Palestinian territory health ministry.
Hospitals face a dire lack of medicines, fuel and water not only for the thousands wounded in more than two weeks of the war between Gaza militants and Israel but also for routine patients.

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