Stuck bags add to tangles at Paris airports amid travel boom

Stuck bags add to tangles at Paris airports amid travel boom
Travelers arrive on foot at Roissy-Charles de Gaulle airport while airport workers demonstrate on Friday at Roissy airport, north of Paris. (AP)
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Updated 02 July 2022

Stuck bags add to tangles at Paris airports amid travel boom

Stuck bags add to tangles at Paris airports amid travel boom
  • Union activists said many more passengers flew without their bags
  • The scene at Charles de Gaulle on Saturday was busy but typical for the first weekend in July

PARIS: Airlines worked Saturday to deliver luggage to passengers around the world after a technical breakdown left at least 1,500 bags stuck at Paris’ Charles de Gaulle airport, the latest of several tangles hitting travelers this summer.
The airport’s baggage sorting system had a technical malfunction Friday that caused 15 flights to depart without luggage, leaving about 1,500 bags on the ground, according to the airport operating company. The airport handled about 1,300 flights overall Friday, the operator said.
Union activists said many more passengers flew without their bags, apparently because of knock-on effects from the original breakdown.
It came as airport workers are on strike at French airports to demand more hiring and more pay to keep up with high global inflation. Because of the strike, aviation authorities canceled 17 percent of flights out of the Paris airports Friday morning, and another 14 percent were canceled Saturday.
Passengers on canceled flights were alerted days ahead of their flights. The scene at Charles de Gaulle on Saturday was busy but typical for the first weekend in July, when France’s summer travel season kicks off.
Unions plan to continue striking Sunday but no flights have been canceled so far. They have threatened to renew the strike next weekend if negotiations with company management don’t succeed in finding a compromise.
Until now, French airports had been largely spared the chaos seen recently at airports in London, Amsterdam and some other European and US cities. Airlines and airports that slashed jobs during the depths of the COVID-19 crisis are struggling to keep up with soaring demand as travel resurges after two years of virus restrictions.


Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 
Updated 16 sec ago

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

RIYADH: Information technology services provider Saudi Arab Sea Information Systems Co. plans to open a new office in Egypt in order to address the rising demand for its systems.

Based in Riyadh, the company said in a bourse filing that the decision was approved by the company’s board of directors on Aug. 17.

It added that any developments will be announced in due course.

Most recently, Arab Sea reported weak earnings for the first half of 2022, turning into losses of SR5.5 million ($1.33 million) from SR4.4 million in profit a year earlier.

The results were attributed to a year-on-year revenue drop of 22 percent to SR17 million, in addition to higher costs from establishing its unit, Arab Sea Financial Co.


Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses
Updated 8 min 12 sec ago

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

RIYADH: Saudi Enaya Cooperative Insurance Co.’s board proposed a capital reduction of SR50 million ($13 million).

Upon the reduction, the company will increase its capital by SR130 million through a rights issue, bringing the company's capital to SR230 million, the company said in a bourse filing.

Enaya is reducing its capital to amortize its accumulated losses, it said.


Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit
Updated 15 min 59 sec ago

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

RIYADH: Saudi cable manufacturer Aslak has signed a deal with UAE’s A-1 Fence DMCC C0. to acquire a stake in its wholly owned unit based in Dammam.  

Formally known as United Wire Factories Co., the firm revealed in a bourse filing that it will acquire a 30 percent stake of the capital of A-1 Fence Arabia Co. for Industry.

The share purchase agreement is subject to approval from the Kingdom’s General Authority for Competition and relevant regulatory authorities.

This potential deal comes as Aslak aims to diversify its sources of income and maximize profitability through a pool of investments.


Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump
Updated 35 min 36 sec ago

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

RIYADH: Saudi cement producer, Umm Al-Qura Cement Co. has posted a 55 percent decline in net profit during the first half of 2022 owing to lower cement sales.

Profits in the first half dropped from SR49 million in the same period last year to SR22 million ($5.9 million), according to a bourse filing.

The company attributed the decline in net profit to a decrease in sales value and an increase in selling, marketing, and administrative expenses.

Its revenue declined 19 percent to SR125 million during the current period from SR154 million during the previous period.


TASI ends in red as investor mood sours over oil price shifts: Closing bell

TASI ends in red as investor mood sours over oil price shifts: Closing bell
Updated 46 min 3 sec ago

TASI ends in red as investor mood sours over oil price shifts: Closing bell

TASI ends in red as investor mood sours over oil price shifts: Closing bell

RIYADH: Saudi Arabia’s benchmark index ended the week’s final session lower after investors’ mood turned negative as oil prices fluctuated during the week.

TASI finished 0.20 percent lower at 12,621, while the parallel Nomu market finished 0.19 percent higher at 21,574.

The Kingdom’s largest valued bank, Al Rajhi, ended the session with a 1.68 percent gain, while the Saudi National Bank, the country's largest lender, ended with a 1.10 percent decline.

Saudi Aramco lost 0.75 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts' expectations.

Among the Kingdom's leading information technology firms, Elm climbed 6.08 percent to lead the gainers in the market, while Al Moammar shed 1.30 percent.

Abdullah Al Othaim Markets Co. slipped 4.25 percent, despite reporting a 31 percent increase in profits for the first half of the year to SR138 million.

Red Sea International Co. dropped 2.12 percent, after it secured financing from SABB worth SR35 million.

Taiba Investments Co. fell 0.82 percent, despite turning into a profit of SR55 million in the first half, wiping out losses of SR14.8 million from the same period last year.

Sadr Logistics Co. declined 0.95 percent, after it turned into losses of SR3 million during the first six months of 2022.

Saudi Arabian Mining Co., known as Ma’aden, ended the week’s session with a 1.11 percent gain.