Etihad unveils new corporate structure to drive renewed growth - The National:
Etihad Aviation Group, the owner of Abu Dhabi’s state carrier Etihad Airways, unveiled a new corporate structure on Tuesday, including a revised operating model and several senior management appointments, as part of a strategic review to position the company for future growth.
Under the plans, Tony Douglas, group chief executive of Etihad Aviation Group, takes over responsibility for Etihad Airways from chief executive Peter Baumgartner, who was moved to a new role as senior strategic adviser to Mr Douglas.
Tuesday 3 July 2018
Etihad will forge more codeshares to return to profitability, group CEO says - The National
Etihad will forge more codeshares to return to profitability, group CEO says - The National:
The UAE national airline Etihad Airways plans to forge new codeshare partnerships with airlines around the world as it continues an operational review to narrow losses in 2018 and bring the carrier back to profitability and sustainable growth, Etihad Aviation Group’s global chief executive, Tony Douglas said.
The move follows the “delisting” of the Etihad by the Star Alliance – one of the world’s largest airline alliances – during the International Air Transport Association’s annual conference in Sydney last month, allowing 40 members of the alliance to engage with Etihad on codeshare deals, according to Mr Douglas
“In the past, the Etihad Group was identified as being an alliance itself and, consequently, under the rules of Star Alliance, its members were not allowed to engage in collaboration with us on codeshares,” Mr Douglas told The National on Tuesday.
The UAE national airline Etihad Airways plans to forge new codeshare partnerships with airlines around the world as it continues an operational review to narrow losses in 2018 and bring the carrier back to profitability and sustainable growth, Etihad Aviation Group’s global chief executive, Tony Douglas said.
The move follows the “delisting” of the Etihad by the Star Alliance – one of the world’s largest airline alliances – during the International Air Transport Association’s annual conference in Sydney last month, allowing 40 members of the alliance to engage with Etihad on codeshare deals, according to Mr Douglas
“In the past, the Etihad Group was identified as being an alliance itself and, consequently, under the rules of Star Alliance, its members were not allowed to engage in collaboration with us on codeshares,” Mr Douglas told The National on Tuesday.
Saudi Arabia non-oil sector growth hits 2018 high
Saudi Arabia non-oil sector growth hits 2018 high:
Growth in Saudi Arabia’s non-oil sector has reached its highest level this year as confidence in the Kingdom starts to return, a survey found. The Emirates NBD/IHS Markit Purchasing Managers Index (PMI) — a measure of non-oil business conditions — increased to 55 in June from 53.2 in May, marking the highest reading of 2018. The Kingdom’s PMI reading hit an all-time low of 51.4 in April. Anything below 50 would indicate a contraction in growth.
Growth in Saudi Arabia’s non-oil sector has reached its highest level this year as confidence in the Kingdom starts to return, a survey found. The Emirates NBD/IHS Markit Purchasing Managers Index (PMI) — a measure of non-oil business conditions — increased to 55 in June from 53.2 in May, marking the highest reading of 2018. The Kingdom’s PMI reading hit an all-time low of 51.4 in April. Anything below 50 would indicate a contraction in growth.
Bahrain Hires Lazard to Help on How to Fix Finances - Bloomberg
Bahrain Hires Lazard to Help on How to Fix Finances - Bloomberg:
Bahrain hired investment bank Lazard Ltd. to advise on how to repair its strained public finances, according to people with knowledge of the matter, as the island kingdom seeks to secure crucial support from rich neighbors to avoid a currency devaluation. Lazard is helping Bahrain evaluate fiscal reforms to help ease pressure on the state’s budget, the people said, asking not to be identified because the details aren’t public. The options include raising capital from international markets, one of the people said. Bahrain’s Eurobonds dropped after the report. Lazard declined to comment. Bahraini officials didn’t immediately respond to requests for comment.
Bahrain hired investment bank Lazard Ltd. to advise on how to repair its strained public finances, according to people with knowledge of the matter, as the island kingdom seeks to secure crucial support from rich neighbors to avoid a currency devaluation. Lazard is helping Bahrain evaluate fiscal reforms to help ease pressure on the state’s budget, the people said, asking not to be identified because the details aren’t public. The options include raising capital from international markets, one of the people said. Bahrain’s Eurobonds dropped after the report. Lazard declined to comment. Bahraini officials didn’t immediately respond to requests for comment.
Etihad CEO Douglas Tightens Grip on Carrier to End Losses - Bloomberg
Etihad CEO Douglas Tightens Grip on Carrier to End Losses - Bloomberg:
Etihad Airways Chief Executive Officer Tony Douglas laid out plans to scale back the carrier’s global ambitions following almost $3.5 billion in losses, saying more jobs may be cut and that jet orders are in doubt after a “whirlwind” six-month review since he took charge.
Douglas will take personal responsibility for the main airline business, moving incumbent Peter Baumgartner to the new position of special adviser, and confirmed that Etihad will focus more on serving Abu Dhabi, where it’s based, than carrying globe-trotting passengers between continents.
The CEO revealed in an interview on Tuesday that thousands of jobs have already gone in the past 18 months as Etihad puts the brakes on a long-running and costly attempt to close the gap with larger Persian Gulf rivals Emirates and Qatar Airways. He’s also in negotiations with Airbus SE and Boeing Co. after concluding that doubling the fleet is no longer viable, calling into question scores of wide-body orders.
Etihad Airways Chief Executive Officer Tony Douglas laid out plans to scale back the carrier’s global ambitions following almost $3.5 billion in losses, saying more jobs may be cut and that jet orders are in doubt after a “whirlwind” six-month review since he took charge.
Douglas will take personal responsibility for the main airline business, moving incumbent Peter Baumgartner to the new position of special adviser, and confirmed that Etihad will focus more on serving Abu Dhabi, where it’s based, than carrying globe-trotting passengers between continents.
The CEO revealed in an interview on Tuesday that thousands of jobs have already gone in the past 18 months as Etihad puts the brakes on a long-running and costly attempt to close the gap with larger Persian Gulf rivals Emirates and Qatar Airways. He’s also in negotiations with Airbus SE and Boeing Co. after concluding that doubling the fleet is no longer viable, calling into question scores of wide-body orders.
Qatar to buy New York's Plaza Hotel for $600 million: source | Reuters
Qatar to buy New York's Plaza Hotel for $600 million: source | Reuters:
The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York’s most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio.
Qatar’s state-owned Katara Holding is buying full ownership of the hotel, including a 75 percent stake from Indian business group Sahara India Pariwar, a source familiar with the deal told Reuters.
Katara and Sahara were not immediately available to comment.
The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York’s most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio.
Qatar’s state-owned Katara Holding is buying full ownership of the hotel, including a 75 percent stake from Indian business group Sahara India Pariwar, a source familiar with the deal told Reuters.
Katara and Sahara were not immediately available to comment.
UAE regulator orders asset freeze for Iranians on terrorism list: WAM | Reuters
UAE regulator orders asset freeze for Iranians on terrorism list: WAM | Reuters:
The United Arab Emirates Securities and Commodities Authority on Tuesday ordered firms to identify and freeze the accounts and assets of nine Iranian individuals and entities the UAE has placed on its terrorism list, national news agency WAM said.
In May, the country placed the nine on its list of terrorists and terrorist organizations for suspected connections with Iran’s elite Revolutionary Guards after the United States did the same.
The United Arab Emirates Securities and Commodities Authority on Tuesday ordered firms to identify and freeze the accounts and assets of nine Iranian individuals and entities the UAE has placed on its terrorism list, national news agency WAM said.
In May, the country placed the nine on its list of terrorists and terrorist organizations for suspected connections with Iran’s elite Revolutionary Guards after the United States did the same.
Oil settles higher in volatile pre-holiday session | Reuters
Oil settles higher in volatile pre-holiday session | Reuters:
Crude prices ended slightly higher on Tuesday after a volatile session in which the U.S. benchmark passed $75 a barrel for the first time in more than three years before turning negative and later recouping its losses.
Oil rallied early in the session on supply concerns, then slid as traders booked profits ahead of the July Fourth holiday in the United States, and bet that global supply shortages would not persist as long as expected. Crude pared its losses late in the session, turning positive on market sentiment that supply disruptions would not resolve faster than previously expected.
U.S. light crude CLc1 settled up 20 cents at $74.14 a barrel, rebounding from a session low of $72.73 a barrel. In early trade, the contract rose to $75.27, a 3-1/2-year high.
Crude prices ended slightly higher on Tuesday after a volatile session in which the U.S. benchmark passed $75 a barrel for the first time in more than three years before turning negative and later recouping its losses.
Oil rallied early in the session on supply concerns, then slid as traders booked profits ahead of the July Fourth holiday in the United States, and bet that global supply shortages would not persist as long as expected. Crude pared its losses late in the session, turning positive on market sentiment that supply disruptions would not resolve faster than previously expected.
U.S. light crude CLc1 settled up 20 cents at $74.14 a barrel, rebounding from a session low of $72.73 a barrel. In early trade, the contract rose to $75.27, a 3-1/2-year high.
Etihad slims down as Abu Dhabi trims its air travel ambitions | Reuters
Etihad slims down as Abu Dhabi trims its air travel ambitions | Reuters:
Abu Dhabi has abandoned its goal of becoming a major air travel hub akin to Dubai and is instead reorganizing its airline Etihad into a mid-sized carrier focused on direct flights in an attempt to return it to profit.
Recently-appointed Etihad Airways Group Chief Executive Tony Douglas said on Tuesday the state-owned airline was becoming “more rational” and would not shy away from dropping routes that were commercially unsustainable.
After years of rapid expansion, Etihad plunged to a loss in 2016 following a slowdown in passenger traffic growth and failed investments in foreign airlines such as Air Berlin and Alitalia.
Abu Dhabi has abandoned its goal of becoming a major air travel hub akin to Dubai and is instead reorganizing its airline Etihad into a mid-sized carrier focused on direct flights in an attempt to return it to profit.
Recently-appointed Etihad Airways Group Chief Executive Tony Douglas said on Tuesday the state-owned airline was becoming “more rational” and would not shy away from dropping routes that were commercially unsustainable.
After years of rapid expansion, Etihad plunged to a loss in 2016 following a slowdown in passenger traffic growth and failed investments in foreign airlines such as Air Berlin and Alitalia.
MIDEAST STOCKS-Saudi stocks see selling pressure; DSI down again in Dubai | Reuters
MIDEAST STOCKS-Saudi stocks see selling pressure; DSI down again in Dubai | Reuters:
Saudi Arabia’s stock market was under pressure on Tuesday as investors sold blue-chip stocks, while Dubai’s index was buoyed by banks and property shares. Investors were also taking stock of an announced commitment by the kingdom to keep balance and stability in the oil market. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports. National Commercial Bank, the largest bank in Saudi Arabia, closed 1.9 percent down, while Al Rajhi Bank , the second-largest lender, finished 0.9 percent lower. Samba Financial Group was 1.3 percent down.
Saudi Arabia’s stock market was under pressure on Tuesday as investors sold blue-chip stocks, while Dubai’s index was buoyed by banks and property shares. Investors were also taking stock of an announced commitment by the kingdom to keep balance and stability in the oil market. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports. National Commercial Bank, the largest bank in Saudi Arabia, closed 1.9 percent down, while Al Rajhi Bank , the second-largest lender, finished 0.9 percent lower. Samba Financial Group was 1.3 percent down.
BUZZ: Shares of Dubai-listed Drake & Scull sink 9.9% | ZAWYA MENA Edition
BUZZ: Shares of Dubai-listed Drake & Scull sink 9.9% | ZAWYA MENA Edition:
Shares of Drake & Scull sink 9.9 percent in early trading to 0.61 dirhams ($0.16). The stock is down around 27 percent so far this week and 73 percent in the year to date, making it one of the worst performing stocks on the Dubai index. DSI has been lagging as a result of concerns about its financial position, business outlook and the outcome of a probe into "violations" by previous management.
Shares of Drake & Scull sink 9.9 percent in early trading to 0.61 dirhams ($0.16). The stock is down around 27 percent so far this week and 73 percent in the year to date, making it one of the worst performing stocks on the Dubai index. DSI has been lagging as a result of concerns about its financial position, business outlook and the outcome of a probe into "violations" by previous management.
MIDEAST STOCKS-Saudi stocks open down as investors abandon blue-chips | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi stocks open down as investors abandon blue-chips | ZAWYA MENA Edition:
Saudi Arabian stocks opened down on Tuesday as investors shied away from blue-chip names, while other Gulf markets were largely flat as investors remain worried about the outlook for oil prices. Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, but high fuel prices and trade disputes are threatening to crimp demand. Al Rajhi Bank opened 0.9 percent down, while Saudi Basic Industries Corporation was 0.5 percent down.
Saudi Arabian stocks opened down on Tuesday as investors shied away from blue-chip names, while other Gulf markets were largely flat as investors remain worried about the outlook for oil prices. Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, but high fuel prices and trade disputes are threatening to crimp demand. Al Rajhi Bank opened 0.9 percent down, while Saudi Basic Industries Corporation was 0.5 percent down.
Iran, world powers in nuclear accord to meet in Vienna on Friday: IRNA
Iran, world powers in nuclear accord to meet in Vienna on Friday: IRNA:
Foreign ministers of Iran and the five world powers still party to its nuclear accord will meet in Vienna on Friday to discuss ways of maintaining the deal after the withdrawal of the United States, Iranian state news agency IRNA reported on Tuesday.
“At the meeting, which will be held at the request of Iran, foreign ministers of Iran and five world powers will discuss a proposed European package and measures to protect the agreement,” IRNA said.
Foreign ministers of Iran and the five world powers still party to its nuclear accord will meet in Vienna on Friday to discuss ways of maintaining the deal after the withdrawal of the United States, Iranian state news agency IRNA reported on Tuesday.
“At the meeting, which will be held at the request of Iran, foreign ministers of Iran and five world powers will discuss a proposed European package and measures to protect the agreement,” IRNA said.
Oil climbs on Libya force majeure, Canada outage | Reuters
Oil climbs on Libya force majeure, Canada outage | Reuters:
Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to levels not seen since late 2014.
U.S. light crude CLc1 jumped 90 cents, or 1.2 percent, to $74.84 a barrel, its highest since November 2014, before easing back to $74.59, up 65 cents, by 0810 GMT.
Benchmark Brent crude oil LCOc1 was up 45 cents at $77.75.
Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to levels not seen since late 2014.
U.S. light crude CLc1 jumped 90 cents, or 1.2 percent, to $74.84 a barrel, its highest since November 2014, before easing back to $74.59, up 65 cents, by 0810 GMT.
Benchmark Brent crude oil LCOc1 was up 45 cents at $77.75.
UAE energy minister says ready to help alleviate any oil supply shortage | Reuters
UAE energy minister says ready to help alleviate any oil supply shortage | Reuters:
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday that OPEC will aim to adhere to the group’s “overall conformity levels” for the rest of 2018 and that the UAE is ready to help alleviate any oil possible supply shortage.
“OPEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,” Mazrouei, who holds the OPEC presidency for 2018, said in a statement. The joint OPEC and non-OPEC producers’ committees will monitor overall compliance, he added.
“OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,” Mazrouei said.
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday that OPEC will aim to adhere to the group’s “overall conformity levels” for the rest of 2018 and that the UAE is ready to help alleviate any oil possible supply shortage.
“OPEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,” Mazrouei, who holds the OPEC presidency for 2018, said in a statement. The joint OPEC and non-OPEC producers’ committees will monitor overall compliance, he added.
“OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,” Mazrouei said.
Saudi, Russian energy ministers agree continued oil market coordination | Reuters
Saudi, Russian energy ministers agree continued oil market coordination | Reuters:
Saudi Energy Minister Khalid al-Falih discussed the oil market developments with his Russian counterpart, and both agreed to continue close coordination in the interest of producers, consumers and the global economy, according to a statement by the Saudi Energy Ministry on Tuesday.
Falih spoke with Russian Energy Minister Alexander Novak on Monday and discussed the need to modify the current monitoring process accordingly and agreed to task a joint OPEC and non-OPEC committee known as the JTC with developing and recommending a suitable process to be considered by the ministerial JMMC panel.
The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.
(This version of the story has been r
Saudi Energy Minister Khalid al-Falih discussed the oil market developments with his Russian counterpart, and both agreed to continue close coordination in the interest of producers, consumers and the global economy, according to a statement by the Saudi Energy Ministry on Tuesday.
Falih spoke with Russian Energy Minister Alexander Novak on Monday and discussed the need to modify the current monitoring process accordingly and agreed to task a joint OPEC and non-OPEC committee known as the JTC with developing and recommending a suitable process to be considered by the ministerial JMMC panel.
The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.
(This version of the story has been r
Saudi private sector growth starting to rebound from slump: PMI | Reuters
Saudi private sector growth starting to rebound from slump: PMI | Reuters:
Growth in Saudi Arabia’s non-oil private sector accelerated in June to its fastest rate this year as the economy showed signs of emerging from a severe slump triggered by government austerity policies, a survey of companies showed on Tuesday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.00 last month from 53.2 in May. A level above 50 indicates expansion.
In April, the PMI dropped to its lowest level since the survey was launched in 2009 as private businesses were hit by the introduction of 5 percent value-added tax and domestic fuel price hikes at the start of this year.
Growth in Saudi Arabia’s non-oil private sector accelerated in June to its fastest rate this year as the economy showed signs of emerging from a severe slump triggered by government austerity policies, a survey of companies showed on Tuesday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.00 last month from 53.2 in May. A level above 50 indicates expansion.
In April, the PMI dropped to its lowest level since the survey was launched in 2009 as private businesses were hit by the introduction of 5 percent value-added tax and domestic fuel price hikes at the start of this year.
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