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Woqod to open 13th FAHES centre this year, says CEO Muhannadi

and dispensers within them. gas, bunker fuel and bitumen, Shareholders give nod to distribute Last year, the company through the implementation cash dividend of QR8 per share opened 32 new stations in of various projects,” Sulaiti the country, accounting for said. RAHUL PREETH Woqod opened three FAHES 62 percent of the number of At the meeting, the share- DOHA centres last year and has an- stations opened since the es- holders approved the board of other one under design phase. tablishment of the company director’s recommendation to QATAR Fuel (Woqod) will Figures from Woqod’s in 2002, the chief executive distribute a dividend of QR8 add yet another vehicle in- 2018 financial results suggest said. This year, he added, per share. spection (FAHES) centre to that FAHES centres play a Woqod will open 30 more “Considering the finan- its rapidly expanding network significant role in enhancing stations. cial results we achieved last this year, taking the total the company’s earnings. Rev- “Woqod will thus be dou- year and the need for major number across Qatar to 13, enues from FAHES centres bling the number of fuel sta- Woqod’s Chairman Ahmad Said al Sulaiti with other board members during the company’s annual capital projects scheduled for Chief Executive Officer Saad jumped to QR107 million in tions owned by the company general assembly in Doha on Monday. implementation during the Rashid al Muhannadi said on 2018 from QR78 million the until 2017, in only two years. forthcoming years, the Board Monday. previous year. This shows our commitment Woqod’s Chairman Ah- achieving 20 percent increase in fuel dispensers in 2018. of Directors recommended Addressing the company’s As the leading local fuel to our customers and will cer- mad Said al Sulaiti attributed in net profit, 70 percent jump “The group increased its the distribution of dividends annual general assembly and distributor, Woqod is also tainly have a positive impact its positive earnings report in fuel retail market share, a stake in the market of trans- of QR795 million represent- extraordinary general assem- doubling down on expanding in the provision of services,” last year to the growth strat- record sale of 10 billion litres portation and distribution of ing 80 percent of the nominal bly in Doha, Muhannadi said the network of its fuel stations Muhannadi said. egy that has seen Woqod of fuel and 61 percent increase petroleum products, natural paid-up capital,” Sulaiti said. Qatar achieved Lebanon and UK expansion a ‘miracle’ in self-sufficiency yielding good results for DIG International expansion shows resilience of Doha Insurance Group, says chairman projects: QC chair SATYENDRA PATHAK DOHA QNA projects will be launched DOHA after 2022, including infra- DECISION of Doha Insurance structure projects and roads Group (DIG) to expand into HAILING the achievement as well as the construction new markets like Lebanon of post-blockade self-suffi- of buildings, hospitals and and the UK has proved ben- ciency projects in Qatar as a schools,” the QC chairman eficial for the Group as it has ‘real miracle’, Qatar Cham- said. led to promising underwriting ber (QC) Chairman Sheikh He said the govern- results in reinsurance includ- Khalifa bin Jassim al Thani ment’s vision of the private ing various liabilities, life in- said the projects led to the sector has changed radically surance and health insurance, expansion of state’s indus- after the blockade and the the company’s chairman said trial sector. private sector has become on Monday. In an interview with a an active partner in the Addressing shareholders local Arabic daily published overall development pro- at the company’s ordinary on Monday, Sheikh Khalifa cess. and extraordinary general Doha Insurance Group Chairman Nawaf bin Nasser bin Khaled al Thani speaks at the company’s ordinary and extraordinary general assembly underlined that achieving He pointed out that the assembly meeting in Doha, meeting in Doha on Monday. (HANSON K JOSEPH) self-sufficiency was a joint Qatari private sector has Doha Insurance Group Chair- project between the public been able to benefit from man Nawaf bin Nasser bin mance of employees in repre- a larger share of the Takaful to QR71 million in 2017, attrib- clear dividend distribution sector and the private sec- the blockade and develop Khaled al Thani said the sentative offices of the group insurance market.” uted to the increase in the cost policy whereby a minimum tor represented in Qatar itself more intensely and Group has maintained its and its branches. The Group has also devel- of the restricted compensation of 5 percent of shareholders’ Chamber. to participate strongly with strength and resilience in Developing and diversi- oped anti-money laundering in 2018. equity should be distributed “The efforts are shared the government sector in overcoming the negative ef- fying the components of the and counter-terrorism financ- “Investment income after deducting the statutory by all, it is a project involv- facing the challenges. fects and risks imposed upon Group’s investment portfolio ing policies and procedures, as amounted to QR80 million reserve and voluntary reserve ing all governmental and Sheikh Khalifa said Qa- it by the blockade. including increasing the share well as other policies related to compared to QR 50 million in as a first share to the share- civil parties,” he said. tar has held talks with the Despite the challenges, he of bonds and sukuk and rais- conflicts of interest, disclosure, 2017, an increase of 62 per- holders in the event of a profit. Iraqi side to turn the port of said, the company succeeded ing the expected interest rate and performance evaluations cent,” he said. “The remainder of the Umm Qasr as a transit trade in expanding its operations ceiling during 2019, he said. of the board of directors and The group achieved net profits will then be distributed point, linking Qatar with into new markets by opening Highlighting another re- its committees, he said. profit of QR60 million in to the shareholders as an ad- the countries of the region representative offices in Leba- cent achievement, he said, All these achievements, he 2018, compared to QR42 mil- ditional dividend or will be via a land-maritime line, non and the UK. “The Group has completed said, resulted in the company lion in the previous year. transferred at the discretion including Jordan, Lebanon, “We will continue to focus the process of transferring posting impressive financial Total shareholders’ rights of the board of directors to Turkey and Syria. on these two promising mar- its Islamic subsidiary ‘Doha results in 2018. amounted to QR1.063 billion the next year or allocated for “The line will facilitate kets by launching innovative Takaful’ to a limited liability He said, “Premiums for compared to QR1.038 bil- the establishment of a cash the flow of goods from the products suited for our busi- company wholly owned by 2018 amounted to QR624 mil- lion in 2017, he said adding reserve for extraordinary con- countries of the region and ness model,” he said. the Group. The Group has re- lion compared to QR543 mil- earnings per share in 2018 sumption,” he said. reduce the time period,” he He the company will look structured the new company, lion in 2017, with a growth rate amounted to QR1.21 com- Earlier, during the meet- noted. for further expansion in the improved its performance of 15 percent. Net revenues for pared to QR0.84 in the previ- ing the shareholders approved He highlighted the role regional and international and increased the efficiency technical departments amount- ous last year. decision to distribute cash of the chamber in support- markets and enhance perfor- of its staff, enabling it to gain ed to QR69 million compared He said the Group has a dividend of QR0.8 per share. ing the national products, noting that local Qatari products were well received More than 250 industrial by consumers because of QCB governor attends GCC cbanks meeting in Muscat QUICK READ licenses were issued for their diversity and high the establishment of local quality that meet the in- factories during the period ternational standards with Qatar Exchange suitable prices. of the blockade, and the “The national products gains 58.72 points production process began was able to develop itself, QATAR Stock Exchange (QSE) in a record period relying on advanced tech- index gained 58.72 points nological methods, and to (0.59 percent) when the bourse QC Chairman Sheikh double its production to closed trading at 9,949.02 Khalifa bin Jassim al Thani keep pace with the domestic points on Monday. The volume demand.” of shares traded decreased to Sheikh Khalifa hailed 6.65 million from 6.92 mil- Sheikh Khalifa said that the recent decision to open lion and the value of shares more than 250 industrial freehold ownership to non- increased to QR273.52 million licenses were issued for the Qataris. He said, “The free- from QR133.14 million. From establishment of local fac- hold ownership and the per- the 49 companies listed on tories during the period of manent residence decisions QSE, shares of 45 saw trad- the blockade, and the pro- will have a direct impact on ing. From these, 31 gained, 14 duction process began in a foreign investment and are closed lower. Indices of five sec- record period. a key element in attracting tor ended in green zone and two He noted last year wit- investments.” sectors ended in the red. QSE nessed the establishment of He said Qatar’s non-oil Total Return Index increased about 17,000 new compa- sector, which is witnessing 0.59 percent to 18,256.66 nies in various sectors such a great development under points, QSE Al Rayan Islamic as trade, agriculture, ser- the policy of diversifying the Index added 0.34 percent to vices, transport and other country’s income sources, 3,971.18 points, while QSE All diversified industries. will continue to grow signifi- Qatar Central Bank Governor Sheikh Abdulla bin Saoud al Thani attended the 72nd meeting of the GCC Committee of Governors of Share Index added 0.77 percent “More than 150 large cantly in the coming period. Monetary Institutions and Central Banks, in Muscat on Monday. (TNN) to 3,060.33 points. (QNA) Economy & Business Tuesday, March 26, 2019 13 GWC offers free evaluation for consulting solutions to clients Qatar’s leading logistics provider offers warehouse development and operations optimisation works

Al Meera board of directors chairman Abdulla Abdulaziz al Subaie with other board members during the company’s ex- traordinary general assembly meeting in Doha on Sunday. Al Meera holds extraordinary general meeting

TRIBUNE NEWS NETWORK investors. DOHA The meeting agreed to consider and approve the AL Meera Consumer Goods split of the par value of the Company held its extraor- ordinary share to QR1 in- dinary general assembly stead of QR10, as per the meeting (EGM) in Doha on instructions of Qatar Finan- Sunday. cial Market Authority. The EGM also approved amendment of certain Arti- The meeting agreed to cles of Association (AOA), consider and approve the which included increasing split of the par value of the number of cash shares, the ordinary share to and the total number of QR1 instead of QR10 shares from 20 million to 200 million. The meeting approved The meeting was at- Qatar Stock Exchange’s re- tended by Al Meera board of quest to consider increasing GWC Consulting brings the best practices in logistics to ensure that the client’s warehouse is both efficient and cost-effective. directors chairman Abdulla the percentage of foreign Abdulaziz al Subaie, board ownership in the company’s TRIBUNE NEWS NETWORK posal of our clients, offering retail, health care, and muse- much recognition in the field: members, shareholders and capital to 49 percent. DOHA the same experience and in- ums amongst others. For these most recently, the company was novation that has made us the clients, the company designed named ‘Best Customs Broker- GWC (QPSC), Qatar’s lead- preferred logistics provider in and implemented solutions age Company’ for 2018 by the ing logistics provider, has an- the State of Qatar.” that assure over 99 percent General Authority of Customs; JPMorgan asks 300 employees to nounced a campaign offering Comprised of a team of in- on-time order fulfilment and and in 2018, the company was free warehouse evaluation as dustrial engineers, Six Sigma streamlined flow of products awarded ‘Digital Transforma- move if no Brexit deal: Source part of its consulting services professionals and consult- through the usage of LEAN tion Award’ by Microsoft for its LONDON: JPMorgan is asking around 300 staff in its London which offers warehouse devel- ing experts, GWC Consult- processes and technology, outstanding achievements in office to sign new contracts that will require them to move to opment and operations opti- ing brings the best practices which has resulted in practical- leading the company’s digital one of the bank’s other hubs in the European Union if there is misation solutions to clients. in logistics to ensure that the ly perfect inventory accuracy. transformation. a no-deal Brexit, according to a person familiar with the matter. GWC Consulting works to min- client’s warehouse is both ef- The company has also put The company achieved net This is part of JPMorgan’s plans to shift hundreds of staff if imise logistics costs, increase ficient and cost-effective. The Hamdan Abdulla Merchant plans in place that raise the profits of QAR 237.5 million in Britain leaves the EU without an exit deal so that it can con- visibility and offer better inven- solution assures a significant Director - Business Process level of warehousing opera- 2018, representing an increase tinue to offer clients in the bloc trading, advisory and banking tory control while maximising reduction of costs by collect- Improvement tions by reducing the actual of 10 percent in comparison services. The US investment bank is currently building up its the productivity and efficiency ing and analysing data from footprint required for stor- with QAR 215.4 million in net offices in Frankfurt, Paris and Luxembourg as part of its Brexit of warehouse operations. the client site, allowing for the over their inventory, thereby age through various advanced profits listed for 2017. Gross planning. Hamdan Abdulla Mer- drafting of a detailed CAPEX assuring business growth techniques and racking solu- revenues meanwhile reached A source said that JPMorgan staff in London asked to sign chant, GWC Director of Busi- and OPEX report. through improved practices. tions. The team has also re- QAR 1.232 billion at the end new contracts had already been consulted on the matter, and ness Process Improvement, The team then suggests GWC Consulting was de- fined distribution manage- of 2018 compared with QAR those who did not wish to move would not be made redundant. stated: “GWC has spent the changes to the client’s ware- veloped through the experi- ment operations, allowing 981.3 million in 2017. The re- The news was first reported by Bloomberg. past 15 years setting a stand- housing and distribution op- ence gained by the company their clients to manage mul- sult was an increase in EPS to Britain was due to leave the EU on March 29 but that was ard for local and international erations, offering conceptual in offering consultations for tiple deliveries through their QAR 4.04 at the end of 2018, delayed last week. (REUTERS) logistics, a standard we are and detailed designs that as- clients in a variety of industries dedicated assets. in comparison with QAR 3.68 now pleased to put at the dis- sure clients real-time visibility including oil and gas, aviation, The company has received at the end of 2017.

Nike fined $14 mn over soccer merchandising restrictions Inmarsat to go private in $3.4 bn buyout deal REUTERS Inter Milan, AS Roma and the Illegal practice dise such as mugs, bags, bed REUTERS Inmarsat shareholders The offer comprises cash BRUSSELS French Football Federation. sheets, stationery and toys. LONDON will get $7.21 cash, or 546 of $7.09 for each share plus a The European Union case Nike prevented many of its “Nike prevented many pence per share. Inmarsat’s previously agreed final divi- US sportswear maker Nike focused on Nike’s role as a licensees from selling these of its licensees from selling A private equity-led consor- shares were up 8.5 percent at dend of $0.12 per share, rep- was hit with a 12.5 million euro licensor for making and dis- branded products in a these branded products in a tium agreed to buy Inmarsat 549 pence by 0910 GMT, just resenting a nearly 45 percent ($14.14 million) fine on Mon- tributing licensed merchan- different country leading to different country leading to Plc for about $3.4 billion (£2.6 above the offer price. premium to Inmarsat’s close day for blocking cross-border dise featuring a soccer club’s less choice and higher prices billion) in cash after the Brit- A takeover of the company on February 27, a day before sales of soccer merchandise of brands and not its own trade- less choice and higher for consumers,” she said in a ish satellite operator last year could be closely scrutinised by media reports said EchoStar some of Europe’s best-known marks. prices for consumers statement. rebuffed a slightly lower bid the British authorities because was expected to renew its in- clubs, the latest EU sanction The sanction came after a EU Competition Commissioner Nike’s practices included from US rival EchoStar. of Inmarsat’s position as a terest in the company. against such restrictions. two-year investigation triggered clauses in contracts prohibit- The consortium includes strategic asset. Inmarsat is a long estab- The European Commis- by a sector inquiry into e-com- Margrethe Vestager ing out-of-territory sales by UK-based Apax Partners, US- The company was the first lished provider of commu- sion said Nike’s illegal prac- merce in the 28-country bloc. licensees and threats to end based Warburg Pincus and international satellite operator nication services to shipping tices occurred between 2004 The EU wants to boost online Vestager said Nike’s actions agreements if licensees ig- Canada Pension Plan Invest- to be privatised, and Apax was and sees a growing opportu- to 2017 and related to licensed trade and economic growth. deprived soccer fans in other nored the clauses. Its fine was ment Board (CPPIB) and On- part of the group that invested nity to supply in-flight broad- merchandise for FC Barcelona, European Competition countries of the opportunity cut by 40 percent after it coop- tario Teachers’ Pension Plan in 2003, before taking it public band services to commercial Manchester United, Juventus, Commissioner Margrethe to buy their clubs’ merchan- erated with the EU enforcer. Board. two years later. aircraft.

Turmoil at India’s oldest private carrier Jet Airways chairman steps down, banks take control SBI Chairman Rajnish Kumar told cue plan, including payments, in Airline’s founder exits in a bid to save the CNBC-TV18. Even as news of Goy- place by March 31. al’s departure led to a rally in Jet’s Goyal’s exit as chairman brings cash-strapped carrier from collapse shares, which ended the day 12.4 an end to an era during which he percent higher, analysts say there built Jet into one of India’s leading REUTERS likely to lead to potential investors is still a long road ahead. airlines with more than 120 planes, NEW DELHI/MUMBAI coming in to save India’s oldest The next steps, which include enviable landing slots and flights to private airline. Tata Sons, in No- the amount of equity capital being places such as Hong Kong, Dubai, JET Airways Chairman Naresh Go- vember, had been in talks to invest infused and the quality of the new Paris and London. yal will step down from the board in Jet but on the condition that Go- board, are more critical, said CAPA Goyal’s wife, Anita, with whom of the Indian carrier he founded yal would step down or take a less India CEO Kapil Kaul. “It is critical he set up the full-service carrier at a 25 years ago, the company said on prominent role. to have a world class board led by time when state-run Air India was Monday, as part of a rescue deal led Saving Jet is crucial for Indian a chairman with proven creden- the only real formidable opponent, by state-run banks to save the air- Prime Minister Narendra Modi as tials. Key strategic decisions are will also step down from the board. line from bankruptcy. he looks to avoid thousands of job required now,” Kaul said. “Today is indeed a sad day for Saddled with debt of more than losses ahead of a general election. (File photo) Chairman of Jet Airways, Naresh Goyal speaks during a press con- The banks have converted only Indian aviation,” said Ajay Singh, $1 billion, Jet has been on the brink His government urged state-run ference in New Delhi, India, on October 26, 2007. (EPA) 1 rupee ($0.0145) of their debt into chairman and managing director of collapse, and had to ground flights banks to rescue the airline without the stake of just over 50 percent. at rival SpiceJet, adding that Goyal as it struggled pay lenders, suppli- pushing it into bankruptcy, sources 15 billion rupees ($218 million) to As part of the bailout plan, That means the airline still needs and Anita made India proud by ers, pilots and leasing companies. have told Reuters. meet Jet’s obligations and form an lenders will start a bidding process to service all of its existing loans launching a “world class” airline. Banks have moved in to take Under the rescue plan, Jet’s interim management committee to to sell their stake in the airline to a and it owes millions of dollars to Singh said this is also a wake- control of the airline after Jet failed lenders, led by State Bank of India oversee operations, it added. new investor. leasing companies. It also needs up call for Indian policy mak- to convince investors, including (SBI), will take a controlling stake of Goyal’s 51 percent stake has Bids to buy a stake in Jet will to pay months’ worth of salaries ers. “We urgently need to address its largest shareholder Etihad Air- just over 50 percent, the airline said been halved to make room for the open on April 9 and close on April to pilots and other senior employ- structural challenges that make ways, to invest more money. in a stock exchange announcement. banks, according to reports by In- 30 with the expectation that a new ees. Pilots have threatened to go on India’s airlines uncompetitive to Goyal’s departure, however, is The banks will issue a loan of dian TV. investor will be in place by May 31, strike unless there is a robust res- airlines around the world,” he said. 14 Tuesday, March 26, 2019 Economy & Business

News in brief Boeing to brief on 737 MAX updates Goldman Sachs UK unit reports gender pay gap of 51% as Ethiopian backs aircraft maker LONDON: Goldman Sachs’s British business on average paid women 51 percent less than men per hour in 2018, the US investment bank said on Monday, down from 56 percent the year before. Over 200 global airline pilots, technical experts and regulators will be briefed this week on software, training updates The gap does not reflect the bank paying women at the same level differently from men, the bank said, but rather the REUTERS fact that fewer women hold the more senior roles that have ADDIS ABABA/SINGAPORE higher salaries and bonuses. The data were released as part of rules requiring firms to BOEING Co will brief more disclose regularly their gender pay gaps, and say what measures than 200 global airline pilots, they are putting in place to try and close the divide. (REUTERS) technical experts and regula- tors this week on software and training updates for its 737 Biogen announces $5 billion buyback MAX aircraft, as Ethiopian days after shelving Alzheimer’s trials Airlines expressed confidence in the planemaker despite a MASSACHUSETTS: Biogen Inc said on Monday it would buy recent crash. back shares worth $5 billion, days after its stock slumped Africa’s biggest carrier will on the drugmaker’s announcement to end two Alzheimer’s work with Boeing and other disease trials. airlines to make air travel saf- Biogen had lost more than $18 billion of its value last er, its chief executive, Tewolde week after the company and partner Eisai Co Ltd ended two Gebremariam, said, after reg- late-stage trials of their experimental Alzheimer’s disease ulators this month grounded treatment, aducanumab. the worldwide fleet of the air- Biogen shares, which lost 32.4 percent of their value craft following the crash that since the company’s announcement on Thursday to scrap the killed 157 people. trials, were up 1.5 percent before the opening bell on Monday. “Despite the tragedy, Boe- The share buyback is in addition to the approximately ing and Ethiopian Airlines will $1.7 billion remaining under the stock repurchase programme continue to be linked well into authorised by its board in August 2018, the company said in a the future,” Tewolde said in a regulatory filing bit.(REUTERS) statement on Monday. “Ethio- pian Airlines believes in Boe- ing. They have been a partner Autonomy founder Lynch inflated sales of ours for many years.” before Hewlett Packard deal Qatar Airways, one of the largest Middle East carriers, LONDON: British entrepreneur also threw its support behind Mike Lynch artificially inflated Boeing on Monday after two revenue at his Autonomy soft- crashes since last October ware company before selling raised safety concerns about An image of a Boeing 737 MAX 8 is pictured on the exterior of the Boeing Renton Factory in Renton, Washington, recently. (AFP) it to Hewlett Packard for $11 the 737 MAX. billion, the US firm’s lawyer told The airline will however de- the valuation of the company. day session. “clear similarities” between a London court on Monday. lay the April delivery of another The session in Renton, The meeting follows one on the two crashes, putting pres- HP is suing Autonomy MAX jet until the cause of the Washington is part of an effort Saturday in Renton attended sure on Boeing and US regu- founder Lynch, once hailed as Mike Lynch crash is known, Qatar Chief Ex- to reach all current, and many by teams from the three US air- lators to come up with an ad- Britain’s answer to Bill Gates, ecutive Akbar al-Baker. future, 737 MAX operators lines - American Airlines, Unit- equate fix. along with his former finance chief Sushovan Hussain for $5 “I am sure that the aircraft and their home regulators to Tough times ed and Southwest - to review No direct link has been billion after the 2011 deal went disastrously wrong for the will get back into the skies soon discuss software and training the planned software upgrade. proven between the crashes Silicon Valley group. and that Boeing will get to the updates to the jet, Boeing said Shares in Boeing have fallen Lion Air Managing Direc- but attention has focused on Lynch denies any wrongdoing and says HP’s mismanage- bottom of what happened and in a statement. 14 percent since the crash tor Daniel Putut said his air- whether pilots had the correct ment was responsible for the failure of the acquisition. if there is something technical A Boeing spokeswoman on March 10, wiping around line would send two people information about the “angle HP had bought big data firm Autonomy with the aim of wrong that they will find a fix said the meeting formed part $34 billion off the valuation on Wednesday, a pilot and an of attack” at which the wing making it the centerpiece of a plan to transform HP from a for it,” he said. of a series of in-person infor- of the company engineer. slices through the air. computer and printer maker into a software-focused enterprise The 737 MAX is Boeing’s mation sessions. The crash of an Indone- Wednesday’s meeting is services firm, a shift that rival IBM had already pulled off. best-selling plane, with orders “We have been scheduling, sian Lion Air flight last Octo- a sign that Boeing is nearing But a year later HP wrote down the value of Autonomy by worth more than $500 billion and will continue to arrange, Ethiopian’s Tewolde said ber killed 189 people and first completion on a planned soft- $8.8 billion, saying it had uncovered serious accounting im- at list prices. However, shares additional meetings to com- that many questions on the brought the safety of the 737 ware patch required to return proprieties. These have led it to pursue Britain’s biggest-ever in Boeing have fallen 14 percent municate with all current, and 737 MAX “remain without MAX into focus. the grounded MAX fleet to fraud trial against Lynch and Hussain. (REUTERS) since the crash on March 10, many future, MAX customers answers.”. The carrier is not Ethiopian and French in- service, though it will still need wiping around $34 billion off and operators,” she said. planning to be at the Wednes- vestigators have pointed to approval from regulators. Oil prices hit by worries of sharp economic slowdown REUTERS percent. the first time since 2007. net long of 308,606 lots ... the down materially across all Russia, together referred to as LONDON Both crude oil price bench- Historically, an inverted largest position since late Oc- major regions,” said US bank OPEC+, have pledged to with- marks closed down last week yield curve - where long-term tober,” ING said in a note. Morgan Stanley. hold around 1.2 million bar- OIL prices slipped on Monday, after briefly hitting their high- rates fall below short-term “A large gross long is a key But BNP Paribas strate- rels per day (bpd) of oil supply with concerns of a sharp eco- est since November 2018. ones - has signalled an up- downside risk for the market, gist Harry Tchilinguirian told this year to prop up markets, nomic slowdown overshadow- “Oil remains in a tug-of- coming recession, and world especially with growing con- the Reuters Global Oil Forum: with OPEC’s de-facto leader, ing support from tighter sup- war between fundamentals stocks hit a 12-day trough on Quick drop cerns over the economy.” Add- “Oil supply fundamentals re- Saudi Arabia, seen to be push- ply due to OPEC’s production and a fickle sentiment in the Monday. Brent crude oil futures were ing to concerns of a widespread main price-constructive with ing for a crude price of over cuts and US sanctions on Iran global financial markets,” said Bullish sentiment helped at $66.94 per barrel, down 9 global downturn, manufactur- OPEC+ collectively making $70 per barrel. and Venezuela. Vandana Hari of consultancy drive benchmarks to last ing output data from Germany, good progress on pledged Commerzbank noted de- Brent crude oil futures Vanda Insights. week’s highs, but that move cents or 0.13% at 1355 GMT, Europe’s biggest economy, supply cuts while involuntary clines in US crude stocks and were at $66.94 per barrel, Concerns about a potential could now leave them vulner- while US West Texas (WTI) shrank for the third straight supply losses in Iran remain expenditure by US shale firms down 9 cents or 0.13 percent US recession emerged on Fri- able to a correction. Intermediate futures were at month, though an improved sizeable and those in Ven- were also providing support. at 1355 GMT, while US West day after cautious remarks by “Speculators increased $58.73 per barrel, down 31 index on business climate there ezuela continue to mount.” “Oil market-specific re- Texas Intermediate (WTI) fu- the US Federal Reserve caused their net long in ICE Brent by cents, or 0.53% provided some cheer. The Organization of the Petro- ports, which point to tighter tures were at $58.73 per bar- 10-year treasury yields to slip 15,934 lots over the last report- “Estimates for growth and leum Exporting Countries and supply, are preventing prices rel, down 31 cents, or 0.53 below the three-month rate for ing week, to leave them with a earnings have been revised non-affiliated allies such as from falling any more sharply.”

Britain’s financial sector has gloomiest outlook since 2008 crisis, says survey Uber looks to pick up Careem in $3 bn deal

REUTERS firm PwC showed. US ride-hailing giant will pay $1.4 bn in cash LONDON The mounting gloom and $1.7 bn in convertible notes for Careem from banks, insurers, fund OPTIMISM about the busi- managers and other financial REUTERS Uber will pay $1.4 billion ness outlook among Britain’s firms comes as Prime Min- DUBAI in cash and $1.7 billion in con- financial services firms has ister Theresa May battles to vertible notes, which will be fallen at its fastest rate since get her twice-rejected with- UBER Technologies Inc is set convertible into Uber shares at the 2008 financial crisis amid drawal agreement with the to offer over $3 billion to buy a price equal to $55 per share, concerns about Britain’s exit EU through a bitterly divided Dubai-based rival Careem Bloomberg had earlier report- from the European Union, a parliament. Networks FZ, two sources ed, citing a term-sheet. survey showed on Monday. The investment manage- familiar with the deal told Careem declined comment ment industry saw the sharp- Reuters, in a deal that will while Uber did not immediate- est fall in growth, the CBI/ strengthen its operations in ly respond to a request from PwC survey said, as investors the Middle East. Reuters to comment. hold on to their cash in tur- The deal, which a third Careem was estimated to bulent markets, while insur- source said could be unveiled be valued at $2 billion as of ance brokers were the lone during the early part of this October. Brexit impact bright spot. week, comes ahead of Uber’s Uber has been seeking to “The alarm bells ringing planned initial public offer- expand as it faces global com- (File photo) A cell phone with the Uber transport technology app is seen inside a car with an Uber driver, in Business volumes among at the state of optimism in the ing that may value the firm at petition in its core ride-hailing Santiago, Chile. (REUTERS) the 84 top financial firms financial services sector have $120 billion. business that operates across polled have fallen at their now reached a deafening lev- Careem, founded in 2012, 70 countries. Rivlas include German car maker Daimler Uber’s business also in- fastest rate since el,” Rain Newton-Smith, CBI has a larger presence in the Lyft Inc. and China’s largest ride-hail- cludes bike and scooter rent- September 2012 chief economist said. Middle East, North Africa, Pa- Careem, which says it has ing company DiDi Chuxing. als, freight hauling and food Employment across kistan, and Turkey operating 33 million registered users, was An Uber-Careem merger It would be the second delivery. Uber’s revenue last financial services in the in 98 cities there compared to founded by Mudassir Sheikha underscores the huge major acquisition of a Mid- year was $11.3 billion, while Business volumes among country fell at the quickest Uber’s roughly 23 locations. and Magnus Olsson before be- potential of car-hailing in dle East technology company its gross bookings from rides the 84 top financial firms pace in four years, the poll “An Uber-Careem merger ing joined by Abdulla Elyas. the Middle East, but also after Amazon bought Souq in were $50 billion. But the polled have also fallen at showed, driven mainly by underscores the huge poten- Sheikha and Olsson 2017. Like Uber, Careem has company lost $3.3 billion, ex- their fastest rate since Sep- job cuts in the banking sec- tial of car-hailing in the Mid- worked together at McKin- the centrality of winning expanded beyond its core ride- cluding gains from the sale of tember 2012, the survey by tor as lenders slash branch dle East, but also the central- sey. Careem acquired delivery policy battles hailing business and last year its overseas business units in the Confederation of Brit- networks and shift jobs over- ity of winning policy battles,” services company Enwani, co- Sam Blatteis launched a delivery service. Russia and Southeast Asia. ish Industry and accounting seas to trim costs. said Sam Blatteis, CEO at The founded by Elyas, in 2014. It also offers digital payment Careem does not disclose it MENA Catalysts. Careem’s investors include CEO, The MENA Catalysts services. financials. www.guide.com.qa  Tuesday, March 26, 2019

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