Lufthansa cancels over 1,000 flights due to ground staff walkout

Lufthansa cancels over 1,000 flights due to ground staff walkout
Strikes and staff shortages have already forced airlines including Lufthansa to cancel thousands of flights. (AFP)
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Updated 26 July 2022

Lufthansa cancels over 1,000 flights due to ground staff walkout

Lufthansa cancels over 1,000 flights due to ground staff walkout
  • Strikes and staff shortages have already forced airlines including Lufthansa to cancel thousands of flights

BERLIN: Deutsche Lufthansa said it was canceling more than 1,000 flights ahead of a one-day walkout by ground staff scheduled for Wednesday, just as families across Germany head off on their summer holidays.
Strikes and staff shortages have already forced airlines including Lufthansa to cancel thousands of flights and caused hours-long queues at major airports, frustrating holidaymakers keen to travel after COVID-19 related lockdowns.
Germany’s flagship carrier has canceled 678 flights at its Frankfurt hub, most of which were scheduled for Wednesday, and 345 flights at Munich, Lufthansa said on Tuesday.
More than 130,000 passengers are affected, Lufthansa said, adding that there could be a few more cancelations and delays on Thursday and Friday, after the end of the strike called by labor union Verdi in pursuit of a 9.5 percent pay claim.


TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell
Updated 11 sec ago

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

RIYADH: Saudi Arabia’s benchmark index settled flat on Tuesday’s trading session, as investors scramble to assess the impact of declining energy prices and higher inflation on the index

The Tadawul All Share Index ended the session flat at 12,545, while the parallel market, Nomu, edged 0.34 percent lower to finish at 22,034.

In the energy market, Brent crude reached $95.55 a barrel, while US West Texas Intermediate declined to $90.14 a barrel, as of 3:24 p.m. Saudi time.

The country’s biggest lender Saudi National Bank increased 0.55 percent, while the Saudi British Bank decreased 0.35 percent.

Saudi Aramco lost 1.61 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.

Dallah Healthcare Co. edged up 0.85 percent, after posting a 52 percent gain in profit during the first half of 2022, reaching SR152 million.

KEIR International fell 1.92 percent, after it partnered with US-based Quadratics Development to deploy its eco-friendly building system and technology in Saudi Arabia

Qassim Cement Co. dropped 2.45 percent, after reporting a 73 percent decline in first-half profits to SR54 million.

Al-Etihad Cooperative Insurance Co. shed 1.45 percent after its profits dropped 93 percent to SR2 million in the first half.

Abo Moati for Bookstores Co. rose 0.68 percent, following a 125 percent profit surge to SR4.3 million for the second quarter of 2022.

The Saudi Industrial Development Co. edged down 1.23 percent, after its losses widened by 88 percent to SR11 million during the first half.

Al Kathiri Holding Co. declined 2.71 percent, after it turned into losses of SR5.5 million in the first half of 2022.

 


Uber appoints regional general manager for Middle East and Africa

Uber appoints regional general manager for Middle East and Africa
Updated 42 min 37 sec ago

Uber appoints regional general manager for Middle East and Africa

Uber appoints regional general manager for Middle East and Africa

RIYADH: Uber has appointed Frans Hiemstra as the new regional general manager for the Middle East and Africa region.

Based in Dubai, Frans will hold the responsibility to lead the next phase of growth for Uber’s ride-sharing business across the region, which spans 15 countries, according to a statement.

He will aid in identifying areas of growth, lay down regional priorities, and drive operational excellence to fuel the Uber business, it added. 

Having been with Uber since 2015, most recently Hiemstra was the general manager of the Sub-Saharan Africa region. 

“I’m honored to be tasked with leading the Middle East & Africa region as we focus our efforts on growing our shared mobility business, committing to our sustainability goals, and creating more earnings opportunities for drivers and couriers who use the Uber app,” Hiemstra said.


UAE In-Focus: Peninsula acquires 17 leased warehouse buildings; Dubai sees rental growth

UAE In-Focus: Peninsula acquires 17 leased warehouse buildings; Dubai sees rental growth
Updated 16 August 2022

UAE In-Focus: Peninsula acquires 17 leased warehouse buildings; Dubai sees rental growth

UAE In-Focus: Peninsula acquires 17 leased warehouse buildings; Dubai sees rental growth

DUBAI: Peninsula Real Estate Management Limited has acquired 17 leased warehouse buildings at the AL MARKAZ Industrial Development from Waha Capital, through its wholly owned subsidiary, Waha Land, for 555 million dirhams ($151 million), according to a statement.

AL MARKAZ is a mixed-use industrial development developed by Waha Land in Al Dhafra, 35 km west of Abu Dhabi. It features Grade “A” industrial and logistic facilities and first-class infrastructure, the statement said.

Under the terms of the agreement, the two parties are expected to close the all-cash deal by the end of 2022.

Peninsula CEO James Gallon said in a statement: “This acquisition is one of a number of transactions that Peninsula will be announcing in the months ahead, as we continue to build a portfolio with diversified and highly visible cash flows.”

Along with the five plots that make up 362,000 sq. m, Peninsula has also agreed to purchase an additional 136,000 sq. m of industrial properties currently under development by Waha Land, with leasing expected to begin in the third quarter of 2023 after construction is completed.

Waha Land will continue to develop its remaining land bank assets following the sale. AL MARKAZ’s land and built assets will also continue to be developed, leased, and monetized through Waha Land’s comprehensive asset development and management capabilities.

Aleph Hospitality enters Congo and creates job opportunities

Dubai-based Aleph Hospitality signed a management contract with Congo-based Sokerico Group to operate Kertel Suites in Kinshasa, according to a statement.

The boutique property is set to open in the first quarter of 2023, setting a new benchmark for the hospitality sector in Kinshasa. Across eight African countries, Aleph Hospitality now operates 12 properties, the statement said.

Founder and Managing Director of Aleph Hospitality, Bani Haddad, said: “It’s an interesting time to secure a presence in the heart of Africa, as the Democratic Republic of the Congo is currently investing in the hospitality sector, restoring historical sites and strengthening sustainability within their ecosystem.”

According to Ritesh Hemnani and Kenny Rawtani, owners of Sokerico Group and developers of the project, Kertel Suites will create vast employment opportunities for Congolese residents as part of Aleph’s rapidly growing hospitality group.

Dubai’s rental growth, highest level since May 2014: CBRE 

CBRE’s August 2022 Dubai Residential Market Snapshot shows that Dubai’s residential market recorded 6,524 transactions in July 2022, up 58 percent.

Off-plan sales increased by 59 percent and secondary market sales by 57.1 percent during this period. While the total volume of transactions reached 45,793, a record high since 2009, the report said.

In the year to July 2022, the average price increased by 9.9 percent. During this period, average apartment prices increased by 8.7 percent and average villa prices increased by 17.8 percent, the report added.

In July 2022, the average apartment price in Dubai was 1,114 dirhams ($303) per square foot, while the average villa price was 1,335 dirhams per square foot.

In comparison to late 2014 highs, these rates per square foot are 25.1 percent and 7.6 percent lower, respectively.


China In-Focus — Stocks end lower; Toyota suspends operations at Sichuan plant

China In-Focus — Stocks end lower; Toyota suspends operations at Sichuan plant
Updated 16 August 2022

China In-Focus — Stocks end lower; Toyota suspends operations at Sichuan plant

China In-Focus — Stocks end lower; Toyota suspends operations at Sichuan plant

RIYADH: China’s blue-chip index edged lower on Tuesday on worries about COVID-19 flare-ups and slowing economic growth, although property stocks jumped on news of policy support.

The blue-chip CSI300 index fell 0.2 percent, while the Shanghai Composite Index .SSEC gained 0.1 percent.

The Hang Seng index fell 1.1 percent, while the China Enterprises Index lost 1.3 percent.

Toyota suspends operations

Toyota Motor Corp. suspended operations at its Sichuan plant in China because of a power shortage, the Kyodo News reported on Tuesday.

The local authority has ordered the automaker to suspend operations, the report said.

Tsingshan mulls selling Indonesian assets 

China’s stainless steel and nickel giant, Tsingshan Holding Group is considering selling some of its assets in Indonesia to China Baowu Steel Group, the world’s top steel producer, sources said.

Tsingshan has in recent years been investing heavily in Indonesia, turning the nickel-rich Southeast Asian nation into a hub of stainless steel and nickel production, and a possible top supplier of electric vehicle battery chemicals.

“(It’s) still under discussion,” a Tsingshan official said, referring to the possible sale, without elaborating.

Two other sources at Baowu confirmed the talks, with one saying that the acquisition would be part of the Chinese state-controlled steel firm’s long-term goal to expand in the stainless steel sector, especially in Southeast Asia.

It would also be in Baowu’s interests to expand into nickel, most of which is used in making stainless steel.

“Our layout in the nickel industry is quite limited, and it is now too late to buy resources and invest a large amount of money to build factories,” said a second source at Baowu.

 

(With input from Reuters) 

 


Crypto Moves – Bitcoin and Ethereum fall; 10X SPAC and Prime Blockchain complete $1.25bn merger deal

Crypto Moves – Bitcoin and Ethereum fall; 10X SPAC and Prime Blockchain complete $1.25bn merger deal
Updated 16 August 2022

Crypto Moves – Bitcoin and Ethereum fall; 10X SPAC and Prime Blockchain complete $1.25bn merger deal

Crypto Moves – Bitcoin and Ethereum fall; 10X SPAC and Prime Blockchain complete $1.25bn merger deal

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Tuesday, falling by 3.44 percent to $24,008 as of 7:57 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,874 falling by 5.51 percent, according to data from Coindesk.

10X SPAC and Prime Blockchain complete $1.25bn merger deal

Prime Blockchain and blank-check vehicle 10X Capital Venture Acquisition Corp. II have ended their $1.25 billion merger deal, Reuters reported.

It demonstrates waning enthusiasm for special purpose acquisition companies that were startups’ preferred route to initial public offerings.

As a result of sky-high inflation and recession fears this year, several companies have canceled their SPAC mergers, which were announced in April.

Despite some hope last week, analysts have cautioned against over-optimism, arguing that before slowing rate hikes, the Federal Reserve will seek more solid evidence that inflation is declining.

Hodlnaut seeks judicial management for reorganization

As part of its efforts to restructure its business, Hodlnaut, a Singapore-based crypto currency lender and borrower, filed an application to be placed under judicial management on Tuesday, Reuters said.

In a petition filed with the Singapore High Court, the crypto company said it suspended withdrawals, swaps, and deposits last week.

The collapse of two paired tokens, Luna and TerraUSD, in May sparked a selloff in crypto assets.

Dragonfly Ventures buys hedge fund and rebrands

Venture capital firm Dragonfly announced it acquired cryptocurrency fund MetaStable Capital and rebranded, according to Bloomberg.

Haseeb Qureshi, the managing partner at Dragonfly, said the acquisition coincides with consolidation in the digital asset industry, Bloomberg added.

The terms of the deal were not disclosed. Under a new logo, Bloomberg said that Dragonfly has dropped “Capital” from its name.

Qureshi, a former partner at MetaStable, said in a Telegram message: “The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market.”

“We’re the opposite: we’re going deeper, and committing to our crypto-native roots,” he added.

With tightening monetary policy, the crypto market suffered a painful rout resulting in spectacular leveraged losses., Bloomberg added. This shakeout is resulting in a rise in mergers and acquisitions.

Leon Li, the founder of crypto exchange Huobi, is interested in selling his majority stake. Crypto.com, a digital currency platform, also announced acquisitions in South Korea recently.

As of July 31, MetaStable had over $400 million in assets under management, co-founded by Naval Ravikant, according to Bloomberg. Many well-known digital-asset projects, such as Ethereum, were invested in by the fund early on. Venture capital firms including Andreessen Horowitz, Sequoia, Union Square Ventures, and Founders Fund backed the company.

“Dragonfly has grown a lot since it launched, and so has the crypto industry," Qureshi said.

He added: “The traditional VCs will be back eventually, but the space will have moved on even further by then, and so will we.” 

According to public records, Dragonfly manages regulatory assets worth more than $3 billion, said Bloomberg. In a statement, general partner Tom Schmidt said the new brand represents the firm’s “cyberpunk, hacker-first roots.”

(With inputs from Reuters)