Abu Dhabi’s Waha Capital parts ways with CEO

Mohamed Hussain al Nowais, who is also chairman and managing director of Tama Investment & Development LLC, has been appointed as managing director of Waha, the company said in a bourse filing. (Courtesy of Waha)
Updated 12 June 2019

Abu Dhabi’s Waha Capital parts ways with CEO

  • Mohamed Hussain Al-Nowais has been appointed managing director of Waha
  • Al-Nowais has held roles at the Abu Dhabi Investment Authority and JPMorgan in New York

ABU DHABI: Abu Dhabi-based Waha Capital has parted ways with CEO Michael Raynes and named one of its board members as managing director, as the investment firm charts a new growth strategy, the company said on Tuesday.
A new CEO is currently being finalized, Waha said.
Mohamed Hussain Al-Nowais, who is also chairman and managing director of Tama Investment & Development, has been appointed managing director of Waha, the company said in a bourse filing.
On Monday, Reuters cited sources as saying that Raynes had left the company after serving a little more than a year in the role.
Al-Nowais has held roles at the Abu Dhabi Investment Authority (ADIA) and JPMorgan in New York.
Waha Capital and UAE-based Gulf Capital have held exploratory discussions regarding a merger, sources told Reuters last month.
Waha’s portfolio of investments includes stakes in aviation leasing firm AerCap Holdings, a major Middle East and North African oil and gas services provider and industrial real estate.
The senior management shake up comes as Waha is coping with changes and challenging market conditions in a slowing economy.
Its share price has tumbled 51 percent so far this year, according to Refinitiv data.
The company reported a first quarter loss of 57.8 million dirhams ($15.7 million).


White House says Trump regrets not raising tariffs higher

US President Donald Trump arrives at the G7 summit in Biarritz, France, on Sunday. Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. (AP)
Updated 1 min 8 sec ago

White House says Trump regrets not raising tariffs higher

  • President’s comments appear at first to mark a rare moment of self-reflection by the US leader

TOKYO: President Donald Trump said Sunday that he had second thoughts about escalating the trade war with China, but the White House later reversed that message saying the president was misinterpreted and that his only regret in hiking tariffs is that he didn’t raise them higher. Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France. During a breakfast meeting with British Prime Minister Boris Johnson, Trump suggested he had qualms about the spiraling conflict. “Yeah. For sure,” Trump told reporters when asked if he has second thoughts about escalating the dispute, adding he has “second thoughts about everything.”
But hours later, White House press secretary Stephanie Grisham issued a statement saying Trump’s comments about US tariffs on China were “greatly misinterpreted.”
She said Trump only responded “in the affirmative — because he regrets not raising the tariffs higher.” The comments appeared at first to mark a rare moment of self-reflection by the famously hard-nosed leader. But the later reversal fit a pattern for Trump in recoiling from statements he believes suggest weakness.

HIGHLIGHTS

• President Donald Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France.

• White House said comments about US tariffs on China were ‘greatly misinterpreted.’

Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. Trump’s counterparts, including Johnson, are trying to convince him to back off his trade wars with China and other countries, which they see as contributing to the economic weakening.

US-Japan agreement
Trump and Japan’s Prime Minister Shinzo Abe announced on Sunday a deal in principle on a major bilateral trade deal.
“It’s a very big transaction,” Trump said after talks with Abe on the sidelines of the G7 summit.
“Billions and billions of dollars,” he said. “It involves agriculture, it involves e-commerce. It involves many things. We’ve agreed in principle.”

Amazon fires
Also on Sunday, French President Emmanuel Macron said that world leaders at the G7 summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rainforest as soon as possible.
“We are all agreed on helping those countries which have been hit by the fires as fast as possible,” he told journalists.