Maersk to shift away from shipping

Updated 20 November 2012
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Maersk to shift away from shipping

COPENHAGEN: Danish conglomerate A.P. Moeller-Maersk will no longer invest heavily in Maersk Line, the world's biggest container ship operator, and will instead focus on its oil, drilling rigs and ports units, it said yesterday.
"We will move away from the shipping side of things and go towards the higher profit generators and more stable businesses," Chief Executive Nils Andersen told the Financial Times as he announced a major shift in strategy for Maersk.
Last year, Maersk Line posted a net loss of $ 540 million, while the oil division reported a profit of $ 2.1 billion, the drilling unit earned $ 495 million and ports made $ 649 million.
Maersk's container business has been affected by a slowdown in routes between Europe and Asia, where it has cut capacity this year amid a volatile outlook for the industry.
The group said earlier this month it expected global demand for seaborne containers to rise by 3.0 percent this year, which was lower than the 4.0 percent stated in the second quarter.
Maersk Line is the group's main subsidiary, which holds 16 percent of the global market share. It said it expects a "modest positive result" this year after freight rates rose in the second half of the year.



A.P. Moeller-Maersk more than tripled its net profit to 5.15 billion kroner (690 million euros, $ 880 million) in the third quarter, somewhat lower than what analysts had expected.


Al-Futtaim ACE hosts Eid celebration

Updated 18 June 2018
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Al-Futtaim ACE hosts Eid celebration

Al-Futtaim ACE in Dubai celebrated Eid with 25-75 percent off its 25,000 product lines available both in-store and online. Customers enjoyed exciting deals on a range of home, DIY, outdoor and garden products as well as on electronic goods.
A number of in-store activities, such as a henna artist, balloons, cotton candy, pop corn and face painting for kids, kept everyone entertained. The Al-Futtaim ACE Eid Extravaganza ran from June 14-17.
Customers also took advantage of the recently launched “Price Match Protection,” which matches prices of branded products available at Al-Futtaim ACE to prices for the exact same make, model and specifications of products in the market, including at online retailers.
Al-Futtaim ACE stores offer over 33,000 great products of world-class brands such as WILKO, Karcher, Black & Decker, Makita, Clark + Kensington, Weber, Gardena and Leisuregrow.