Dubai-based port firm DP World reports $1.29 billion profit in 2018

DP World said its rose despite worldwide tensions over trade amid a trade war between China and the US and fears about Britain leaving the EU. (AFP)
Updated 14 March 2019
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Dubai-based port firm DP World reports $1.29 billion profit in 2018

  • Its revenue for the year was $5.6 billion, up from $4.7 billion the year prior

DUBAI: Global port operator DP World says its profit rose 10 percent in 2018 despite worldwide tensions over trade amid a trade war between China and the US and fears about Britain leaving the European Union.
The port operator on Thursday reported profits of around $1.29 billion, up from around $1.17 billion the year before.
Its revenue for the year was $5.6 billion, up from $4.7 billion the year prior. That’s a revenue increase of 19.8 percent for the port operator.
DP World has expanded aggressively into new markets, including into East Africa, where the Emirati government as well as begun building new military bases. In February, Al-Shabab militants shot and killed a Maltese man working for DP World in Somalia, saying the UAE firm “occupies” the area.


China bemoans US ‘bullying’ of Huawei

Updated 23 May 2019
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China bemoans US ‘bullying’ of Huawei

  • The trade spat between US and China escalated after President Donald Trump issued orders last week on grounds of national security
  • Trump’s move effectively bans US companies from supplying Huawei and affiliates with critical components

BEIJING: China’s foreign minister has slammed US moves against telecom giant Huawei as “economic bullying,” and warned that Beijing was ready to “fight to the very end” in its trade war with Washington.
The trade spat between the world’s top two economies escalated after President Donald Trump issued orders on grounds of national security last week that have prompted several foreign firms to distance themselves from Huawei.
“The US use of state power to arbitrarily exert pressure on a private Chinese company like Huawei is typical economic bullying,” Foreign Minister Wang Yi said Wednesday at a meeting in Kyrgyzstan of the Shanghai Cooperation Organization (SCO), a regional security group led by Beijing and Moscow.
Trump’s move effectively bans US companies from supplying Huawei and affiliates with critical components over activities the US says are contrary its national security or foreign policy interests.
Japan’s Panasonic announced on Thursday that it was cutting back business with Huawei in light of the US ban. A day earlier, mobile carriers in Japan and Britain said they would postpone the release of Huawei smartphones.
“Some people in the United States do not want China to enjoy the legitimate right to develop, and seek to impede its development process,” Wang said, according to a foreign ministry statement issued late Wednesday.
“This extremely presumptuous and egocentric American approach is not able to gain the approval and support of the international community.”
The two countries have yet to set a date to recommence trade negotiations after they resumed their tariffs battle earlier this month, with Trump raising punitive duties on $200 billion in Chinese goods and Beijing hiking those on $60 billion in American products.
Trump has accused China of reneging on its commitments in the trade negotiations. Beijing has countered that any deal needs to be balanced.
“It is impossible for us to sign or recognize an agreement that is unequal,” Wang said.
“If the United States is willing to negotiate on an equal footing, then on the Chinese side, the door is wide open. But if the United States opts for a policy of maximum pressure, then China will take them on and fight to the end,” he said.