Iranian crude currently accounts for eight per cent of Asian crude supply. Shipments are set to decline in the wake of US sanctions. Photo: AFP
Iranian crude currently accounts for eight per cent of Asian crude supply. Shipments are set to decline in the wake of US sanctions. Photo: AFP
Iranian crude currently accounts for eight per cent of Asian crude supply. Shipments are set to decline in the wake of US sanctions. Photo: AFP
Iranian crude currently accounts for eight per cent of Asian crude supply. Shipments are set to decline in the wake of US sanctions. Photo: AFP

Economy

French shipping firm CMA CGM ends Iran operations over US sanctions threat

Other shipping companies have already said they would halt business

Reuters

July 08, 2018

  • English
  • Arabic

French shipping group CMA CGM has decided to pull out of Iran following the Trump administration’s decision to renew sanctions on companies operating in the country, its chief executive said on Saturday.

Some other big shipping companies like AP Moller-Maersk have already said they would halt business ahead of a reimposition of sanctions following the United States’ decision to pull out of the 2015 Iran nuclear accord.

“Due to the Trump administration, we have decided to end our service for Iran,” CMA CGM chief Rodolphe Saade said during an economic conference in the southern French city of Aix-en-Provence.

“Our Chinese competitors are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules,” Mr Saade said.

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He added that his company’s cooperation agreement with local Iranian partner IRISL had been suspended and that the company did not want to fall foul of the rules given their large presence in the United States.

He also said that the company had so far not seen an impact of trade tensions between China and the United States on shipping volumes, but was making preparations with a close eye on China and southeast Asia in case the situation deteriorated.

While you're here
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

UAE currency: the story behind the money in your pockets
The%20specs
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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

On Women's Day
One-off T20 International: UAE v Australia

When: Monday, October 22, 2pm start

Where: Abu Dhabi Cricket, Oval 1

Tickets: Admission is free

Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle