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Emirates completes US$100 million aircraft financing

The humble Yamis of Orchid Island

Emirates completes US$100 million aircraft financing

Emirates has signed a US$100 million agreement for the financing of an airliner using an innovative UK operating lease structure over a 10-year term with Lloyds TSB Bank providing the equity. This is the third A330 aircraft that Emirates has financed using this structure.

The agreement was for the acquisition of the 24th of 29 Airbus A330-200s-powered by Rolls Royce Trent engines which the carrier has on firm order. The aircraft will be delivered to the airline on 13th September.

The aircraft financing is structured as a 10-year International Operating Lease (INTOL) with Lloyds TSB Bank. The INTOL structure was arranged by Babcock and Brown, with equity provided by Lloyds TSB Bank. The lead debt arranger was Credit Agricole Indosuez and other leading Banks involved were National Bank of Dubai, Mashreq Bank, Norddeutsche Landesbank Girozentrale and Standard Chartered Bank.

The debt portion was financed on a floating rate basis at an average margin of 0.820% over 6-month LIBOR (London Inter Bank Offered Rate).

Riyaz Peermohamed, Emirates’ corporate treasurer, said, “We are one of the fastest-growing and most successful airlines in the world - and creative cost management is one of the key challenges as we grow bigger. For this deal, Lloyds TSB Bank, one of the largest financial institution on the UK, and Credit Agricole Indosuez, one of the largest players in the aircraft financing world and are long-term supporters of Emirates”

At last year’s Dubai Air Show, the airline unveiled a stunning US$ 15 billion fleet expansion plan, ordering 22 Airbus A380s, 25 Boeing 777s, eight A340-600s and three A330s - a total of 58 aircraft which will boost its fleet to 100.


The humble Yamis of Orchid Island

by Chalerm Raksanti

Within sight of Taiwan on a clear day the 18 square mile Orchid Island lies some 90 kilometers off the coast of mainline China and is situated about 65 kilometers off Taiwan’s southeast coast. This is the homeland of the gentle Yami people, an estimated population of just under 3,000, one of Taiwan’s 9 aboriginal tribes.

Peace loving Yami settle their differences with mock battles. Dressed in elaborate helmets, leather tunics and armed with decorative spears, these imitation fights mostly involve shouts and throwing a few stones.

Sailing in the wake of their past, Yami fishermen put out to sea in elaborate ceremonial canoes hewn from trees of their densely forested island. Strangers to any formal authority, a hundred years of alternating and casual rule by Chinese and Japanese have done little to separate them from the ways of their ancestors, who - according to ancient legend - descended from the sea.

The Yami have historically been the most isolated of Taiwan’s aboriginal tribes, mostly for geographical and political reasons. During the Japanese occupation of Taiwan from 1895 to the end of World War II, the Japanese designated Orchid Island as a cultural reserve and strictly restricted access to those conducting anthropological research. After World War II, Orchid Island became isolated again. When the Kuomintang Nationalists took over in 1949, they limited Yami movement by sea thereby reducing their exposure to modern society.

Inside a traditional Yami home painted wall carvings reveal an Austronesian influence.

One exception to outside contact was religion and today many Yami are Christians. Canadian missionaries arrived on Orchid Island in 1949 and managed to convert much of the population to Catholics and Presbyterians. Later the Chinese government undertook the role of educators and introduced primary schooling in Mandarin and subsidized the construction of public housing.

Tourism is now part of their economy. There are hotels for tourists and motorbikes for rent, but this little island is off the beaten path. This speck of land caught in a time-warp is all the more endearing for as yet having missed the horrors of mass tourism. Perhaps not for long.

The Yami have traditionally supported themselves with fishing and agriculture which is mainly the growing of taro and a variety of garden vegetables. They have no sophisticated written language although they do have a small number of pictographs. Many members of the tribe can communicate well in Chinese and some even obtain formal education in Taiwan.

During the flying-fish season the Yamis are able to net their food in mid-air.

A visit to Orchid Island is an adventure. A small prop plane wings its way across the short stretch of sea and as the plane draws near a tiny landing strip peeks below the shadows of steep mountains which soar above narrow valleys and rugged coastline.

As a tribe the Yami have no priest or chief, but practice a kind of naive democracy, settling their disputes by argument and debate and sharing in the wealth of the sea that surrounds their orchid-strewn island. At the end of the day the men may haggle over blame for a poor day’s catch of fish, but they scrupulously divide their catch by even shares.

During flying-fish season which lasts from February to June, the Yamis are able to net their most abundant seafood delicacy in mid-air. The rest of the year may not be as bountiful and the tribe supplements their diet through spear fishing along the coral reefs. Superstitious by nature, the Yamis distribute each catch according to size and color; brightly colored fish for the women, dark colored fish for the men, and small fry for the kids.

The women on Orchid Island play an equal part in tribal life, sharing equally in inheritance and expect men to help them with domestic chores and child rearing. They choose their own husbands and have the option of a trial marriage which only the women can dissolve. Pretty enlightened for even this day and age. If a Yami couple remains childless the husband - not the wife - is held accountable.

High on the list of auspicious celebrations, infant christenings draw relatives from all over the island to feast with the proud hosts who use this occasion to display the family wealth. One of the most prized possessions is the Yami silver helmet. Forged from coins acquired from barter, helmets are passed from father to sons, with each successor adding more coils of coins.

Visitors are requested to respect the privacy of the locals. While basically warm and friendly, taking photographs is a sore point and islanders often demand outrageous fees for taking pictures. Relax and enjoy the beauty and the unique culture. This little haven of tranquility is probably on the verge of extinction.