Europe's largest car maker and three of the continent's biggest telecommunications companies demonstrated their resilience in the global downturn with a series of announcements today of better than expected earnings results. Volkswagen (VW) reported that despite a big drop, it was still making a profit in the second quarter, and growth in emerging markets would help it outperform the industry in the second half. Second-quarter net income fell 83 per cent to €283 million (Dh1.46 billion) from a year earlier, the German car maker said yesterday. Sales slid 7.7 per cent to €27.2bn. VW's first-half worldwide car deliveries dropped 5 per cent, less than the 18 per cent seen in the industry as a whole, as gains in China and Brazil offset falls in European markets such as Spain and the UK. The company, which also makes Skoda and Seat cars, won a battle last week to merge with Porsche after defeating a takeover attempt by the sports car manufacturer. "Volkswagen is feeling the impact of the crisis, no doubt, but they're still performing comparatively well," said Aleksej Wunrau, an analyst at BHF Bank in Frankfurt. "Volkswagen's liquidity is high and inventory cuts were lower than at competitors." VW has a broader international presence than its closest European competitor, Peugeot Citroen of France, which reported a recurring loss and a drop in sales of 14 per cent. VW said its worldwide market share in the period rose to 12 per cent from 9.9 per cent a year earlier. In China, its biggest foreign market, VW's sales jumped 23 per cent, while they were up 7.3 per cent in Brazil. Latin America and Asia were the only two regions where the car maker reported higher deliveries. In the telecoms sector, results were helped by cost-cutting programmes. Telefonica of Spain, Europe's biggest telecoms company, was even slightly upbeat, saying its Spanish business, which accounts for more than a quarter of its revenues and had been a worry for some analysts because of rising unemployment, was showing "signs of stability". Telefonica said first-half net profit rose 0.7 per cent to €3.62bn, with its booming Latin American subsidiaries helping to offset a sagging performance in Europe, while the group cut costs by 4.5 per cent. France Telecom, Europe's third biggest, said net profit for the first half of this year was €2.58bn, down 2.3 per cent over the same period last year. The company said it had seen the signs of a slowdown in activity in the second half because of regulatory decisions, but still expected to hold up well, reaffirming its profit outlook. "We are confident we can adjust to current conditions while preparing to take maximum advantage of the recovery when it occurs," said Didier Lombard, the company's chief executive. In Britain, British Telecom beat estimates with a 3 per cent fall in first-quarter adjusted first core earning and said it had made a good start to its cost-cutting programme. BT's net income in the three months to June 30 was £214m (Dh1.294bn), beating the £118.2m average estimate. * with agencies
Company name: Almouneer Started: 2017 Founders: Dr Noha Khater and Rania Kadry Based: Egypt Number of staff: 120 Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of $3.6 million led by Global Ventures
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma When: April 24, 10.45pm kick-off (UAE) Where: Anfield, Liverpool Live: BeIN Sports HD Second leg: May 2, Stadio Olimpico, Rome
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil: ▪ Electricity - 1.1904 units ▪ Water- 31 litres ▪ Diesel – 26.275 litres
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Company Profile
Company name: myZoi Started: 2021 Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan Based: UAE Number of staff: 37 Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Recycling Any time you receive a Kibsons order, you can return your cardboard box to the drivers. They’ll be happy to take it off your hands and ensure it gets reused
Kind to health and planet Solar – 25-50% of electricity saved Water – 75% of water reused Biofuel – Kibsons fleet to get 20% more mileage per litre with biofuel additives
Sustainable grocery shopping No antibiotics No added hormones No GMO No preservatives MSG free 100% natural
The Zayed Centre for Research is a partnership between Great Ormond Street Hospital, University College London and Great Ormond Street Hospital Children’s Charity and was made possible thanks to a generous £60 million gift in 2014 from Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation.
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,400m
5.30pm: Al Anoud Stables – Handicap (PA) Dh80,000 (T) 1,200m
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m
6.30pm: Arabian Triple Crown Round 2 – Group 3 (PA) Dh 300,000 (T) 2,200m
7pm: Liwa Oasis – Group 2 (PA) Dh300,000 (T) 1,400m
7.30pm: Dames Stables – Handicap (TB) Dh80,000 (T) 1,400m
Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
Scoreline
Switzerland 5
Biggest applause
Asked to rate Boris Johnson's leadership out of 10, Mr Sunak awarded a full 10 for delivering Brexit — remarks that earned him his biggest round of applause of the night. "My views are clear, when he was great he was great and it got to a point where we need to move forward. In delivering a solution to Brexit and winning an election that's a 10/10 - you've got to give the guy credit for that, no-one else could probably have done that."
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends