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DUBAI:

Oil giant Saudi Aramco is starting on Wednesday a series of fixed income investor meetings ahead of its first riyal-denominated sukuk issue, banking sources told Reuters.

There was no indication on the planned size of the debt sale in the notification which Aramco sent to investors, the sources said. Bankers told Reuters in February that they expected a deal of roughly 3 to 6 billion riyals ($805 million to $1.6 billion).

The sukuk could be issued as early as next week, the sources said on Wednesday. (RTRS)

RIYADH:

An Islamic Development Bank official said on Wednesday that the bank’s upcoming US dollar sukuk issue would be in the range of previous issues, between $1 billion and $1.5 billion.

The bank is still in the process of speaking with advisers, Mohamed Hedi Mejai, director of enterprise development at the IDB, told a news conference in Riyadh. He did not elaborate on a time frame for the issue.

Banking sources told Reuters on Monday that the IDB had appointed eight banks to lead the transaction, including Emirates NBD, Goldman Sachs, Gulf International Bank, HSBC and Standard Chartered. (RTRS)

ISTANBUL:

Shares in Turkish Airlines, budget airline Pegasus and airports operator TAV fell on Wednesday after the United States and Britain imposed restrictions on carryon electronic devices on flights from destinations including Turkey.

Turkish Airlines was down 2.26 percent at 0714 GMT, while Pegasus fell 1.02 percent and TAV dropped 1.43 percent.

The US Department of Homeland Security said on Tuesday passengers travelling from specific airports including Istanbul could not bring into the main cabin devices larger than a mobile phone such as tablets, laptops and cameras. (RTRS)

DALLAS:

Income and revenue rose during the peak holiday season at FedEx, but higher fuel costs helped keep profit below Wall Street’s forecast.

Holiday-season package volume was the heaviest ever, as the big package-delivery company continues to benefit from the growth in online shopping.

The drawback is that unlike deliveries to businesses, shipments to consumers are spread out and more costly to deliver. (AP)

PHILADELPHIA:

Pepsi is pulling 2-liter bottles and 12-packs of its products from Philadelphia grocery store shelves over the city’s new tax on sweetened drinks.

The company says it wants to offer products and package sizes working families can better afford.

The 1.5-cent-per-ounce tax on sweetened and diet beverages is imposed at the distributor level. If fully passed on to the consumer it amounts to $1.44 on a six-pack of 16-ounce bottles.

The company’s decision affects sodas including Pepsi and Mountain Dew and other sweetened drinks like Gatorade and Lipton Iced Tea.

Democratic Mayor Jim Kenney’s office says the industry was trending toward smaller sizes well before the tax passed. (AP)

OMAHA:

The Gordmans bankruptcy has attracted two bidders who want to keep at least some of the company’s 106 discount department stores operating.

The Omaha, Nebraska-based company, filed for bankruptcy protection last week and announced plans to liquidate its inventory after posting losses in five of its last six quarters.

Former Gordmans CEO Jeff Gordman is leading one of the groups interested in the company’s assets. Gordman left the company in 2013 after clashing with the Sun Capital private equity firm that owns half the company. (AP)

NEW YORK:

Target is celebrating the stretch mark as a thing of beauty. The chain has launched a swimwear campaign on social media that features four models in unretouched images as it promotes a focus on inclusivity.

Social media star Megan Batoon, pro skateboarder Lizzie Armanto, model and body activist Denise Bidot and TV host and model Kamie Crawford star in the ad that features one-piece and two-piece suits.

The move follows Target and other retailers’ increasing focus on embracing all body types and bolstering their offerings of plus-size clothing in fashion collections. (AP)

SEATTLE:

The maker of the pain medication OxyContin has asked a federal judge in Seattle to throw out a Washington city’s lawsuit that seeks to hold the drugmaker responsible for allowing its pills to flood the black market and into Everett.

Purdue Pharma argued in court documents filed Monday that there is no basis in law for a municipality to bring such an action against a pharmaceutical manufacturer.

Everett, a city of about 108,000 north of Seattle, sued the Connecticutbased company in January seeking to hold it accountable for the social and economic damages to the community due to illegal trafficking of the powerful painkillers. (AP)

CALGARY, Alberta:

Enbridge Inc says it is cutting about 1,000 jobs or 6 percent of its workforce following the takeover of Houston-based Spectra Energy.

The Calgary, Alberta-based Enbridge said Wednesday it is laying off people to address overlaps in the combined company’s organizational structure after acquiring Spectra late last month. Both operate pipelines that deliver oil and natural gas.

Enbridge announced last August it was buying Houston-based Spectra Energy for about $28 billion, creating North America’s largest energy infrastructure company.

Company spokesman Todd Nogier did not provide details about the cuts, but says they’re being made across the merged company. (AP)

THE HAGUE, Netherlands:

Industrial paints and chemicals company AkzoNobel has rejected a second unsolicited takeover bid from US company PPG Industries worth 22.4 billion euros ($24.1 billion).

AkzoNobel CEO Ton Buechner said in a statement Wednesday that the bid “significantly fails to recognize the value of AkzoNobel” and is not in the interest of the company, its shareholders or its staff. (AP)