A perceived lack of transparency continues to haunt Agility, the Kuwaiti logistics firm, as investors struggle to understand where the company stands in its lawsuit with the US government.
The company's stock lost almost 8 per cent in the first trading days of the year, touching a 15-week low, before rebounding this week. Agility closed up 2 per cent yesterday at 495 Kuwaiti fils. The company was reported to be facing a new indictment in the US federal courts over allegations of overcharging for food supplies to the US army. The latest court action follows a criminal case filed in November 2009, when Agility was accused of overcharging the American military over 41 months on US$8.5 billion of contracts first signed at the start of the 2003 invasion of Iraq. Agility was subsequently replaced as the main regional supplier to the US army and was banned from bidding for new contracts while the court case was pending.
But in a statement on the Kuwaiti bourse, Agility said the report about a new civil case against the firm was not true. The matter was a "procedural amendment" to the original case, the company said.
It is also not clear whether Agility would be affected by a new US tax on contracts with foreign suppliers. The law was passed last month but analysts remain unclear how it will be applied. Agility's outlook continues to cause concern among analysts.
"We have been advising caution on the company ever since the announcement in November 2009," said Kareem Murad, a logistics analyst at Shuaa Capital. "We mentioned multiple scenarios of how this indictment would end, most of which will have a negative impact on the company's profitability," he said. The contract with the US army accounted for 40 per cent of Agility's revenue and Mr Murad said the considerable legal costs would also cut into the company's bottom line.
Agility reported a net profit of 13.89 million Kuwaiti dinars for the third quarter of last year, a 65.7 per cent drop on the year-earlier period.
fhalime@thenational.ae
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm