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ADNOC weighs secondary listing overseas for distribution business: sources

FILE PHOTO: General view of the ADNOC headquarters and Emirates Towers are seen in Abu Dhabi
FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo

April 4, 2019

By Hadeel Al Sayegh, Saeed Azhar and Davide Barbuscia

DUBAI (Reuters) – Abu Dhabi National Oil Company (ADNOC) is considering a secondary listing for its subsidiary ADNOC Distribution overseas, three sources told Reuters.

In 2017 ADNOC listed 10 percent of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, on the Abu Dhabi Securities Exchange.

Reuters reported last June that ADNOC was considering selling another 10 percent stake in its fuel distribution business.

ADNOC Distribution was seeking a minimum free float of 15 percent to improve its chances of joining the MSCI Emerging Markets Index and attract more international investors, a source told Reuters at the time.

One of the sources said ADNOC was considering listing ADNOC Distribution on New York’s Nasdaq exchange, while a second source added that a London listing had also been discussed.

The company started discussing an international listing “a while ago,” said one of the sources, adding that there was no imminent plan to proceed with the transaction.

The sources declined to be named due to commercial sensitivities.

A spokesman for ADNOC declined to comment on the listing but said the firm was “making good progress in the implementation of its growth plans. This remains our focus at present.”

The sale of more shares in ADNOC Distribution, should it materialize, would be the latest sign that the Gulf’s giant oil companies are increasingly turning to international capital markets to fund expansion.

Before oil prices crashed in 2014, state energy firms in the Gulf largely financed themselves with money from their governments. But low oil and gas prices put government finances are under pressure.

Saudi state oil giant Aramco is currently meeting global investors ahead of an inaugural international bond, after postponing its planned initial public offering last year until 2021.

For ADNOC Distribution, an obstacle to listing now is that its shares have mostly been trading below their IPO price, making it unattractive for the company to sell and for foreigners to buy if they think they can purchase the stock cheaper on the public market at a later date.

On Thursday the shares traded at the IPO price of 2.5 dirhams, after the company announced a dividend increase.

Before the initial listing in 2017, ADNOC said it might sell as much as 20 percent in the fuel distribution unit.

(Reporting by Hadeel Al Sayegh; Editing by Susan Fenton)

Source: OANN

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Netanyahy vows to annex West Bank settlements if re-elected

Israeli Prime Minister Benjamin Netanyahu says he will begin annexing part of the Israeli-occupied West Bank if he is re-elected to a fourth straight term. Such a move would be a sharp departure from long-standing Israeli government policy.

Netanyahu made the pledge in a television interview Saturday, three days before Israel's election, in a bid to shore up his right-wing base. His comments were carried by Israeli websites.

Netanyahu mentioned the recent U.S. recognition of Israeli sovereignty over the occupied Golan Heights as an achievement. Asked by Channel 12 about annexing Israeli settlements in the West Bank, he said that "we're on the way" and that "the next term (in office) will be fateful."

More than 600,000 Israelis live on war-won land, two-thirds of them in the West Bank.

Source: Fox News World

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China’s top businesswoman accuses private sector of bribery

Zhuhai Gree Electric's President Dong Mingzhu attends the China Entrepreneur Summit in Beijing
Zhuhai Gree Electric's President Dong Mingzhu attends the China Entrepreneur Summit in Beijing, China December 9, 2017. REUTERS/Jason Lee

March 27, 2019

BOAO, China (Reuters) – China’s private companies have long enjoyed an edge over their state-owned peers, using “unscrupulous” tactics such as bribery, a prominent businesswoman said, at a time when Beijing is seeking to shore up the private sector in a slowing economy.

The bold remarks on Wednesday by Dong Mingzhu, chairwoman of Gree Electric Appliances, came at a time when Chinese leaders have pledged to step up support for small and private firms vital for economic growth and job creation.

“People abroad don’t completely understand China’s economic structure. Once they talk about state firms, they think they are government-owned… and private firms are bullied. This is their misunderstanding,” Dong said at the Boao Forum, which China is trying to promote as Asia’s answer to Davos.

She said private companies had enjoyed a competitive advantage over state firms in the course of China’s economic development, saying many resorted to “unscrupulous tactics” such as bribing government officials.

“There are indeed many private firms that have problems in collusion between businesses and government,” she said.

Beijing’s anti-graft drive has netted mostly government officials, not private businessmen, she said. 

“We may complain that it’s difficult to run a state firm given their constraints… but private firms have better conditions. How dare state firms use cash to bribe? They dare not,” she added.

Late last year, President Xi Jinping threw his backing behind private firms after an unprecedented convergence of economic stresses weighed on China’s once vibrant private sector, as the world’s second-largest economy slows amid a trade war with the United States.

But Xi also reiterated his defense of the state sector, saying reforms and tighter supervision of state firms will help protect state assets that belong to all Chinese people.

For much of the past three decades, private firms have flourished as China opened up its economy. Then in the last global financial crisis, SOEs staged a comeback thanks to Beijing’s massive stimulus – a shift popularly known as “the state sector advances, the private sector retreats”.

Gree Electric Appliances makes air conditioners, electric fans and other household appliances and its main local competitors include Midea Group and Qingdao Haier. It currently has a market capitalization of 274 billion yuan ($40.76 billion) and its largest shareholder is state-owned Gree Group with an 18 percent shareholding.

Gree Group is the largest and most powerful state-owned enterprise in Zhuhai, in the southern province of Guangdong.

(Reporting by Kevin Yao; Editing by Kim Coghill)

Source: OANN

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China’s Social Credit System Blocking Tens of Millions of Plane, Train Tickets

China’s social credit system prevented people from buying 17.5 million flights and 5.5 million train tickets in 2018, according to the Associated Press, which obtained a document from the National Public Credit Information Center.

The AP reports that millions were attempting to make travel purchases were blocked because they ended up on the government’s blacklist for social credit offenses. The report didn’t discuss how these people had become “discredited.”

The Communist Party of China (CPC) says the social credit system is an essential component of the Socialist market economic system and the social governance system. Its aim is to encourage trustworthy behavior through a blend of penalties and rewards for citizens to improve a fast-changing society after three decades of economic reform. Offenses can include failure to pay taxes or fines, jaywalking, smoking, shoplifting, or taking drugs. Penalties include restrictions on travel, business, obtaining loans, or access to education. Companies can lose access to low-interest bank loans or be dropped from government contracts.

One government slogan for the scheme says: “Once you lose trust, you will face restrictions everywhere.”


China is implementing a new program that will be able to give you a “social credit” score based on your everyday actions.

The social control system is part of efforts by President Xi Jinping’s Communist regime to use artificial intelligence and surveillance cameras to control more than a billion people.

CPC launched social credit in 2014 and is currently piloting it in multiple cities around China. The system is expected to roll out nationwide by 2020, giving the government control to almost all people and businesses.

Human rights activists warn that social credit is too hard on citizens and might unfairly label people as untrustworthy without telling them.

(Photo by Frédéric BISSON / Flickr)

U.S. Vice President Mike Pence condemned social credit in October as “an Orwellian system premised on controlling virtually every facet of human life.”

AP said some of the offenses last year penalized people for false advertising or violating drug safety rules.

Since inception, the system has caused 3.5 million people to “voluntarily fulfill their legal obligations,” the report said, which included 37 people who paid a total of 150 million yuan ($22 million) in overdue fines or confiscations.

The report gave limited details on how many citizens live in areas where social credit is operating.

In the West, social credit is very controversial and is often portrayed as a futuristic society controlled by the illusion of a perfect society through artificial intelligence and surveillance cameras.


Mike Adams calls upon gun rights advocates to be just as animated about protecting American children from vaccines as they are about guaranteeing U.S. citizens’ their 2nd Amendment rights.

Source: InfoWars

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Didi-SoftBank taxi-hailing JV expands to 13 cities across Japan

FILE PHOTO: The logos of Didi Chuxing and SoftBank are pictured during a news conference about their Japanese taxi-hailing joint venture in Tokyo
FILE PHOTO: The logos of Didi Chuxing and SoftBank are pictured during a news conference about their Japanese taxi-hailing joint venture in Tokyo, Japan, July 19, 2018. REUTERS/Kim Kyung-Hoon

April 24, 2019

TOKYO (Reuters) – Didi Mobility Japan, a joint venture (JV) by China’s Didi Chuxing and SoftBank Corp, said on Wednesday that it would expand its taxi-hailing service to 13 cities across Japan.

Despite SoftBank’s oversized presence in the global ride-hailing industry, such services are effectively banned in Japan, leaving SoftBank portfolio companies like Didi and Uber limited to offering services that match taxis with customers.

The app launched in September in Osaka, a popular destination for Chinese tourists, where it tied up with taxi firms to enter an increasingly crowded market for such apps that includes rivals backed by Sony Corp and Toyota Motor Corp.

Didi is among a growing number of SoftBank Group Corp-backed companies launching joint ventures with SoftBank’s domestic telco. Other startups doing so are shared co-working firm WeWork Cos and Indian hotel startup OYO.

(Reporting by Sam Nussey; Editing by Himani Sarkar)

Source: OANN

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Finnish Social Democrats score first in advance voting in election

A voter casts her vote at Mantsala town hall during the Finnish parliamentary elections, in Mantsala
A voter casts her vote at Mantsala town hall during the Finnish parliamentary elections, in Mantsala, Finland April 14, 2019. Lehtikuva/Emmi Korhonen via REUTERS

April 14, 2019

HELSINKI (Reuters) – Finland’s leftist Social Democrats won first place in advance voting ahead of Sunday’s parliamentary election, with 18.9 percent of the votes, after 35.5 percent of ballots had been counted, justice ministry data showed.

The centre-right National Coalition of outgoing Finance Minister Petteri Orpo came in second, with 17.2 percent of the advance ballots. The Centre Party of outgoing Prime Minister Juha Sipila scored third, with 15.4 percent.

The nationalist True Finns party came in fourth, with 15.1 percent of the vote.

About 36 percent of voting-age Finns cast their votes in a seven-day advance voting period that ended on Tuesday. The results from these votes are often skewed due to differences in voter behavior in different regions.

(Reporting by Justyna Pawlak)

Source: OANN

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US envoy says China activities near Philippines ‘of concern’

A senior U.S. defense official says the presence of large numbers of Chinese ships near islands and islets occupied by the Philippines is "a concern."

Joseph Felter, deputy assistant secretary of defense for South and Southeast Asia, said Friday that the Chinese activities were "somewhat aggressive and provocative." He was asked about the issue while on a visit to Bangkok.

The Philippine government protested the movements Thursday after its military monitored more than 200 Chinese vessels from January-March in a disputed area named Sandy Cay, which is near the Philippine-occupied island of Pag-asa.

Felter noted that the U.S. does not take a stance on various conflicting claims in the South China Sea. But he said the U.S. would work with allies and partners to keep the seas free and open.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

CLICK HERE TO GET THE FOX NEWS APP

It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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The Dalai Lama has returned to his headquarters in the north Indian hill town of Dharmsala after a brief stay in a hospital in the capital for treatment of a chest infection.

Hundreds of exiled Tibetans lined the streets of Dharmsala carrying ceremonial scarves and incense sticks to welcome the Dalai Lama on Friday.

The 83-year-old Tibetan spiritual leader told reporters that he had fully recovered, but that the illness had been “a little bit serious.” He did not give any details.

The Dalai Lama usually spends several months a year traveling the world to teach Buddhism and highlight Tibetans’ struggle for greater freedom in China. But he has cut down on his travels in the past year to take care of his health.

Source: Fox News World

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