Dubai records AED72.5bn in real estate transactions in H1 · Dubai’s real estate market wit-nessed transactions worth AED72.5 billion in the first half of 2020, despite the impact

26 JUly 2020 | 05 DHUl Al-HIJJAH 1441 HIJRI | VOlUME NO. 08 | ISSUE 06 @emi_business emirates-business.ae/emiratesbusiness.ae

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IHS Markit’s composite PMI jumps to 55.5 in July. The figure puts thegauge above the key 50 level that divides expansion from contraction

germany pulls out of slump with first growth in months

Nir Kaissar

DubAi / WAM

Dubai’s real estate market wit-nessed transactions worthAED72.5 billion in the first half of2020, despite the impact of theglobal Covid-19 outbreak, ac-cording to a report issued by theDubai Land Department (DLD).

The figures indicate thatDubai’s real estate sector isgradually returning to normal,driven by the stimulus packagesand initiatives launched by thegovernment and its depart-ments in the past few months.

The report states that real es-tate transactions for the secondquarter of 2020 exceededAED24.5 billion with 7,834 pro-cedures, while 22,779 proce-dures were recorded during H12020, representing a total valueof AED72.5 billion.

In terms of mortgage registra-tion of lands, buildings, and unitsin Q2 2020, Hadaeq Sheikh Mo-hammed bin Rashid was placedfirst with 205 transactionsworth AED341 million, followedby Me'aisem First with 113transactions worth AED113 mil-lion, and Jabal Ali First with 107transactions worth AED156 mil-

lion. The next seven positionswere secured by Burj Khalifa, AlYelayiss 2, Dubai Marina, AlThanyah Fourth, Al Barsha SouthFourth, Wadi Al Safa 7, and AlThanyah Fifth respectively.

In terms of sales registrationof various properties includingland, buildings and units in Q12020, Al Merkadh ranked firstwith 631 sales transactionsworth AED1.52 billion, DubaiMarina, second with 515 trans-actions worth AED1.1 billion,

and Al Barsha South Fourth wasplaced third with 430 transac-tions worth AED371 million.These were followed by Busi-ness Bay, Wadi Al Safa 5, HadaeqSheikh Mohammed Bin Rashid,Al Warsan First, Burj Khalifa, AlKhairan First, and Al ThanyahFifth respectively in the nextseven positions.

In terms of investments, thereport states that in Q1 2020,9,160 investors concluded11,940 investments worth

AED21.2 billion, while invest-ments in Q2 2020 saw a declinewith 5,528 investors concluding6,523 investments worth al-most AED11 billion. A total of14,688 investors finalised18,463 investments in H1 2020worth AED32.15 billion. In Q22020, Dubai’s real estate marketwelcomed 1,223 investors fromthe GCC with 1,431 investmentsworth over AED2.1 billion.

Dubai’s realty sector is gradually returning to normal

Dubai records AED72.5bn in

real estate transactions in H1In terms of investments, the DLD report states that during first quarter of the year, 9,160 investors concluded 11,940 investments worth AED 21.2 billion

Oil trading profits soar for energymajors who made storage bets

BlooMBerg

In March and April, as oil pricesplunged to their lowest in a gen-eration, Norwegian energy giantEquinor ASA was busy doing theopposite of what oil companiesusually do: pumping as muchcrude as possible undergroundinto giant caverns on the nation’sNorth Sea coast.

Equinor also filled oil tankerswith crude, turning them intofloating storage facilities, and puteven more barrels into onshoretanks elsewhere. Its traders weretrying to soften the blow of rock-bottom prices by buying cheapcrude, storing it, and simultane-ously selling it on the forwardmarket at higher prices.

The trade, known in industryjargon as a contango play, com-bined with other oil trading ac-

tivity delivered a record ofabout $1 billion in pre-tax ad-justed earnings in a single quar-ter. And the Norwegian oilcompany wasn’t alone: it’s apattern likely to be repeatedthroughout the industry fromoil majors such as Royal DutchShell Plc to independent com-

modity trading houses likeGlencore Plc.

Equinor said that its mid-stream business line, which in-cludes trading, made adjustedprofit before taxes of $1.16 bil-lion in the second quarter, an in-crease of $951 million from ayear earlier.

The trade combined with other oil trading activity delivered about $1bn in pre-tax adjusted earnings in a single quarter

DubAi / WAM

The Dubai Electricity andWater Authority (Dewa) andSiemens have organised atechnology talk titled "Sce-nario 2030" where both sidesdiscussed innovations andtechnologies of the future inthe energy sector.

These included energy stor-age, artificial intelligence,smart grids, and energy effi-ciency among other topics.The meeting supports long-term strategic partnership be-tween Dewa and Siemens forover three decades.

Saeed Mohammed AlTayer, MD & CEO of Dewa;Helmut Von Struve, CEOSiemens Middle East; Diet-mar Siersdorfer, CEO,Siemens Energy MiddleEast; Franco Atassi, CEO,Siemens Smart Infrastruc-ture Middle East; and offi-cials from both sides tookpart in the virtual meeting.

Dewa, Siemenshost tech talk

‘Scenario 2030’BlooMBerg

Reliance Industries Ltd., con-trolled by Asia’s richest man,toppled ExxonMobil Corp. tobecome the world’s largestenergy company after SaudiAramco, as investors piledinto the conglomerate luredby the Indian firm’s digitaland retail forays.

Reliance, which managesthe biggest refinery complex,gained 4.3% in Mumbaiadding $8 billion to take itsmarket value to $189 billion,while Exxon Mobil erasedabout $1 billion. Reliance’sshares have jumped 43%this year compared with a39% drop in Exxon’s sharesas refiners across the globestruggled with a plunge infuel demand. Aramco with amarket capitalisation of$1.76 trillion is the world’sbiggest energy company.

While the energy businessaccounted for about 80% of

Reliance’s revenue in theyear ended March 31, Chair-man Mukesh Ambani’s planto expand the company’s dig-ital and retail arms hashelped him attract $20 bil-lion into the Jio PlatformsLtd. unit. That in turn helpedadd $22.3 billion to Ambani’swealth this year.

India’s Reliance becomes world’s No. 2 energy firm

DubAi / WAM

Dubai Customs has com-pleted 452,300 insurance re-fund requests with a value ofAED3.2 billion in H1, accord-ing to the latest statistics fromthe Refund and Maqasa De-partment at Dubai Customs.

The smart Insurance Re-fund Portal helps clients sub-mit their claims 24/7, whichsaves their time and reducescost on them.

Dubai Customs has gone farin introducing innovative sys-tems and portals that enableclients complete their trans-actions online without anyneed for physical attendance.

"The Smart Refund Systemis the first of its kind in theworld and can handle twomillion requests a year, whichmeans more than 5,000 ap-plications a day. This hashelped the clients and the de-

partment in many ways.Dubai Customs is the firstcustoms organisation in theGCC that offers the service ofinsurance refund online," Mohammed Al Hashmi, Di-rector of Refund and Maqasa Department, said. page 2

Abu DhAbi / WAM

Inspired by the UAE Leader-ship’s vision and commit-ment to overcome thepandemic through a globalcollaborative effort, the AbuDhabi Health Services (Seha)has started conducting newclinical trials for phase III ofinactivated vaccine to com-

bat Covid-19. The trials arebeing conducted under thesupervision of the Depart-ment of Health - Abu Dhabi,and in collaboration withG42's Sinopharm CNBG.

Dr Jamal Mohammed AlKaabi, Acting Undersecretaryof DOH, said, the diversity ofnationalities in UAE made itperfect place to conduct trials.

Seha begins clinical trials forphase III of Covid-19 vaccine

The growth in Dubai real estate sector was driven by the stimulus packages and initiativeslaunched by the government and its departments in the past few months

Reliance, whichmanages the biggest

refinery complex, gained4.3% adding $8bn to

take its market value to$189 billion, while ExxonMobil erased about $1bn

Dubai Customs has gonefar in introducing

innovative systems andportals that enable clientscomplete their transactionsonline without any needfor physical attendance

n Dubai’s real estatetransactions for Q2 hitAED24.5bn with 7,834procedures, while22,779 procedureswere recorded during H1 2020

n A total of 14,688investors finalised18,463 investments inthe first half of 2020worth AED32.15bn

Migrants arrive in Malaga

A health worker check the temperature of immigrants after arriving at the coast of Almeria in Malaga, Spain on Saturday —DPA

UAE, Turkmenistan discussways to bolster bilateral ties

Abu DhAbi / WAM

His Highness Sheikh Mo-hamed bin Zayed Al Nahyan,Crown Prince of Abu Dhabiand Deputy Supreme Com-mander of the UAE ArmedForces, on Saturday receiveda telephone call from Gurban-guly Berdimuhamedow, President of Turkmenistan.

During the conversation,the two leaders discussedways of strengthening bilat-eral ties and cooperation toserve the mutual interests ofthe two friendly countries inseveral fields.

His Highness Sheikh Mohamed bin Zayed andPresident Berdimuhamedow

discussed the latest regionaland global developments andissues of common concern,notably the current develop-ments in the Middle East andexchanged views on them.

The two sides also re-viewed the latest situation re-garding the coronavirus(Covid-19) pandemic and

mechanisms being adoptedby the UAE and Turkmenistanto contain the impact of thevirus.

President Berdimuhame-dow expressed his hope thatpeace, stability, security andprosperity prevail in the Is-lamic countries and the worldat large.

Equinor said that itsmidstream business line,which includes trading,made adjusted profit

before taxes of $1.16 billion in thesecond quarter, an

increase of $951 millionfrom a year earlier

nFor full story, read emirates-business.ae

Dubai Customs completesAED3.2b ‘insurance claims’

HH Sheikh Mohamed binZayed Al Nahyan and

Turkmenistan PresidentGurbanguly Berdimuhamedowdiscussed latest regional and

global developments andissues of common concern

HH Sheikh Mohamed, President Berdimuhamedow reviewedlatest situation regarding the pandemic during a phone call

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Dubai / WAM

A report issued by the Busi-ness Registration & Licens-ing sector of Dubai Economyhighlighted the most popularareas across the city for set-ting up new business. As perthe report, five areas accountfor 43.7 percent of the totalnew business licences issuedduring the first half of thisyear.

Dubai Economy had issued16,826 new business li-cences in the first six monthsof 2020.

Al Garhoud saw the mostnumber of new businesses,accounting for 15 percent ofthe total, followed by the BurjKhalifa area (12 percent),Oud Al Muteena 3 (6.5 per-cent), Trade Centre 1 (5.2percent) and Oud Metha (4.8percent).

Al Garhoud attracted2,535 new licenses, with‘Professional’ activity ac-counting for the largestshare. Out of 12,192 busi-nesses operating in the area,6,096 hold Professional li-cences, nearly 50 percent,followed by 5,940 Commer-cial licences (48.7 percent ofthe total). Of the new li-cences, 97 percent were is-sued for businessmen, 2.2percent were issued towomen entrepreneurs and0.8 percent to companies.

In terms of legal forms of the

active licenses in Al Garhoud,Limited Liability Companyranked first with 5,758 li-censes, followed by Civil Com-pany (4,102 licenses) andSole Establishment (1,820 licenses).

Pakistani-Emirati Hospital onfrontline against Covid-19

iSLaMabaD / WAM

The UAE continues its firm com-mitment to international coop-eration by providing essentialhealth and humanitarian sup-plies to nations grappling withthe impact of the coronavirus(Covid-19).

The Pakistani-Emirati MilitaryHospital in the Pakistani city ofRawalpindi stands as a shiningexample of UAE’s humanitarianand developmental initiatives tocombat pandemics and naturalcalamities.

In the past few months, thehospital received and providedmedical treatment to more than10,000 patients infected withthe coronavirus.

The $108 million Pakistani-Emirati Military Hospital wasbuilt in line with the directivesof President His HighnessSheikh Khalifa bin Zayed AlNahyan; His Highness SheikhMohamed bin Zayed Al Nahyan,Crown Prince of Abu Dhabi and

Deputy Supreme Commanderof the UAE Armed Forces, andHH Sheikh Mansour bin ZayedAl Nahyan, Deputy Prime Minis-ter and Minister of Presidential

Affairs. According to AbdullahKhalifa Al Ghafli, Director of theUAE's Pakistan Assistance Pro-gramme (UAEPAP) the hospitalis considered one of the keyprojects carried out in Pakistan recently.

"The UAE leadership hasshown keen interest in support-ing several humanitarian initia-tives in Pakistan in manydevelopmental and humanitar-ian areas," he added. He also at-tributed the hospital’s success inassisting the Pakistani govern-ment and army in combatingCovid-19 to wise approach of theUAE leadership in solidarity withthe people of Pakistan.

Major General ProfessorSalman Saleem, Director of thePakistani-Emirati Military Hos-pital, said the hospital, whichwas built in 2013, is among thebiggest and most important mil-itary health projects in Pakistan.

The UAE leadershiphas shown keen

interest in supporting severalhumanitarian initiatives inPakistan in manydevelopmental andhumanitarian areas

Abdullah Khalifa Al Ghafli,Director of the UAEPAP

abu DHabi / WAM

Aldar Properties announcedthe opening of Soul Beach, anew leisure destination at theMamsha Al Saadiyat commu-nity for UAE residents and international visitors alike.

Overlooking the blue watersof the Arabian Gulf, Soul Beachwill feature a 1km beach withpristinely manicured sands, a400m swimming zone, 400parasol-flanked sunbeds and aunique refreshment conceptfor maximum convenience.Having scanned a QR codeplaced on their tables, visitorscan peruse the Soul Beachmenu by mobile and order onWhatsApp, with refreshmentsswiftly delivered to theirsunbeds by golf buggy.

Soul Beach will be open tothe public from Friday, 24 Julyfrom 8am to sunset, 7 days perweek. Entry will be AED 50 perperson on weekdays and AED75 on weekends, which in-cludes a free sunbed and para-sol. The destination has beenextensively adapted to ensurethe health, safety and wellbeingof visitors in light of Govern-ment regulations and interna-tional best practice. All sunbedsare socially distanced and freesanitizer is made available tovisitors. An enhanced sanitiza-tion regime is administered

across the facility from morn-ing to night, supported by ded-icated safety personnel. Also,lifeguards are permanently onhand to ensure the safety ofswimmers.

Located in the Saadiyat Cul-tural District adjacent to theLouvre Abu Dhabi and ManaratAl Saadiyat, Mamsha AlSaadiyat is an exclusive beach-front development comprisingfive plots, featuring 461 luxuryhomes and retail outlets.

Dubai / WAM

Dubai Future Foundation (DFF)in collaboration with the DubaiFuture Council for Transporta-tion, launched a report spotlight-ing the future of thetransportation sector. The reportmakes a business case for invest-ing in autonomous driving, ad-vanced transport infrastructure,and strengthening cargo deliverythrough leveraging cutting-edgetechnology and innovation.

Furthermore, the report un-derscores the importance of en-hancing the human reliance onbig data analytics to track pas-senger travel patterns, and de-velop policies and laws relatedto transportation services man-agement systems.

Referencing a recent reportpublished by International Asso-ciation for Public Transport, thereport states that the Covid-19pandemic has resulted in morethan four billion people beinglocked down, leading to a de-crease in farebox revenues – thetotal value of cash, tickets andpass receipts given by passen-gers as payment for public tran-sit rides. In several cities, thereduction in patronage by publictransport users exceeded 90percent. The report points outthat this finding clearly under-lines the importance of develop-ing transportation systems thatare more adaptive to the currentglobal situation.

Speaking on the significanceand findings of the report, MattarAl Tayer, Director General andChairman of the Board of Execu-tive Directors of the Roads and

Transport Authority (RTA) andChairman of Dubai Future Coun-cil for Transportation, said: ‘‘Intackling the coronavirus crisis,RTA adopted global practices toensure a safe and secure environ-ment for all. RTA’s focus wasbased on three pillars: disinfec-tion, protection of users and em-ployees, and physical distancing.RTA succeeded in maintainingthe continuity of customer serv-ices, thanks to the transforma-tion of all services into smart

services deliverable via onlinechannels 24/7 hours. It also en-sured the continuity of businessin strategic projects according tothe approved time schedules,thanks to a strict project manage-ment policy highly responsive topotential risks and challenges''.

He added, ‘‘The fallouts ofCovid-19 have impacted severalsectors. In the field of publictransport, studies point out to anincrease in the number of jour-neys via flexible mobility meansand autonomous vehicles.Based on these initial deliver-able findings, RTA is shaping itsfuturistic policies and updatingscenarios to cope with the cur-rent situation. It also assessesthe performance of various cus-tomer services to ensure theyare streamlined, more respon-sive and quickly deliverablesvia digital means.’’

In Dubai, Dubai Metro andDubai Tram returned to regularoperating hours following thecompletion of the National Disin-

fection Programme on June 25.Marine transport operationshave been suspended temporar-ily to further allow conditions tonormalise. In other countries,such as Morocco, France and theUSA, the authorities reduced thenumber of passengers allowedon public transport and madewearing masks while commutingmandatory. The report alsohighlights the main challengesthe transport sector is currentlyfacing worldwide.

THe Covid-19 pandemic has resulted in more than four billion people being locked down

DFF presents outlook onfuture of transportation

The report of Dubai Future Foundation in collaboration with Dubai Future Council for

Transportation highlights main challenges the transport sector is currently facing worldwide

The report of the foundation underscores the importance of enhancinghuman reliance on big data analytics to track passenger travel patterns

Dubai / WAM

Dubai Customs has completed452,300 insurance refund re-quests with a value of AED3.2billion in H1 2020, according tothe latest statistics from the Re-fund and Maqasa Departmentat Dubai Customs.

The smart Insurance RefundPortal helps clients submittheir claims 24/7, which saves

their time and reduces cost onthem.

Dubai Customs has gone farin introducing innovative sys-tems and portals that enableclients complete their transac-tions online without any needfor physical attendance.

"The Smart Refund System isthe first of its kind in the worldand can handle two million re-quests a year, which means

more than 5,000 applications aday. This has helped the clientsand the department in manyways. Dubai Customs is the firstcustoms organisation in the GCCthat offers the service of insur-ance refund online," MohammedAl Hashmi, Director of Refundand Maqasa Department, said.

Dubai Customs completes insurancerefund claims worth AED3.2b in H1

Aldar opens Soul Beachat Mamsha Al Saadiyat

S U N D AY 2 6 J U LY 2 0 2 0

02 news

Five areas in Dubai account for 43.7% of all newly issued licences

Soul Beach will feature a1km beach with pristinelymanicured sands, a 400m

swimming zone, 400parasol-flanked sunbeds

and a unique refreshmentconcept for maximum

convenience

In the past few months, the hospital has received and provided medical treatment to 10,000 patients infected with pandemic

Mattar Al Tayer, DirectorGeneral and Chairman of

the Board of ExecutiveDirectors of RTA

The RTA is shaping itsfuturistic policies and

updating scenarios to copewith the current situation. It also assesses performanceof various customerservices to ensure theyare streamlined, moreresponsive and quicklydeliverables via digital means

Dubai Customs has gone far in introducing innovative systems and portals that enable clients

complete their transactions online without any need for physical attendance

The DFF report makes abusiness case for investing

in autonomous driving,advanced transportinfrastructure, and

strengthening cargodelivery through leveragingcutting-edge technology

and innovation

Closing insurancerefund claims, which

takes two working days tocomplete, contribute inmore liquidity to companiesand attracting more foreigninvestments in the country

Mohammed Al Hashmi,Director of Refund and

Maqasa Department atDubai Customs

Dubai / WAM

Major General MohammedAhmed Al Marri, Director-Gen-eral of Dubai’s General Direc-torate of Residency andForeigners Affairs (GDRFA) metwith representatives of tourismcompanies in Dubai to discussthe mechanism for grantingtourist visas as part of promot-ing and revitalising tourism inthe post-Covid-19 phase.

The meeting was also at-tended by Major General ObaidMuhair bin Suroor, Deputy Di-rector-General of GDRFA Dubai,

Colonel Dr Omar Al Shamsi, As-sistant Director-General forEntry and Residence PermitsSector, and other officials.

Duirng the meeting, Al Marrisaid that he expects tourism toemerge stronger from the crisiswith the removal of air travel re-strictions and the resumption ofall vital sectors in the country.



GDRFA, Dubai tourism firms discuss waysto boost tourism in post-Covid-19 phase


n Dubai Economyissued 16,826 newbusiness licences inthe first six monthsof 2020

n Al Garhoud saw the most number ofnew businesses,accounting for 15%of the total, followedby the Burj Khalifaarea (12%), Oud AlMuteena 3 (6.5%),Trade Centre 1(5.2%) and OudMetha (4.8%)



Dubai / WAM

Sharjah Charity Interna-tional (SCI) distributed9,200 meals to workers inJuly, of which 5,200 mealswere distributed, as part ofSCI's many projects that itimplements.

Abdullah Sultan binKhadim, Executive Direc-tor of SCI, highlighted thatthis project is one of themany humanitarian initia-tives, in which SCI carriesout its supporting role inthe community by coordi-nating with institutionsand departments.

He stressed that ofmeals distributed yester-day, 4,000 were for work-ers in the Al HamriyahFree Zone, and 1,200 othermeals were for workers inthe Sharjah Municipalityresidence.

SCI distributes9,200 meals toworkers in July

EMIRATE OF ABU DHABI JUDIcIAl DEpARTMEnT

ABU DHABI cOMMERcIAl cOURT - 1sT InsTAncECommercial

Date: July 19, 2020

notice of summons to Appear before the commercialcourt (1st Instance)

case no. 961/2020 - commercial - Minor - HQ. F. Abu Dhabi - c.notification: BY pUBlIcATIOn

Claimant: United Arab Bank psc Nationality: UAEDefendant: Oluwole Oluwaseun soremekun Nationality: nigerianCase Subject: Financial claim amounting to AED 1,175,423.60Party to be notified: Oluwole Oluwaseun soremekun Capacity: Defendant ADDRESS: Emirate: Abu Dhabi City: Sector: Area: Street: Al Khalidiya House No.: Home Telephone: Mobile (1): 0529612670 Email: Mobile (2): notification of Defendant by publication in English.

You are summoned to appear before the case Management Office, Abu Dhabicommercial court of First Instance, commercial cases Management Office,ADJD headquarters, on Monday, August 10, 2020, at 08:30 am, either personallyor through an authorized attorney, and submit a defense brief supported by alldocuments so as to proceed with the preparation of the above mentioned casein your capacity as Defendant.

case Management Office / Signed & stamped /

the gulf time

Date: 26-07-2020

EMIRATE OF ABU DHABI JUDIcIAl DEpARTMEnT

ABU DHABI cOMMERcIAl cOURT - 1sT InsTAncECommercial

Date: July 21, 2020

notice of summons to Appear before the commercialcourt (1st Instance)

case no. 328/2020 - commercial - Major - HQ. F. Abu Dhabi - c.notification: BY pUBlIcATIOn

Claimant: Mediconsult Hospital Management llc (0505714429) Nationality: UAE Defendant: Kulak construction company Nationality: UAECase Subject: Financial claim amounting to AED 12,737,461 + compensationtotaling AED 29,052,891 Party to be notified: Mohamet Gazi Dareja Capacity: - ADDRESS: Emirate: Abu Dhabi City: MBZ city Sector: Area: Street: House No.: Home Telephone: Mobile (1): 0505933368Email: [email protected] Mobile (2): notification of Defendant by publication in English.

You are summoned to appear before the case Management Office, Abu Dhabicommercial court of First Instance, commercial cases Management Office,ADJD headquarters, on Wednesday, July 29, 2020 at 08:30 am either personallyor through an authorized attorney, and submit a defense brief supported by alldocuments so as to proceed with the preparation of the above mentioned casein your capacity as Defendant.

case Management Office / Signed & stamped /

the gulf time

Date: 26-07-2020

S U N D AY 2 6 J U LY 2 0 2 0

03ENERGY

BloomBerg

Canada’s Natural Re-sources Minister Sea-mus O’Regan saidhe’s in talks with theUS Secretary of En-ergy Dan Brouilletteabout finding a pathto move ahead with oil pipelineprojects, the Globe &

Mail reported.“He’s somebody

who’s been in the en-ergy business andwith the energy de-partment for quitesome time. He doeshave that under-standing so we dohave conversations to make sure our joint inter-ests are met,” said O’Regan.

The Canadian federal government is advocatingfor the construction of the Keytone XL pipeline tocontinue, The Globe said.

Canada ministerin talks with USon oil pipelines

The Canadian federal

government is

advocating for the

construction of the

Keytone XL pipeline

to continue, TheGlobe said

the gulf time

Date: 26-07-2020

Government of dUbAiDubai Courts

Publication notice no (3713/2020)

Notifying Party: LZL General trading LLc

Attorney: Zayed el shhy

Notified Party: 1. Qingbo sun (Chinese National).

(Unknown Address)

The Notifying Party notifies the Notified Party to pay an amount of AED

538,200 (Five Hundred Thirty Eight thousand and Two Hundred dirhams

only) within a maximum period of five (5) days from the date of this

notice, otherwise the Notifying Party shall take all legal procedures to

protect his right and demand of compensation for any damage

incurred by the Notifying Party and to require the Notified Party to pay

all charges, expenses and legal fees.

(Signed & Stamped)

notary Public

the gulf time

Date: 26-07-2020

Date: 19.07.2020

No: 105583/2020


Dubai Commercial Courts of First Instance

notification of Judgment by Publication case no. 16/2019/679 commercial summary

Subject of Case: Demanding to require the Defendants to pay an amount of AED 20216in addition to charges, expenses, legal fees and an interest at the rate of 12% as of thedate of due until full settlement and the judgment shall be self-executing immediatelywithout bail.Notifying Party: dubai insurance company PlaintiffRepresented by: bashar Abdulla Ali ibrahim Al masiabh Attorney

Notified Party: 1. noor Ali butt Javeed iqbal butt Defendant2. olayinka Kayode oguntimehim Defendant

Unknown AddressSubject of Notice:We hereby notify you that the Court has ruled at its public hearing held on 12.05.2020 inthe case mentioned above in favor of Dubai Insurance Company, to order to require theDefendants to Jointly pay to the Plaintiff an amount of AED 20612 (Twenty Thousand SixHundred and Twelve) in addition to the interest at the rate of 9% yearly starting as of14/12/2016 until full settlement and require the Defendants to pay charges, expenses and500 dirhams as legal fees.This judgment was issued as in presence and it may be appealed during thirty days fromthe day following the publication of this notification.Issued in the name of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai andread publicly.

(Signed and stamped) Division HeadDubai Courts

the gulf time

Date: 26-07-2020

15/07/2020

No. 3644/2020


Judicial Warning by Publicationno.: (3699/2020)

Warner: fawaz trading and engineering services co L.L.cRepresented by lawyer: nora muhammad murad Abdul rahman AlMazmiWarnee: Gulf engineering services L.L.c(Anonymous domicile)We hereby inform and advise you of the notification of payment toclear your indebtedness mentioned above through paying an amountof 34,125 AED (Only thirty four thousand one hundred twenty fiveDirhams), within (5) days from the date of receiving this paymentnotification pursuant to the Civil Procedures Law and Cabinet's decisionNo 57 of 2018 on the matter of the bylaw of the Civil Procedure Law,Otherwise, we will have to take all legal measures against you and seekthe issuance of an order to obligate you to pay the full amount of theindebtedness owed by you plus the legal interest at 12% from the duedate till the full payment. Moreover, all other rights resulting from yourfailure to pay the amount due and without notifying you again to pay.All other rights are reserved,

Notary Public/Signed & stamp/

the gulf time

Date: 26-07-2020

Date of Notice: 14/7/2020

Notice No.101317/2020


Dubai Commercial Court of First Instance

notice by Publishingcase no.60/2020/2419 (Payment order)

Case Subject: To seek the court to issue the defendant to pay 142590 AED in addition tolegal interest 12% from the date of claim up to the full payment of the claim, legal costsand charges.

Applicant: Ayouch General trading L.L.cCapacity: Plaintiff

Represented By: iman Hassan Ali mohammad Al AliCapacity: Attorney

The party required to be notified: Zafar & riaz General trading General trading L.L.cCapacity: DefendantUnknown Address

Notice Subject:Dubai court of first instance has judged on 01/07/2020 as follows:1. The enforcement of the commercial contract signed between the two parties:2. To impose upon the defendant: Zafar & Riaz General Trading General Tradling L.L.C topay to Ayouch General Trading L.L.0 an amount of money valued 142,590 AED (onehundred forty two thousand, five hundred ninety AED) in addition to the legal cost 9%from the date of judicial claim on 21/6/2020 up to the full payment in addition to the legalcosts and charges and 500 AED for attorney's fees.You have the right to appeal the judgment within 15 days from the day following thenotice publishing.

the gulf time

Date: 26-07-2020

United ArAb emirAtesMinistry of Justice

Sharjah Federal Court of AppealCase Management Bureau

service of summon before case management bureauby Publication in two Papers, either of them is issued

in the english Languagein Appeal no. 2020/951 commercial

Based on the Appellant's request: Al iman smithing

To the Appellee: Gaafar Ali raj mohammad – Indian national

You're in charge of attendance before the Case Management Bureau

(Office No."1") of Sharjah Federal Court of Appeal either in person or by

your legal proxy, furthermore, to submit a rejoinder to the lawsuit, which

is comprising the exhibits in full, on Sunday, corresponding to 26/07/2020.

Head of Case Management Bureau

dr. nada mohammad mahmoud

// Signed & Sealed //

Date: 13/07/2020

the gulf time

Date: 26-07-2020

Government of rAs AL KHAimAHCourts Department

notice of Payment by publicationfile no: 493/2020 – commercial execution

At the request of the Prevailing party: AL AHrAr trAnsPort LLc Nationality:

To the losing party: stAr Union drinKinG WAter LLc Nationality:

Kindly be informed that RAK Court passed a judgment against you on

(15/03/2020) in case no (174/2020) commercial-summary jurisdiction,

binding you to pay AED 52579.77 including fees and expenses, and to

bind the defendant company to pay a delay interest @ 9% annually as

from the date of filing the case on 05/03/2020 till the full payment, and

since the above prevailing party has submitted a request to execute

the said judgment registered under the above mentioned number, you

are required to execute the above mentioned within 15 days as from

the next day of notification, in case of default, the court will take the

appropriate legal procedures against you to execute the judgment in

addition to consequent fees.

Execution Section

mAryAm ALnAQbi

the gulf time

Date: 26-07-2020

United ArAb emirAtesMinistry of Justice

Request for notification in the executive case by publication

Issue date: 09/07/2020

Notification to Respondent by publication

Court of Ajman- Civil Court of Execution- Al Khawaja General trading

fZe- mainul Haqq rias Ali

Notice of payment in case no. AJCEXCICPL2020/0000709 – Payment Order

To: convicting party; Al Khawaja General Trading FZE

Ajman – Free Zone – Warehouse No. 12- 13- 14, j gate no. 1

mainul Haqq rias Ali

Ajman – Free Zone – Warehouse No. 12- 13- 14, j gate no. 1

Whereas a judgment was rendered against you in favor the Plaintiff being executant

Askhal FZE- in the aforesaid case.

Whereas the said convicted party applied for executing the said judgment and paid the

fees prescribed for the same and whereas the judgment to be executed is as follows:

Total amount inclusive the charges and fees. 33324.0

Therefore, you are ordered to execute what is set out in the aforesaid

executive deed within (15) days from the date of notifying you of this

notice.Failing with, the Court will take the legally prescribed compulsory execution action against you,

Aeisha Ahmed AliCourt of AjmanCivil Court of ExecutionDuly sealed - United Arab Emirates- Ministry of Justice

United ArAb emirAtesministry of JUstice

sharjah federal court of first instance notice of service by Publication

in the commercial case no. sHcficicom2020/0001826, Plenary

to the defendant (1): mohamed nour Abdullah erfani (as a Guarantor of royalWood factory f.Z.c.) Address: Plot No. 12 & 14M6, Sharjah International Airport Free Zone, Sharjah,UAE. Mobile: 0506455002; Phone: 065572227; Fax: 065572225; P.O. 9111. EmailAddress: mnoor@alrahmani .com

Kindly be informed that the claimant, the Commercial Bank International(P.J.S.C), place of residence: 13th Floor, Legal Department, Festival Tower,Dubai Festival City, Deira, Dubai, UAE. Mobile: 0505088632; Phone: 044032971;Fax: 044023974; P.O. 4449, has filed the above Case requesting: To register the case and schedule the nearest hearing and proceed; to confirmthe Order on Petition No. 1717/2020 - Commercial Precautionary Attachmentand Order on Petition No. 1759/2020 - Commercial Travel Ban and to order theDefendants to pay, jointly and severally, the amount of (AED 5,778,847) FiveMillion Seven Hundred Seventy-Eight Thousand and Eight Hundred Forty-SevenDirhams, along with the charges. expenses, lawyer's fees and legal interest of12% from the date of claim until full payment. The court has decided to notify you in Arabic and English that the case hasbeen referred to the Third Criminal Division.Therefore, you are required to appear before the Sharjah Court, Third Civil andCommercial Criminal Division to submit your defense and documents onTuesday, 28/ 07/2020, at 8:30 AM.In the event of failure to appear or to send your representative, legal procedureswill be completed in absentia.

Judicial services manager //stamp of the UAE Ministry of justice// //signed//

the gulf time

Date: 26-07-2020

Government of dUbAidUbAi coUrts

Dubai Real Estate Court of First Instance

service by Publicationon case no. (26/2020/237) real estate,

full Jurisdiction

case subject matter : Claiming the simulation of the Sale andPurchase Contract dated 14/09/2016 for Villa No (TS HYT TH ? V—520) in Town Square Project in the Town Square Complex Hayatin the area of Al Yalays (2) concluded between Al NashmiDevelopment LLC and the Defendants as a relative simulationconcerning the purchaser of the villa and the party who paid theprice, to establish that the Plaintiff is the purchaser of the villawhich paid the whole price from its own money. The names ofthe Defendants be deregistered as owners of the villa at issueand re-registered in the name of the Plaintiff with the sameclauses of the Sale and Purchase Contract dated 14/09/2016; thisownership be registered with the Real Estate Register in the nameof the Plaintiff. An official letter be sent to the Department ofLands and Properties and the real estate developer/ Al NashmiDevelopment LLC to enforce the title transfer. The Defendantsbe ordered to pay the charges, expenses and the attorneys' fees

service Applicant : intraco UAe Limited (free Zone) capacity : Plaintiff

represented by : saad muhammad Abdullah Al Hammadi capacity : Attorney

to be served on : 1- mark Joseph Antakli capacity defendant Unknown place of residence

subject of service

Filed against you a case, Claiming the simulation of the Sale andPurchase Contract dated 14/09/2016 for Villa No (TS HYT TH ? V—520) in Town Square Project in the Town Square Complex Hayatin the area of Al Yalays (2) concluded between Al NashmiDevelopment LLC and the Defendants as a relative simulationconcerning the purchaser of the villa and the party who paid theprice; to establish that the Plaintiff is the purchaser of the villawhich paid the whole price from its own money. The names ofthe Defendants be deregistered as owners of the villa at issueand re-registered in the name of the Plaintiff with the sameclauses of the Sale and Purchase Contract dated 14/09/2016; thisownership be registered with the Real Estate Register in the nameof the Plaintiff. An official letter be sent to the Department ofLands and Properties and the real estate developer/ Al NashmiDevelopment LLC to enforce the title transfer. The Defendantsbe ordered to pay the charges, expenses and the attorneys' fees.

The case is scheduled at the hearing of Tuesday 11/08/2020, at9:30 am, in Remote litigation Chamber: & Building DESC

Therefore, you are required to appear in person or by a legalattorney and submit your pleadings or exhibits to the court notless than three days before the hearing.

case manager Amera Hussain Karam

the gulf time

Date: 26-07-2020

Service Date: 15/07/2020

Service Ref: 102989/2020


subject/ notarial noticenotarization no: 11235/2020

Warner: Hesham mustafa mohammed talawy - Egyptian, as an Attorney of Mr.Al-fadil moetasem Abdul rahman Al- maqbool - Emirati, in his personalcapacity and as the owner of the professional license No. cn1035473, nameddar Al-Hikma Law firm and Legal Consultations under Power of Attorney No.2056001102, and as an Attorney of Abu Dhabi Commercial Bank PJSC underPower of Attorney No. 2005002094.

Warnee: dAnieL JoHn neWton - British National Address: Abu Dhabi, Al Ghadeer Street, Z Building, Apartment 103 - Mobile:0563672794.

subject: claiming the Amount of Aed 139,379.09

According to this notice, we notify you to pay the outstanding due amount ofAed 139,379.09 (One Hundred Thirty Nine Thousand Three Hundred Seventy NineDirhams and Nine Fils) within seven days of the date of the notice. Otherwise,we shall take all procedures to sell the car mortgaged to our Principal "theWarner Bank", (TOYOTA Prado/ White/ Private/ No. 6/55264, licensed in AbuDhabi) in accordance with Article No. 172-175 of Commercial Transaction Law)

Reserving all other rights of the Warner. the Warner //Signature//

the gulf time

Date: 26-07-2020

Notarization Date: 14/06/2020




Warnee: Antonio cArLos bArroso LessA — Brazilian National Address: Dubai, TECOM, Al Ahli Building - Mobile: 0564150060.


According to this notice, we notify you to pay the outstanding due amount ofAed 41,457.28 (Forty One Thousand Four Hundred Fifty Seven Dirhams andTwenty Eight Fils) within seven days of the date of the notice. Otherwise, we shalltake all procedures to sell the car mortgaged to our Principal "the Warner Bank",(Mitsubishi Pajero/ White/ Private/ No. T/46106, licensed in Dubai) in accordancewith Article No. 172-175 of Commercial Transaction Law)


the gulf time

Date: 26-07-2020





Warnee: dAZZLe PAssenGers trAnsPort LLc Address: Abu Dhabi, Al Muroor Street, Sultan Rest Building, Second Floor - Mobile:0506159712.


According to this notice, we notify you to pay the outstanding due amount ofAed 86,577.69 (Eighty Six Thousand Five Hundred Seventy Seven Dirhams andSixty Nine Fils) within seven days of the date of the notice. Otherwise, we shalltake all procedures to sell the car mortgaged to our Principal "the Warner Bank",(Mitsubishi Rosa/ Yellow/ Public/ No. 2/74724, licensed in Abu Dhabi) inaccordance with Article No. 172-175 of Commercial Transaction Law)


the gulf time

Date: 26-07-2020





Warnee: Antonio cArLos bArroso LessA — Brazilian National Address: Dubai, TECOM, Al Ahli Building - Mobile: 0564150060.


According to this notice, we notify you to pay the outstanding due amount ofAed 23,926.86 (Twenty Three Thousand Nine Hundred Dirhams and Eighty Six Fils)within seven days of the date of the notice. Otherwise, we shall take allprocedures to sell the car mortgaged to our Principal "the Warner Bank",(Mitsubishi ASX/ Grey/ Private/ No. T/46102, licensed in Dubai) in accordancewith Article No. 172-175 of Commercial Transaction Law)


the gulf time

Date: 26-07-2020


the gulf time

Date:26-07-2020


sharjah federal court of AppealLawsuit Administration office

Legal summon to be appeared before the LawsuitAdministration office

With the two languages; one shall be issued in english Languagein Appeal no. 205/2020 Labor

Upon request by the Appellant: stars Aluminum & Glass trd.

To the Appellee: Prakash Adhikari

You are legally summoned to appear at Sharjah Federal Court of

Appeal, Labor Circuit, at the Lawsuit Administration Office in person or

represented by an authorized advocate on Wednesday corresponding

to 05/08/2020 in the lawsuit mentioned with its number at the beginning

in your capacity as being the Appellee.

the lawsuit director

//duly signed//


dUbAi commerciAL coUrt of first instAnce

notice of service by Publicationin the commercial case no. 494/2020/20, Partial

subject of the case: Claim for obligating the Defendants to 1.603.021.15)along with fess, expenses, attorney's fees, and the legal interest of 12%payment from the claim till the full payment and the judgment shall beself-executing immediately without bail allowed.The Claimant: national bank of ras Al Khaimah (P. J. s . c)Capacity: claimantRepresented by: Abdul rahman naseeb Abdul rahman bin naseebCapacity: AttorneyName of the party to be served: 1- orange net fuel trading L.L.c2- sandeep Kumar venugopal Capacity: defendantOf unknown locationsubject of the notice: A case has been filed against you to obligate theDefendants to pay the sum of (AED 1.603.021) along with fess, expenses,attorney's fees, and the legal interest of 12% from the claim till the fullpayment and the judgment shall be self-executing immediately withoutbail allowed.The hearing is scheduled to be on tuesday 17/08/2020, at 09:30am inthe remote courtroom (BUILDING _DESC&). Therefore, you are requiredto appear or your legal representative and you shall submit all thememorandums and documents in your possession to the court at leastthree days before the hearing.

case managerGwaher Gomaa Atin saeed Al-Ketbi

the gulf time

Date:26-07-2020

Notice Date: 20/07/2020Notice Number: 2020/107966


coUrt of execUtion

notification by Publicationin execution number 207/2020/4107 commercial execution

subject of execution: Executing the judgment issued in case number1394/2020 payment order, to pay the executed amount of (AED 373441)including fees and expenses. Notification applicant: tssc Kitchen & Laundry equipment trading L.L.c.Its capacity in the case: execution applicantRepresented by: ibrahim mohamed ibrahim Abdullah Al bannaHis capacity in the case: Legal attorneyRequired to be notified:1 — don mahinda Padmasri murthukuda ArachchigeHis capacity in the case: respondent2 — bluu s middle east interior design L.L.c.Its capacity in the case: respondent Their residence unknownsubject of notification: The abovementioned execution case was filed against you , and youare obliged to pay the executed amount of (AED 373441) to theexecution applicant or to the court treasury. Hence, the court shallproceed with the execution procedures against you in case of yournon-adherence to the said decision during fifteen days from the dateof publishing this notification.

department Headyaqoub mohamed Ahmed Al Hammadi

the gulf time

Date:26-07-2020

Date of notification: 21/7/2020Number of notification: 107083/2020


dUbAi coUrt of execUtion

service by PUbLicAtion re case no 2/2019/250, sale of Attached Property

case subject: Motion for permit to sell the attached property, AlHabiah Fourth, Dubai, plot No 9, municipality No 260-682, Building 1,Olympic Buidling 3, property No 702 against the debt of AED8,159,916.12 (Eight Million, One Hundred Fifty-Nine Thousand, NineHundred Sixteen Dirhams and Twelve Fills)Service Applicant: national bank of ras Al Khaimah PJscCapacity : Judgment creditorRepresented by: moaza obaid rubaya Al Khadar Capacity: AttorneyParty to be served(1) capital marketing fZ-LLc Capacity: Judgment debtor(2) manoj Jaikishin bhojwani Capacity: Judgment debtor Unknown Domicilesubject of serviceBe informed that your private property comprising a residential flat atAl Habiah Fourth, Dubai, plot No 9, municiplaity No 260-682, Building 1,Olympic Buidling 3, unit No 702 has been attached in fulfilment of theclaimed amount AED 985,274.00. this for your information and the legaleffect thereof.

Head of Divisionmohamad bahaudin noman

the gulf time

Date:26-07-2020

Service Date: 29-06-2020Service No: 91859/2020


dUbAi first instAnce commerciAL coUrt

Publication of noticein case no 20/ 2019/ 1164 commercial, full

subject of the case:A lawsuit for invalidity and dissolution of the agreement to buy and sell thebusiness company dated 11/7/2017, and nullity and termination of the sharesale contract ,And inserting a partner and an appendix to amend the foundingcontract dated 12/7/2017, with the defendants obliged to be in solidarity andto refund AED 1,402,500 and the legal interest of it at 12% annually from the dateof the judicial claim until the Full payment of fees and charges.The notifying party: eldar Hajiyev In the capacity of: claimantthe notified parties:- Heritage technical services LLc In the capacity of: defendant- Lina Jan about herself and as a partner and a manager in Heritage TechnicalServices LLC In the capacity of defendant- Abdalla yaqoub mohamed murad Almaazm about himself and as a partner inHeritage Technical Services LLC- with Emirates nationalityIn the capacity of : defendant (With unknown residence)subject of notification: The claimant has filed the lawsuit which is about forinvalidity and dissolution of the agreement to buy and sell the business companydated 11/7/2017, and nullity and termination of the share sale contract,Andinserting a partner and an appendix to amend the founding contract dated12/7/2017, with the defendants obliged to be in solidarity and to refund AED1,402,500 and the legal interest of it at 12% annually from the date of the judicialclaim until the Full payment of fees and charges.A hearing has been appointed to it on Wednesday 12-8-2020 at 9:30 am. in thedistant litigation hall, and building... DESC, hence, you or your legalrepresentative are requested to attend and you have to submit whateverdocument or memos in your possession to the court at least three days prior tothe date of the hearing.

division Leader /muhammad mubarak Khalfan/

the gulf time

Date:26-07-2020

Date of Notification: 22-7-2020Notification number: 107758/ 2020

summoning through Publishing

the notifier:

The Claimant in Arbitral Case No. DIAC 133/2019.

m/s. AL ArAbiA eLevAtor And movinG systems LLc.

PO. Box no. 60204, Dubai, UAE — Tel: +971 4 2851145,

Fax: +971 4 2857890

to the notified party:

The Respondent in Arbitral Case No. DIAC 133/2019.

M/S. seidco GenerAL contrActinG co. LLc

P.O Box 44072, Abu Dhabi UAE ❑ P.O Box 26774, Dubai UAE;

Email: [email protected]

Tel: +971 2 4444221/ 2 6766635 ❑ Fax: +971 2 4444227

❑ Mob: +971 55 233 1518

subject: Notice to appear in the arbitration proceedings of Diac

case No. 133 and sign the Terms of reference to the scheduled

hearing on 29 July 2020 at 2:PM

As you are the Respondent in arbitration case No DIAC133/2019,

filed by the Claimant: AL ARABIA ELEVATOR AND MOVING

SYSTEMS LLC (Claimant) Currently pending before the Dubai

International Arbitration Centre (DIAC), claiming you to pay its

dues as mentioned in detail in the request for arbitration dated

12/09/2019, since its procedures have previously notified to you,

without receiving a response or appearance and submitting your

defense before the Tribunal. We re-notify you according to the

arbitration tribunal instructions headed by Counselor

Dr.\Mohamed S. Dorrah to attend and provide your defense in

the said case that you can view and receive a complete copy

of all its filed documents to date from the Arbitral Tribunal, within

(7) seven days from this notification date or during the next

hearing,

based on that

We warn you that if you do not respond to this notification and

appear during the time limit for receiving the documents and

provide your reasonable legal justification for not attending, as

well as attending the next arbitration hearing to sign the Terms of

Reference sent a draft to you previously, which will be held

remotely due to the government health precautions resulting

from the Corona pandemic at 2:00 Pm on Wednesday

29/07/2020 using the Zoom application Available to download

and use for free on the Internet. Case procedures will be

continued up to the issuance of the final arbitration award

according to paragraph (2 and 3) of Article No. 32 of the Federal

Arbitration Law No. (6) of 2018 regarding arbitration.)

For the purpose of service and to do the needful.

the gulf time — Date: 26-07-2020



Warner: fawaz trading and engineering services co L.L.c (currently)fawaz ref. & A/c. co. (Abdelaziz mubarak Al Hasawi & cos. LLc(formerly)Represented by lawyer: nora muhammad murad Abdul rahman Al mazmiWarnee: rrt contracting L.L.c(Anonymous domicile)We hereby inform and advise you of the notification of payment toclear your indebtedness mentioned above through paying an amountof 169,680 AED (Only one hundred sixty nine thousand six hundred eightyDirhams), within (5) days from the date of receiving this paymentnotification pursuant to the Civil Procedures Law and Cabinet's decisionNo. 57 of 2018 on the matter of the bylaw of the Civil Procedure Law.Otherwise, we will have to take all legal measures against you and seekthe issuance of an order to obligate you to pay the full amount of theindebtedness owed by you plus the legal interest at 12% from the duedate till the full payment. Moreover, all other rights resulting from yourfailure to pay the amount due and without notifying you again to pay.All other rights are reserved,

notary Public /signed & stamp/ 22 July 2020

the gulf time

Date:26-07-2020



Warner: tahoor Zeeshan Ali / sufian mohammed Ghose

Represented by lawyer: nora muhammad murad Abdul rahman Al mazmi

Warnee: continental investment (L.L.c)

(Anonymous domicile)

You are informed hereby with acknowledgement and effectiveness in

litigation against you, that we terminated the contracts of sale and

purchase of the aforementioned units and therefore you have to return

the amount paid by the Warners of 145,000 AED for the aforementioned

reasons. In case of non-commitment to return the said amount within 5

working days from the date of receiving this warning, the Warners will

take all legal measures with the Dubai Courts to return their rights, and

any protective measure that the Warners deem appropriate to preserve

their rights while adhering to their right to compensation as a result.

All other rights are reserved,

notary Public

/signed & stamp/

22 July 2020

the gulf time

Date:26-07-2020

the gulf time

Date:26-07-2020


sharjah federal court of first instancenotice of service by Publication

in the commercial case no. sHcficicom2020/0001826, Plenary

To the Defendant (1): royal Wood factory f.Z.c.Address: Plot No. 12 & 14M6, Sharjah International Airport Free Zone, Sharjah,UAE. Mobile: 0506455002; Phone: 065572227; Fax: 065572225; P.O. 9111. EmailAddress: mnoor@alrahmani .comKindly be informed that the claimant, the Commercial Bank International(P.J.S.C), place of residence: 13th Floor, Legal Department, Festival Tower, DubaiFestival City, Deira, Dubai, UAE. Mobile: 0505088632; Phone: 044032971; Fax: 044023974; P.O. 4449, has filed the above Case requesting:To register the case and schedule the nearest hearing and proceed; to confirmthe Order on Petition No. 1717/2020 — Commercial Precautionary Attachmentand Order on Petition No. 1759/2020 — Commercial Travel Ban and to orderthe Defendants to pay, jointly and severally, the amount of (AED 5,778,847) FiveMillion Seven Hundred Seventy-Eight Thousand and Eight Hundred Forty-SevenDirhams, along with the charges, expenses, lawyer's fees and legal interest of12% from the date of claim until full payment.The court has decided to notify you in Arabic and English that the case hasbeen referred to the Third Criminal Division.Therefore, you are required to appear before the Sharjah Court, Third Civil andCommercial and Criminal Division to submit your defense and documents ontuesday, 28/ 07/2020, at 8:30 Am. In the event of failure to appear or to sendyour representative, legal procedures will be completed in absentia.

Judicial services manager//stamp of the UAe ministry of justice //signed//

the gulf time

Date:26-07-2020


notifying a defendant by Publicationcivil court of first instance — commercial (Partial) —

in the case. no: UAQcficiPor2019/m0000156

To the Defendant/ Hamad Umer nahdiAddress: to be notified by publication in one of the local mass-circulation newspapersThe Plaintiff/ Ajman bankAddress: Ittihad Street — Ajman Bank — Main Building — P.O. Box: 7770Ajman, UAE - 067479990The court has, ruled with obligating the Defendant / Hamad Umer Nahdi(Pakistani national) to pay the Plaintiff Ajman Bank an amount of AED189055.48 (only one hundred eighty nine thousand, fifty five dirhamsand forty eight fils), in addition to the legal interest at 5% as of the dateof judicial claim on 21/04/2019 until the full payment thereof; andcompelling the Defendant to pay the expenses and three hundreddirham as attorneys' fees.

customer Happiness centerEdited on: 16/07/202nourah sultan ebeidcivil court or first instance//signed // (Seal: United Arab Emirates - Ministry of Justice)

the gulf time

Date:26-07-2020


sharjah federal court of first instancenotice of service by Publication

in the commercial case no. sHcfic1com2020/0001826, Plenary

To the Defendant (1): mohammed Ali Abdelrahman Al Hammadi (as Guarantorof royal Wood factory f.Z.c.)Address: Plot No. 12 & 14M6, Sharjah International Airport Free Zone, Sharjah,UAE. Mobile: 0506455002; Phone: 065572227; Fax: 065572225; P.O. 9111.Kindly be informed that the claimant, the Commercial Bank International(P.J.S.C), place of residence: 13th Floor, Legal Department, Festival Tower, DubaiFestival City, Deira, Dubai, UAE. Mobile: 0505088632; Phone: 044032971; Fax:044023974; P.O. 4449, has filed the above Case requesting:To register the case and schedule the nearest hearing and proceed; to confirmthe Order on Petition No 1717/2020 — Commercial Precautionary Attachmentand Order on Petition No. 1759/2020 — Commercial Travel Ban and to orderthe Defendants to pay, jointly and severally, the amount of (AED 5,778,847) FiveMillion Seven Hundred Seventy-Eight Thousand and Eight Hundred Forty-SevenDirhams, along with the charges, expenses, lawyer's fees and legal interest of12% from the date of claim until full payment.The court has decided to notify you in Arabic and English that the case hasbeen referred to the Third Criminal Division.Therefore, you are required to appear before the Sharjah Court, Third Civil andCommercial Criminal Division to submit your defense and documents ontuesday, 28/ 07/2020, at 8:30 Am. In the event of failure to appear or to sendyour representative, legal procedures will be completed in absentia.

Judicial services manager//stamp of the UAe ministry of justice// //signed//

notice

s u n d ay 2 6 J u Ly 2 0 2 0

04 OPINION

The gulf Time

Chairman of ThE board

Saeed Saif

Tel: 02-4468000, Fax: 02-4485401Website: www.emirates-business.ae

Email: [email protected], [email protected],[email protected]

Printed at: al Wathba Printing Press

A $2bn bet on Pfizer’svirus vaccine is worth it

other opinion

You know Tesla Inc is maturingas a carmaker when it man-ages to be slightly dull. The

earnings update was even more ea-gerly anticipated than usual after therecent surge in its share price. ElonMusk’s company has added an as-tonishing $200 billion to its alreadyample market capitalisation sincethe end of March.

Confirmation that Tesla will add asecond US factory, in Austin, Texas,is certainly something to celebrate— especially for the workers it willemploy there to build its Cybertruckand other products. So too is afourth consecutive quarter of netprofit, which may prompt the com-pany’s inclusion in the S&P500.

And yet the earnings call —where Musk has in the past rantedabout “fascist” virus lockdowns andattacked analysts for asking “bor-ing, bonehead” questions — was abit of a snooze. It even featured along discussion about insuranceand Musk’s appreciation for the ac-tuarial profession.

In the current economic environ-ment, such steadiness is an achieve-ment. Most car companies willprobably suffer huge losses becauseof the recent closures of factoriesand showrooms, even if things won’tbe quite as bad as feared initially. Bycontrast, Tesla reported $104 mil-lion of net income in the April toJune period, bringing its total profitover the past four quarters to $368 million.

Still, these are modest amountsfor a company that’s valued at an in-explicable 800 times trailing earn-ings, giving it a $295 billion marketcapitalisation.

The profits are also more than ac-counted for by $1 billion of regula-tory credits that Tesla sold to other carmakers during the 12 months to June, including $428 million in the latest quarter. It’sonly able to earn this income be-cause rivals haven’t gotten their acttogether yet on building enoughelectric vehicles and have to buycredits from Musk’s company to sat-isfy emissions regulators. Tesla ac-knowledges this good fortune won’tlast forever.

At a time when Musk is buildingthree new factories on three conti-nents, money from any source iswelcome. Tesla says its $8.6 billionpile of cash and equivalents is suffi-cient to fund its expansion. But rais-ing capital would barely diluteshareholders given how inflated thestock is. Investors might even wel-come it.

The second-quarter earningswon’t, however, settle the debateabout whether demand for Teslacars is starting to tail off in impor-tant markets. While Musk says thisisn’t a problem, the company hasbeen cutting prices in North Amer-ica and China. His explanation is thatthe cheaper the cars are, the morepeople will buy them. So long as thecompany remains “slightly prof-itable” and avoids going “bankrupt”— in his words — then he soundshappy to sacrifice a bit of profit mar-gin to drive growth.

Tesla isn’t growing all that muchright now, which is hard to squarewith the massive jump in its shareprice.

—Bloomberg

Tesla’s $200b questionremains unanswered

US just took a step beyond funding Covid-vaccine research towards ac-tively securing shots. The government signed an agreement withPfizer Inc and BioNTech securing 100 million doses of their vaccine

candidate for $1.95 billion, payable if the inoculation succeeds in clinical tri-als and gets approved by the Food and Drug Administration.

Vaccine pricing is always contentious, and even more so now in the midstof a global pandemic. Setting terms in advance is the right idea even thoughthe government doesn’t know and won't know for some time if the shotworks. The alternative — waiting until a candidate proves effective and re-lying on weak US pricing mechanisms to keep it affordable — isn’t appealing.The value of a vaccine that protects against Covid would be enormous, fromthe health benefits it would accrue to individuals to the broader advantagesof helping protect the community at large and allowing broader swaths ofthe economy to stay open safely.

Advance pricing provides security to both the drugmaker and the govern-ment. Pfizer knows it has a market, and the government doesn’t have toworry about fighting over price in a variety of possible futures where it haseven less leverage. The government would be in a tough position absent thiscontract, for example, if Pfizer’s vaccine proved to be the only successful op-tion among the many now under development. The country could wind upbidding against others for limited supply with limited recourse for ensuringaffordability. A fragmented health system and curbs on federal power makeit hard for the US to restrain prices.

The contract also sets something of a price ceiling; Pfizer didn’t take pre-approval government funding, unlike several competitors. It will be hard forothers to charge a higher price absent a major efficacy gap if some of theirgovernment-funded research risk has been paid off.

Because each person requires two shots, 100 million doses is enough vac-cine for 50 million people. While that makes the deal look a bit less appealing,it still would only come out to a price of about $39 per person, within therange of what Medicare pays for flu vaccines and below what drugmakerscharge for some new inoculations. As an added bonus, the shots will be of-fered for free to Americans.

The contract allows for the US to acquire up to 500 million additionaldoses. If the same price is available, which is admittedly uncertain at thistime, getting enough vaccine to inoculate 60% of the US population couldcost something like an additional $6 billion. That’s certainly not a pittance,but it’s a rounding error set against the trillions of economic losses and stim-ulus packages forced by the pandemic. If the price jumps significantly afterthe delivery and many more doses are needed, it could be grounds for re-assessing both the wisdom of the deal and Pfizer’s corporate citizen card.Pfizer vaccine’s protectiveness is impossible to predict before a large-scaletrial finishes. However, if it clears the FDA’s published efficacy standards andgets authorised, it will dampen the threat of Covid-19 — no small feat. If itoffers durable immunity and can cut transmission, it could have a substantialeffect with fewer doses. Should other vaccines work better or price differ-ently — AstraZeneca has pledged to provide 300 million doses “at cost” afterthe US government gave it up to $1.2 billion in funding — the deal could looklike an overpay. Nevertheless, the contract is worth the gamble.

Given the unknowns of “warp-speed” vaccine development, multiple at-tempts are crucial. There’s a benefit to minimising failure risk and maximis-ing supply with these types of contracts.

—Bloomberg

Travel flop undercuts 737 Max return

Boeing Co’s 737 Maxmay be on track to fi-nally return to com-

mercial service later thisyear, but the plane’s biggestcustomer isn’t eager forfresh deliveries.

Southwest Airlines Codoesn’t expect to take anynew Max jets this year, ChiefExecutive Officer Gary Kellysaid in an interview withBloomberg News. The air-line had previously said itwould add no more than 48of the planes to its fleetthrough the end of 2021,and it reiterated that plan ina filing.

But the back-end weight-ing of these deliveries putssignificant pressure on apost-pandemic travel recov-ery that has been volatileand remains highly uncer-tain in the absence of awidely available vaccine.

While bookings forleisure travel improved inMay and June, the nascentrecovery in demand hasstalled in July amid a resur-gence of coronavirus out-breaks across America,Southwest said as it re-

ported a second-quarter netloss of $915 million. As a re-sult, the company now feelslike it’s offering too manyflights in August and Sep-tember relative to demand.“We will adjust our flightschedule aggressively andfrequently in response tothis volatile demand envi-ronment,” Kelly said in astatement. And that willlikely mean flying few Maxjets for the time being.

The downbeat outlookprovides a dose of realityfor Boeing’s rally on signs ofprogress for the groundedMax jet. The Federal Avia-

tion Administration said it’spreparing to issue formallegal directives for repairsof the plane, which indi-cates the agency is finallycomfortable with proposedfixes some 16 months afterthe second of two fatalcrashes prompted regula-tors around the world toban the plane from com-mercial flight.

The public gets 45 days tocomment on the FAA’s ac-tion and there remain finaladditional steps in the un-grounding process, whichlikely pushes the plane’s re-turn back to October. That

will put a crimp in Boeing’splans to resume deliveriesduring the third quarter, butsuch a delay hardly mattersmuch in a time when air-lines are making fresh cutsto their capacity.

On the positive side forBoeing, American AirlinesChief Financial OfficerDerek Kerr said that the air-line was planning to takedelivery this year of 17 Maxjets that are either alreadybuilt or in the process ofbeing built, pending regula-tory approval.

—Bloomberg

The Federal Aviation Administration said it’s preparing to issue formal legaldirectives for repairs of Boeing Co’s 737 Max jet

BrooKe sutherlaNd

While bookings forleisure travel improvedin May and June, thenascent recovery in

demand has stalled inJuly amid a resurgence

of coronavirusoutbreaks across

America, Southwest Airsaid as it reported a

second-quarter net lossof $915 million

The downbeat outlook provides a dose of reality for Boeing’s rally

Millions are unem-ployed, publicbudgets are falling

apart, the economy is strug-gling, and the Covid-19 epi-demic is raging anew — andmost of the $2.7 trillion floorCongress put beneath thatmisery will soon be gone.

So Congress and theWhite House are back at thedrawing board. Formalbailout packages haven’tsurfaced, but policy makersare saying the right things.Treasury Secretary StevenMnuchin has promised thatthe focus will be “kids andjobs and vaccines.” SenateMajority Leader Mitch Mc-Connell has said, “We needto stand up an educationalsystem and an economy thatworks for workers and fam-ilies.” And House SpeakerNancy Pelosi has called forresources to “fight this pan-demic, get our childrensafely back to school and re-open our economy.”

It’s not clear how they’llget there. There are somenew ideas on the table. Mc-Connell, who has been atodds with the White Housebut is expected to introducea set of bills on Monday,would earmark funds for K-12 schools and child-carefunding. He also wants toprioritise support for vac-cine research, testing andhospitals. Pelosi would setaside $1 trillion for state,local, tribal and territorialgovernments, $200 billionin hazard pay for essentialworkers and $75 billion forcoronavirus testing andtreatment.

Much of what they’re pro-posing, however, seems tobe a replay of the firstbailout. McConnell wantsanother round of support

for small-business workersand direct payments to fam-ilies. Pelosi appears to beasking for much the same.The chief sticking point sofar is size. Democrats haveproposed an additional $3.5 trillion in federalspending, while Republicanswant to spend much less —about $1 trillion.

The bailout engineered inthe spring was designed tospeed money to distressedfamilies, companies andlocal governments. Nearlyhalf of that $2.7 trillionbailout was funneled tobusinesses, large and small;about $560 billion went toworkers and families in theform of direct, temporarypayments and extended un-employment benefits.

The Paycheck ProtectionProgram, which has beenriddled with oversight prob-lems, may have preservedabout 2 million jobs and itcertainly kept myriad smallbusinesses afloat. Hundredsof billions directed to largecorporations allowed themto keep moving forward.And apart from all of that,the Federal Reserve putabout $3 trillion to work toensure the financial systemdidn’t seize up.

Yet roughly 19.2 millionAmericans are out of work,a once unimaginable figure.If the coronavirus isn’t effec-tively corralled and theeconomy doesn’t perk up,millions more will lose theirjobs. It’s time for policymakers to think bigger.There’s a way to simultane-ously beat back the virus,support workers and fami-lies and revive the economy.But it will require more vi-sion than merely usingmoney to bandage problemsthat aren’t going away.

Unemployed Americansdon’t just need cash — theyneed jobs. Governmentchecks and unemploymentinsurance put food on thetable, but they don’t addressnumerous other risks asso-ciated with job loss. In addi-

tion to losing their inde-pendence and dignity, thejobless must contend withdecaying skills and erodingemployment networks —brutal forces that reduce fu-ture wages and underminethe well-being of workers,families and communities.

What’s needed is a federaljobs program that putsAmericans to work on thecountry’s most urgent prob-lems. If the federal govern-ment were to hire everyunemployed American andpay them a living wage of,say, $58,000 a year, it wouldcost roughly $1.1 trillion an-nually. (We’re basing that onthe wage one adult mustearn to support a family offour in Cook County, Illinois,according to MIT’s livingwage calculator.) That’s ahuge amount of money, ofcourse, but it will declinemeaningfully over time asthe economy recovers,drawing workers back tothe private sector. It’s also afraction of what the federalgovernment is likely tospend — and seems pre-pared to spend — duringthis crisis to keep the econ-omy and the social fabricfrom fraying.

A big, bold jobs programwould be a vast improve-ment on the patchwork ofprograms in the first rescuepackage. For example, thebailout’s one-time paymentsto average Americans of$1,200 for adults and $500for each child were onlymodestly helpful to workerswho still had jobs; they werewoefully inadequate forthose who didn’t. And it’sstill unclear how much ofthe $669 billion allocated tothe PPP made its way toworkers. A jobs program, bycontrast, would providemeaningful support — andperhaps more importantlywork — to those who needit most.

A jobs program wouldalso address concerns thatsupplemental unemploy-ment insurance is a disin-

centive to work becausethose payments may out-strip wages. We think thatdebate masks the real prob-lem: decades of substandardpay for workers that doesn’tamount to a living wage. Afederal jobs program wouldcompete with private em-ployers, forcing them toraise wages to attract andretain workers, helping re-verse the growing wage in-equality that has decimatedthe middle class.

For starters, we think thegovernment could put itsnew federal employees towork in health care, educa-tion and infrastructure. Thecountry still needs a coordi-nated effort to test, traceand track the coronavirusand revivify our publichealth network. Schools willneed to reinvent how theyteach and where studentsare taught. More schoolsshould be built and moreteachers should be hired.And we have to attend to thenation’s crumbling infra-structure. That will involverebuilding highways, ports,railways, levees, airportsand public transportation,while broadening access toclean water and broadbandservice.

—Bloomberg

Nir Kaissar is a Bloomberg Opinion

columnist covering the markets. He is

founder of Unison Advisors, an asset

management firm. He has worked as

a lawyer at Sullivan & Cromwell and

a consultant at Ernst & Young

A general view of the famed New York Public Library Lion wearing a face mask in New York on June 30 —DPA

Unemployed Americans don’t just need cash — they need jobs

Nir Kaissar

Congress and the WhiteHouse are back at thedrawing board. Formal

bailout packages haven’tsurfaced, but policy

makers are saying theright things. Treasury

Secretary StevenMnuchin has promisedthat the focus will be

“kids and jobs and vaccines”

Senate Majority LeaderMitch McConnell

wants another round of support for

small-business workersand direct payments to

families. Democratshave proposed an

additional $3.5 trillion infederal spending, whileRepublicans want tospend much less —

about $1 trillion

US needs bold jobs plan,not a patchwork bailout

FAA says 737s in storage arecorroding during pandemic

any plane that hasn’t flown for at least seven days must be checked

BloomBerg

Boeing Co 737 planes in storagebecause of the coronavirus pan-demic are at risk of losing powerin both engines when they flyagain and must be inspected, theUS Federal Aviation Administra-tion (FAA) said.

The emergency order appliesto about 2,000 older Next Gener-ation and Classic versions ofBoeing’s workhorse single-aislejet in the US, not the grounded737 Max. Alaska Air Group Incsaid an engine shutdown duringa recent flight was probably one of four instances in whichthe FAA said a corroded valvecaused a failure.

Regulators mandated the in-spections after airlines beganbringing back some of the thou-sands of jetliners that wereparked earlier this year as thepandemic all but erased traveldemand. While there are de-tailed steps airlines must take tomaintain planes in storage, theorder suggests that the corro-sion issue wasn’t previouslyknown.

The directive applies to air-craft that have flown 10 or fewerflights since being taken out of

storage, and any jets still parked.The Alaska Air incident oc-

curred on July 15 on a flight fromSeattle to Austin, Texas. Theplane made an emergency land-ing and touched down safely. Thecompany is carrying out re-quired inspections on six 737s atone of its maintenance bases.

“We actually started our in-spections of the check valves”before the FAA’s airworthinessdirective was released, the air-line said. “As additional aircraftare removed from storage, thiswork will be completed beforethey’re returned to service.”

The matter isn’t related to thesoftware issue linked to twocrashes of the Max that killed346 people and prompted aworldwide grounding in March2019. For the older aircraft need-ing the valve inspections, Boeingsaid it was helping operatorshandle any issues. Any plane thathasn’t flown for at least seven

days must be checked.“With airplanes being stored

or used infrequently due tolower demand during the Covid-19 pandemic, the valve can bemore susceptible to corrosion,”the planemaker said. “Boeing isproviding inspection and re-placement information to fleetowners if they find an issue.”

CFM International, a joint ven-ture of GE and France’s Safran

that makes engines for 737 jets,said it was working with Boeingon the matter. “FAA’s action is re-lated to a Boeing external bleedair valve that interfaces with theengine,” GE said. Some 3,200 air-liners — roughly half of the USfleet — were parked as of mid-May after US passenger trafficplunged to less than 10% ofprior-year levels in April, accord-ing to Airlines for America.

This file photo shows the cabin systems for the Boeing 737 at the planemaker’s stand at the Aircraft Interiors Expo trade fair inHamburg, Germany —DPA

The emergency order applies to about 2,000 older NG and Classic versionsof Boeing’s workhorse single-aisle jet in the US, not the grounded 737 Max

BloomBerg

Neiman Marcus Group Inc, theluxury retailer that’s making itsway through bankruptcy pro-ceedings, said it will perma-nently close its store in NewYork City’s Hudson Yards alongwith three other US locations.

Its planned exit from HudsonYards comes just over a year afterthe mall at the mega-projectopened to much fanfare in March2019. The three-story store —Neiman Marcus’s first Manhattanlocation — served as an anchortenant to draw shoppers to thefar west side development.

The Shops & Restaurants atHudson Yards, along with thou-

sands of other retail propertiesacross the US, went dark ear-lier this year in an effort tostem the spread of Covid-19.While reopenings have begun,the pandemic further chal-lenged an already-strugglingretail industry, and bankrupt-cies have accelerated.

Dallas-based Neiman Marcusfiled for Chapter 11 bankruptcyin May as it worked to navigatethe impact of the pandemic andits crushing load of debt.

Neiman Marcus provided thecourt with a list of stores thatwill be closed as part of Chap-ter 11 proceedings, the com-pany said in an email. Closingthe locations “will help ensure

the continued long-term suc-cess of our business and under-scores our unrelenting focus onproviding unparalleled luxury

experiences and engagement.”The retailer also said it plans

to close locations in Fort Laud-erdale and Palm Beach, Florida,

and Bellevue, Washington. Theplans were reported by CNBC.

At the Hudson Yards mall,other tenants include the Japan-ese home-goods retailer Muji,whose US division has also filedfor Chapter 11 bankruptcy.

“It is unfortunate that

Neiman’s was unable toachieve the success that otherretailers have found at HudsonYards, and we look forward towelcoming the designer brandswho drove Neiman’s sales totheir own stores in the retailcenter,” developer Related Cossaid in an emailed statement.

The store’s departure alsoprovides an opportunity to“create incredibly attractive office space,” the real estatecompany said.

Related has been marketingNeiman Marcus space as officesfor several weeks, targetingtechnology and finance ten-ants, according to a personwith knowledge of the matter.

Neiman Marcus to close store at New York’s Hudson YardsThe retailer said it plans to shut locations in Fort Lauderdale and Palm Beach, Florida, and Bellevue, Washington

Refugees aRRive in geRmany

Refugees brought from Greek camps board buses after arriving at Kassel Airport in Calden, Hessen. The German governmenthas brought a group of sick children with their relatives from Greek refugee camps to Germany —DPA

S u n d ay 2 6 J u Ly 2 0 2 0

05retail/aViatiON

n Regulators mandated the 737 inspections after airlinesbegan bringing back some of the thousands of jetliners thatwere parked earlier this year as the pandemic all but erasedtravel demand

n While there are detailed steps airlines must take tomaintain planes in storage, the FAA order suggests that thecorrosion issue wasn’t previously known. The directiveapplies to aircraft that have flown 10 or fewer flights sincebeing taken out of storage, and any jets still parked

Alaska Air Group Inc saidan engine shutdown

during a recent flight wasprobably one of four

instances in which theFAA said a corroded valve

caused a failure

Dallas-based Neiman Marcus filed for Chapter 11 bankruptcy in May as it worked tonavigate the impact of the pandemic and its crushing load of debt

BloomBerg

British Airways owner IAG SAis looking at raising as much as2.75 billion euros ($3.2 billion)in a share sale to helpstrengthen its balance sheetand ride out the coronaviruscrisis.

The London-based group,which also owns Spain’s Iberiaand Aer Lingus of Ireland, saidthat it may opt for a rightsissue, though no final decisionhas been taken.

While airlines worldwide aresuffering after the pandemicupended travel, the premiummarkets on which IAG reliesmay be among the last to re-cover as economies stumbleand people shun long-haulflights. The company alsohasn’t received the billions inaid pumped into rivalsDeutsche Lufthansa AG and AirFrance-KLM, with help limitedto furlough funds and state-backed loans.

Given IAG’s market value ofabout 4 billion pounds ($5 bil-lion), the amount of money itaims to raise suggests theshare count could more thandouble, leaving investors facinga choice between increasingtheir exposure or being substantially diluted, Sanford C Bernstein analyst DanielRoeska said.

The course of action is stillpreferable to seeking a bailout,according to Roeska, who

said in a note that “privatemoney rather than a govern-ment stake would allow thecompany to maintain strategicfreedom.”

IAG shares closed 4.8%lower in London, extending thedecline this year to 68%.

The fundraising could takeplace in September, accordingto a person with knowledge ofthe group’s plans who askednot to be named discussing thematter. Bloomberg reportedlast month that IAG was work-ing with Goldman Sachs GroupInc. and Morgan Stanley onplans to boost liquidity.

High coronavirus infectionrates in the US are delaying arecovery in the lucrative NorthAtlantic market.

While IAG had cash and un-drawn facilities of 10 billioneuros as of April 30, Roeskasaid the carrier may be con-cerned about that trend, or thatits cash burn could be worsethan expected.

British Airways parentmulls $3.2b share sale

While airlines worldwideare suffering after the

pandemic upended travel,the premium markets on

which IAG relies may be among the last torecover as economies

stumble and people shunlong-haul flights

The Shops & Restaurantsat Hudson Yards, alongwith thousands of other

retail properties across theUS, went dark earlier thisyear in an effort to stemthe spread of Covid-19

British Airways planes stand at Heathrow Airport amid the coronavirus crisis inHeathrow, England, on March 17 —DPA

BloomBerg

First released in 1959, theiconic Barbie doll has seenMattel Inc through the civilrights movement, the ColdWar and the rise of the inter-net. And now it’s helping thecompany weather a globalpandemic.

While Mattel’s overall salesfell 15% in the second quarterfrom a year earlier — the re-sult of closed retail stores,supply-chain troubles and arecession — Barbie sales rose7% to almost $200 million.The dolls made up about aquarter of sales during the pe-riod, and they were the mostpopular toy in America forfive straight weeks during thelockdown, according to re-search firm NPD.

Barbie helped results topanalysts’ estimates, sendingMattel shares up as much as7.9% to $12.55 in late trading.

The popularity of Barbieshows how a well-knownbrand can be adjusted to fitthe times. The company hasreleased dolls in a variety ofheights and body types in re-

cent years, including oneswith disabilities.

The dolls are also moreracially diverse. One-fifth ofthe Barbies sold as part ofMattel’s Barbie Fashionistaline are Black, greater thanthe proportion of Black peo-ple in the US population.

“In this environment, ourproducts really resonated,”Chief Executive Officer YnonKreiz said. “This was a bigperformance for Barbie, de-spite the challenge.”

That may be enough to getMattel through an awkwardperiod. The company, whichmanufactures most of its toys

in China, had to fully shutdown some of its factoriesearlier this year. It also had topivot to e-commerce. At theend of the first quarter, retailoutlets that account for about30% of Mattel’s sales wereclosed. And a broader shut-down in Hollywood hasslowed work on nine filmsbeing developed based onMattel brands.

Mattel sees things return-ing to something closer tonormal in the second half of2020, and it’s gearing up forthe holiday toy-buying sea-son. Barbies will likely still bethe company’s top seller.

Mattel’s Barbie dolls prove tobe lockdown favourite in USThe toy manufacturing company sees things returning

to something closer to normal in the second half of 2020

While Mattel’s overallsales fell 15% in the

second quarter from ayear earlier — the resultof closed retail stores,

supply-chain troubles anda recession — Barbie

sales rose 7% to almost$200 million

SAA creditors give more time to raise fundsBloomBerg

Creditors of South African Air-ways (SAA) gave the govern-ment more time to find themoney to fund a rescue of thebankrupt state-owned airline.

At a meeting convened bythe airline’s administrators,creditors voted to extend thedeadline to July 27 from an ini-tial deadline of July 22.

If the money is not guaran-teed by then, another creditorsmeeting will be held on July 30

to decide the way forward. The administrators have

previously said the airlinecould be liquidated.

The government has com-mitted to “mobilse” the 10.1billion rand ($603 million). Fi-nance Minister Tito Mbowenisaid that doesn’t mean the gov-ernment will provide moneyand it will instead seek fundingfrom private sources.

China, russia seek to disruptelections, warns US official

Russia’s objective continues to be to weaken the us and diminish its global role, said William Evanina

Pandemic and recent protests, for instance, continue to serve as fodder forforeign influence and disinformation efforts in America, said William Evanina

BloomBerg

China, Russia and Iran arelooking to disrupt the US elec-toral process before Novem-ber’s vote, including attemptsat compromising the privatecommunications of politicalcampaigns and candidates, atop US intelligence officialwarned.

William Evanina, director ofthe National Counterintelli-gence and Security Center,said that federal officials con-tinue to monitor hackers try-ing to gain access to state andfederal networks, includingthose responsible for manag-ing elections.

Foreign adversaries areusing traditional news outletsas well as social media sites asa way to “sway US voters’ pref-erences and perspectives, toshift US policies, to increasediscord and to undermine con-fidence in our democraticprocess,” he said.

“The coronavirus pandemicand recent protests, for in-stance, continue to serve asfodder for foreign influenceand disinformation efforts inAmerica,” Evanina said in astatement.

China, for one, is expandingits efforts to influence policyin the US, including puttingpressure on political figures itviews as opposed to its inter-ests. “Beijing recognises its efforts might affect the presi-dential race,” he said.

Meanwhile, Russia’s objec-tive continues to be to weakenthe US and diminish its globalrole; Evanina said Russia continues to spread disinfor-mation in the US, using inter-net trolls and other proxies,

designed to undermine confi-dence in the democraticprocess.

CritiCAl EyEIran is also looking to un-

dermine democratic institu-tions and divide the US, hesaid, adding that Tehran is fo-

cused on spreading disinfor-mation on social media and re-circulating anti-US content.

With barely more than 100days to the election, Evaninaurged Americans to consumeinformation with a critical eye,check out sources before re-posting material on socialmedia, and practice good“cyber hygiene.”

Intelligence officials havebriefed presidential cam-paigns, political committeesand Congress on election secu-rity in recent months, he said.

Responding to Evanina’s remarks, Democratic congres-sional leaders issued a state-ment saying he didn’t provideenough details.

“The statement gives a falsesense of equivalence to the ac-tions of foreign adversaries bylisting three countries of un-

equal intent, motivation andcapability together,” saidHouse Speaker Nancy Pelosi,Senate Democratic leaderChuck Schumer, House Intelli-gence Committee ChairmanAdam Schiff, and Senate Intel-ligence Committee Vice Chair-man Mark Warner.

“The statement, moreover,fails to fully delineate the goal,nature, scope and capacity toinfluence our election, infor-mation the American peoplemust have as we go into No-vember,” the Democrats said.

Russia was accused by theUS of hacking Democratic ac-counts ahead of the 2016presidential election, as wellas leaking emails intended tohurt Democrat Hillary Clin-ton’s campaign.

In addition, the Internet Research Agency, based inRussia, engaged in a wide-spread social media campaignthat sought to sow discordahead of the 2016 vote, US of-ficials have said.

William Evanina, director

of the National

Counterintelligence and

Security Center, said that

federal officials continue to

monitor hackers trying to

gain access to state and

federal networks, including

those responsible for

managing elections

S U N D AY 2 6 J U lY 2 0 2 0

06 politics

BloomBerg

Australia joined the US in rejecting China’s expansivemaritime claims in the SouthChina Sea, calling them “inconsistent” with the 1982United Nations Conventionon the Law of the Sea.

“There is no legal basis forChina to draw straight base-lines connecting the outer-most points of maritimefeatures or ‘island groups’ inthe South China Sea,” Aus-tralia’s mission to the UNwrote in a filing. “Australia re-jects China’s claim to ‘historicrights’ or ‘maritime rightsand interests’ as establishedin the ‘long course of histori-cal practice’ in the SouthChina Sea.”

The move aligns Australiawith the Trump administra-tion, which earlier thismonth reversed a previouspolicy of not taking sides insuch disputes. In their move,both the US and Australiacited a 2016 ruling by a UNtribunal that found China’sclaims to waters also con-tested by the Philippineswere unlawful.

The push by the two alliesis meant as a response towhat they see as an intensify-ing Chinese campaign todominate the resource-richSouth China Sea. China has

engaged in a yearslong cam-paign to build bases andother outposts on shoals,reefs and rock outcroppingsas a way of deepening itsclaims. China’s mission to theUN didn’t immediately replyto a request for comment butit said earlier this month thatthe US position “neglectedthe history and facts” aroundissues concerning the SouthChina Sea.

Australia’s filing comesahead of a planned meetingin Washington next week between the US and Aus-tralian defense and foreignministers.

Australia rejects Chinasea claims after the US

US detains Chinese researcher who sheltered in consulate

BloomBerg

US officials said they now havecustody of a Chinese re-searcher who had taken shel-ter at the country’s consulatein San Francisco after she wascharged with trying to hideher military background.

Officials briefing reportersdeclined to discuss the circum-stances of the arrest of JuanTang, a researcher at the Uni-versity of California at Daviswho was accused of lying onher US visa application.

Tang became a flash point indeteriorating US-China rela-tions when federal prosecu-tors declared her a fugitiveand spokesman for the Chi-

nese Foreign Ministry calledher a victim of “political perse-cution.” She is set to appear infederal court in Sacramento onMonday.

As the countries havesparred publicly by closingeach other’s consular offices inHouston and Chengdu, the Jus-tice Department is investigat-ing universities across the USin an attempt to uncover mem-

bers of China’s military forceswho it says are hiding in plainsight.

“These members of China’sPeople Liberation Army ap-plied for research visas whilehiding their true affiliationwith the PLA,” Assistant Attor-ney General for National Secu-rity John C Demers said in astatement. “This is anotherpart of the Chinese Commu-

nist Party’s plan to take advan-tage of our open society andexploit academic institutions.We will continue to conduct

this investigation togetherwith the FBI.”

Days after US agents inter-viewed Tang last month, pros-

ecutors filed a criminal com-plaint against her in federalcourt, under seal.

Prosecutors said in a courtfiling this month that the Chi-nese consulate in San Fran-cisco provides “a potential safeharbor for a PLA official intenton avoiding prosecution in the US” Chinese Foreign Ministry spokesman WangWenbin stopped short of say-ing whether Tang was beingsheltered by diplomats.

“We urge the US to stopusing any excuse to limit, harass and crack down on Chi-nese scholars and Chinese students in the US,” he told a regular news briefing in Beijing.

Days after US agents interviewed Juan Tang, a researcher at the University of California, last

month, prosecutors filed a criminal complaint against her in federal court, under seal

Juan Tang, a researcher at the University of California at Davis

who was accused of lying on her US visa application, became

a flash point in deteriorating US-China ties when federal

prosecutors declared her a fugitive and spokesman for Chinese

Foreign Ministry called her a victim of “political persecution”

US President Donald Trump delivers remarks and answers questions during a coronavirus

updates press conference at the White House in Washington on July 22 —DPA

Officials briefing reporters declined to discuss the circumstances of the arrest of a researcher Juan Tang

BloomBerg

At least seven potential pro-democracy candidates forHong Kong’s Legislative Coun-cil elections in Septemberhave received questionnairesfrom the government askingthem to show they haven’t vi-olated the city’s mini constitu-tion or recently imposedsecurity law.

Alvin Yeung and Cheng Tat-hung of the Civic Party, Ken-neth Leung who plans torepresent the accountancysector, and four other opposi-tion figures received letters ofinquiry from their respectiveelectoral officers requestingthat they validate their appli-cations for the elections, ac-cording to reports in Ming Pao,HK01 and Stand News.

Yeung was asked to explainhis recent visit to the USwhere he met American offi-cials and called for sanctionsagainst certain Hong Kong of-ficials, and if he will continuelobbying foreign governments,according to the letter seen byBloomberg.

It cited Yeung’s social-media

posts and media interviews.“Your requests to foreign

countries to make legislationto sanction the Hong Konggovernment is in fact pressur-ing the government with thehelp of foreign powers andinviting foreign forces to inter-fere in Hong Kong’s internalaffairs,” the letter to Yeungsaid. “How would such behav-iour concur with what you de-clared in your nominationstatement to ‘uphold the Basic

Law and to pledge allegianceto the Hong Kong Special Ad-ministrative Region’?

Beijing passed a national security law late June for theformer British colony, crimi-nalising subversion and collu-sion with foreign forces, withthe maximum punishmentbeing a life sentence.

The city’s pro-democracyparties this month held a two-day primary, drawing morethan 600,000 voters in an ef-

fort to narrow a surge of can-didates ahead of the Septem-ber elections.

Hong Kong’s governmentand China’s top agency in thecity have said the processcould violate the new securitymeasures, and pledged to in-vestigate and possibly prose-cute the primary’s organisers.

The unofficial votingprocess was designed to over-come fractures in the opposi-tion movement betweentraditional democrats andmore radical so-called “local-ists,” and present an organisedslate of candidates that couldthen benefit from the momen-tum generated by last year’shistoric protests to oust pro-establishment rivals.

BloomBerg

Somalia lawmakers removedPrime Minister Hassan AliKhaire and his cabinet in ano-confidence vote that’slikely to delay elections duethis year and risk further instability in the Horn ofAfrica nation.

The vote was backed by170 lawmakers, with onlyeight others rejecting the mo-tion, according to Parliamentspeaker Mohamed Mursal Abdirahman. President Mo-hamed Abdullahi Mohamed,also known as Farmaajo, saidin a separate statement hewould name a new primeminister in line with the constitution.

Khaire, who was appointedas prime minister in 2017,earlier this month said leg-islative elections should beheld this year as the currentterm of Parliament ends inDecember.

The national electoral com-mission, which has yet to an-nounce a timetable, arguesfor the vote to be held nextyear, citing delays in prepara-tions. A presidential contest isdue February 2021.

Opposition groups andsome regional authorities

have said they won’t acceptan electoral delay, accordingto the International CrisisGroup.

An opponent of the no-con-fidence motion, lawmakerMohamed Abukar Islow, de-scribed the decision as a “set-back” for peace.

Somalia lawmakersvote to remove PM

Pro-democracy activist Joshua Wong holds his candidacy papers for the upcoming

Legislative Council elections in Hong Kong on July 20 —DPA

Beijing passed a national

security law late June for

Hong Kong, criminalising

subversion and collusion

with foreign forces, with

the maximum punishment

being a life sentence

Somalian PM Hassan Ali

Khaire, who was

appointed as prime

minister in 2017, earlier

this month said legislative

elections should be held

this year as the current

term of Parliament ends

in December

Hong Kong’s pro-democracy candidatesget questionnaires to prove poll eligibility Alvin Yeung was asked to explain his recent visit to the US where he met officials

BloomBerg

A Singaporean man pleadedguilty to acting as an illegalagent for Chinese intelligence inthe US, according to a statementposted on the US Department ofJustice website.

Jun Wei Yeo, also known asDickson Yeo, admitted that heprovided valuable information

to Chinese intelligence andknowingly recruited others inthe US to do the same, a FBI of-ficer said.

Conflict between the two su-perpowers has escalated as theTrump administration orderedChina to close its Houston con-sulate and China responded byordering the closing of a US consulate in Chengdu.

Singaporean pleads guiltyto acting as ‘China agent’

There is no legal basis for

China to draw straight

baselines connecting the

outermost points of

maritime features or ‘island

groups’ in the South China

Sea, Australia’s mission to

the UN wrote in a filing

Foreign adversaries are

using traditional news

outlets as well as social

media sites as a way

to “sway US voters’

preferences and

perspectives, to shift

US policies, to increase

discord and to undermine

confidence in our democratic

process,” William Evanina,

director of the National

Counterintelligence and

Security Center said

s u n d ay 2 6 j u ly 2 0 2 0

07europe/americas

BloomBerg

The European Union (EU)praised “good progress” intackling risky suppliers of corefifth-generation mobile net-work equipment and called onother member states to followsuit.

With countries in the regionunder intensifying US pressureto ban China’s Huawei Tech-nologies Co., the bloc pub-lished a report that assessedhow well governments werereducing security risks in theshift to 5G.

Britain decided this monthto ban Huawei from futurewireless infrastructure follow-ing intense pressure fromWashington. France an-

nounced it’s imposing a waiversystem that’s set to severelylimit Huawei’s use.

The EU said other countriesshould “further advance andcomplete this process in thecoming months,” referring toefforts to remove risky ven-dors from the most sensitivecore parts of 5G infrastructure.It said progress was also still“urgently needed” to reducethe risk of dependency onhigh-risk suppliers in non-coreareas of networks.

Governments should maketransition arrangements tosmooth the process for tele-com operators that alreadywork with high-risk vendors, itsaid.

The bloc has no power over

members states’ national secu-rity policy but seeks to coordi-nate responses to external

threats and in January issued aso-called “toolbox” of meas-ures to address risks to com-

munication networks.It stopped short of calling for

a ban on Huawei at the time,but urged European countriesto exclude high-risk suppliersfrom critical or sensitive partsof their networks and ensure adiversity of vendors.

The push to remove Huaweirisks retaliatory moves by Bei-jing, and raises potential prob-lems for countries trying tomeet another EU goal — en-

suring a diversity of suppliers.The EU on Friday acknowl-

edged challenges in designing“multi-vendor strategies,” andpointed to a lack of interoper-ability between equipmentfrom different suppliers.

Banning Huawei poses aproblem for carriers partly be-cause many use its equipmentin their existing 4G networks,making it hard to switch torival suppliers for 5G.

EU hails region’s progress to restrict high-risk 5G vendorsThe bloc published a report that assessed how well governments were reducing security risks in the shift to 5G

Germany pulls out of slumpwith first growth in months

German manufacturers reported a “solid” rise in export sales

BloomBerg

Germany took a step forwardin its recovery from the coron-avirus slump, with a key meas-ure of activity showing growthfor the first time in fivemonths.

IHS Markit’s composite Pur-chasing Managers Index (PMI)jumped to 55.5 in July from 47in June. The figure was betterthan economists had predicted,and puts the gauge above the key 50 level that divides expansion from contraction.

The reading keeps Europe’slargest economy heading inthe right direction after a dev-astating downturn in the sec-ond quarter during the viruslockdowns. Figures next weekare forecast to show a contrac-tion of about 9% in the threemonths through June. That willreflect the depth of the slump,with surveys pointing to an improvement more recently.

The Markit report showedthe pickup in July was led byservices, though manufactur-ers reported a “solid” rise in ex-port sales. Despite that, factoryemployment fell, with 30% ofmanufacturers reporting adrop in staff numbers.

“For an economy that issteered so much by exports, itwas encouraging to see manu-facturers reporting a notableupturn in sales abroad,” saidIHS market economist PhilSmith. “However, one of themain concerns remains thelabour market, and the ongoingcuts to manufacturing jobs in

particular.”The PMI also improved in

France. A report for the euroarea is forecast to show an in-crease to 51.1 in July from 48.5.

Germany: Brexit talksfailure is ‘inevitaBle’

A top German industry offi-cial said the failure of talks be-tween the European Union and

the UK over a future relation-ship is “almost inevitable” andwarned of “economic disaster.”

There are too many outstand-ing issues for them to be re-solved in time and companieson both sides of the EnglishChannel should “prepare for bi-lateral trade without an agree-ment under WTO rules,”Joachim Lang, managing direc-

tor of Germany’s BDI industrylobby, said in a statement.

“German industry does not ex-pect the UK to complete the in-frastructure for cross-bordertrade in time,” Lang added. “Com-panies face the threat of new tar-iffs, additional bureaucracy andan economic disaster.”

The remarks add to growingpessimism in Europe’s largesteconomy that a deal can bereached by the end of the year.A deputy German foreign min-ister, Michael Roth, this monthaccused the UK of failing to liveup to commitments it made inlast year’s Brexit accord.

Michel Barnier, the EU’s chiefnegotiator, said this week that“big differences” remain be-tween the two sides after talksin London — and that a deal is“unlikely” if the British govern-ment doesn’t back away fromits red lines.

Officials gave a softer im-pression in private, however,signalling some progress to-ward agreement in key areas.

But Lang, whose organisa-tion represents around100,000 businesses that em-ploy some 8 million workers,echoed comments by Rothabout what he suggested is UKnegotiators’ backsliding.

“London has repeatedly devi-ated from the political declara-tion on key issues, such asfuture competition regulations,”the BDI chief said. “It’s impera-tive for the German governmentand the EU to join forces andgive full focus to the necessaryemergency measures.”

Individual seats in an Astor Grand Cinema auditorium can be seen locked with labels

with a virus symbol printed on them, so cinema-goers can keep a distance of 1.5 metres

between each other in Hanover, Germany —DPA

IHS Markit’s composite PMI jumps to 55.5 in July from 47 in June. The figureputs the gauge above key 50 level that divides expansion from contraction

Lockdown restrictions eased in Uk

A staff member cleans down gym equipment at David Lloyd as indoor gyms, swimming pools and sports facilities can reopen as

part of the latest easing of coronavirus lockdown measures in Cambridge, England on Saturday —DPA

Mexico’s economic activity sees record dipBloomBerg

Mexico’s economic activityplunged by a record in May,continuing a free-fall caused bya coronavirus outbreak that’swreaking havoc on output.

Activity, as measured by a proxyknown as IGAE, dropped 22.7%compared to a year ago, the na-tional statistics agency reported

on its website. That’s more thanthe median forecast for a 20.3%contraction in a Bloomberg sur-vey. The monthly reading fell2.6% from April, also worse thaneconomists’ estimates.

Latin America’s second-largesteconomy is expected to shrink9.6% this year, the most since1932, according to analysts.Their estimates have grown

bleaker in the past weeks asvirus cases break daily recordsand limit reopening in parts ofthe country, such as Mexico City.

“The recovery will be sluggishdue to government’s reluctance toimplement proper fiscal support,and tough external conditions,”Andres Abadia, an economist withPantheon Macroeconomics, wrotein a research note.

BloomBerg

A record number of Canada’slargest businesses are seekingprotection from creditors, atestament to the strains com-panies are under because ofthe coronavirus pandemic.

In the three months throughJune, 27 firms were grantedprotection under Companies’Creditors Arrangement Act(CCAA), a federal law that givesinsolvent corporations thathave debt of more than $3.7million an opportunity to re-structure and avoid liquidation.That’s the most in any quartersince 2009, which is as far backas the data are available, according to the Office of the Superintendent of Bankruptcy.

May and June saw 10 and12 orders granting protection,respectively, under the CCAA.The average since 2009 isthree a month. Previously, thehighest monthly total wasnine, in December 2011.

Companies “are saying‘times are tough, it’s not overyet, I just need some breath-ing room,’” Henry Louis,founder of Insolvency Insider,an industry website, said.

Retailers Reitmans CanadaLtd. and Aldo Group Inc., as

well as cannabis firms BeleaveInc. and Green Growth BrandsInc. were among the compa-nies that received CCAA pro-tection in the second quarter.

While the CCAA applies to

larger companies, a similartrend appears to be underwayin the broader corporate sector, despite the fact that official data show a decline.

The primary avenue fortroubled companies of anysize to seek protection fromcreditors is to make a proposalunder the Bankruptcy and In-solvency Act and these typesof proposals have plunged inthe past two months.

But, according to Louis, anincreasing number of compa-nies are filing so-called Noticesof Intention — the formal firststep in the process, and onethat gives the firm immediatecreditor protection.

More Canadian firms than everare seeking creditor protection

The primary avenue fortroubled companies of any

size to seek protectionfrom creditors is to make aproposal under Bankruptcy

and Insolvency Act andthese types of proposalshave plunged in the past

two months

A federal law gives insolvent corporations that have debt of$3.7mn an opportunity to restructure and avoid liquidation

In the three months through June, 27 firms were granted protection under the

Companies’ Creditors Arrangement Act

BloomBerg

US business activity stabilisedin July, indicating only gradualprogress for the economy assome states slow the pace of re-opening to counter a pickup incoronavirus cases.

The IHS Markit preliminarycomposite index of purchasingmanagers at manufacturers andservice providers improved 2.1points to a six-month high of 50, the dividing line betweenexpansion and contraction, thegroup reported.

The data show the world’slargest economy is a step be-hind Europe, where PMIs im-proved markedly and showedexpansion during the month.The composite index for theeuro area climbed to the highestlevel since June 2018.

The US composite index re-flected ongoing contraction inservice industries, albeit at aslower pace, as a resurgence inthe virus outbreak promptedseveral states to restrict someactivities such as dining out. Atthe same time, manufacturingexpanded in July at the fastestpace since January, according toIHS Markit.

“While the stabilisation ofbusiness activity in July is wel-come news, the lack of growthis a disappointment,’’ ChrisWilliamson, chief businesseconomist at IHS Markit, said ina statement. “Moreover, a re-newed acceleration in the rateof loss of new business raisesconcerns that demand is falter-ing. Many companies, notably inconsumer-facing areas of theservice sector, linked fallingsales to re-imposed lockdowns.’’

At the same time, the group’scomposite measure of futureactivity advanced to the highestlevel since April 2019.

BloomBerg

Residential land values in Lon-don’s priciest areas are drop-ping, with developers taking amore cautious approach to newprojects during the pandemic.

The average price of land fordevelopment in prime centralLondon fell by 6% in secondquarter, the first decline in morethan a year, according to a reportby broker Knight Frank. Thatmeans plots are now back to

2013 values, broker’s data show.Land values tend to fall more

than house prices in periods ofuncertainty. That’s because de-velopers bid less for land afterpricing in larger profit marginsto protect themselves againstthe possibility of values erodingfurther. The drop in the threemonths through June echoes thedecline after the Brexit referen-dum in June 2016, when KnightFrank’s residential developmentland index fell by nearly 7%.

Residential land values in London’s priciest areas fall

The world’s largest economyis a step behind Europe,where PMIs improvedmarkedly and showedexpansion during July

n The IHS Markit’s reading keeps Germany heading in theright direction after a devastating downturn in thesecond quarter during coronavirus lockdowns

n The Markit report shows the pickup in July was led byservices. Figures next week are forecast to show acontraction of about 9% in three months through June

The European Union has no power over members states’ national security policy but

seeks to coordinate responses to external threats and in January issued a so-called

“toolbox” of measures to address risks to communication networks

US business activity stabilises in July

n Britain has banned Huawei from future wirelessinfrastructure following intense pressure from the US

n France announced it’s imposing a waiver system that’sset to severely limit Chinese tech giant’s use

Technology/AuTomobiles

s u n d ay 2 6 j u ly 2 0 2 0

08

BloomBerg

Microsoft Corp. showed off itsmost important video game forthe next Xbox, a new installmentof its flagship multi-billion dollarHalo series, as the companygears up for the release of thelatest generation of consoles intime for the holidays.

Halo Infinite returns to thesaga of Master Chief, the bio-engineered super-solider maincharacter of the series, promis-ing bigger battles, more compli-cated effects and an area for playand exploration that’s severaltimes larger than the last twogames combined. The companyhas said Halo Infinite, a first-per-son shooter and the sixth maingame in the series, will launch

alongside the console. Microsoftunveiled the game at an onlineshowcase of its offerings for theXbox Series X.

Microsoft may have more atstake with the new Halo thanjust driving sales. The last twoinstallments, from 343 Indus-

tries — the studio Microsoft cre-ated to shepherd Halo after itsoriginator Bungie split off fromthe software company — werepolarising among fans. Halo 5was panned by some for a shortand unsatisfying story. Last yearHalo Infinite’s creative directorTim Longo left the company.

Halo Infinite appears to be adeparture from the series insome notable ways. It has a large,open world map, suggesting non-linear gameplay that will let play-ers finish objectives in whateverorder they choose. Series protag-onist Master Chief now has agrappling hook, allowing him tograb items from afar and propelhimself to higher locations.

Microsoft said it plans to havemore than 100 games availablefor Xbox Series X this holiday.Microsoft presented 22 games,including 10 that have neverbeen shown before, which willbe exclusive on Xbox.

The latest collection is criticalbecause exclusive titles are a keypart of why gamers choose oneplatform over another. The se-

lection of titles at launch is amajor factor in whether Xboxgamers buy the new consoleright away or wait for more con-tent. Halo has been the Xbox’sflagship franchise since the firstchapter led the debut of theoriginal Xbox in 2001, but SonyCorp.’s PlayStation has oftencome out ahead with more ex-clusive games, particularly withthe current PS4.

While Microsoft’s currentconsole has been outsold bySony’s machine, the Redmond,Washington-based softwaremaker has generated a steadystream of revenue through sub-scription services, which hasseen a huge uptick amonghomebound customers duringthe pandemic.

Microsoft readies games for next Xbox led by Halo shooter

Microsoft said it plans to have more than 100 games available for Xbox Series X thisholiday. The company presented 22 games, including 10 that have never been shownbefore, which will be exclusive on Xbox

Halo Infinite promises bigger battles and expanded exploration area to lure gamers to new Xbox over Sony PlayStation 5

BloomBerg

Intel Corp.’s decision toconsider outsourcingmanufacturing heraldsthe end of an era inwhich the company, andthe US, dominated the

semiconductor industry. Themove could reverberate wellbeyond Silicon Valley, influenc-ing global trade and geopolitics.

The Santa Clara, California-based company has been thelargest chipmaker for most ofthe past 30 years by combining

the best designs with cutting-edge factories, several of whichare still based in the US.

Most other US chip companiesshut or sold domestic plantsyears ago, and had other firmsmake the components, mostly inAsia. Intel held out, arguing thatdoing both improved each side ofits operation and created bettersemiconductors. That strategy isin tatters now, with company’sfactories struggling to keep up with the latest 7-nanometerproduction process.

After Chief Executive OfficerBob Swan said Intel is consid-ering outsourcing, the com-pany’s shares slumped 16%last week, the most sinceMarch, when the stock marketplummeted in the early days ofthe Covid-19 pandemic.

“We view the roadmap mis-steps to be a stunning failurefor a company once known forflawless execution, and couldwell represent the end of Intel’scomputing dominance,” ChrisCaso, an analyst at RaymondJames, wrote in a research note.

Swan says where a semicon-ductor is made isn’t that impor-tant. However, domestic chipproduction has become a na-tional priority for China, andsome US politicians and na-tional-security experts considersending this technical

knowhow overseas to be a po-tentially dangerous mistake.

“We’ve seen how vulnerablewe are,” John Cornyn, a top Sen-ate Republican, said in Junewhen US lawmakers proposedan estimated $25 billion in fund-ing and tax credits to strengthenthe domestic semiconductorproduction.

Intel’s Xeon chips run com-puters and data centers thatsupport the design of nuclearpower stations, spacecraft andjets, while helping governmentsquickly understand intelligenceand other crucial information.

Many of these processors aremade at facilities in Oregon, Ari-zona and New Mexico. If Inteloutsources this work, it would

likely be done by Taiwan Semi-conductor Manufacturing Co.,which focuses on productionand is currently the world leader.It’s based in Hsinchu, one of theclosest Taiwanese cities to China,which considers the Asian islanda rogue province rather than anindependent country.

“With the latest push out ofprocess technology, we believethat Intel has zero-to-no chanceof catching or surpassing TSMCat least for the next half decade,if not ever,” Susquehanna ana-lyst Chris Rolland wrote in a re-search note. He thinks Intelshould sell its plants to TSMC,although he says that’s unlikely.

Over the years, Intel hasspent tens of billions of dollars

updating its factories, and all ofSwan’s predecessors toutedthem as a crucial advantagethat kept the company ahead ofthe rest of the industry. As thelargest chip producer, Intel ben-efited from economies of scaleand attracted the most experi-enced engineers and scientists.

The rise of smartphones andother mobile devices changedall that. Intel dabbled in mobilechips, but never committed itsbest production and design tothe area, preferring to prioritiseits existing PC and server chipbusinesses. When smartphonesales took off, phone makersused other processors fromcompanies like Qualcomm Inc.or they designed their own, likeApple Inc. And TSMC factorieschurned these components out.

While Intel makes hundredsof millions of chips a year now,TSMC produces more than abillion annually. That’s giventhe Taiwanese company moreexperience to improve its fac-tories, helping TSMC’s engi-neers overtake their Intel coun-terparts in technical execution.

Swan said that Intel’s prod-ucts are still the best, despitethe manufacturing delays. Butby opening the door to out-sourcing, the CEO endangersone of the last bastions of UStechnology leadership.

“By outsourcing leading edgetechnology, presumably toTSMC, Intel would give up whathas been its main source ofcompetitive advantage for 50years,” Caso of Raymond Jamessaid.

Domestic chip productionhas become a nationalpriority for China, and

some US politicians and national-security experts

consider sending thetechnical knowhow

overseas to be a potentiallydangerous mistake

As the largest chip producer, Intel benefited from economies of scale and attracted themost experienced engineers and scientists

n Intel has been the largest chipmaker for most of the past30 years by combining best designs with cutting-edgefactories, several of which are still based in the US

n Over the years, Intel has spent tens of billions of dollarsupdating its factories. The company makes hundreds ofmillions of chips a year now

n Most US chip companies shut or sold domestic plantsyears ago, and had other firms make the components,mostly in Asia

Halo Infinite appears to be adeparture from the series insome notable ways. It has a

large, open world map,suggesting non-linear

gameplay that will let playersfinish objectives in whatever

order they choose

heralds end of era for Us chip sectorThe California-based company’s latest decision to consider outsourcing manufacturing could reverberate well beyond the Silicon Valley, influencing global trade and geopolitics

intel ‘stunning failure’

A 3D scan of Neil Armstrong’s space suit can be seen in the gallery of the Bavarian State Chancellery in Bavaria,Munich in Germany. The suit is on loan from the National Air and Space Museum Washington and can be seen forone month from the Hofgarten —DPA

BloomBerg

Elon Musk, whose Tesla Inc.was a major beneficiary ofgovernment stimulus in thewake of the last global finan-cial crisis, has soured on theconcept.

The outspoken chief execu-tive officer of both Tesla andUS government contractorSpaceX tweeted that “anothergovernment stimulus packageis not in the best interests ofthe people,” in his opinion.

A decade before Tesla be-came the world’s most valuableautomaker by market capitali-sation, the company survivedthe Great Recession by the skinof its teeth — in Musk’s ownwords — thanks in part to a$465 million federal loan to de-sign electric vehicles and buildthem in Fremont, California.The company then went public,repaid the loan early and nowemploys about 20,000 peoplein the Bay Area alone.

Before Tesla obtained the fed-eral loan, Musk was clear: with-out government support, thecompany — then a boutiquemaker of a $109,000 sports car— would have to delay rollout ofa less expensive electric sedan.

“We can’t move forwardwith that without a majoramount of capital,” the CEOsaid in a December 2008 inter-view. “If we don’t get any gov-ernment funding then what weneed to do is we need to wait

until the capital markets re-cover, which could be a year ortwo years from now.”

Congress is now working on another stimulus package to help revive a US economyravaged by the pandemic.

TEsla sinksInvestor euphoria around

Tesla Inc. shares succumbed togravity, with one of the biggestcatalysts behind automaker’srecent rally now done anddusted. Tesla shares droppedas much as 9.7% to $1,366.54in New York, its lowest intradayprice since July 8. The stock haslost 14% since the company de-livered stronger-than-expectedearnings.

BloomBerg

Hertz Global Holdings Inc.has struck a deal that will cutthe debt it owes lenders whofinanced its rental car fleet toless than $5 billion from $11billion by December. 31, thecompany’s main bankruptcylawyer said in court.

Under an agreement withthe lenders, Hertz has agreedto sell 182,000 cars over thenext few months, Tom Lauriatold US Bankruptcy JudgeMary Walrath. The deal re-quires Hertz to make $650million in lease payments.The reduction in the $11 bil-lion in vehicle debt is tied tothe auto sales, Lauria said.

The deal “took a little bit ofgood luck,” he said, referringto a boost in the used carmarket that began in the lastfew months.

Hertz and its vehicle lendershad been fighting about howmuch the company owed undera lease contract that governsthe fleet. Lawyer MarshallHuebner said the lenders herepresents believe they wereowed $1.8 billion in regularpayments through December31 under that lease. Hertz andlower-ranking creditors havemaintained the amount was farless. “I do like to see peacebreak out,” Walrath said in approving the settlement.

Hertz to cut $6b in vehicle debt

by year end

BloomBerg

IRobot Corp. shares droppedafter the company warnedthat its Roomba autonomousvacuums could be hit withtrade tariffs later this year.

“On April 24, the UnitedStates Trade Representativegranted iRobot an exclusionfor its Roomba robot vacuumsfrom Section 301 tariffsthrough August 7, 2020. Thecompany does not yet know

whether an extension for itsexclusion beyond the expira-tion date will be granted,” iRo-

bot said in its earnings release. US President Donald

Trump has used Section 301of the 1974 Trade Act to im-pose tariffs on Chinese goods.Roombas are assembled inChina. Any extra trade-relatedcosts could increase the priceof these devices, or cut intoiRobot’s profit margins.

The update cast a shadowover iRobot’s second-quarterresults, which beat WallStreet estimates.

3D scan of neil armstrong’s space suit

A decade before Teslabecame world’s mostvaluable automaker by

market capitalisation, thecompany survived the

Great Recession by the skinof its teeth, thanks in part

to a $465mn federal loan todesign electric vehicles and

build them in California

IRobot slips after it warns of Roomba tariffs

Tesla benefited from government stimulus

Documents

Dubai records AED72.5bn in real estate transactions in H1 · Dubai’s real estate market wit-nessed transactions worth AED72.5 billion in the first half of 2020, despite the impact