Hope Probe is a source of pride for every Emirati: Mohammed · 106,367,950,000 new shares. With the...

02 JUly 2020 | 11 DHU Al-QADAH 1441 HIJRI | VOlUME NO. 07 | ISSUE 253 @emi_business emirates-business.ae/emiratesbusiness.ae

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DAVID IGNATIUS

abu DHabi / WAM

Abu Dhabi National EnergyCompany (Taqa), on Wednesdayannounced the successful com-pletion of its transaction withAbu Dhabi Power Corporation(ADPower) creating one of thelargest utility companies in theEurope, the Middle East andAfrica (EMEA) region.

The transaction – which wasfirst proposed by ADPower tothe Taqa Board of Directors inFebruary 2020 and receivedTaqa shareholder approval inApril this year – saw ADPowertransfer the majority of itspower and water generation,transmission and distributionassets to Taqa in exchange for106,367,950,000 new shares.

With the completion of thetransaction, Taqa, which is listedon Abu Dhabi Securities Ex-change, is now UAE’s third-largestpublicly traded company by mar-ket capitalisation and among thetop-ten integrated utility compa-nies in EMEA by regulated assets.

Taqa currently has 23 GW ofpower generation capacity glob-ally and 916 MIGD of water de-

salination capacity, of which 1.4GW are from renewable sources.Taqa also has a further 4.4 GWand 200 MIGD under develop-ment, including 2 GW from re-

newable sources. Across theUAE, its assets now include 12power and water generationplants in operation. As a resultof the transaction, ADPower will

own 98.60 percent of the entireissued share capital of Taqa.

"The successful consolidationof Abu Dhabi’s power and waterassets has created a true nationalenergy champion that is well-po-sitioned to spearhead the transformation of the utilities in-dustry,” Mohamed Hassan Al-suwaidi, Chairman of Taqa, said.

Abu DHAbi National energy Company (Taqa) currently has 23 gW of power generation capacity globally

Taqa, ADPower complete deal to create utility giantWith this transaction the Abu Dhabi National Energy Company becomesthe UAE’s third-largest publicly traded firm by market capitalisation

Dubai / WAM

Nasdaq Dubai welcomed thelisting of three sukuk issuedby the government of In-donesia with a total value of$2.5 billion.

The sukuk achieved nearly6.7 times subscription by in-vestors, including interna-tional investors in Asian andMiddle East countries.

The listings comprise a 10-year issuance of $1 billionand two issuances of $750million each, one of a five-year maturity and the otherfor 30 years. The capitalraised will fund the economicand social development of In-donesia, Nasdaq Dubai saidin a statement on Wednesday.

The five-year $750 millionsukuk is a green issuance thatis earmarked for sustainabledevelopment projects.

Indonesia now has threegreen sukuk listings on Nas-daq Dubai, including theworld’s first sovereign greensukuk issuance of $1.25 bil-lion that listed in March2018. pAge 2

abu DHabi / WAM

Adnoc Distribution marked amajor milestone in the open-ing of its 400th station onSaadiyat island, Abu Dhabiand the delivery of 25 newstations year to date in 2020.

In first half of the year, thecompany experienced strong

delivery despite challengingenvironment, with openingsacross Abu Dhabi, Dubai andFujairah. The Saadiyat stationis also the 17th ‘Adnoc On thego’ to open since the newconcept launched at Al Ba-teen, Abu Dhabi, a recon-structed site which opened atbeginning of the year. pAge 2

Adnoc Distribution passes400th station milestone

Indonesia lists $2.5bn sukuk on Nasdaq Dubai

Taqa, which is listed on the Abu Dhabi Securities Exchange, is now among the top-tenintegrated utility companies in EMEA by regulated assets

The sukuk by governmentof Indonesia achieved

nearly 6.7 timessubscription by investors,

including internationalinvestors in Asian and

Mideast countries

DMCC, China’s Innoway to attractnew wave of innovation to Dubai

Dubai / WAM

DMCC, the world’s flagship FreeZone and Government of DubaiAuthority on commodities tradeand enterprise, and Innoway, aChinese platform established bythe Beijing and Haidian Govern-ment, have signed a Memoran-dum of Understanding (MoU) toincrease collaboration in thetech sector between the UAEand China, and usher in a newwave of innovation to Dubai.

DMCC will serve as Innoway’sfoothold in the region, support-ing them with the developmentof an incubation and accelerationprogramme that attracts Chineseinnovators, entrepreneurs andtech start-ups to Dubai.

"Dubai has an ambitious inno-vation agenda, which is driven bygovernment and accelerated bythe private sector. Innovation is inDubai’s DNA and so too is collab-

oration. This is just one of the rea-sons why DMCC is delighted tosign this agreement with In-noway – an organisation that hasan equally impressive innovationstory," said Feryal Ahmadi, ChiefOperating Officer (COO) of DMCC.

"Through this strategic part-nership with Innoway, we willserve as the launchpad forChina’s most promising start-ups and SMEs, offering them un-precedented opportunities toscale and tap new markets whilealso supporting the emirate’s

digital agenda," she added.Originally established as a sci-

ence, technology and innovationhub, Innoway has been dubbed"China’s Silicon Valley", and wasestablished by Beijing govern-ment to foster global entrepre-neurship and offer a platform foran open exchange betweenglobal players in the start-up andinnovation ecosystem. pAge 2

Tokyo / WAM

Japan’s imports of crude oilfrom the UAE amounted to al-most a third of its oil importsat 32 percent, or 22.6 millionbarrels, data from Agency for Natural Resources andEnergy in Tokyo showed.

The agency, part of JapaneseMinistry of Economy, Tradeand Industry, reported thatJapan imported 70.7 millionbarrels during May, of which93 percent, or 65.7 millionbarrels, was pumped by Arabcountries. "This shows Japan’sincreasing dependence onArab oil to meet the needs ofits economy," it added.

The figures cited representthe quantities of oil that ar-rived during the month ofMay to refineries, tanks andwarehouses located at ports.

UAE provides 32% of Japan’s

oil needs in May

abu DHabi / WAM

The UAE announced that it iscurrently considering the re-turn of the Boeing 737 Maxaircraft to the UAE’s airspace.

The Director General of theGeneral Civil Aviation Author-ity (GCAA) Saif Mohammad AlSuwaidi said: "The GCAA isclosely working with the Fed-eral Aviation Administration(FAA) Boeing and UAE Opera-tors on B737Max return toservice since its groundingafter two tragic accidents. Weare in regular discussions withthe FAA and Boeing on all as-pects of the certification in-cluding design, test flights andtraining for the flight crew. ''

Additionally, he added, theGCAA is keeping a close coordi-nation with other major regu-lators around the world toshare information and benefitfrom their experience. The UAEapproval process for return ofB737Max to service is depend-ent on certification activitiesgoing on at the moment be-tween the FAA and the Boeing.

“The GCAA is committed toensuring highest standards ofsafety in the UAE skies and willwork towards return to serviceof B737Max until acceptablesafety standards are achieved,”he stressed.

UAE considers return of Boeing 737 Max to airspace

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reviewsthe final preparations of the Hope Probe, scheduled to launch to Mars on July 15, in Dubai on Wednesday —WAM

Hope Probe is a source of pridefor every Emirati: Mohammed

Dubai / WAM

His Highness Sheikh Mo-hammed bin Rashid Al Mak-toum, Vice President and PrimeMinister of the UAE and Ruler ofDubai, reviewed final prepara-tions of the Hope Probe, sched-uled to launch to Mars on July 15.

The meeting was chaired byHH Sheikh Hamdan bin Mo-hammed bin Rashid Al Mak-toum, Crown Prince of Dubai,and President of the Mo-hammed bin Rashid Space Cen-tre (MBRSC) as the countdownbegins for the UAE’s much-an-ticipated historic launch to theRed Planet in the Arab world’s

first interplanetary mission.Sheikh Mohammed bin

Rashid said, "The Hope Probeembodies the culture of possi-bilities deeply rooted in theUAE’s approach, philosophy andjourney of accelerating develop-ment since the foundation."

He added, "Our journey tospace represents a message of

hope to every Arab citizen thatwe have the innovation, re-silience and efforts to competewith the greatest of nations in therace for knowledge."

"Hope Probe is an accomplish-ment for every Arab, a source ofpride for every Emirati, and apath-breaking achievement forour engineers."

HH Sheikh Mohammed also said Hope Probe is an accomplishmentfor every Arab and a path-breaking achievement for our engineers

Our journey to space represents a message of hopeto every Arab citizen that we have the innovation,

resilience and efforts to compete with the greatest ofnations in the race for knowledge

HH Sheikh Mohammed bin Rashid Al Maktoum

The successful consolidation of Abu Dhabi’s power andwater assets has created a true national energy champion

that is well-positioned to spearhead the transformation of theutilities industry

Mohamed Hassan Alsuwaidi, Chairman of Taqa

n Taqa’s merger withADPower will helpcreate one of thelargest utilitycompanies in theEurope, the MiddleEast and Africa region

n ADPower will transfermajority of its powerand water generation,transmission anddistribution assets toTaqa in exchange for106,367,950,000 new shares

Dubai has anambitious innovation

agenda, which is driven bygovernment andaccelerated by the privatesector. Innovation is inDubai’s DNA and so toois collaboration

Feryal Ahmadi, COO of DMCC

We are in regulardiscussions with

the FAA and Boeingon all aspects of thecertification includingdesign, test flights andtraining for the flight crew

Saif MohammadAl Suwaidi,

Director General of GCAA

The world’s flagship free zone will offer mainland’s promisingstart-ups, SMEs opportunities to scale and tap new markets

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RaS aL KhaiMah / wam

A ground station that will trackand communicate with a satel-lite built by American Univer-sity of Ras Al Khaimah (Aurak)students has opened on theUniversity’s campus.

The ground station is capa-ble of communicating withsatellites in orbit by sendingcommands and receivingtelemetry, images and sciencedata back from them.

The satellite project is a col-laboration between the UAESpace Agency, Aurak and Khal-ifa University of Science andTechnology (KUST).

Among those present at theopening of the ground stationwere Aurak’s President, Pro-fessor Hassan Hamdan AlAlkim, Senior Vice Presidentand Provost, Prof. StephenWilhite, Acting Vice Presidentof Operational Excellence andFinancial Management, Dr.

Mohammed Saqr Al Zaabi,and Interim Dean of theSchool of Engineering, DrHamed Assaf.

NASdAq dubai now hosts six green and one sustainable sukuk with a total value of $6.55 billion

Nasdaq Dubai lists 3 sukukworth $2.5bn by IndonesiaThe listings comprise a 10-year issuance of $1 billion and two issuancesof $750 million each, one of a five-year maturity and other for 30 years

Ground station to track satellite built by Aurak

abu dhabi / wam

The UAE Ministry of Econ-omy (MoE) has taken part ina video conference organisedby the delegation of the Eu-ropean Union to the UAE,with the participation ofTrade Counsellors from Eu-ropean Union (EU) MemberStates represented in thecountry.

During the virtual session,Juma Mohammed Al Kait, As-sistant Under-Secretary ofthe UAE Ministry of Economyfor Foreign Trade Affairs, af-firmed the country's keen-ness to intensify cooperationwith the EU in jointly ad-dressing the economic chal-lenges brought about by thespread of Covid-19.

"At the root of all thistragedy, of Covid-19, is the'shared responsibility' of theinternational communityand the leveraging of exten-sive dialogue between thepublic and private sectors asan opportunity to ensurecomplementarities and synergies," he said.

Al Kait also provided anoverview of bilateral tradefigures and UAE’s rankingson prominent internationalindices. The UAE currentlyranks 22nd globally as themost important trading part-ner of EU countries andranks 2nd in the Arab world.In terms of non-oil trade, the

UAE is the number one part-ner of the EU in the Gulf region, he noted.

The UAE also ranks 15thglobally as the most impor-tant recipient market of ex-ports from the EU, accountingfor 1.4 percent of total exportsof EU countries to the world in2019. In the Arab world, itranks the 1st, holding morethan 19.2 percent of the EU’sexports to Arab countries.

During 2019, 40 percent ofthe total exports of the EU tothe Gulf Cooperation Councilcountries went to the UAE.

T H U R S D AY 0 2 J U LY 2 0 2 0

02 news

aJMaN / wam

Ajman Tourism DevelopmentDepartment (ATDD) an-nounced the launch of AjmanHalf Marathon, which pro-vides the opportunity to par-ticipate in 10 km or halfmarathon 21.1 km, and aimsto attract 500 participantsfrom all levels.

This initiative comes in linewith ATDD efforts to promotecommunity sports, encouragea healthy and active lifestyle,and provide virtual alterna-tives in light of the current circumstances.

Participants in the virtualmarathon will run the chosendistance outdoor or indoorany time between July 1 and31, record this through anywell-known tracking applica-tion or devices such as Appleor Android watch or Garmin,or Strava app, capture(screenshot) the activity pageand upload it along with thepersonal data on the link they will receive by emailafter registration.

abu dhabi / wam

Adnoc Distribution has markeda major milestone in the open-ing of its 400th station onSaadiyat island, Abu Dhabi andthe delivery of 25 new stationsyear to date in 2020.

In the first half of the year, thecompany has experiencedstrong delivery despite the chal-lenging environment, with open-ings across Abu Dhabi, Dubai

and Fujairah. The Saadiyat sta-tion is also the 17th ‘Adnoc Onthe go’ to open since the newconcept launched at Al Bateen,Abu Dhabi, a reconstructed sitewhich opened at the beginningof the year.

Having commemorated the400-mark opening at Saadiyat,

the company broke through themilestone to end the first half of2020 with an impressive total of406 stations now active across itsnetwork. The success of deliveryin H1 maintains the company’stargeted openings for the year.

"Marking our 400th station,and a strong series of openingsyear to date, further symbolisesthe journey we have taken," saidAhmed Al Shamsi, Acting CEO ofAdnoc Distribution.

"We continue to strive toadapt and advance in order todeliver the products, servicesand convenience that our cus-tomers want and value.

The launch of our new ‘Adnoc

On the go’ neighborhood stationearlier this year was testamentto that and the ways our solidhistory and experience helps usto deliver progressive solutionsfor now and into the future."

The UAE ranks 15th globally as the most important recipient market of exports fromthe EU, accounting for 1.4% of the total exports of EU countries to the world in 2019

Adnoc Distribution passes400th station milestone

Ajman‘Virtual HalfMarathon’launched

The Saadiyat station is the 17th ‘Adnoc On the go’ to open since the new concept launchedat Al Bateen, Abu Dhabi, a reconstructed site which opened at the beginning of the year

dubai / wam

Nasdaq Dubai has welcomedthe listing of three sukuk is-sued by the government of Indonesia with a total value of$2.5 billion.

The sukuk achieved nearly6.7 times subscription by in-vestors, including internationalinvestors in Asian and MiddleEast countries.

The listings comprise a 10-year issuance of $1 billion andtwo issuances of $750 millioneach, one of a five-year matu-rity and the other for 30 years.The capital raised will fund theeconomic and social develop-ment of Indonesia, NasdaqDubai said in a statement onWednesday.

The five-year $750 millionsukuk is a green issuance thatis earmarked for sustainabledevelopment projects.

Indonesia now has threegreen sukuk listings on NasdaqDubai, including the world’sfirst sovereign green Sukuk is-suance of $1.25 billion thatlisted in March 2018.

Commenting on the newsukuk listing, Abdul Wahed AlFahim, Chairman of NasdaqDubai, said, "Nasdaq Dubai isstrengthening its support forthe sukuk sector through out-reach initiatives in our regionand internationally to issuerswho can benefit from the high

global profile that the ex-change provides. We arepreparing for a wide range ofnew listings in coming months,drawing on our close relation-ships within the Islamic capitalmarkets."

In turn, Hamed Ali, Chief Ex-ecutive of Nasdaq Dubai, com-mented, "Dubai’s longstanding

capital markets partnershipwith Indonesia supports theeconomic development of bothnations and the growth of theSharia’a-compliant financialmarkets across the world. As weincrease our focus on promot-ing financial markets activity inthe sustainable sector, we aredelighted to welcome Indone-

sia’s latest green sukuk togetherwith its other listings."

Nasdaq Dubai now hosts six green and one sustainablesukuk with a total value of$6.55 billion, underlining itsleading regional role in the Environmental, Social and Governance sector.

The Indonesian governmentis the largest sukuk issuer onNasdaq Dubai by both value andnumber of listings, with securi-ties totalling $17.5 billion from14 issuances. The latest threeIndonesian government sukuklistings took place on June 23.

Indonesia’s green sukukframework is rated MediumGreen by CICERO.

Indonesia now has three green sukuk listings on Nasdaq Dubai, including the world’s firstsovereign green sukuk issuance of $1.25 billion that listed in March 2018

Nasdaq Dubai is strengthening its support for the sukuksector through outreach initiatives in the region and

internationally to issuers who can benefit from the high globalprofile that the exchange provides

Abdul Wahed Al Fahim,Chairman of Nasdaq Dubai

Covid-19: UAE andEU discuss common economic challenges

The ground station iscapable of communicatingwith satellites in orbit bysending commands and

receiving telemetry,images and science data

back from them

n The sukuk by government of Indonesia achievednearly 6.7 times subscription by investors, including international investorsin Asian and MiddleEast countries

n The capital raised willfund the economic andsocial developmentof Indonesia

dubai / wam

DMCC, the world’s flagship FreeZone and Government of DubaiAuthority on commodities tradeand enterprise, and Innoway, aChinese platform established bythe Beijing and Haidian Govern-ment, have signed a Memoran-dum of Understanding (MoU) toincrease collaboration in thetech sector between the UAEand China, and usher in a newwave of innovation to Dubai.

DMCC will serve as Innoway’sfoothold in the region, support-ing them with the developmentof an incubation and accelera-

tion programme that attractsChinese innovators, entrepre-neurs and tech start-ups toDubai. "Dubai has an ambitiousinnovation agenda, which isdriven by government and ac-celerated by the private sector.Innovation is in Dubai’s DNAand so too is collaboration. Thisis just one of the reasons whyDMCC is delighted to sign thisagreement with Innoway – anorganisation that has an equallyimpressive innovation story,"said Feryal Ahmadi, Chief Operating Officer of DMCC.

"Through this strategic part-nership with Innoway, we will

serve as the launchpad forChina’s most promising start-ups and SMEs, offering them un-precedented opportunities toscale and tap new markets whilealso supporting the emirate’sdigital agenda," she added.

Originally established as ascience, technology and innova-tion hub, Innoway has beendubbed "China’s Silicon Valley",and was established by the Bei-jing Government to fosterglobal entrepreneurship andoffer a platform for an open ex-change between global playersin the start-up and innovationecosystem.

DMCC, China’s Innoway to woonew wave of innovation to Dubai

The MoU between DMCC and China’s Innoway will raise collaboration in tech sectorbetween the two countries, and usher in a new wave of innovation to Dubai

The MoU between DMCCand Chinese platform will

serve as Innoway’s footholdin region, supporting them

with the development of anincubation and acceleration

programme that attractsChinese innovators,

entrepreneurs and techstart-ups to Dubai

dubai / wam

The Dubai Electricity and WaterAuthority (Dewa) organised avirtual webinar in collaborationwith leading global professionalservices firm Pricewaterhouse-Coopers (PwC) on "Skills for thefuture - How future educationwill be after the outbreak ofcoronavirus".

Senior management andmore than 120 employeesacross Dewa’s divisions at-tended the webinar.

Saeed Mohammed Al Tayer,

MD & CEO of Dewa, highlightedDewa’s commitment to provid-ing all required resources to de-velop the creativity andinnovation of its employees,

support them in their careerand personal life to gain thenecessary skills to keep pacewith rapid global changes. Thisensures business continuity ac-cording to the highest interna-tional standards, ensuringDewa’s international achieve-ments in providing the bestwork environment.

"We are committed to capac-ity-building through work-shops, seminars, and eventsthat enable sharing knowledgeand experiences,” the MD andCEO of Dewa added.

Virtual webinar on future skills held

We continue to striveto adapt and advance

in order to deliver theproducts, services andconvenience that ourcustomers want and value

Ahmed Al Shamsi, ActingCEO of Adbnoc Distribution

Adnoc Distribution hasexperienced strong delivery

despite challengingenvironment, with openings

across Abu Dhabi,Dubai and Fujairah

At the root of allthis tragedy, of

Covid-19, is the ‘sharedresponsibility’ of theinternational communityand the leveraging ofextensive dialoguebetween the public andprivate sectors as anopportunity to ensurecomplementarities and synergies

Juma Mohammed AlKait, Assistant

Under-Secretary of UAEMinistry of Economy for

Foreign Trade Affairs

nFor full story, read emirates-business.ae

nFor full story, read emirates-business.ae

ABU DHABI cOURT OF cAssATIOn JUDIcIAl DEpARTMEnT

Personal StatusDate: June 22, 2020

notice of summons to Appear before the court of cassation cassation case no. 335/2020 - personal status - HQ -c -Abu Dhabi

nOTIFIcATIOn: BY pUBlIcATIOn

Appellant: noor Tauqeer Fatima Ali (0501213112) Nationality: British Respondent: Adil Mohammed Ali bin shawqat Nationality: BritishCase Subject: cassation of appeal judgment Party to be notified: Adil Mohammed Ali bin shawqatCapacity: Respondent ADDREss: Emirate: Abu Dhabi City: Abu Dhabi Island Sector: Area: Street: Al Reef Downtown House No.: Home Telephone: Mobile (1): 0502016297 Office Telephone: Mobile (2): notification of Respondent in two official newspapers in Arabic and English Address: Abu Dhabi, Al Reef Downtown, Block 17, Flat 503

Whereas the Appellant has challenged the judgment rendered by theCourt of Appeal in the case 363/2020 — personal status — HQ. A — AbuDhabi, you are requested to submit a defense brief in response to the writof cassation before the Registry Office, Abu Dhabi Cassation Court, within15 days as of the date of receipt of this notification.

case Management Office / Signed & stamped /

the gulf time

Date: 02-07-2020

EMIRATE OF ABU DHABI JUDIcIAl DEpARTMEnT

ABU DHABI cOMMERcIAl cOURT - 1sT InsTAncECommercial

Date: June 29, 2020

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

case no. 435/2020 - commercial - Major - HQ. F. Abu Dhabi - c.notification: BY pUBlIcATIOn

Claimant: commercial Bank of Dubai p.lc (0506535233) Nationality: UAEDefendant: Universal Hospital llc Nationality: UAE Case Subject: compelling Defendant, jointly and severally, to pay the amountof AED 43,806.711.01 + 9% interest rate as of due date on March 3, 2020 until finalpayment.Party to be notified: shabeer nellikode Hashim pokkinari Capacity: - ADDREss: Emirate: Abu Dhabi City: Abu Dhabi city Sector: Area: Street: House No.: Home Telephone: Mobile (1): Email: [email protected] Mobile (2): notification of Defendant by publication. ADDREss: Emirate of Abu Dhabi, Universal Hospital, Old Airport Road.

You are summoned to appear before the case Management Office, Abu Dhabicommercial court of First Instance, commercial cases Management Office,ADJD headquarters, on Monday, July 6, 2020, at 08:30 am, either personally orthrough 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: 02-07-2020

T H U R S D AY 0 2 J U LY 2 0 2 0

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Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Caldon Mohammed - Canadian- Address: Al Mamzar- Dubai(0505075216).

subject: claiming the Amount of Aed 16,513.89According to this Warning, we notify you to pay the dues with anamount of AED 16,513.89 (sixteen thousand five hundred and thirteendirhams eighty nine fils) within seven days of the date of the Warning.Otherwise, we shall take all procedures to sell the car (Renovel/ white/private / No. 48432/ model S/ licensed in Dubai under Article No. 172-175 of Commercial Transaction Law) mortgaged to our Principal "theWarner Bank".


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subject/ Judicial Warningnotarization no: 2020-9623

Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar AI-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Carlos Torres Quintanella- Spanish- Address: Dubai- Deira(0566079456).

subject: claiming the Amount of Aed 130,435.58According to this Warning, we notify you to pay the dues with anamount of AED 130,435.58 (One hundred and thirty thousand fourhundred and thirty five dirhams and fifty-eight fits) within seven days ofthe date of the Warning. Otherwise, we shall take all procedures to sellthe car (Mercedes C30/ black/ private / No. 80061/ model L/ licensedin Dubai under Article No. 172- 175 of Commercial Transaction Law)mortgaged to our Principal "the Warner Bank".


the gulf time

Date: 02-07-2020



subject/ Judicial Warningnotarization no: 2020-9624

Warner: Hisham Mustafa Mohammed Talawi- Egyptian, as an Attorneyof Mr. Al-Fadil Mu’tasim Abdul Rahman Al-Maqboul- Emirati, in hispersonal capacity and as the owner of the Professional License No.CN1035473, named Dar Al-Hekma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Molden Trading LLC- Address: Dubai, Deira Al Bateen,(0506292446)

subject: claim for Aed 23,452.13According to this Warning, we notify you to pay the dues with anamount of AED 23,452.13 (Twenty three thousand and four hundred fiftytwo and thirteen fils) within seven days as of the date of the Warning.Otherwise, we shall take all procedures to sell the car (Nissan Van/white/ private) No. 79313/ Category R/ licensed in Dubai under ArticleNos. 172 & 175 of Commercial Transaction Law mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool- Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Wayne Madgwick- Address: Dubai- Al Barsha, Villa No. 5, nearBattuta Mall-Tel: 0528204185

subject: claiming the Amount of Aed 103,067.00According to this Warning, we notify you to pay the dues with anamount of AM) 103,067.00 (One hundred and thirty thousand and sixty-seven dirhams) within seven days of the date of the Warning. Otherwise,we shall take all procedures to sell the car (Dodge Ram/ silver/ private/No. 60559/ model 12/ licensed in Abu Dhabi under Article No. 172- 175of Commercial Transaction Law) mortgaged to our Principal "theWarner Bank".


the gulf time

Date: 02-07-2020



subject/ notarial certificatenotarization no: 2020-9626

Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Moshe Dayan Endaya La Fonte Filipino- Address: Dubai - Cityof Discovery-Tel: 0526449476

subject: claiming the Amount of Aed 75,484.00According to this Warning, we notify you to pay the dues with anamount of AED 75,484.00 (Seventy five thousand four hundred andeighty four dirhams) within seven days of the date of the Warning.Otherwise, we shall take all procedures to sell the car (Kia Sportage/white/ private/ No. 13604/ model U/ licensed in Dubai under Article No.172- 175 of Commercial Transaction Law) mortgaged to our Principal"the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No, 2005002094.Warnee: Naveed Ahmed Butt - Address: Al Jarf- Ajman- Tel: 0524821307.

subject: claiming the Amount of Aed 94,404.303According to this Warning, we notify you to pay the dues with anamount of AED 94,404.303 (Ninety four thousand four hundred and fourdirhams and thirty-three fils) within seven days of the date of theWarning. Otherwise, we shall take all procedures to sell the car (BMW/brown/ private/ No. 52188/ model 16/ licensed in Dubai under ArticleNo. 172- 175 of Commercial Transaction Law) mortgaged to ourPrincipal The Warner Bank".


the gulf time

Date: 02-07-2020



subject: notarial noticenotarization no: 2020-9647

Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Jetika Puija Ramesh Puija - Indian- Address: Qasidat, Ras AlKhaimah - Tel: 0564707410.

subject: claiming the Amount of Aed 78,634.96According to this Warning, we notify you to pay the dues with anamount of AED 78,634.96 (Seventy eight thousand six hundred and thirtyfour dirhams and ninety-six fils) within seven days of the date of theWarning. Otherwise, we shall take all procedures to sell the car (BMWE32/ black/ private/ No. C/82209/ licensed in Ras Al Khaimah underArticle No. 172- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Luis Eduardo Navas Plaza- Address: Flat 202- Skas Tower, AlReem Island, Abu Dhabi - Tel: 0566419625.

subject: claiming the Amount of Aed 85,587.30According to this Warning, we notify you to pay the dues with anamount of AED 85,587.30 (Eighty-five thousand five hundred and eightyseven dirharns and thirty fils) within seven days of the date of theWarning. Otherwise , we shall take all procedures to sell the car (Volvov40/ blue/ private/ No. 82276/ model 8/ licensed in Dubai under ArticleNo. 175- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Amna Hussein - Address: Al Reem Island- Abu Dhabi(0502247063).

subject: claiming the Amount of Aed 108,936.65According to this Warning, we notify you to pay the dues with anamount of AED 108,936.65 (One hundred and eight thousand ninehundred and thirty six dirhams and sixty-five fits) within seven days of thedate of the Warning. Otherwise , we shall take all procedures to sell thecar (BMW X/ black/ white/ private / No. 44739/ model 12/ licensed inDubai under Article No. 172- 175 of Commercial Transaction Law)mortgaged to our Principal "the Warner Bank".


the gulf time

Date: 02-07-2020


summon for expert meeting

defendant no (1): Peak Home for Pastries and sweetsdefendant no (2): Ashraf calore Kofomal:

As per Abu Dhabi First Instance Court in case578/2020 Minor Commercial Court, initiated againstyou by Commercial Bank of Dubai, beingappointed as an Banking Expert, next Monday 6 ofJuly 2020 10:00 am is the fixed time for ExpertDistance Meeting through (ZOOM) , please registerin the said application (ZOOM) and sign in at fixedtime the link is (.....) also you are required to keep incontact with our office (Genorne for consulting).

Tel.: 042200556 Dubai Fax: 042501250

Email: [email protected]. [email protected]

the gulf time — Date: 02-07-2020

eXPert meetinG

GoVernment of dUbAidUbAi coUrts

Judicial notification by Publication

Warner: omar Abdullah s Alrashid (saudi national) By the power of Attorneys/ Ali Al Aidarous and Iman Jalal Ahmed Warnee: Anthony ojay cruise (Australian national) (Unknown residence)

1. Under rental relationship between the Parties, the Warnee leased from theWarner the residential unit no. 806 located in Emirate of Dubai- Bur Dubai-Downtown- Burj Khalifa area- Sheikh Mohammed bin Rashid Boulevard St.-Vida Residence Building- Six Floor.

2. Whereas the Warnee has executed to the Warner cheques against therent of the above mentioned unit, however the Warner cashed the duepayable cheques, and it is shown a sufficient balance is not availablewhen cashing so the following two cheques are returned:

✓ Cheque no. 000012 dated 29/12/2019 drawn on Abu DhabiCommercial Bank in amount of AED 40,000

✓ Cheque no. 000009 dated 29/03/2020 drawn on Abu DhabiCommercial Bank in amount of AED 40,000

✓ When the Warnee has breached his compliance of paying the rentof the residential unit, property of the Warner.

So Under this notification, the Warner shall compel the Warnee immediately to paythe late rent in an amount of AED 80,000 (Eighty Thousand Dirham) within thirtydays, in addition to the new rent with evacuate the leased unit and deliveredto the Warner free of occupants unless the Warner will be obliged to take allthe legal procedures to claim of the above-mentioned with the reasonablecompensation, and bear the Warnee the fees and expenses and the attorney'sfees with preserving all other rights of Warner.

notary Public //Signe & Sealed//

the gulf time

Date: 02-07-2020



Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Naveed Ahmed Butt - Address: Al Jarf- Ajman- Tel: 0524821307.

subject: claiming the Amount of Aed 94,404.303According to this Warning, we notify you to pay the dues with anamount of AED 94,404.303 (Ninety four thousand four hundred and fourdirhams and thirty-three fils) within seven days of the date of theWarning. Otherwise, we shall take all procedures to sell the car (BMW/brown/ private/ No. 52188/ model 16/ licensed in Dubai under ArticleNo. 172-175 of Commercial Transaction Law) mortgaged to our Principal"the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Luis Eduardo Navas Plaza- Address: Flat 202- Skas Tower, AlReem Island, Abu Dhabi - Tel: 0566419625.

subject: claiming the Amount of Aed 85,587.30According to this Warning, we notify you to pay the dues with anamount of AED 85,587.30 (Eighty-five thousand five hundred and eightyseven dirhams and thirty fils) within seven days of the date of theWarning. Otherwise, we shall take all procedures to sell the car (Volvov40/ blue/ private/ No. 82276/ model 8/ licensed in Dubai under ArticleNo. 175- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy - Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Jetika Puija Ramesh Puija - Indian- Address: Qasidat, Ras AlKhaimah - Tel: 0564707410.

subject: claiming the Amount of Aed 78,634.96According to this Warning, we notify you to pay the dues with anamount of AED 78,634.96 (Seventy eight thousand six hundred and thirtyfour dirhams and ninety-six fils) within seven days of the date of theWarning. Otherwise, we shall take all procedures to sell the car (BMWE32/ black/ private/ No. C/82209/ licensed in Ras Al Khaimah underArticle No. 172- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Moshe Dayan Endaya La Fonte - Filipino- Address: Dubai - Cityof Discovery-Tel: 0526449476.

subject: claiming the Amount of Aed 75,484.00According to this Warning, we notify you to pay the dues with anamount of AED 75,484.00 (Seventy five thousand four hundred andeighty four dirhams) within seven days of the date of the Warning.Otherwise, we shall take all procedures to sell the car (Kia Sportage/white/ private/ No. 13604/ model U/ licensed in Dubai under Article No.172- 175 of Commercial Transaction Law) mortgaged to our Principal"the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool- Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Wayne Madgwick- Address: Dubai- Al Barsha, Villa No. 5, nearBattuta Mall-Tel: 0528204185.

subject: claiming the Amount of Aed 103,067.00According to this Warning, we notify you to pay the dues with anamount of AED 103,067.00 (One hundred and thirty thousand and sixty-seven dirhams) within seven days of the date of the Warning. Otherwise,we shall take all procedures to sell the car (Dodge Ram/ silver/ private/No. 60559/ model 12/ licensed in Abu Dhabi under Article No. 172- 175of Commercial Transaction Law) mortgaged to our Principal "theWarner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Carlos Torres Quintanella- Spanish- Address: Dubai- Deira(0566079456).

subject: claiming the Amount of Aed 130,435.58According to this Warning, we notify you to pay the dues with anamount of AED 130,435.58 (One hundred and thirty thousand fourhundred and thirty five dirhams and fifty-eight fils) within seven days ofthe date of the Warning. Otherwise, we shall take all procedures to sellthe car (Mercedes C30/ black/ private / No. 80061/ model L/ licensedin Dubai under Article No. 172- 175 of Commercial Transaction Law)mortgaged to our Principal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. AI-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094. Warnee: Caldon Mohammed - Canadian- Address: Al Mamzar- Dubai(0505075216).

subject: claiming the Amount of Aed 16,513.89According to this Warning, we notify you to pay the dues with anamount of AED 16,513.89 (sixteen thousand five hundred and thirteendirhams eighty nine fils) within seven days of the date of the Warning.Otherwise, we shall take all procedures to sell the car (Renovel/ white/private / No. 48432/ model S/ licensed in Dubai under Article No. 172- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Viswash Sambhaji Bhand - Canadian- Address: Al Mamzar-Dubai (0505075216).

subject: claiming the Amount of Aed 77,400.26According to this Warning, we notify you to pay the dues with anamount of AED 77,400.26 (Seventy seven thousand four hundreddirhams and twenty-six fils) within seven days of the date of the Warning.Otherwise , we shall take all procedures to sell the car (Honda Accord/black/ private / No. 7/70468/ licensed in Dubai under Article No. 172- 175 of Commercial Transaction Law) mortgaged to ourPrincipal "the Warner Bank".


the gulf time

Date: 02-07-2020




Warner: Hesham Mustafa Mohammed Talawy- Egyptian, as an Attorneyof Mr. Al-Fadil Moetasem Abdul Rahman Al- Maqbool - Emirati, in hispersonal capacity and as the owner of the professional license No.CN1035473, named Dar Al-Hikma Law Firm and Legal Consultationsunder Power of Attorney No. 2056001102, and as an Attorney of AbuDhabi Commercial Bank PJSC under Power of Attorney No. 2005002094.Warnee: Amna Hussein - Address: Al Reem Island- Abu Dhabi(0502247063).

subject: claiming the Amount of Aed 108,936.65According to this Warning, we notify you to pay the dues with anamount of AED 108,936.65 (One hundred and eight thousand ninehundred and thirty six dirhams and sixty-five fils) within seven days of thedate of the Warning. Otherwise, we shall take all procedures to sell thecar (BMW X/ black/ white/ private / No. 44739/ model 12/ licensed inDubai under Article No. 172-175 of Commercial Transaction Law)mortgaged to our Principal "the Warner Bank".


the gulf time

Date: 02-07-2020



dUbAi commerciAL coUrt of first instAnce

notice with Announcement

claim no. 66/2020/20 — commercial summary Actions

claim subject: Claiming a summary action of imposing judicialReceivership on the Factory as well as whole assets stated in details inthe attached list under application for the First and Fifth Defendants inaddition to charges and expenses.Claimant: Abu dhabi commercial bank Capacity: claimantRepresented by: Adel Hamid rashed bin Khalfon Al Ali Capacity: ProxyRespondents: 1. Altaf Hussain feda Hussain — Pakistani Partner and Payment Bondsman Capacity: co-defendant Residency: (Unknown)subject of notice:A claim was filed against you with the subject of claiming a summaryaction of imposing judicial Receivership on the Factory as well as wholeassets stated in details in the attached list under application for the Firstand Fifth Defendants in addition to charges and expenses.The hearing of sunday 05/07/2020 was placed at 08:30 Am in theremote litigation hall. So; you must present by-self or by representativeto submit all memorandums and documents to the court at least threedays before the hearing.

section Head /Abdul manaf mohamed yousef/

the gulf time

Date:02-07-2020

Notice Date: 29/06/2020Notice No.: 92204/2020


coUrt of APPeAL

notification by Publication

in appeal no. 305/2020/1020 commercial appeal

subject of the appeal: appealing the judgment issued in case number: 141/2019commercial plenary and to obligate the appellees to pay the fees, expensesand attorney fees.Notification applicant : / AL-dAWAA medicAL serVices co. Ltd (dmsco)-represented by its manager: saoud Zaid faleh Al soubaieIn its capacity as the appellantRepresented by: Aisha rashid mohamed Abbas Ali Al tenaijiIn its capacity as: an attorneyThe notified party: 1- maxil General trading LLcIn its capacity as: the appellee2- maxil international LLc In its capacity as: the appellee3- maxil international dWc LLc In its capacity as: the appellee4- maxil international trading and marketing PVt Ltd ( india)(their addresses are unknown) In its capacity as: the appelleesubject of the notification:The judgment issued in case number 141/ 2019 commercial plenary has beenappealed And a hearing was set on sunday corresponding to 05/07/2020 at10:00 Am in the Remote Litigation Chamber, therefore you shall appear inperson or by your legal representative, in case you did not appear before thecourt, the judgment will be by default.

manager of the casemariam Abdullah mohamedThis is a computer generated document which does not need any signatures or seals.

the gulf time

Date:02-07-2020

Date: 15/06/2020Number: 10714/2020

GoVernment of rAs AL KHAimAHcourts department

notification of Payment by Publication

file no.: 499/2020 - commercial implementation

Based upon the request of the prevailing party, Ahmed saif Hamad bin

tarim Ai Zaabi, Nationality - UAE

To The convict party / syed shah Khalid building contracting LLc,

represented by Shah Khalid bin Syed Abbas Ali Shah- nationality:

Let it be known to you that the Ras Al Khaimah Court has issued a

judgment against you on 15/4/2020 in the case No. 229/2020 partial

commercial by obligating you to pay an amount of AED 21,914,149,

including fees and expenses, since the above prevailing party has

applied to implement the verdict and registered with the number

referred to above, you are charged with implementing the above

within 15 days following the notification, and if you fail to do so, the court

will take appropriate legal measures against you to implement the ruling

and the fees charged to you.

execution department

maryam Al naqbi

the gulf time

Date:02-07-2020

the gulf time

Date:02-07-2020

United ArAb emirAtessHArJAH federAL coUrt of first instAnce

cAse mAnAGement office sHArJAH federAL coUrt of first instAnce

notification by Publicationin Arabic Language and english Language

To Defendant / rAJA GHULAm AbbAs rAJA ZAHoor AKtArPakistani NationalThis to notify you that the Plaintiff/ VAisHALiben diPAKbHAi PAteL - IndianNational- in case no 2137/2020 - The first partial circuit (Commercial civil)Has filed the above-mentioned case against you requesting as follows:- To obligate the Defendants to jointly and severally pay the amount of AED

100.499.66 (Dirhams: One hundred thousand four hundred ninety nine andsixty fils only) to the Plaintiff being the value of damage and disabilitycaused by the traffic accident, in addition to the legal interest of 9% as ofthe claim date until the full payment is made.

- To obligate the defendants to pay fees, expenses and attorney fees.Therefore you are requested to appear before the case management office-the first partial circuit - office no (12) at Sharjah Federal Court of First Instance inperson or by authorized proxy on thursday, 09.07.2020 at 08:30 am to submit areply memo to the case enclosed with all documents in order to hear the abovementioned case in your capacity as the Defendants therein. In case you failedto attend, the court shall take the legal procedures against you in absentia.

Sharjah Federal Court of First Instancecase management office (signed & sealed)

the gulf time

Date:02-07-2020

United ArAb emirAtesministry of JUstice

notification of the respondent by Publicationnotification for payment in

case no. fUceXciPor2020/0000245 commercial (Partial) fUJAirAH court — civil executive court —

The Respondent (1): Gulf concreting Products fZc The Respondent (2): tareq Ahmed Jamal danoura The Respondent (3): Global Gulf supplies LLc The Respondent (4): Kesava Pillai Govinda Pillai sreenivasTo,The Respondents: - Gulf concreting Products fZcALFUJAIRAH free zone, Fujairah Po.Box: 50012tareq Ahmed Jamal danouraALFUJAIRAH free zone, Fujairah Po.Box: 50012Global Gulf supplies LLcAbu Dhabi, Al Salam St. Hadi Hamad Al Mansouri Bldg.Kesava Pillai Govinda Pillai sreenivasAbu Dhabi, Al Salam st. Hadi Hamad Al Mansouri Bldg. unified No. 82914Whereas, on 27/10/2019 a judgment was issued against you in favor of the ExecutionApplicant/ national bank of fujairah (dubai branch), in the above-referred case.And whereas, the said applicant has requested to execute the said judgment, and haspaid the specified fees for the same, and whereas the judgment, to be executed, asfollows:The Total Amount inclusive of fees and expenses: 629535.0Therefore: You are obliged to execute the above-mentioned execution deed within (15)day from the date being notified hereof.In the event you failed to do so, the court will proceed with the legal forced executionprocedures against you.

//seal of ministry of justice//Amal Ahmed Al naqbi /fujairah court /civil executive court (signed)/

Date of issue: 25/06/2020

t h u r s d ay 0 2 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

‘Covid-19’ is Merkel’sswan song as leader

other opinion

Uber Technologies Inc needsto act fast to buttress itsfood-delivery business. It

now has a second chance andshouldn’t blow it.

The New York Times reportedthat Uber Eats-parent Uber Tech-nologies Inc made an offer to ac-quire Postmates Inc, citing peoplefamiliar with the matter. A deal forPostmates would value the com-pany at around $2.6 billion andcould be announced next week or sooner, according to the WallStreet Journal. Reuters also re-ported that Postmates is consider-ing an initial public offering aswell.

This isn’t Uber’s first attempt atconsolidation for its food-deliveryunit. Earlier this year, the companywas in serious negotiations tomerge with Grubhub, but lost outin a bidding war to Just Eat Take-away.com NV. The European com-petitor announced a deal to buyGrubhub for $7.3 billion in earlyJune. While this second option isn’tas ideal as the first for Uber, it’sstill worth trying, and for the samereason: A merger would improveprofitability and help make UberEats viable.

As an industry in aggregate,Uber Eats and its three other USfood delivery competitors — Door-Dash, Grubhub and Postmates —has been hemorrhaging cash asthey compete against each otherwith lavish promotions and deals.Uber Eats alone lost more than$300 million in adjusted Ebitda, ameasure of profitability, in its lat-est reported quarter, while Grub-hub posted a $33 million loss for

its first quarter.If Uber can take a player out of

the equation, it would help ratio-nalise the level of discounting,thereby lowering losses. Further,an Uber Eats-Postmates mergerwill likely generate significant costsavings as any overlapping admin-istrative expenses can be elimi-nated. A Postmates acquisitionalso has the benefit that it wouldbe more amenable on antitrustgrounds. Some analysts have saidworries over potential regulatoryissues were part of what nixed theUber Eats-Grubhub combination,which would have united two bigplayers:

An Uber Eats deal with Post-mates would boost the combinedcompanies’ total market share toaround 30%. It would still allowfor a robust level of competitionfor much of the country and be lesslikely of an issue for regulators toblock. So, while Grubhub wouldhave been a better deal for Uberwith its larger market power andhigher potential for cost synergies,a deal with Postmates is betterthan the status quo. Plus, it comesat a lower purchase price as well.

The clock is ticking. Uber’s sta-tus quo isn’t sustainable. Yes, thecompany has a strong balancesheet with $9 billion in cash as ofthe end of its last quarter, but italso lost more than a billion dollarsin those three months, too. Even abig cash pile won’t last long, if itdoesn’t get its losses under con-trol. A deal with Postmates wouldhelp fix that.

—Bloomberg

For Uber Eats, new dealis better than nothing

Covid-19 is a crucible of leadership. Some people are failing this test —the presidents of Brazil, Russia and the US spring to mind. Others arepassing it with flying colours, notably the leaders of New Zealand, Den-

mark and Taiwan. All three happen to be women and have largely controlledthe spread of Sars-CoV-2 in their countries while preserving social cohesion.

And then there’s German Chancellor Angela Merkel, who’s also been hav-ing a relatively good pandemic. As she entered 2020, her 15th year in office,she looked exhausted. Having ruled out a fifth term and resigned as boss ofher party, she was in effect a lame duck. But Covid changed all that. It reju-venated Merkel as a leader.

As a trained quantum chemist, she’s been managing the outbreak like thescientist she is, with pragmatic policies based on the expertise of epidemi-ologists. In polls, she became Germany’s most popular politician again, withan approval rating of 71%.

But as she nears the end of her time in office, her legacy still seems ques-tionable. Aside from Covid, her domestic record is mediocre, with no eco-nomic reform worth speaking of. In European politics, she was often divisive.During the refugee crisis of 2015, she shocked her European partners byunilaterally opening Germany’s borders to migrants for several chaoticmonths. Before that, during the euro crisis, she alienated Greeks and othersoutherners by forcing them into fiscal “austerity.”

The consensus in Berlin and other capitals was that Merkel, who spenthalf her life living in communist East Germany, had a cerebral connection tothe idea of European integration and identity, not an emotional one. She wasseen to do just enough during crises to prevent dissolution, but never enough— even when French President Emmanuel Macron begged her — to movethe European Union forward.

And then, surprisingly, Covid changed that. Early in the outbreak, as mem-ber states closed their borders, hoarded medical equipment and suspendedthe single market, Merkel glimpsed a scenario in which the EU might becomeirrelevant or even unravel. And she felt genuine fear. So Merkel and Macronrestarted the traditional Franco-German “engine” that powers the EU. Theyproposed a 500 billion-euro ($562 billion) fund to give grants to memberstates, such as Italy and Spain, that suffered most in the pandemic. AnotherGerman leader, Ursula von der Leyen, the president of the European Com-mission, then slapped an additional 250 billion euros on top in loans.

The biggest surprise was Merkel’s consent to financing this fund withbonds issued by the Commission. This seemed to be a baby step towardsmutualised debt and the European “transfer union” that she’d always resisted. It could imply a more federal EU, with European tax revenues in the future. That would require treaty change and fall to Merkel’s successors. But for this German chancellor, her conversion was almostDamascene.

It could also secure her the legacy she still lacks, provided she makes theplan reality. And it really is now up to her. On Wednesday, Germany takesover the rotating presidency of the Council of the EU, the institution that rep-resents the 27 member states and co-legislates with the European Parlia-ment. For the rest of this year, the EU’s largest country formally has the roleGermans have long been resisting: of being Europe’s leader. The Europeancoronavirus fund will consume much of her effort. Getting all 27 countriesto accept it — Merkel wants a deal in time for the European summit on July17 — will be fiendishly difficult.

—Bloomberg

American lockdown exceptionalism

As the number ofCovid-19 cases startsto rise again in many

states, the question iswhether residents of thosestates will tolerate anotherlockdown. I used to think so,but it is increasingly clearthat Americans have be-come comfortable with a re-markably high number ofcasualties.

There is a mechanism ofsocial conformity at workhere. Most people will nottolerate a small risk to theirlives to dine out, for instance— but they might if all theirfriends are doing the same.The appeal of a restaurantisn’t just the food, it’s theshared experience and thesense that others are doingit, too.

The danger lies in the po-tential for ratchet effects. Ifhardly anyone is eating out,you might be able to endurethe deprivation. But onceothers have started doingsomething, you will proba-bly feel compelled to jointhem, even at greater risk toyour life.

Consider that in the1920s, the chance of catch-ing a disease or infectionfrom dining out was prettyhigh, but people still wentout.

Accepting that level of riskwas simply considered to bepart of life, because every-one saw that everyone elsewas doing it. In similar fash-ion, members of an infantrybrigade are usually willing tocharge an enemy position solong as they can be assuredthat all their comrades are,too.

So if you are wonderingwhy the US has become sotolerant of Covid-19 risk,one reason is simply that ithas the most pro-consump-tion norms of any majorWestern nation. The pursuitof socially influenced highconsumption levels is farmore common in Americathan in, say, Kosovo, a coun-try with a relatively goodanti-Covid safety record.

It is worth asking wholoses from these norms andassociated higher risks. It isnot higher-income telework-

ers, who can themselvespractice whatever degree ofisolation they would wantpolicy to impose. It is front-line workers, who tend to bepoorer and are more likelyto be black, Latino or immi-grants. A country with awide diversity of opinionsand perspectives is morelikely to accept those risks,and that too is the US.

I don’t mean to excuse thenumerous Covid-related pol-icy failures of government.

—Bloomberg

people take part in a protest in front of Governor Charlie Baker’s home to demand

re-opening the state after the lockdown due to the coronavirus (Covid-19) pandemic

in Swampscott, US, on May 16 —DpA

tyler Cowen

The pursuit of sociallyinfluenced high

consumption levels isfar more common inAmerica than in, say,

Kosovo, a country with a relatively good

anti-Covid safetyrecord.It is worthasking who loses from these norms

and associated higher risks

US has the most pro-consumption norms of any major Western nation

Abasic truth aboutRussian PresidentVladimir Putin,

which President DonaldTrump evidently doesn’tunderstand: Putin is in thepayback business. He be-lieves the United States de-stroyed his former country,the Soviet Union. He likesthe United States to feelpain, in Afghanistan andeverywhere else.

Trump has his own,much rosier take on Putin.And I can’t help wonderingwhether that explains why,assuming his account istrue, the American presi-dent was never briefedabout intelligence reportsearly this year that Russiawas offering bounties to Taliban fighters to kill US and coalition troops in Afghanistan. PerhapsTrump’s national securityaides were afraid to upsethim.

When it comes to the mil-itary, Trump has the oppo-site of a Midas touch.Everything he handles be-comes tarnished. That wastrue of his meddling lastyear in the discipline caseof Navy SEAL Eddie Gal-lagher; his encouragementof the firing of Capt BrettCrozier as skipper of theUSS Theodore Roosevelt;and his enlistment of GenMark A Milley, chairman ofthe Joint Chiefs of Staff, fora publicity stunt at St John’sEpiscopal Church near theWhite House.

There’s a lot we still don’tknow about the Russianbounties in Afghanistan.

But sources have providedsome basics that allow us tosee this incident in context.

First, we must under-stand that the Russianswish us ill in Afghanistan.Putin’s generation remainsbitter about their forcedwithdrawal that finished in1989, under Americanpressure, which presagedthe collapse of the SovietUnion.

There’s a tiny AfghanWar Museum in Moscow’sPerovo district: two darkrooms, pictures of thefallen, guns, maps and othertrinkets of a war that brokethe Soviet Union’s spirit.

About 15,000 Soviet sol-diers were killed in theirnine-year Afghanistan war.By comparison, the UnitedStates has suffered 2,372military deaths in ourAfghan war, waged formore than twice as long.

What makes Afghanistanespecially painful for Russiais that the Soviet Union’sfinal defeat resulted from asecret CIA program to sup-ply the Afghan mujahideenwith Stinger antiaircraftmissiles, which could shootdown Soviet helicoptersand were a death sentencefor Moscow’s recruits.

The Soviet Union mighthave hoped that the UnitedStates would help it escapethe Afghan quagmire, butlife doesn’t work that way. Adeclassified February 13,1989, National Security Di-rective specified that if theSoviets wanted a cutoff inUS assistance to the mu-jahideen, the United States“should take no action limiting US options” untilthe Moscow-backed Afghangovernment fell.

For the first 15 years ofthe US war in Afghanistan,in which our former allieswere now mortal enemies,the Russians played along.They were happy to letAmericans kill the same ex-

tremists that had used US-supplied weapons to killRussians. But starting in2018, US commanders noticed a difference: TheRussians appeared to behelping the Taliban.

Gen John “Mick” Nichol-son Jr, who commanded USforces in Afghanistan formore than two years, re-vealed the secret Russianaid for the Taliban in aMarch 23, 2018, interviewwith the BBC. He saidAfghan leaders had showedUS commanders Russian-supplied weapons that hadbeen smuggled across theborder to Taliban fighters.He said the Russians werealso peddling a false narra-tive that the United Stateswas fostering a buildup ofIS fighters in Afghanistan,to justify their actions.

Nicholson’s 2018 inter-view was a rare publicprotest by a US official.Trump didn’t press the Rus-sians to stop, and so theycontinued.

The GRU military-intelli-gence units that were help-ing smuggle weapons to the Taliban in 2018 mayhave been the forerunnersof GRU operatives who USintelligence analysts sus-pect are the new bountyhunters.

Through this January andFebruary, as the CIA andmilitary surveillance gath-ered reports about a cash stockpile in northernAfghanistan and other indi-cators of a possible Russianoperation, US military andintelligence officials be-came increasingly con-cerned, several told me. ByMarch, they were pressingfor a top-level review bysenior Trump administra-tion officials of this still-un-confirmed threat to USsoldiers.

Through this agonisingperiod, Trump kept up abuzz of happy talk about

improving relations withPutin, including the possi-bility of inviting him backinto the Group of Seven.Were Trump’s commanderstoo afraid to warn him offthis folly?

Trump isn’t the only onewho knows too little aboutAfghanistan. Our forcesthere are so hunkereddown, I’m told the militaryhasn’t allowed any signifi-cant embeds by journalists.Gen Austin “Scott” Miller,the admirable commandinggeneral, avoids briefing thepress or Congress, perhapsfor fear of unintentionallyoffending the White House.

Trump is an obstacle togood policy. Either peopledon’t tell him the truth, orhe doesn’t want to hear it.Whichever way, he’s de-faulting on his most basicresponsibility as com-mander in chief.

—The Washington Post

David Ignatius is an American

journalist and novelist. He is an

associate editor and columnist for

The Washington Post. He has writ-

ten eleven novels, including Body of

Lies, which director Ridley Scott

adapted into a film

This file photo shows US president Donald Trump and his Russian counterpart Vladimir putin during their meeting in

Helsinki, Finland —DpA

Does Trump know Putinis in payback business?

American president was never briefed about intel reports that Russiawas offering bounties to Taliban fighters to kill US troops in Afghanistan

DaviD ignatius

SpECIAL To EMIRATES BUSINESS

What makes Afghanistanespecially painful for

Russia is that the Soviet Union’s final

defeat resulted from asecret CIA program to

supply the Afghanmujahideen with Stinger

antiaircraft missiles,which could shoot downSoviet helicopters andwere a death sentencefor Moscow’s recruits

When it comes to themilitary, Trump has the

opposite of a Midastouch. Everything he

handles becomestarnished. That was

true of his meddling lastyear in the disciplinecase of Navy SEAL

Eddie Gallagher; his encouragement of the firing of Capt

Brett Crozier as skipper of the USS

Theodore Roosevelt,among others

t h u r s d ay 0 2 j u ly 2 0 2 0

05retail/aViatiON

Norwegian scrubs$10.6bndeal in threat to Boeing Max

Talks wiTh Boeing have “not led to an agreement with a reasonable compensation,” norwegian air said

BloomBerg

Norwegian Air Shuttle noti-fied Boeing that the carrieris terminating purchasesfor all 97 of its remainingjets on order, underscoringthe financial strains causedby a 15-month grounding ofthe 737 Max after two fatalaccidents.

In more bad news for Boe-ing’s best-selling jet, Singa-pore-based BOC Aviation Ltdsaid in a filing it was can-celling orders for 30 Maxand postponing some deliv-eries. It’s the latest large air-craft lessor to pare orders asBoeing revises its deliveryschedule to match muchlower-than-anticipated 737production.

As cash-strapped carriersseek to halt or postpone jet-liner deals, the groundedMax makes the US plane-maker more vulnerable thanAirbus SE to single-aisle can-cellations. Buyers often havethe right to walk away fromdeliveries that have been delayed more than a yearwithout risk of penalties. Forsome 737 customers, that’spotential leverage to gain acash settlement from Boeingrather than discounts on future orders.

Kuwaiti lessor Alafco Avi-ation Lease and Finance Cosued Boeing earlier this year,seeking to scrap an order for

40 Max and reclaim the $336million it said it had paid inadvance for the aircraft. Nor-wegian Air also sued in statecourt in Chicago to have ajudge bless its cancellationof the Boeing order.

Others are likely to followits lead, Douglas Harned, ananalyst at Sanford C Bern-stein, said in a note to clients.

“While Boeing could pur-sue a technical legal argu-ment that these areexcusable delays, we doubt itwould want that debate outin public,” Harned wrote.“But we also do not expectBoeing to roll over and set aprecedent that it would re-turn progress payments to

any airline that wants themin an environment where noone wants deliveries.”

Boeing dropped 5.8% to$183.30 at the close in New York. Shares of the USplanemaker had surged14% on Monday on the firsttest flight toward recertifica-tion of the Max. The single-aisle workhorse has beengrounded since March 2019following two crashes.

The planemaker and BOCAviation have been hammer-ing out revised deal termssince last year and the lessorwill still retain 57 unfilledMax orders, Boeing said. “Inlight of the Covid-19 pan-demic, we continue to work

with our customers to bal-ance supply and demandwith market realities, espe-cially in the leasing sector,”Boeing said by email.

Norwegian’s decision cov-ers 92 of Boeing’s Max nar-row-body planes, five of thelong-distance 787 Dreamlin-ers and a related mainte-nance pact, the carrier saidin a statement. The airline,which last month reached arescue deal with its lendersafter the Covid-19 pandemicdecimated air travel, alsothreatened to turn to thecourts to gain pre-deliverypayments for the jets pluscompensation tied to theMax’s 15-month idling.

The termination roilsBoeing’s relationship withone of its largest customersin Europe, even if Norwe-gian’s financial troubles hadcast doubt on its ability totake all the planes. The air-line has converted about$1.5 billion of debt into eq-uity and accessed govern-ment loan guarantees tostave off a collapse.

As part of the rescue, Nor-wegian plans to shrink itsfleet from its current 160aircraft. It’s also put a halt tomost of its long-haul flightsuntil April 2021. This month,the carrier said it wouldrestart 76 routes in Europeas travel restrictions wereeased.

Talks with Boeing have“not led to an agreementwith a reasonable compen-sation,” Norwegian said.The aircraft are worth atleast $10.6 billion based on list prices, before customarydiscounts.

This file photo shows an aircraft of Norwegian Air on the tarmac at Helsinki-Vantaa Airport in Vantaa, Finland —DPA

In more bad news for planemaker’s best-selling jet, Singapore-based BOC Aviationsaid in a filing it was cancelling orders for 30 Max and postponing some deliveries

Norwegian’s decisioncovers 92 of Boeing’s

Max narrow-bodyplanes, five of thelong-distance 787Dreamliners and a

related maintenancepact, the carrier said

BloomBerg

Health insurer Hu-mana Inc is expandingaccess to Covid-19testing at hundreds ofnew drive-throughsites at Walmart Incstores, as well as offer-ing at-home tests tomembers.

The initiatives comeamid reports of hours-long waits for tests innew hot spots likeHouston as coron-avirus cases surge inmany southern andwestern states.

While testing in theUS has expanded dra-matically, the rate atwhich people are get-ting positive results isoutstripping the risein numbers tested, in-

dicating the virus isspreading faster thanthe country can find it.

Setting up test sitesin big-box-store park-ing lots was a high-profile goal of theTrump administra-tion’s response toCovid-19.

Walmart Chief Exec-utive Doug McMillonappeared with Presi-dent Donald Trump ata news conference ontesting in April. Al-most 123,000 peoplehave been tested atWalmart sites. Hu-mana hasn’t set a goalfor how many mem-bers it hopes to test,just that anyone whowants one can get one,CEO Bruce Broussardsaid in an interview.

Walmart, Humanaexpand virus testing

BloomBerg

Steinhoff Interna-tional Holdings NV’sannual advisory feesclimbed 35% last year,pushed by costs re-lated to a deal the re-tailer reached withcreditors to skip debtrepayments.

Steinhoff ’s sharescollapsed in late 2017when the owner ofConforama in France

and Pep stores in Eu-rope and Africa be-came engulfed in anaccounting scandal.

Locked in a battlefor survival, the SouthAfrican company se-cured a long-awaitedrestructuring agree-ment in August cover-ing about 9 billioneuros ($10.1 billion)of debt.

That deal came witha cost.

Steinhoff fees jumpin scandal fallout

the gulf time

Date: 02-07-2020

GOvERNMENT OF RAS AL KHAIMAHCourts Department

Notarial Legal Notice (10124/2020)

The Notifier: DUBAI ISLAMIC BANK P J S.

The Notified Party: ABDUL AZEES S. HAMEED

The Notifier would hereby demand you to immediately settle within one

(1) week time of the publication date of this notice, the outstanding

amount of AED (31,186.00) .being payable from you due to your default

on payment of the monthly instalments as agreed with the notifying bank

under the Car Loan Agreement to finance the purchase of the subject

vehicle No: 27354 / Category 15/ private / ABU DHABI – Type: TOYOTA

YARIS – Colour: WHITE – Model: 2016.

Failure to pay the above amount within the said notice period shall lead

the Notifier Bank to take all the execution procedures against the

aforementioned vehicle, while preserving all other legal rights of the

Notifier, whatsoever.

Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: AHMAD REFEI






vehicle No: 86972 / Category 8/ private /ABU DHABI – Type : B M W –

Colour: BLUE – Model: 2013.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: DZHAMIL YA SHANGAREEvA






vehicle No: 70773 / Category 1/ private / SHARJAH – Type : HYUNDAI

SANTAFE – Colour: BROWN – Model : 2014.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: GOLDEN TEXTILS L L C






vehicle No: 50767 / Category 2/ private / SHARJAH - Type :TOYOTA HICE

– Colou: WHITE – Model: 2012.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: LARIE DOJENIA LAMAC






vehicle No: 82510 / Category 16/ private /ABU DHABI - Type : HONDA

CIvIC – Colour: SILvER – Model : 2015.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: MASOOD ALI KHAN SAHIBZADA MIR






vehicle No: 84572 / Category 16/ private / ABU DHABI - Type : MITSUBISHI

LANCER – Colour) SILvER – Model: 2015.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: MOHAMMED ABDUL MUQTADIR S/O MOHAMMED






vehicle No: 61239 / Category WHITE/ private / SHARJAH - Type : TOYOTA

CAMRY – Colou: RED – Model : 2011.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: PARRUKH ADEEB AFZAL






vehicle No: 79232 / Category 8/ private /ABU DHABI - Type: DODGE

DURANGO – Colour: BLACK – Model : 2012.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: RAFEEK PALLATH MOHAMMED KUTTY






vehicle No: 38158 / Category 17/ private / ABU DHABI - Type: NISSAN

SENTERA – Colour: WHITE – Model: 2014.





Notary Public

the gulf time

Date: 02-07-2020




The Notified Party: SHANAvAS PUTHALON CHERIYAKOTTARAM AH






vehicle No: 22937 / Category C/ private / RAS AL KHAIMAH - Type:

TOYOTA PARADO – Colour: WHITE – Model: 2013.





Notary Public

the gulf time

Date: 02-07-2020

Date of Notification: 25/06/2020

Notification Number: 90340/2020

GOvERNMENT OF DUBAIDubai Courts

Dubai Commercial Court of First Instance

Notification of Judgment by PublicationIn Case No. 16/2020/1154 (Commercial, Partial)

Subject of Appeal: Request for ordering the Defendants jointly to pay AED 47,175 for the

value of using the generator, in addition to any amounts to be accrued, and to return

the generator and oil tank or their price amounting to AED 184,302, plus the legal interest

at the rate of 12% per year on the entire claimed amount.

Applicant for Notification: Byrne Equipment Rental LLC Capacity in the Case: PlaintiffParties to be Notified:

1. Mahmood Iqpal Zafar Building Contracting LLC Capacity in the Case: Defendant2. Mahmood Iqbal Abdulmajeed Zafar Capacity in the Case: DefendantTheir Address: Unknown

Subject of Notification:

This is to inform you that in its hearing held on 18/05/2020 regarding the

above mentioned case, the Court rendered a judgment in favor of Byrne Equipment

Rental LLC whereby the First Defendant is ordered to pay AED47,175, and the Second

Defendant is ordered jointly with the First Defendant to pay AED 8,925, and the Defendant

should return the equipment in the same condition in which it received, or return their

price (i.e. AED 184,302), in addition to the legal interest at the rate of 9% from the date of

filing the case on 23/03/2020 till full payment, and they are ordered to pay the fees,

expenses and AED 1000 against the attorney’s fees, while the other claims were dismissed

by the Court.

The above judgment was rendered as in presence of the Defendants and it is appealable

within 30 days from the day following the date of publication of this notification.

the gulf time

Date: 02-07-2020

Date of Notification: 28/06/2020

Notification Number: 11730/2020


Dubai Court of Appeal

Notification by PublicationIn Appeal No. 305/2019/3241 Commercial

Subject of Appeal: Appealing the judgment rendered in Case No.713/2019 (Commercial, Plenary), plus the court fees, expenses, andattorney’s fees.

Applicant: Commercial Bank International PJSCCapacity in the Case: Appellant

Party to be Notified: 1: Riddhi Siddhi General Trading (LLC)Capacity in the Case: RespondentAddress: Unknown

Subject of Notification:The judgment issued in Case No. 713/2019 (Commercial, Plenary) wasappealed on 25/12/2019.A hearing has been fixed for 14/07/2020 at 10:00 a.m. at the remotelitigation chamber.Therefore, you are required to attend in person or through a legalrepresentative on your behalf, failing which the trial will proceed inabsentia.

Head of DivisionAbdullah Ahmad Sulaiman

the gulf time

Date: 02-07-2020

Date: 23.06.2020

No:11437/2020


Court of Appeal

Notification by Publication Case No. 305/2020/934 Commercial Appeals

Subject of Case: Appeal of judgment issued in Case No. 1113/2019Commercial Plenary, charges, expenses and legal fees.

Notifying Party: Jul Lakho Lulla Raj Lakho Lulla Appellant

Notified Party: 1. Raju Jethanand Whabi Respondent2. Mahesh Jethanand Whabi RespondentUnknown Address

Appeal of The decision/Rule Concerning case No. 1113/2019 on17/03/2020.

Therefore, a hearing is scheduled on Tuesday: 14.07.2020 at 10:00 amat Remote Litigation Hall and then you or your legal representative ishereby required to attend, failing which you will be judged in absentia.(The notification to be published in two newspapers Arabic and English).

(Signed and stamped) Case ManagerDubai Courts


NOTICE

Abu Dhabi Court of First Instance

Bankruptcy Department, Case No. 1686/2018

Structure Secretary, Expert Dr. Mohammed

Abdulhameed Ai Faqi

In implementation of the resolution of the court —

Bankruptcy Department — Structure Secretariat — declares

the end of resolution opening the restructure procedures of

Company named Excellence Property Management LLC in

case No. 1686/2018 commercial plenary, Abu Dhabi.

(Whereas the judgment issued on 30.06.2020 provides to

end the resolution opening the restructure procedures of

Company named Excellence Property Management LLC.

Therefore, the procedure was done.

Accounting Expert

Waleed Khamis Bin Suwaidan

(Signed and stamped) Registration No: 141

the gulf time

Date:02-07-2020

NOTICE BY PUBLICATION TO DEFENDANT In Case Management Office- Sharjah Federal Civil

Court of First Instance In Case No. SHCFICIPOR2020/0000189/ Commercial (Partial)

To Defendants:1. Fuad Abdelaziz Hamad Almidfa2. Allianz General Trading (LLC.)3. Nofal Pathari UnnippuKindly be notified that Plaintiff (Commercial Bank of Dubai PSC) inlawsuit No.189/2020, Second Partial Circuit, has filed the above saidlawsuit claiming for the following:- Obliging First Defendant to pay the Bank a total sum of (AED

608,871.36). Obliging First Joined Litigant (Allianz General Trading)represented by the Second Joined Litigant (Nofal Pathari Unnippu)jointly with First Defendant to pay a total sum of (AED 211,200) toPlaintiff Bank.

- Obliging Third Joined Litigant (Deijla Auto Services Center)represented herein by Fourth Joined Litigant (Alvi Pallial Thodi KunhiMuhidin) jointly to repay a total sum of (AED 100,000) to Plaintiff Bankof the claimed amount.

- Obliging Fifth Joined Litigant (Al Sherouq Used Cars Tr. Exhb LLC)represented herein by Fourth Litigant (Alvi Pallial Thodi KunhiMuhidin) jointly with the First Defendant to repay a total sum of (AED100,000) to Plaintiff Bank.

- Obliging Sixth Joined Litigant (Al Ramlah Cars Services Station)represented herein by Fourth Joined Litigant (Alvi Pallial Thodi KunhiMuhidin) jointly with the First Defendant to repay a total sum of (AED55,000) to Plaintiff Bank plus a statutory interest of 12% as of the dateof filing the lawsuit to full payment pursuant to provisions ofapplicable laws. Furthermore, Defendant and Joined Litigants shallincur relevant costs, expenses and attorney fees.

Accordingly, you shall appear in person or by a duly authorized proxybefore Case Management Office No. (7) of Sharjah Federal Court ofFirst Instance, on Monday corresponding to 06/07/2020, in order torespond to such case and to provide whatsoever statements in yourcapacity as Defendant to examine the case whose number statedabove, failing that, relevant proceedings shall be undertaken in yourabsence.

Judicial Services Head//Handwritten Signature//


NOTICE

Subject: notification of publicationin the case of Arbitration

NO.11/2019AJCCCA as well as the date ofthe arbitration

session through the cisco webex meetingTO:BSEL Infrastructure Realty (FZE) (Respondent)We do hereby notify you that the applicant of arbitration Mr. AbetAlimbayev Kazakhstan National, has failed against you the above-mentioned case claiming to terminate the sale and purchaseAgreement of the residential Unit No:1203 BSEL pearl Tower Projectlocated in Emirates city, Ajman, dated 12/01/2008 and refund theamount paid totaling AED345,315.00 along with an interest rate by 12%on the said sum per annum until full and final payment has been made,as per the decision issued by the arbitration panel formed to hear thecase, the arbitration decision orders to adjourn hearing the case tonotify you of the date of the next virtual session which is decided to beheld on Tuesday 14/07/2020 at 13:30 PM through the cisco webexmeeting and you are kindly requested to connect with email: souad [email protected] for provide you with the link of attendanceand the secret Number before the date of the specified session.

SOUAD SAYSSISole Arbitrator (Sign on 01/07/2020)

Date: 01/07/2020

Trump aids foes with disarrayon Russia bounty news: Bolton

John Bolton declined to say whether he briefed US president on bounty allegation before he left the administration

US president said that allegations about the bounties is “just another made up by Fake News tale that is told only to damage me and the Republican Party”

BloomBerg

The Trump administration’s re-sponse to the allegation Russiaoffered bounties for killingAmerican troops makes the USvulnerable to adversaries re-gardless of whether it’s true,former US National Security Ad-visor John Bolton says.

“What it tells the Russians isthat we are in disarray and ripefor this kind of provocation, notjust in Afghanistan but in many,many places around the world,”Bolton said in an interview on“Bloomberg Surveillance” onBloomberg Television andRadio. He said he believesTrump has told three differentversions of what happened andthat his “advisers are now con-tradicting themselves” as well.

Bolton has gone from a for-mer top adviser to PresidentDonald Trump to a vocal criticwith the publishing of a memoir.As debate continues overwhether Trump had been pro-vided information, verbally orin writing, about the Russiabounty allegation, Bolton saidTrump doesn’t retain informa-tion well and that Democraticrival Joe Biden would be betterat doing so.

“What I’m talking about hereis not ‘Does the president readlengthy briefing papers?,’ ‘Doeshe get it via movies?’ and thatsort of thing,” Bolton said. “Thequestion for Donald Trump isdoes he get it at all, and I thinkhe’s uninterested in learning. Ithink that facts that are incon-venient for him often don’t stick,despite repeated tellings.”

“But this is a serious problemfor the United States,” Boltonsaid. “You can say what youwant about Joe Biden in policyterms. I think he receives,processes and retains informa-tion. I think, with Trump, it’s

much more questionable.”Trump has publicly shrugged

off allegations about the boun-ties and has yet to demand aninvestigation or threaten Russiawith any consequences if the al-legations are confirmed. OnWednesday, he said in a tweetthat it’s “just another made upby Fake News tale that is toldonly to damage me and the Re-publican Party.”

The Trump administrationwas expected to arrange aclosed-door briefing onWednesday for Senate leadersregarding the bounty reports,first published by the New York

Times. Lawmakers from bothparties have demanded the ad-ministration hold Russia ac-countable if there’s evidence the

bounty offers occurred.Trump’s current National Se-

curity Advisor, Robert O’Brien,told reporters at the WhiteHouse that the intelligence wasuncorroborated, was first re-ceived months ago and that he’d begun preparing optionsfor Trump in the event it wasconfirmed.

“These are important allega-tions. And if they’re verified, I guarantee you the presidentwill take strong action. We’vebeen working for severalmonths on options,” O’Briensaid.

Bolton declined to saywhether he briefed Trump onthe bounty allegation before heleft the administration.

US President Donald Trump holds a governors’ video teleconference in the White House

Situation Room in Washington amid the coronavirus pandemic on March 26 —DPA

Xi’s HK power play puts China ever more at odds with West

BloomBerg

Minutes after reports brokethat China passed a sweepingnational security law for HongKong, Carrie Lam stood in frontof a backdrop of the city’siconic skyline for a weeklypress briefing.

With legions of reportersclamouring to hear details ofthe law that could reshape thefinancial hub’s future, it quicklybecame clear that Hong Kong’sleader had none. Lam, who pre-viously acknowledged that shehadn’t seen the legislation,couldn’t even confirm thatChina had approved it beforequickly ending the press confer-ence and walking away from thepodium.

The awkward scene under-scored the extent to which Chinese President Xi Jinpingsidelined Hong Kong’s leadersin shaping the city’s most im-portant legislation since Beijingtook control of the formerBritish colony in 1997. Whenthe details were finally unveiledto the world on June 30, it be-came clear why they kept it

under wraps.The law carries life sentences

for secession, subversion, ter-rorism and collusion with for-eign forces, which covereverything from serious disrup-tion of transportation networksand attacks on government of-fices — tactics used by protest-ers last year — to advocatingforeign sanctions against China,which many in the pro-democ-racy camp called for just weeksago to deter Beijing from pass-ing the law.

It also gives Chinese agentsoperating in Hong Kong immu-nity, allows for secret trials andcalls for greater oversight ofnews agencies.

And the law is applicable to

everyone, anywhere in theworld — whether or not theyare Hong Kong residents.

While those provisions lookfamiliar to anyone on the main-land, they are foreign to HongKong. The treaty between Chinaand the UK that resulted inHong Kong’s Basic Law guaran-teed an independent judiciary,freedom of speech, the right to

protest and other civil liber-ties — protections credited withattracting foreign talent and in-vestment and preserving its sta-tus as one of the world’s topfinancial centers.

But the law shows that Xi seesHong Kong foremost as the oneplace under his control wherecitizens could openly under-mine the Chinese Communist

Party’s grip on power, and thatcould not stand no matter theconsequences. Consulting withHong Kong on a law designed tointimidate its residents into si-lence, therefore, might make itless effective both as a tool of co-ercion and as a message toChina’s neighbours and theworld, according to Rush Doshi,director of the Brookings ChinaStrategy Initiative.

“Beijing is determined to sig-nal strength and resolve evenwhen doing so might harmChina’s economic and reputa-tional interests in the US, Eu-rope, and now India,” saidDoshi, who is also providing in-formal counsel to the presiden-tial campaign of presumptiveDemocratic nominee Joe Biden.“This approach, however,clearly reduces the space forbargaining with others.”

The legislation raises concerns about China’s commit-ment to international agree-ments like its 1984 JointDeclaration with the UK. Thattreaty, which was registered withthe United Nations, guaranteedthat Hong Kong “will enjoy a high

degree of autonomy, except inforeign and defense affairs” andthat the “laws currently in forcein Hong Kong will remain basi-cally unchanged.”

The Group of Seven foreignministers said before the law’spassage that the decision was“not in conformity“ with thetreaty. China has rejected suchcriticism as foreign meddling,saying “the core” of its treaty ob-ligations were fulfilled after re-suming sovereignty over HongKong. “The bill reflects Xi’ssteely determination to draw abright red line on the inviolabil-ity of Chinese sovereignty, andthat he views Western govern-ments at best as easily dividedand at worst as paper tigers,”said Chris Johnson, a former CIAChina analyst who now headsChina Strategies Group, a con-sulting firm.

“If Xi is proven right in thatjudgment, it will increase his di-alectical, almost millenarian cer-tainty that the West’s decline isboth permanent and accelerat-ing, perhaps emboldening him to take greater risks on otherpoints of tension with the US.”

Security law is applicable to everyone, anywhere in the world —whether or not they are former British colony’s residents

Police use water cannon to disperse a demonstration against the national security law on the

23rd anniversary of the establishment of the Hong Kong Special Administrative Region in Hong

Kong in Hong Kong on Wednesday —DPA

BloomBerg

Taiwan is strengthening tieswith the government of Soma-liland in a bid to bolster itsdwindling number of allies.While the move falls short of full diplomatic recognition,the last time Taiwan managedto persuade a country to establish ties with it ratherthan China was with theCaribbean island of St Lucia in 2007.

China claims Taiwan as partof its territory and seeks to iso-late the island by denying itformal diplomatic recognitionwith other countries.

Taiwan will set up a repre-sentative office in Somaliland,the island’s foreign ministrysaid in a statement on Twitter.The tweet was signed JW, indi-cating it’s in the words of For-eign Minister Joseph Wu.

“We’re thousands of milesapart, but share a deep-seatedlove of freedom & democracy,”Wu said in the tweet, referring

to the area as an independentcountry. Somaliland, an au-tonomous region in northernSomalia.

Both sides will cooperate inareas such as fisheries, agricul-ture, energy and mining afterrepresentative offices set up

in both countries, Taiwan’s For-eign Ministry said.

“The assistance that Taiwanoffers Somaliland includes al-ternative plans for import ofvegetables and fruits, and elec-tronic official document andfile management, which we be-lieve are very important to So-maliland,” Wu said.

“Somaliland has abundantmining resources, so the relationship will be mutuallybeneficial.”

Since President Tsai Ing-wenwas first elected in January2016, China has lured away athird of Taiwan’s then-22 allies.Only 15 nations — mainlysmall ones in the Pacific andCentral America — now recog-nise Taiwan after Kiribati be-came the latest to switch ties toBeijing in September.

Despite not recognising Taiwan itself, the US has spentconsiderable effort over thepast year persuading the is-land’s few remaining allies notto switch ties to China.

BloomBerg

Sweden’s government has initi-ated a commission to investigateits controversial approach to theCovid-19 pandemic.

Sweden has taken a differentpath compared to most Euro-pean countries by keeping muchof society open and by recom-mending social distancing andself-isolation rather than impos-ing a blanket lockdown. Thatstrategy has resulted in a muchhigher death rate than in neigh-boring countries, according toJohns Hopkins University data.

The commission will evaluatethe steps taken by the govern-ment and local authorities tolimit the spread of the coron-avirus, comparing them withwhat was done elsewhere.

The commission is due to de-liver its final report in February2022. Two preliminary reportswill be submitted prior to that.The first, due on November 30,will look into the spread of thevirus in healthcare centers and

retirement homes. As of June 24,3,612 people aged 70 living incare homes or receiving homecare had died from Covid-19, ac-cording to data from NationalBoard of Health and Welfare.

Taiwanese government members welcome President Tsai Ing-wen during her inauguration

ceremony at the presidential office for a second term period in Taipei on May 20 —DPA

While Taiwan’s move falls short of full diplomatic

recognition, the last time the nation managed to persuade

a country to establish ties with it rather than China was

with the Caribbean island of St Lucia in 2007

Sweden to investigatecoronavirus response

Sweden has taken a

different path compared

to most European countries

by keeping much of

society open and by

recommending social

distancing and self-isolation

rather than imposing a

blanket lockdown

T H U R S D AY 0 2 J U lY 2 0 2 0

06 politics

With legions of reporters

clamouring to hear details

of the law that could

reshape the financial hub’s

future, it quickly became

clear that Hong Kong’s

leader had none

n President Trump has

publicly shrugged off

allegations about the

bounties and has yet to

demand an investigation

or threaten Russia with

any consequences if

the allegations are

confirmed

n Trump’s current National

Security Advisor, Robert

O’Brien, told reporters

at the White House

that the intelligence

was uncorroborated,

was first received

months ago

Taiwan strengthens ties with SomalilandTaipei will set up a representative office in the island, said its foreign ministry

What Trump administration

tells the Russians is that we

are in disarray and ripe for

this kind of provocation, not

just in Afghanistan but in

many, many places around

the world, said the former

US National Security

Advisor John Bolton

BloomBerg

Russian President VladimirPutin is on course to secure aresounding endorsement of hisbid to extend his two-decade-long rule potentially up to2036, as the Kremlin faces crit-icism for its heavy-handed ef-forts to marshal support.

Putin, a former KGB colonelwho came to power in 2000, isalready the longest-servingRussian leader since Soviet dic-tator Josef Stalin. The Russianpresident has proposed a re-vised constitution that wouldgive him the right to run for two more six-year terms afterhis current mandate runs out in 2024.

“We’re voting for the coun-try that we’re working for andthat we want to hand down toour children and grandchil-dren,” Putin told Russians in atelevised address. Votingbegan last week and an exitpoll by state-run Vtsiom putsupport for the amendmentsat 76%. Turnout had alreadyreached 59% on Wednesday,according to the Central Elec-tion Commission.

Amid rising public discon-tent, officials have been pullingout all the stops to ensure ahigh turnout and resoundingapproval in a vote Putin wasn’tobliged to call.

While a simple majority infavour and a turnout exceed-ing 50% of eligible voters is allthat’s required, the Kremlinwill be satisfied only with anoverwhelming endorsementof more than 70% on bothmeasures, according to AlexeiMukhin, head of the Moscow-based Center for Political Information.

“I’m sure that with thesenumbers, with this turnout, thelevel of legitimacy of the text of

the constitution, the signifi-cance of it, will be much higherfor all citizens of the country,for all levels of the govern-ment,” Senator Andrei Klishas,one of the architects of the plan,told the RIA Novosti newsagency.

Putin, 67, is confronting aslump in his approval ratings asRussia’s economy reels underthe impact of the coronavirusepidemic and a collapse in oilprices. Once the referendum isout of the way, the Russianpresident will face the task ofnavigating through one of thedeepest recessions of his timein office.

“This is the most seriouschallenge the system has facedunder Putin,” said NikolaiPetrov, a fellow at London-based Chatham House thinktank. Putin’s future depends nolonger on his past achieve-ments but on how well he suc-ceeds in getting Russia out ofthe current crisis, he said.

Putin set for big winin election that mayextend rule to 2036

Russian President Vladimir

Putin, a former KGB

colonel who came to

power in 2000, is already

the longest-serving

Russian leader since

Soviet dictator Josef Stalin

t h u r s d ay 0 2 j u ly 2 0 2 0

07europe/americas

BloomBerg

As the Eiffel Tower gradually re-opens from an extended shut-down, an essential segment ofthe summer tourist trade will bemissing: Americans touchingdown in Paris on lucrative trans-Atlantic flights.

Voyagers from New York,Houston or Los Angeles willhave to hold off on their over-seas vacations after EuropeanUnion governments extended atravel ban from Wednesday,deeming the US response toCovid-19 insufficient to allow itscitizens to enter the bloc fornon-essential reasons.

The decree, which will be re-assessed every two weeks, sig-nals the restrictions holdingdown business and leisuretravel across the Atlantic will re-main in place until the spread ofthe deadly virus is curtailed in

the US.In contrast, the EU loosened

rules for residents of countriesincluding Australia, Canada,Japan and New Zealand, partlyeasing the paralysis that seizedup travel when the pandemicfirst took hold. But the ruling onthe US highlights the challengesfacing airlines and hotels as theytry to plan for a rebound.

France was the world’s most-visited international tourist des-tination in 2018, one of fourcurrent European Union coun-tries among the top 10, based ondata from the United NationsWorld Tourism Organisation.The US was third, helping to ex-plain why routes over the NorthAtlantic are the most profitablesegment of the airline industry.

That trade was hit hard aftergovernments across the globeimposed lockdowns on publiclife and limited travel in an effort

to tame the health crisis. Yet asthe spread of the virus slows inEurope, including in former out-break hotspots like Italy, Franceand Spain, cases continue toclimb in parts of the US.

Meanwhile, as the Eiffel Tower

reopens its elevators to touristson Wednesday, demand fromEuropeans to travel to the US hascompletely dried up, accordingto Battisti. He cites health fearsas well as a wave of recentprotests over police violence.

While the European decisioncould lead to a boost on somelong-haul routes to other coun-tries, demand is expected to re-main largely within the region,and mostly around the Mediter-ranean this summer, he said.The French regional carrier Cha-lair Aviation, which Battistiheads, has seen rising sales todestinations like Corsica.

Business travel is also being

hurt. Almost 40% more busi-ness- and first-class seats weresold on North Atlantic flightsthan the nearest contender lastyear, according to figures fromOAG Aviation Worldwide.

Even with demand at normallevels, summer revenues arewhat decide whether or not acarrier survives through thewinter, Strickland said. For air-lines with large cash reserves, abad summer will mean theyhave to cut jobs and retireplanes, while for weaker carriers“it’ll push them over the edge.”

The EU judgment, which isnon-binding on member states,recommends that visitors onlybe allowed into the bloc fromcountries where average num-ber of infections per 100,000 in-habitants over the past twoweeks is similar to or below thelevel of the EU, and that thetrend of new cases is declining.

EU’s move to keep Americans out signals long travel slump

Voyagers from New York, Houston or Los Angeles will have to hold off on their overseas

vacations after the European Union government extended a travel ban

As the Eiffel Tower reopens its elevators to tourists, demand from Europeans to travel to the US has completely dried up

PM Johnson’s economic taskseen in UK’s housing malaise

House values in the uk drop 0.1% in June from a year earlier to an average of $267,000

BloomBerg

The scale of Boris Johnson’schallenge to revive the UK econ-omy was laid bare on Wednes-day as house prices posted theirfirst annual decline since 2012and firms reported a recordslump in sales.

The prime minister has un-veiled part of his plan forboosting the UK’s recovery, re-confirming his commitment tolong-term investment in someof the country’s most deprivedregions. Still, the data suggestthe more short-term stimuluswill be needed after the dam-age wrought by the lockdown.

June house values dropped0.1% from a year earlier to an average of 216,403 pounds($267,000), according to Nationwide Building Society.

“It is unsurprising that an-nual house price growth hasstalled, given the magnitude ofthe shock to the economy as aresult of the pandemic,” saidRobert Gardner, Nationwide’schief economist. “Themedium-term outlook for thehousing market remains highlyuncertain.”

The housing market, whichwas all but shuttered for weeksthanks to the nation’s lock-down, is slowly reopening. Ac-tivity is far from normal, withmany estate agents turning tovirtual viewings, while actualsales in May were 50% lowerthan in 2019.

Companies are also suffering.Measures of sales, orders andcashflow in the nation’s domi-nant services sector haveplunged by the most in the 31-

year history of the BritishChambers of Commerce’s quar-terly survey. Sentiment in man-ufacturing industry slid to theweakest level since the financial

crisis.Factory output stopped

falling last month, but the out-look for employment is a concern, according to the IHSMarkit PMI survey.

There’s also been a spate ofbad news from companies. Air-bus SE and EasyJet Plc are con-sidering reducing UK staff,while a number of high streetfirms, such as suitmaker TMLewin and SSP Group, whichowns the Upper Crust sandwichchain, have also said the pandemic is putting jobs at risk.

“With lockdown restrictionssteadily easing, the secondquarter is likely to prove to bethe low point for the UK econ-omy,” said Suren Thiru, head ofeconomics at the BCC. “How-ever, the collapse in forwardlooking indicators of activity

suggests that unless action istaken, the prospect of a swiftand sustained recovery mayprove too optimistic.”

While Bank of England ChiefEconomist Andy Haldane saidthe recovery may be strongerthan predicted, others are lessoptimistic, with the majority ofthe 7,706 companies surveyedby the BCC saying they expectturnover to worsen over thenext year, with the proportionplanning to invest in machineryor staff training slumping.

Rising unemployment andthe increasing unwillingness oflenders to take on risk meanthat prospects are unlikely toimprove dramatically. Two-thirds of firms reported a wors-ening cash position, whichcould hamper activity and staffretention, the BCC said.

Measures of sales, orders and cashflow in the United Kingdom’s dominant services sector have plunged by the most in the 31-year

history of the British Chambers of Commerce’s quarterly survey

The premier unveiled part of his plan for boosting recovery, reconfirming hispledge to long-term investment in some of country’s most deprived regions

BloomBerg

German unemployment surgedin June as one of country’s lead-ing economic research instituteswarned of a slower-than-ex-pected economic recovery fromthe coronavirus pandemic.

Another sharp gain lastmonth has taken the number ofjob losses in the second quarterto 678,000 and the total to justbelow 3 million, a threshold notbroken since 2011. Yet more re-dundancies were prevented bygenerous state wage support,the Federal Labour Agency saidon Wednesday.

The report is the latest hint-ing that the country’s road torecovery will be long. The Ifo in-stitute, which five weeks agopredicted an economic reboundof more than 10% next year,sharply lowered its projectionsto growth of 6.4%.

While households havestarted to spend again — retailsales surged in May — a recentsurvey by the DIHK chambersof commerce shows that one intwo companies doesn’t expect areturn to normality before nextyear at the earliest.

The number of people work-

ing reduced hours fell to 6.7million in June from 7.3 millionthe previous month. While hos-pitality, transport and retailrecorded some of the greatestdrops as lockup rules weregradually phased out, furloughscontinued to rise in Germany’smanufacturing sector.

Purchasing managers re-ported easing declines in fac-tory output and new orders asmore businesses started toramp up operations. But the re-port also showed continueddamage to the labour market.

The Ifo institute, which five

weeks ago predicted an

economic rebound of more

than 10% next year, sharply

lowered its projections to

growth of 6.4%

Unemployment in Germany surges

BloomBerg

Hedge funds that bought creditinsurance on Wirecard AG debtare among those in line for awindfall of as much as $212 mil-lion after the disgraced Germanpayments company filed for insolvency last week.

A committee of traders ruledthat Wirecard has gonethrough a so-called bankruptcycredit event, triggering payoutsto holders of credit-defaultswaps. These contracts are

commonly used by hedgefunds to make bets on a com-pany running into trouble aswell as by bond investors tohedge their exposure.

Wirecard filed for court pro-tection in Munich on June 25after disclosing more than $2billion was missing from itsbalance sheet. The scandal ledto the arrest of ex-Chief Exec-utive Officer Markus Braunand inflicted severe damage tothe reputation of Germany’s financial sector.

Wirecard debt hedges set topay out $212mn to funds

n UK’s housing market,

which was all but

shuttered for weeks

thanks to the nation’s

lockdown, is slowly

reopening

n Activity is far from

normal, with many estate

agents turning to virtual

viewings, while actual

sales in May were 50%

lower than in 2019

While the European

governments travel ban

could lead to a boost on

some long-haul routes to

other countries, demand is

expected to remain largely

within region, and mostly

around the Mediterranean

this summer

amusement parks reopen in Belgium

People enter the Walibi amusement park in Wavre, Belgium on the first day of its reopening after being closed for month due to the

coronavirus outbreak —DPA

French car sales see 1.2% rise in JuneBloomBerg

French car sales rose for the firsttime this year, sending a strongsignal that government incentivesare helping the sector claw backfrom a deep slump triggered bythe coronavirus.

Passenger car registrations in-

creased by 1.2% to 233,818 inJune compared with same monthlast year, according to figurespublished by industry groupCCFA. It was the first gain sinceDecember, before the outbreakforced shutdowns of factoriesand dealerships across Europe.

“It’s encouraging even if we

have to remain cautious” aboutwhat will come next, Luc Chatel,head of French auto lobby LaPlateforme Automobile said onBFM radio.

Renault SA group volumes in-creased 6.5% in June, while PSAGroup, including the Peugeot andCitroen brands, dropped 9.1%.

BloomBerg

Factories across the euro arearecorded a stronger perform-ance than initially reported inJune, with consumer-goodsproducers growing again.

But despite countries easingrestrictions and life slowly re-turning to normal, output con-tinued to contract and demand— especially among exporters— remained weak. In a signthat the pandemic has been in-flicting lasting damage on theeconomy, all of the 19 euro-area members covered in IHSMarkit’s survey recorded a decline in manufacturing jobs.

The region is at a criticalpoint. While the initial re-bound has been swift, it’s notyet clear whether momentumcan be sustained. EuropeanCentral Bank Executive Boardmember Isabel Schnabel cau-tioned against reading toomuch into early signs of recov-ery, arguing any progress islikely to be slow, with the cri-sis probably having scarringeffects on the labor market.

“Euro-zone factories areseeing a strong initial recov-ery,” said Chris Williamson,

chief business economist atIHS Markit, whose PurchasingManagers’ Index is consistentwith a decline in output at anannual rate of just 2%, com-

pared with 30% at the heightof the crisis.

The final PMI rose to a four-month high of 47.4, from 39.4in May, exceeding an initial es-timate. Expectations for theyear ahead turned positiveamid hopes that a further eas-ing of lockdown restrictionswill underpin demand.

“Even with these gains, pro-duction and sentiment remainbelow pre-pandemic peaks,and persistent weak demandcombined with ongoing socialdistancing measures are likely to act as a drag on therecovery,” Williamson said.

Manufacturing in euro area stems its drop with jobs at risk

In a sign that the coronavirus pandemic has been inflicting lasting damage on the

economy, all of the 19 euro-area members covered in IHS Markit’s survey recorded

a decline in manufacturing jobs

Despite euro area nations

easing restrictions and

life slowly returning to

normal, output in factories

continued to contract and

demand — especially

among exporters —

remained weak

t h u r s d ay 0 2 j u ly 2 0 2 0

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Investors mull mixed economic data and fresh warnings about the spread of the coronavirus pandemic

European stocks advance asquarter starts; bonds decline

BloomBerg

European stocks edged up in amuted start to third-quartertrading as investors mulledmixed economic data and freshwarnings about the spread ofthe coronavirus. Treasuriesslipped alongside the US equityfutures.

The Stoxx Europe 600 Indexopened modestly higher, led byoil and gas shares, with datashowing German unemploy-ment rose to the highest level in nearly five years and signsthat euro-area manufacturingstemmed its slump in June. Vol-umes were well below average,while a technical glitch affectedtrading in the region.

Futures on the S&P 500drifted lower after the gaugerounded out a 20% second-quarter surge on Tuesday.Shares in Tokyo slid after datashowed confidence among largemanufacturers in Japan fell tothe lowest since 2009, whilestocks ticked higher in Shanghaiand Sydney.

Though signs have beenmounting that the global econ-omy is finding its footing aftermonths of lockdown, accelerat-ing virus infections threaten toset back reopenings and stallthe recovery. New cases inAmerica could rise to 100,000a day if behaviors don’t change,infectious-disease expertAnthony Fauci said.

“We feel like a lot of the goodnews is priced in” stock marketsincluding the US, Jim McDonald,chief investment strategist atNorthern Trust, said onBloomberg TV. “The market’sgot some optimism that we aregoing to see more of a V-shapedrecovery, so there is risk ofsome modest disappointmentas the economic effect of someof the reversals of the openingup in big states,” plays out.

Elsewhere, oil rose after itsbest quarter in almost threedecades following a report

pointing to the first drop in UScrude stockpiles since May. Goldwas near $1,800 an ounce.

Futures on the S&P 500 Indexdipped 0.2% as of 9:37 am Lon-don time and the Stoxx Europe600 Index gained 0.3%.

While Germany’s DAX Indexrose 0.7%, the MSCI Asia PacificIndex was little changed.

The Bloomberg Dollar SpotIndex declined 0.1% to 1,218.13and the euro was little changedat $1.1236. As the Japanese yen

strengthened 0.4% to 107.52per dollar, the British poundwas little changed at $1.2404.

While the yield on 10-yearTreasuries gained two basispoints to 0.68%, Germany’s 10-year yield climbed one basispoint to -0.44%. Britain’s 10-year yield gained two basispoints to 0.195%.

West Texas Intermediatecrude increased 2.9% to $40.39a barrel and gold strengthened0.4% to $1,788.35 an ounce.

Shares in Tokyo slid after data shows confidence among large manufacturers in Japan fell to lowest since 2009, while stocks ticked

higher in Shanghai and Sydney

Stoxx Europe 600 Index opens modestly higher, led by oil and gas shares

n Treasuries slipped alongside US equity futures

n Futures on the S&P 500 drifted lower after the gaugerounded out a 20% second-quarter surge

n Oil rose after its best quarter in almost three decadesfollowing a report pointing to the first drop in UScrude stockpiles since May

BloomBerg

Deutsche Boerse AG’s elec-tronic trading system washalted due to a technical glitchon Wednesday, the secondsuch outage this year.

It disrupted derivativestrading and stock markets inseveral Central and EasternEuropean countries, andprompted Denmark to post-pone a bond auction.

Only about 30 of 99 stocksin Germany’s HDAX large andmid-cap index were showingelectronic trades on Xetra as of11:00 am in Frankfurt. Floortrading on Boerse Frankfurt,where usually much lower vol-umes are traded than on Xetra,is functioning as normal.

Trading issues on the EurexExchange, one of the main plat-forms for futures products,hampered bond sales in Eu-rope. Prices for German bundfutures hadn’t updated since7:47 am in London, while Den-mark postponed a bond auction

due to technical difficulties.Stock trading in Vienna,

Prague, Budapest, Ljubljanaand Zagreb was also down, asthese venues share DeutscheBoerse’s T7 trading infrastruc-ture. As recently as mid-April,another outage of the T7 sys-tem hobbled trading across thesame set of Central and EasternEuropean stock markets.

Deutsche Boerseoutage halts tradingin Central Europe

Only about 30 of 99stocks in Germany’s

HDAX large and mid-capindex were showingelectronic trades on

Xetra in Frankfurt

BloomBerg

The intraday trading chart forTaiwan’s currency is lookingmore and more crazed as sus-pected intervention by the cen-tral bank combats pressure onthe exchange rate to strengthen.

Take Tuesday. The Taiwandollar jumped as much as 0.7%against the greenback in morn-ing trading, before giving up allits gains at the noon-time break.Upon resuming trade itstrengthened sharply again, be-fore ending the day down 0.1%.Such “smoothing” actions, as

the central bank calls them,have meant the currency is oneof world’s least volatile on aclosing basis in the past month,while gains are capped ataround 29.6 per US dollar.

The Taiwan dollar rose asmuch as 0.7% on Wednesdaybefore ending the session 0.2%stronger at 29.61, the highestsince April 2018.

Late-day interventions havehistorically been the hallmarkof central bank efforts to mini-mize gains in the currency andprotect the island’s vital exporters.

Surging inflows spur fight tolimit Taiwan dollar’s strength

The market’s gotsome optimism that

we are going to see more ofa V-shaped recovery, sothere is risk of some modestdisappointment as theeconomic effect of some ofthe reversals of the openingup in big states, plays out

Jim McDonald,Chief investment strategist at

Northern Trust

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