Emirates founding CEO Sir Maurice Flanagan dies at 86 | GulfNews.com:
"Sir Maurice Flanagan, the founding CEO of Emirates and former executive vice-chairman of the airline, has died at the age of 86 on Thursday, his family told Gulf News.
Born in 1928 in Leigh, Lancashire, Flanagan attended initially the now defunct Leigh Boys Grammar School, but transferred later to Lymm Grammar School, and then Liverpool University.
Shaikh Ahmad Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The Emirates Group, and Dubai, has lost a great friend today. Maurice was a man of great character, and a legend in the aviation industry. He was generous with his time, forthright in his views, and a person who gave 110 per cent to everything he did. It was a great personal pleasure and privilege to have worked with him. On behalf of all Emirates Group staff, I express our condolences to his wife Audrey, his son Julian, and his daughters Siobhan and Claire. His contributions to dnata, Emirates, and Dubai, will always be remembered.”"
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Thursday 7 May 2015
MIDEAST STOCKS-Markets slip after Yemen urges ground operation | Reuters
MIDEAST STOCKS-Markets slip after Yemen urges ground operation | Reuters:
"Middle East stock markets edged down on Thursday after Yemen's government called for military intervention on the ground, a move that could further escalate the conflict in which Gulf nations and Egypt are involved.
Yemen urged the international community "to quickly intervene by land forces to save" the country, specifically in the cities of Aden and Taiz, according to a letter sent to the United Nations Security Council on Wednesday.
The letter from Yemen's U.N. Ambassador Khaled Alyemany, seen by Reuters, could provide legal cover for ground intervention."
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"Middle East stock markets edged down on Thursday after Yemen's government called for military intervention on the ground, a move that could further escalate the conflict in which Gulf nations and Egypt are involved.
Yemen urged the international community "to quickly intervene by land forces to save" the country, specifically in the cities of Aden and Taiz, according to a letter sent to the United Nations Security Council on Wednesday.
The letter from Yemen's U.N. Ambassador Khaled Alyemany, seen by Reuters, could provide legal cover for ground intervention."
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Emirates annual profit rises 40 per cent to Dh4.6 billion | The National
Emirates annual profit rises 40 per cent to Dh4.6 billion | The National:
"The Dubai carrier Emirates on Thursday reported a 40 per cent jump in annual net profit aided by savings from lower oil prices.
The airline, one of the world’s largest carriers of international passengers, posted a profit of Dh4.6 billion for the financial year to March 31, chairman and chief executive Sheikh Ahmed bin Saeed told a news conference.
Sheikh Ahmed said lower oil prices had saved the airline around Dh2bn during the financial year.
The world’s biggest customer of the Airbus A380 superjumbo said profit for the wider Emirates Group, which includes airline services arm Dnata, rose 34 per cent to Dh5.5bn."
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"The Dubai carrier Emirates on Thursday reported a 40 per cent jump in annual net profit aided by savings from lower oil prices.
The airline, one of the world’s largest carriers of international passengers, posted a profit of Dh4.6 billion for the financial year to March 31, chairman and chief executive Sheikh Ahmed bin Saeed told a news conference.
Sheikh Ahmed said lower oil prices had saved the airline around Dh2bn during the financial year.
The world’s biggest customer of the Airbus A380 superjumbo said profit for the wider Emirates Group, which includes airline services arm Dnata, rose 34 per cent to Dh5.5bn."
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US carriers ‘won’t stop us’, Ahmad says | GulfNews.com
US carriers ‘won’t stop us’, Ahmad says | GulfNews.com:
"Lobbying efforts by the three largest US carriers to restrict the growth of Emirates, the world’s largest airline by international seating capacity, will not work, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, said on Thursday.
US airlines — Delta, American and United — are calling on the US government to rethink open skies with the UAE and Qatar over claims that Emirates, Etihad Airways and Qatar Airways are benefiting from state subsidies.
“That will not stop us,” Shaikh Ahmad said a press conference in Dubai announcing Emirates Group’s latest financial results. “I always say the noise coming from the airlines will never stop the Gulf carriers, especially Emirates,” he said."
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"Lobbying efforts by the three largest US carriers to restrict the growth of Emirates, the world’s largest airline by international seating capacity, will not work, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, said on Thursday.
US airlines — Delta, American and United — are calling on the US government to rethink open skies with the UAE and Qatar over claims that Emirates, Etihad Airways and Qatar Airways are benefiting from state subsidies.
“That will not stop us,” Shaikh Ahmad said a press conference in Dubai announcing Emirates Group’s latest financial results. “I always say the noise coming from the airlines will never stop the Gulf carriers, especially Emirates,” he said."
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Mark Mobius’s Reign as King of Emerging-Market Stocks Nears End? - Bloomberg Business
Mark Mobius’s Reign as King of Emerging-Market Stocks Nears End? - Bloomberg Business:
"For a quarter of a century the name Mark Mobius has been synonymous with investing in developing markets. A bald, energetic, New York native who often dresses in white suits, Mobius is constantly tweeting and appearing on television from St. Petersburg to São Paulo encouraging investors to put money into fast-growing developing economies. A Mark Mobius comic book published in Asia in 2007 chronicled his globe-trotting exploits. (Really.) In the U.S. he was voted by his peers onto a list of the top 10 investors of the 20th century, putting him alongside Warren Buffett, Julian Robertson, and George Soros. What Bill Gross was to bonds, Mobius was to emerging markets: the King.
His reign may be coming to an end. Like Gross, Mobius, 78, has posted mediocre numbers in recent years and seen investors depart. While they still make money, 11 of the 13 largest funds that Mobius oversees at Franklin Templeton Investments have underperformed their benchmarks over the past five years. At his zenith in 2011, Mobius oversaw $39 billion. Today that figure is down to $26 billion. And in December, his flagship Asian Growth Fund lost its long-held position as the region’s largest to First State Investments’ Asia Pacific Leaders Fund. “He’s one of the few well-known managers in emerging markets,” says Todd Rosenbluth, director of mutual fund and ETF research at S&P Capital IQ. “Unfortunately, the track record is below average. Investors are more frustrated.”
In an e-mail, Mobius said his strategy of investing in undervalued stocks can falter in “sentiment-driven” environments, where investors focus more on the overall economic picture than on company fundamentals. “As value investors, we have to have the patience and conviction to weather sometimes long periods of volatility,” Mobius wrote. “We go into markets when others are fleeing, and while some of our fund performance has struggled at certain points in time, we believe that with our contrarian approach, our shareholders will be rewarded in the long term.”"
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"For a quarter of a century the name Mark Mobius has been synonymous with investing in developing markets. A bald, energetic, New York native who often dresses in white suits, Mobius is constantly tweeting and appearing on television from St. Petersburg to São Paulo encouraging investors to put money into fast-growing developing economies. A Mark Mobius comic book published in Asia in 2007 chronicled his globe-trotting exploits. (Really.) In the U.S. he was voted by his peers onto a list of the top 10 investors of the 20th century, putting him alongside Warren Buffett, Julian Robertson, and George Soros. What Bill Gross was to bonds, Mobius was to emerging markets: the King.
His reign may be coming to an end. Like Gross, Mobius, 78, has posted mediocre numbers in recent years and seen investors depart. While they still make money, 11 of the 13 largest funds that Mobius oversees at Franklin Templeton Investments have underperformed their benchmarks over the past five years. At his zenith in 2011, Mobius oversaw $39 billion. Today that figure is down to $26 billion. And in December, his flagship Asian Growth Fund lost its long-held position as the region’s largest to First State Investments’ Asia Pacific Leaders Fund. “He’s one of the few well-known managers in emerging markets,” says Todd Rosenbluth, director of mutual fund and ETF research at S&P Capital IQ. “Unfortunately, the track record is below average. Investors are more frustrated.”
In an e-mail, Mobius said his strategy of investing in undervalued stocks can falter in “sentiment-driven” environments, where investors focus more on the overall economic picture than on company fundamentals. “As value investors, we have to have the patience and conviction to weather sometimes long periods of volatility,” Mobius wrote. “We go into markets when others are fleeing, and while some of our fund performance has struggled at certain points in time, we believe that with our contrarian approach, our shareholders will be rewarded in the long term.”"
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There’s One Part of the World Where the Oil Industry Is Booming - Bloomberg Business
There’s One Part of the World Where the Oil Industry Is Booming - Bloomberg Business:
"As the oil industry tightens its belt after the worst price slump in a generation, the state-owned giants of the Middle East are taking the opposite tack.
Saudi Arabian Oil Co., Abu Dhabi National Oil Co. and Kuwait Petroleum Corp. are using a record number of drilling rigs and boosting production, a contrast to international companies from Exxon Mobil Corp. to Royal Dutch Shell Plc, which are shelving projects and slashing costs.
“While oil companies around the world are cutting capital and downsizing their investment programs, Saudi Aramco continues to take a long-term view,” Chairman Khalid Al-Falih said during a March trip to China."
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"As the oil industry tightens its belt after the worst price slump in a generation, the state-owned giants of the Middle East are taking the opposite tack.
Saudi Arabian Oil Co., Abu Dhabi National Oil Co. and Kuwait Petroleum Corp. are using a record number of drilling rigs and boosting production, a contrast to international companies from Exxon Mobil Corp. to Royal Dutch Shell Plc, which are shelving projects and slashing costs.
“While oil companies around the world are cutting capital and downsizing their investment programs, Saudi Aramco continues to take a long-term view,” Chairman Khalid Al-Falih said during a March trip to China."
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UPDATE 2-MIDEAST STOCKS-Saudi slips as Yemen urges ground intervention; Egypt up | Reuters
UPDATE 2-MIDEAST STOCKS-Saudi slips as Yemen urges ground intervention; Egypt up | Reuters:
"Saudi Arabia's stock market edged down in early trade on Thursday after Yemen's government called for military intervention on the ground, a move that could further escalate the conflict in which Riyadh plays a leading role.
Yemen urged the international community "to quickly intervene by land forces to save" the country, specifically in the cities of Aden and Taiz, according to a letter sent to the United Nations Security Council on Wednesday.
Saudi Arabia's index fell 0.6 percent as most stocks declined, including blue chips Saudi Telecom and Saudi Basic Industries, down 1.6 and 0.8 percent respectively."
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"Saudi Arabia's stock market edged down in early trade on Thursday after Yemen's government called for military intervention on the ground, a move that could further escalate the conflict in which Riyadh plays a leading role.
Yemen urged the international community "to quickly intervene by land forces to save" the country, specifically in the cities of Aden and Taiz, according to a letter sent to the United Nations Security Council on Wednesday.
Saudi Arabia's index fell 0.6 percent as most stocks declined, including blue chips Saudi Telecom and Saudi Basic Industries, down 1.6 and 0.8 percent respectively."
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