DP World first-half profit dips 2.1%

DP World said it posted a net profit attributable to owners of the company of $593 million in the first half of the year. (Reuters)
Updated 16 August 2018
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DP World first-half profit dips 2.1%

  • ‘The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market’
  • DP World recently won a 30-year concession for the management and development of a port project at Banana in the Democratic Republic of the Congo

DUBAI: DP World, one of the world’s biggest port operators, posted a 2.1 percent drop in first-half net profit on Thursday, and cautioned about geopolitical risks and recent changes to trade policies.
US President Donald Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries such as China.
“The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market,” said the company’s chairman and chief executive, Sultan Ahmed bin Sulayem.
“However, the robust financial performance of the first six months also leaves us well placed for 2018 and we expect to see increased contributions from our recent investments in the second half of the year,” he said in a statement.
Lower export orders and car sales are likely to slow world trade growth in the third quarter, the World Trade Organization said recently, as a global tariff crusade by Trump to protect American jobs begins to bite.
DP World said it posted a net profit attributable to owners of the company of $593 million in the first half of the year, compared to $606 million during the same period a year earlier.
Cash from operating activities was recorded at $979 million in the first half, slightly lower than $1.0 billion a year earlier.
The port operator said capital expenditure guidance for 2018 remains unchanged at up to $1.4 billion with investments planned in the United Arab Emirates, Posorja (Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London Gateway.
DP World recently won a 30-year concession for the management and development of a port project at Banana in the Democratic Republic of the Congo, which currently has no direct deep-sea port despite being Africa’s third-most populous country.


Spotify loses access to major Indian label

Updated 36 min 40 sec ago
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Spotify loses access to major Indian label

  • Saregama India Ltd. filed a petition with the Delhi High Court seeking an injunction against Spotify to stop it from using its songs
  • The move comes two months after Spotify launched in India, a price sensitive market already crowded by well-funded local players

BENGALURU: Music streaming service Spotify Technology SA said it will remove all songs belonging to one of India’s oldest record labels from its app after they failed to agree on licensing terms, months after the Swedish company’s launch in the country.
According to a court document, Saregama India Ltd. filed a petition with the Delhi High Court seeking an injunction against Spotify to stop it from using its songs.
The move comes two months after Spotify launched in India, a price sensitive market already crowded by well-funded local players like JioSaavn and Apple Music.
According to the court document dated April 23, Spotify’s senior counsel said the streaming service would remove all Saregama songs from its app within 10 days. Spotify said last month it had more than 1 million unique users in India across its free and premium categories within a week of its launch. The company offers a free version supported by ads and a premium ad-free variant that charges users 119 rupees ($1.68) per month.
Spotify declined to comment, while Saregama did not immediately respond to a Reuters request for comment.