THURSDAY, FEBRUARY 6, 2020 11

Vodafone takes 200-mn-euro hit Investcorp posts H1 net income of $48 million from 5G curbs London TDT | Manama $3.0 billion to $31.1 billion dur- ing the period. nvestcorp, a Bahrain-based On September 2, 2019 Invest- ritish telecoms giant asset manager, yesterday corp voluntarily relinquished its BVodafone revealed that announced its semi-annual We enter the second half of our fiscal year wholesale banking license to the it would cost about 200 mil- I facing increasing geopolitical and macro- fiscal year (H1 FY20) results for Central Bank of Bahrain. lion euros ($221 million) the six months ended December economic headwinds with a stronger and Commenting on the results, over five years to remove 31st, 2019. more diversified business, supported by a Mohammed Alardhi, Executive controversial Chinese group Despite a challenging mac- robust balance sheet and world-class talent. Chairman, said: “Our solid re- Huawei’s equipment from roeconomic backdrop and con- Our ambitious growth strategy to reach sults reinforce our confidence core 5G European activities. tinuous trade and geopolitical $50 billion in AUM over the medium term is in Investcorp’s organic and in- “We have now decided, tensions, the firm said it deliv- organic growth strategy. The as a result of the EU (rec- ered a net income of $48 mil- increasingly within reach. Looking ahead, we increase in AUM during the ommendations) and the UK lion for the period, down 17 per remain confident in our ability to build upon period was largely attributable government’s decision, to cent compared to $58 m for the our long track record of growth and value to organic initiatives, demon- take out Huawei equipment six months ended December 31, creation over time strating strong global demand from the core,” Vodafone 2018 (H1 FY19). MOHAMMED ALARDHI, EXECUTIVE CHAIRMAN for our offerings with investors CEO Nick Read said. The decrease was attributed seeking increased exposure to “It will take around five largely to fair value declines of alternative assets. We remain years to implement at a private equity investments in steadfast in our vision to provide cost of approximately 200 the US retail sector and a write our clients with the best invest- million euros,” he add- down on a legacy asset. than $58 m for the six months $0.65 for H1 FY20, down 12pc 18pc compared to $56 m in H1 ment solutions and products for ed, stressing that the cost Net income, excluding fair ended December 31, 2018. from $0.74 for H1 FY19. FY19. their needs across the world, would mostly apply to its value change of legacy invest- On a fully diluted basis, earn- Total comprehensive income The Firm’s assets under man- and constantly innovating to European activities outside ments, of $59 m is 2pc higher ings per ordinary share were for H1 FY20 was $46 m, down agement (AUM) increased by deliver new offerings.” of Britain.

India’s pollution regulator threatens Mumtalakat, British motorsport to shut 14 coal-fired power plants group, Prodrive join hands Bahrain to enter own team in the 2021 in the ME with Prodrive

“It has been a long-held am - Two rally will bition of mine and Prodrive to • compete in the Dakar Rally. To be manufactured and be able to do so with the King- operated annually dom of Bahrain’s sovereign by Prodrive wealth fund, Mumtalakat, and in , makes the pros- TDT | Manama pect even more special as the Middle East is where Prodrive started its motorsport journey ahrain Mumtalakat Hold- in 1984.” ing Company (Mumta- Jonny Bourne OBE, Prodrive Blakat), the sovereign International’s interim CEO, ex- wealth fund of Bahrain, an - plained, “As well as aiming to be Chimneys of a coal-fired power plant are pictures in New Delhi, India nounced a new joint venture competitive and innovative at with Prodrive, the British Bahrain sponsored the winning in this year’s inaugural Dakar Rally in the the Dakar Rally in its fabulous India’s Central Pollution Con- motorsport and engineering Middle East new Middle Eastern setting, Reuters | New Delhi trol Board’s (CPCB) Chair cited group. this joint venture also presents a host of alleged violations. The new company, Prodrive country’s capital, . With kits as accessories for clients. the opportunity to introduce ndia’s federal pollution reg- “Talwandi Sabo Power Ltd International, builds on Prod- the establishment of Prodrive Commenting on the part - to the Kingdom of Bahrain fur- Iulator has warned 14 coal- is hereby directed to show rive’s extensive experience in International, Bahrain will com- nership, Khalid Al Rumaihi, ther high technology industries, fired power plants that they cause as to why Units 1-3 of developing championship-win- pete in 2021 with its team. Mumtalakat CEO, said, “We’re which create employment, en- could be shut down and pe- the plant should not be closed ning race and rally cars and has The new Prodrive Interna- very proud of the Rally’s move hance local expertise and raise nalized for failing to comply in view of the non-compliance been established to design and tional car, specifically devel- to the region and in partnering the profile of Bahrain as a centre with environmental standards, and environmental compensa- manufacture cars to compete in oped for the Dakar Rally, will with Prodrive, we expand Bah- of technological excellence in according to documents re- tion be imposed for continuing the Dakar Rally in Saudi Arabia compete in the top-level T1 rain’s significant motorsport the Arabian Gulf.’ viewed by Reuters. non-compliace of the direc- from 2021. class. Two rally cars will be heritage, having established the Prodrive International has re- The power plants, nine of tions,” CPCB Chairman S.P Par- Bahrain sponsored the win- manufactured and operated an- Bahrain International Circuit to tained global sports marketing which are around India’s pol- ihar said in the letter. ning car in this year’s inaugural nually by Prodrive Internation- host in the Middle group, CSM Sport & Entertain- luted capital, New Delhi and Vedanta said it would re- Dakar Rally in the Middle East, al who will also produce other East for the first time in 2004.” ment, to develop marketing and five of which are in south In- spond to the letter with all which opened in , Saudi customer cars and offer a range David Richards CBE, Founder commercial partnerships for the dian states, account for over 7 relevant details and was com- Arabia and concluded in the of performance parts and body & Chairman of Prodrive added, new team. per cent of India’s coal-fired mitted to comply with envi- utility capacity. ronmental requirements. The Da- The multi-stage Between 2009 Rally cars race The plants have been given Indian utilities had already annual race would and 2019, the race one at a time, 15 days to respond to the no- won an extension on a Decem- kar Rally normally begin in was relocated to against the tices sent on January 31, the ber 2017 deadline for pow - was first Paris, France and end South America clock, across documents showed. er plants to meet emissions estab- in Dakar, Senegal, and opened in multiple Shutting the plants could standards, after extensive lob- KNOW WHAT lished in covering approximately Saudi Arabia for stages of the further dent India’s thermal bying by the industry. 1978 10,000sqkm over a the first time this intense off- coal imports, which fell for India’s power ministry has period of about 16 days. year. road terrain. three straight months between asked for another extension August and October, according for coal-fired power plants to the latest Indian govern- around New Delhi. ment data. Only one out of 11 plants India is the world’s second around New Delhi - which largest thermal coal importer had an end-2019 deadline - is behind China, and is a large complying with a law requir- Visa planning biggest changes to US export market for coal miners ing them to install equipment in Indonesia, South Africa and to cut emissions of lung dis- the United States. ease-causing sulphur oxides, swipe fees in a decade The move comes as New according to the Central Elec- Reuters Delhi and other Indian cit- tricity Authority. world’s largest payment pro- as real estate and education Visa said in the document. ies have been struggling with Four plants have awarded cessor will go up or down de- will see fees decline, the report Visa did not immediately re- some of the worst global air bids and six have not awarded isa Inc is planning the big- pending on the merchant and added. spond to a Reuters request for pollution levels. bids yet to retrofit the units. Vgest changes in a decade the way consumers pay for their “Based on the most recent re- comment. In one of the letters dated More than half of India’s to the rates US merchants pay purchases, the report said. view in the US, Visa is adjusting Interchange fees are what Jan. 31 to the general manager coal-fired power plants or- to accept its cards, Bloomberg Higher rates are looming for its default US interchange rate merchants pay to banks when of the Vedanta Ltd-operated dered to retrofit equipment to reported on Tuesday, citing a transactions on e-commerce structure to optimise accept- consumers use a credit or a deb- Talwandi Sabo Power plant in curb sulphur oxide emissions document Visa sent to banks. sites, while retailers in cer - ance and usage and reflect the it card to make a purchase from the northern state of Punjab, are set to miss deadlines. Interchange rates of the tain services categories such current value of Visa products,” their store.