Unit of DP World will have more operations in Spain
The Dubai-based ports operator DP World said yesterday its subsidiary P&O Maritime has acquired the Spanish maritime services company Reyser for an unspecified transaction value.
The deal is valued at less than 5 per cent of the DP World’s net asset value, which was US$9.51 billion at the end of 2016, DP World said in a statement on Nasdaq Dubai.
"This is all part of our broader strategy to grow complementary sectors in the global supply chain such as industrial parks, freezones and logistics, supported by new technologies adding value for all our stakeholders," said the DP World group chairman and chief executive Sultan Ahmed Bin Sulayem.
Reyser, which owns 151 vessels, has long-term agreements in 10 ports in Spain and contracts with two international liquefied natural gas terminals at Saint John, New Brunswick in Canada and Point Fortin in Trinidad and Tobago. The company’s services include harbour towage, mooring, bunkering, diving and environmental support.
"The acquisition allows us to consolidate our market position in Spain while securing entry in new geographies and markets, offering significant scope to diversify and grow our business. We are confident about the medium- to long-term growth potential of this business and our ability to drive sustainable value for all stakeholders," said Rado Antolovic, the managing director of P&O Maritime.
DP World has been on an acquisition spree in the past few years. Last year it raised its stake in Pusan Newport Company, a terminal in South Korea, becoming its largest stakeholder.
The same year it also struck a deal to operate its first port on the east coast of Canada by leasing a 15-hectare container depot in New Brunswick. The ports operator bought Fairview container terminal in Prince Rupert on the west coast, in 2015, for C$580 million (Dh1.57bn) and it also operates two other terminals there, Centerm terminal in Port Metro, Vancouver, and Duke Point Terminal in Nanaimo.
DP World reported a 5 per cent increase in gross container volumes on a like-for-like basis in the first three months of the year on "gradual improvement in the market environment".
dalsaadi@thenational.ae
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
