An employee secures a dihedral door frame fitting on a BMW i8 hybrid electrical automobile at the Bayerische Motoren Werke AG factory in Leipzig, Germany, on Thursday, March 14, 2019. Chancellor Angela Merkel's plan to hatch a German battery-cell industry from scratch is gaining momentum as Europe's biggest economy tries to lower emissions while keeping Chinese automobile competition at bay. Photographer: Krisztian Bocsi/Bloomberg
BMW earnings have been pressured by tariffs on cars made at its plant in the US, and sent to China, as well as price competition in Europe. Bloomberg

BMW to trim costs amid slowing economy and trade war concerns



BMW will weed out its model lineup to reduce costs as the German luxury carmaker copes with a cooling global economy and persistent trade tensions that show little sign of resolution.

“The challenges facing the entire sector are unlikely to diminish in the coming months,” chief executive Harald Krueger said Friday in a statement presenting preliminary results. “Great efforts will, therefore, be needed across the entire group to help shape the sector’s transformation under such conditions.”

BMW earnings have been pressured by tariffs on cars made at its plant in Spartanburg, South Carolina, and sent to China, as well as price competition in Europe. Carmakers across the globe reduced targets last year after new emissions testing and concerns over Brexit added to the industry’s woes. BMW’s return on sales in the core automotive division dropped to 7.2 per cent from 9.2 per cent in 2017, below a historical 8 per cent to 10 per cent range.

BMW said it won’t make a successor to the 3-Series Gran Turismo, even though the current model is selling well. More derivative versions will also be cut. The carmaker said it will also step up other measures to reduce complexity, without specifying them. BMW cut its proposed dividend by 50 cents to 3.50 euros per common share.

Carmakers aren’t “supermarkets, there is no good reason to sell everything,” said Juergen Pieper, an analyst at Bankhaus Metzler. Cutting the models was “the right way,” he said. “Nobody will miss them.”

The shares rose 1.3 per cent to 74.75 euros at 12:25 pm in Frankfurt, trimming losses over the past year to 8.2 per cent. BMW’s return on automaking beat the company’s goal of 7 percent.

Other carmakers are chiming in with cost cuts. Volkswagen AG brand Audi will present a new plan in May to reignite momentum, including trimming back management ranks for savings and faster decision-making. Mercedes Benz-parent Daimler vowed comprehensive cost-cutting measures last month when the company presented its full-year earnings.

Since the second half of last year, major markets including China and Europe have deteriorated further. BMW reiterated a January prediction for a rise in deliveries this year, though sales have dropped 2 percent through February as the European market declined for a sixth straight month.

BMW has joined forces with arch-rival Daimler AG in two key areas, car-sharing and autonomous driving, in a bid to share costs.

The company will present full earnings on March 20, including its outlook for the current year. BMW is likely to guide for pre-tax earnings to decrease slightly, Evercore ISI analyst Arndt Ellinghorst said in a note.

COMPANY PROFILE

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

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Essentials

The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September. 
 

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

States of Passion by Nihad Sirees,
Pushkin Press

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

Crazy Rich Asians

Director: Jon M Chu

Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan

Four stars

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000+(estimate)

The biog

Favourite book: Animal Farm by George Orwell

Favourite music: Classical

Hobbies: Reading and writing

 

Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000

SPEC SHEET: SAMSUNG GALAXY Z FOLD 4

Main display: 7.6" QXGA+ Dynamic Amoled 2X, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz

Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB

Platform: Android 12, One UI 4.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life

Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; 2 nano-SIMs + eSIM; 2 nano-SIMs

Colours: Graygreen, phantom black, beige, burgundy (online exclusive)

In the box: Fold 4, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

Health Valley

Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further

The biog

Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.

Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.

Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.

Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill

Favourite food: Dim sum

Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

ANDROID VERSION NAMES, IN ORDER

Android Alpha

Android Beta

Android Cupcake

Android Donut

Android Eclair

Android Froyo

Android Gingerbread

Android Honeycomb

Android Ice Cream Sandwich

Android Jelly Bean

Android KitKat

Android Lollipop

Android Marshmallow

Android Nougat

Android Oreo

Android Pie

Android 10 (Quince Tart*)

Android 11 (Red Velvet Cake*)

Android 12 (Snow Cone*)

Android 13 (Tiramisu*)

Android 14 (Upside Down Cake*)

Android 15 (Vanilla Ice Cream*)

* internal codenames

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 


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