Qatar sovereign wealth fund cuts stake in Tiffany & Co

A clock is placed in front of a store of U.S. jeweller Tiffany at the Bahnhofstrasse shopping street in Zurich December 23, 2013. (REUTERS)
Updated 14 September 2017

Qatar sovereign wealth fund cuts stake in Tiffany & Co

DUBAI: Qatar’s sovereign wealth fund Qatar Investment Authority has reduced its stake in upscale jeweller Tiffany & Co. as it rebalances its asset portfolio, according to Morgan Stanley, which managed the deal.
QIA sold 4.4 million shares in the jeweller through a block sale completed on Thursday, Morgan Stanley said in a statement, reducing QIA’s stake to 9.5 percent from 13 percent, according to Thomson Reuters data.
QIA has also recently cut its stakes in Russian energy giant Rosneft and Swiss bank Credit Suisse.
Market sources said the Tiffany share sale was valued at around $415 million.
Morgan Stanley did not give the value of the Tiffany share sale, or who bought the shares but said QIA had agreed to a 90-day lock-up.
“QIA has been a shareholder in Tiffany for over five years, and this transaction forms part of the portfolio rebalancing actions undertaken by QIA from time to time,” Morgan Stanley said.
The sale comes after QIA and Glencore agreed this month to sell part of their stakes in Rosneft.
QIA’s stake in Swiss bank Credit Suisse, one of its most prominent foreign investments, has also fallen, Reuters reported last month.
QIA has denied investor speculation it is having to cut back on overseas assets because Qatar’s economy is slowing. Last month it said it would soon announce new international investments.
Qatar’s economy has been under pressure since June 5 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha, accusing it of backing terrorism, a charge which Doha denies.
QIA has substantial cash reserves, estimated at around $300 billion, but some economists have speculated it might be called upon to support the economy.
Qatar’s government deposited billions of dollars into the banking system in June and July to help offset a pull-out of funds by banks from other Arab states due to the diplomatic crisis.


Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich

Updated 14 October 2019

Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich

  • Additional calls for strikes at the group’s five airlines are possible at any time

BERLIN: German flight attendants’ union UFO is calling for a five-hour strike on Sunday at German flag carrier Lufthansa, UFO said on Monday, in an escalating row over workers’ pay.
Flight attendants and pursers at Lufthansa’s largest hubs, Frankfurt and Munich, have been called upon to take part in the walkout, which is scheduled from 0400-0900 GMT, UFO deputy chief Daniel Flohr said in a video message released on YouTube.
Additional calls for strikes at the group’s five airlines are possible at any time and the union will discuss unlimited walkouts next week, Flohr added.
He said UFO was demanding from Lufthansa’s namesake airline a 1.8 percent pay increase over a half-year period.
At other airlines of the German group, the union is in conflict over issues including pay as well as part-time work and pension plans, Flohr said.