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GCC organisations need stronger resilience

strategies in place: Booz Allen Hamilton

Takeaway.com lands $10bn Just Eat deal in food delivery race

GC

str

15TUESDAY 30 JULY 2019

Private sector credit demand in foreign currency jumps 34.6%SATISH KANADY THE PENINSULA

Qatar banks’ credit grew by 3.2 percent as at the end December 2018. Public sector’s credit requirement was reduced by 6.7 percent in 2018, compared to the previous year. In contrast, private sector triumphed well recording a significant growth of 13 percent. The year witnessed a significant 34.6 percent jump in demand from private sector in foreign currency credit, Qatar Central bank (QCB) data showed.

Initiates taken by government to push the private sector including the Public Private Partnership (PPP) policy, drive on the SME sector development, policies targeted towards attaining

self-sufficiency, etc are the possible reasons cited for the momentum for overall private sector credit growth.

Government, which holds a consid-erable share (19.3 percent) of bank credit in 2017, reduced its domestic borrowing in 2018 by around 13.5 percent. This con-siderable reduction in credit off take con-tributed to the decline public sector credit demand. Banking sector has continued to reduce its exposure to the non-resi-dents. According to credit extended to non-residents decline by around 11 percent in 2018.

The QDB data showed demand for foreign currency credit moderated since September 2017 and it continued until the last quarter of 2018. In Q4, foreign currency credit started an uptrend

contributed by both public sector entities and private sector. The demand for foreign currency credit from private sector was more pronounce from the second quarter of 2018 onwards.

Higher demand in foreign currency credit towards the end of the year resulted in a year-end growth of 8.4 percent. Public sector credit in foreign currency increased by 5.7 percent while demand for foreign currency from private sector increased exponentially by around 34.6 percent.

On the other hand, demand for local currency from public sector ebbed after the first quarter of 2018. At the same time, local currency credit demand from private sector has shown a liner uptrend in 2018. Consequently, public sector

credit in local currency declined by around 13 percent and private sector credit in local currency increased by 9 percent by the end of December 2018. Credit demand in foreign currency pro-vided a major push for the growth in overall credit.

Among public sector, only the credit demand from government institutions recorded positive growth, while demand from semi government institutions and Sovereign declined considerably. Within private sector, credit demand from ‘General Trade” and “Services” sector grew significantly high. At the same time, credit demand from “Contractors” weakened.

Government push in the development of SME sector is expected to have resulted in higher growth in credit to both “General

Trade” and “Services” sector. The eco-nomic diversification drive which resulted in progress in service sector, including hospitality, education, medical services etc, might have contributed to the higher growth in services sector credit.

Credit demand from real estate sector was lackluster. Subdued growth in real estate prices as well as decline in rental prices in the last couple of years might have contributed to the lower growth in credit demand. Demand for credit for real state sector grew in first quarter of 2018 and remained more or less stable in absolute values in the remaining part of the year. Credit demand from con-sumption improved marginally though it was at subdued level as compared to the overall growth in private sector.

Vodafone Qatar reports 60% growth in first half net profitTHE PENINSULA DOHA

Making a huge turnaround in its net profit, Vodafone Qatar reported strong financial results for the six months ended 30 June 2019. The first half results posted solid growth across all key indi-cators. The Company’s half-yearly net profit increased by 60 percent to QR78m, mainly driven by higher EBITDA.

Total revenue increased by 1 percent to QR1.06bn compared to the same period of last year, driven by growth in Postpaid sub-scribers and higher home broadband.

EBITDA for the period stood at QR358m representing an improvement of 26.2 percent year-on-year due to the higher revenue, continued effective cost management and the application of International Financial Reporting Standard (IFRS) 16.

Consequently, EBITDA margin improved by 6.7 percentage points to reach 33.7 percent in H1 2019.

Excluding the one-off pro-vision release benefit in H1 2018, underlying net profit more than doubled with a growth of 125 percent.

Vodafone Qatar is now serving nearly 1.8m customers due to solid growth within the

Postpaid segment led by Vodafone Qatar’s innovative products and exciting plans.

Commenting on the results, Vodafone Qatar’s Chairman, Abdulla Nasser Al Misnad, said, “Vodafone Qatar has delivered a strong financial performance over the past six months driven by our sixth consecutive quarter of net profit and quarterly year-on-year

total revenue growth. This is a clear indication that our strategy to turnaround the profitability of the company and to generate sus-tainable topline growth is working. On behalf of the Board, I would like to thank the coun-try’s authorities, our shareholders and valued customers for their consistent support to help drive these positive results.” �P19

Abdulla Nasser Al Misnad, Chairman, Vodafone Qatar

Sheikh Hamad Al-Thani, CEO, Vodafone Qatar

Rashid Al Naimi, Managing Director, Vodafone Qatar

Ooredoo net profit up 22%; revenue at QR14.5bn THE PENINSULA DOHA

Ooredoo Group’s net profit attributable to the shareholders reached QR841m for the first half of 2019 (H1, 19), up by 22 percent compared to the same period last year. The year-on-year increase was partially aided by a favourable FX envi-ronment and offset by a negative IFRS16 impact on net profit.

The Group’s first half revenue stood at QR14.5bn, a decline of 4 percent com-pared to the same period last year, impacted by an industry wide shift from voice services to data services, as well as macroeconomic and currency weakness in some of our markets. Increased monetization of data business, with significant data growth coming from consumer and enterprise cus-tomers saw data revenue increase to 52 percent of Group revenue. Revenue from data contributed QR7.5bn, Ooredoo announced yesterday.

Commenting on the results, Sheikh Abdulla bin Mohammed bin Saud Al Thani, Chairman of Ooredoo, said: “We are making excellent progress with our digital strategy, whilst effectively man-aging our costs and overheads to support the growth of our business and long-term shareholder value generation.

“Ooredoo Group reported a solid set

of results for the first half of the year with revenue of QR14.5bn and a 22 percent increase in net profit despite the pressure in the operating environment in our markets and industry challenges associated with the decline in voice revenues.

“We remain focused on providing reliable connectivity and innovative products to our customers and are proud to be at the forefront of the global 5G revolution. In our home market in Qatar, we now have around 100 live 5G sites as we prepare our network to cater to the future needs of our customers. We are proud to play our role in facilitating a tremendous opportunity that 5G will bring to people and business and have

now launched a commercial 5G network in Kuwait as well.”

Also commenting on the results, Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo, said: “During the period we invested further into our networks while at the same time improving the profitability of the company.

Indosat Ooredoo, our second biggest market in terms of contribution to rev-enues, continues to turn around its business delivering robust growth across the board. This was underpinned by our strategic refresh designed to create a more loyal customer base with lower churn rates, following the implemen-tation of regulation for SIM card regis-tration. As a result Indosat Ooredoo

reversed the trend and started to add new customers again.

In Oman, we grew our customer base by 5 percent as we launched exciting new features through our AI powered chatbot, whilst in Myanmar our customer base surged 19 percent despite increased competition from a fourth telecommunications operator. In Kuwait we launched 5G and we sub-stantially grew our EBITDA supported by careful execution of our cost optimi-sation initiatives and enhanced opera-tional efficiency. In Algeria, our data traffic more than doubled year on year, as we extended our 4G coverage to 58 percent of the population.

Looking ahead we remain opti-mistic about the opportunities available to Ooredoo Group, as the tel-ecommunications industry transitions towards a more digital model. We believe that we have made the right investments and strategy to ensure long term value for our shareholders, customers and countries we operate in.” The Group customer base stood at 115million and increased sequentially by 2.7 million as Indosat Ooredoo reversed its trend and attracted new customers.

Ooredoo continued to lead in 5G adoption. At the 2019 Emir Cup final, Ooredoo Qatar showcased its 5G capa-bilities, achieving data speeds of up to

1.2 Gbps on 5G handsets and delivered more than 6 TB of mobile traffic during the event. Whilst Ooredoo Kuwait launched 5G commercially with a host of new 5G internet plans.

Network expansion and improve-ments remain a key driver of growth, Ooredoo Qatar maintained its fibre rollout programme which now covers 423 thousand homes in Qatar and Ooredoo Algeria extended its 4G network to cover 58 percent of the pop-ulation, more than doubling the year on year data usage. Ooredoo Oman extended its 4G Supernet network to 25 new areas. �P19

Sheikh Abdulla bin Mohammed bin Saud Al Thani, Chairman of Ooredoo

Sheikh Saud bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo

Ooredoo Group reported a solid set of results for the first half of the year with revenue of QR14.5bn and a 22 percent increase in net profit despite the pressure in the operating environment in our markets and industry challenges associated with the decline in voice revenues.’’

THE PENINSULA DOHA

S&P Global Ratings has reaf-firmed its ‘A’ issuer credit and financial strength ratings on Qatar Insurance Co (QIC) and its guaranteed subsidiaries, namely, Qatar Reinsurance Company Limited (Qatar Re based in Bermuda), QIC Europe Ltd, QLM Life & Medical Insurance, and Kuwait Qatar Insurance Co. The report reaffirms the outlook of Qatar Insurance Company & its rated subsidiaries as Stable.

QIC Group benefits from ‘AAA’ level risk-based capital adequacy despite rapid growth and various acquisitions over recent years. The report stresses that QIC can maintain its ‘AAA’ level risk-based capital, and its strong business position.

The rating reflects the strength of QIC’s strong business and financial position, its well diversified business portfolio by geography and product,

diversified investment portfolio and an excellent operating per-formance Khalifa A Al Subaey (pictured), Group President and Chief Executive Officer of QIC Group, said: ‘We are encouraged by S&P’s affirmation of our strong financial strength rating. The rating agency recognizes the successful establishment of our global QIC footprint and its expected continued positive effect on our financial per-formance going forward. The Group continued to maintain its credit rating from Standard & Poor’s (S & P) Level A’.

S&P reaffirms QIC rating oulook as stable

16 TUESDAY 30 JULY 2019BUSINESS

17TUESDAY 30 JULY 2019 BUSINESS

18 TUESDAY 30 JULY 2019BUSINESS

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19TUESDAY 30 JULY 2019 BUSINESS

GCC organisations need stronger resilience strategies in place: Booz Allen HamiltonTHE PENINSULA DOHA

Organisations in the GCC must make resilience an integral part of their threat mitigation strategy across the private sector and government services, to ensure that essential functions are restored after disruptive events, a report by Booz Allen Hamilton, has revealed.

GCC organisations are already spending approximately $3.5m per year on identifying and restraining data security breaches, far ahead of the global average of $2.1m. Despite such enormous spends, GCC organi-sations take longer than their European counterparts to contain a breach, with the average reported time in the GCC standing at 260 days, compared to just 138 days in Europe.

To reduce this gap, GCC gov-ernments are equipping organi-sations in the region with the nec-essary tools to build resilience across industries. Jay Townsend, Principal at Booz Allen Hamilton Mena, said: “Investing in robust threat mitigation strategies and resilience response could reduce organisations’ exposure to threats that result in untoward incidents. GCC governments have recog-nised this and, over the past decade, have begun to implement systems and programs to help navigate uncertainty and enhance preparedness and response capabilities. But, they need to take this a step further and make it part of the strategic corporate and national agenda.”

The report outlines a “resil-ience equation” that protects organisations against potential shocks, focuses on being proactive, helps to explore options for dealing with surprises and changes, and defines resil-ience objectives and guiding

principles. The “resilience equation” comprises Risk Man-agement (RM), Continuity Man-agement (CM) and Testing & Exercises (T&E). Together they provide a holistic view for organ-isations to thrive and grow through changes, disruptions, and unknown events.

According to the report, organisations must consider an RM program to identify and assess risks across the entire organisation and to help with the implementation of risk man-agement strategies. A sustainable risk management program covers eight focus areas, including Governance, Organi-sation and Decision Process, Strategy and Policy, Risk Appetite & Tolerance, Processes & Tools, Culture and Communication, Performance Monitoring, and Business Intelligence.

Meanwhile, a CM system is capable of absorbing disruption and provides backups and

fail-safes, including mechanisms for rapid response designed to restore operating capacity. It covers key areas such as Emer-gency Management Plan, Crisis Management Plan, Continuity of Operations Plan, and IT Disaster Recovery Plan.

The report also said that T&E plans and procedures are capable of revealing weaknesses and gaps as well as improve organisational coordination, clarify roles and responsibilities, and create a unique learning environment. The best way to prepare for the unforeseen is by assessing stra-tegic options and tactical plans through testing and exercises, Booz Allen Hamilton added. It also said that T&E unlock ben-efits associated with building pre-paredness, increasing resilience and sustaining performance.

Rosa Donno, Senior Associate at Booz Allen Hamilton Mena, said: “GCC organisations are already on the right track to building resilience, but they need to be more aware of their future threats and current weaknesses, so that they can take informed strategic and tactical decisions that can be applied across the full spectrum of sectors and indus-tries region-wide, in order to prepare for risks and respond effectively to internal and external events.”

Jay Townsend, Principal at Booz Allen Hamilton Mena

Rosa Donno, Senior Associate at Booz Allen Hamilton Mena

GCC organisations are already spending approximately $3.5m per year on identifying and restraining data security breaches, far ahead of the global average of $2.1m.

Barwa Bank announces July draw winners of Thara’aTHE PENINSULA DOHA

Barwa Bank, Qatar’s most inno-vative Shariah compliant bank, announced the names of the most recent round of draw winners for Thara’a, its Shariah compliant savings account, at the Bank’s headquarters.

As the draw results showed, Alia Mikaty and Salman Mohammed Al Mahmoud each won a cash prize of QR50,000. Also, a cash prize worth QR25,000 was awarded to Eisa Abdollah Amani and Alia Sultan Ali H N Al Naama.

The draw was conducted under the supervision of a rep-resentative of the qualitative license and market control department at the Ministry of Commerce and Industry (MoCI).

On a monthly basis, there are 42 winners per draw for the cash prize of QR5,000 each, as well as 2 winners per draw for the cash prize of QR10,000. Additionally, quarterly there are 2 winners per draw for the cash prize of QR25,000 each, 2 winners per draw for the cash prize of QR50,000 each, and yearly there is 1 winner of the grand prize of QR1,000,000. Rewarding 365 winners in total with cash prizes up to QR3,290,000.

Coupled with cash prizes and a reward scheme, Thara’a is a product full of value-added benefits and services. Thara’a offers account holders access to Barwa Bank’s innovative banking channels, with benefits including unlimited with-drawals and deposits, as well as free fund transfers across their accounts and through all Barwa Bank channels.

Customers may learn about the many benefits of Thara’a savings account by visiting Barwa Bank’s website.

FROM PAGE 15The launch of new

digital initiatives continues to support customer acqui-sition and loyalty. Ooredoo Qatar launched ‘Ooredoo Sports’ - a conversational AI (artificial intelligence) platform that brings a new level of engagement to sports fans. Ooredoo Oman launched new features in its app through its AI powered Chatbot.

Ooredoo continues to be a data leader in its markets with 4G networks now available in 8 of Ooredoo’s 10 markets, while 5G is available in Qatar and Kuwait.

Ooredoo Qatar con-tinued to hold a strong lead-ership position at the end of the first half of 2019, with both fixed line and mobile networks ranking among the fastest globally. Reported revenue was slightly lower at QR3.7bn (H1 ‘18: QR3.9bn), due to a fall in handset sales while EBITDA increased to QR2.1bn (H1 ‘18: QR2bn). C u s t o m e r n u m b e r s remained stable at 3.3million.

EBITDA margin showed a healthy improvement year-on-year, rising to 57 percent (H1 ’18: 51 percent).

EBTIDA improvements were driven by a successful and ongoing cost optimization program and a more favo-rable product mix and IFRS 16 impact.

Ooredoo Qatar lev-eraged its strong sporting heritage to extend its 5G leadership position during the period, conducting 5G trials with a ‘Virtual Stadium’ at Mall of Qatar and deploying a 5G-connected ambulance for the final of the Amir Cup in May. The company now has around 100 live 5G sites. Ooredoo Qatar launched Ooredoo Sports, an innovative con-versational Artificial Intelli-gence (AI) platform for sports fans that leverages AI and Augmented Reality t e c h n o l o g i e s , a n d announced a two-year sponsorship of Qatar’s national football team.

The company deployed a diverse range of Internet of Things (IoT) solutions during the period and enabled the digital transfor-mation of several leading organisations through part-nerships and the launch of a new portfolio of business internet services offering enhanced speeds, security and additional value.

Vodafone Qatar reports 60% growth in first half net profit

FROM PAGE 15

Rashid Fahad Al Naimi, Vodafone Qatar Managing Director added, “To help support the continuation of the current growth trajectory of the company, we will continue to make strategic capital invest-ments in both our radio and fixed access networks and allocate a significant portion of our CAPEX towards our 5G network rollout.

I expect that these invest-ments will yield positive results for our shareholders and valued customers alike over the upcoming quarters.”

Sheikh Hamad Abdulla Jassim Al Thani, CEO, Vodafone

Qatar, commented: “We are proud to be the first operator in the country to make 5G products and services commercially available to our customers. We are well prepared to take advantage of the enormous growth opportunities that 5G will deliver. Beyond our investments in 5G technology, we are delighted that our fibre roll-out is ahead of schedule and now available in many areas across the country. ‘GigaHome’, Vodafone Qatar’s recently launched home broadband solution, powered by our GigaNet network including fibre and 5G, is a key driver of our

strategy to grow within the res-idential segment.

Furthermore, and an important aspect of our growth comes from our suite of expanding enterprise solutions including the Internet of Things, Cloud Services and Big Data. This expanding port-folio of advanced services and solutions will enable enterprises, of all sizes, throughout Qatar to meet their needs to optimise, automate and innovate in a digital world. We are very pleased with the progress we have made to date with regard to the execution of our Digital 2023 strategy and our vision to be people’s first choice in telecom and digital services.”

Ooredoo net profit up 22%; revenue at QR14.5bn

Just Real Estate collaborates with Al AsmakhTHE PENINSULA DOHA

Just Real Estate (JRE), the leading property service provider in Qatar, is on promoting the Para-mount Residences in collabo-ration with Al Asmakh Real Estate. Developed by Al Asmakh, a leading luxury lifestyle hospi-tality management company in Qatar, Paramount Residences is Qatar’s first Hollywood-inspired residential tower at The Pearl-Qatar, which is set to redefine the meaning of residential luxury in the country.

Paramount Residences com-prises of 196 one-, two- and three-bedroom luxury resi-dences, including four elite duplex units, with signature ele-ments of Paramount Hotel & Resorts featured throughout, including a California-inspired environment from the bold yet subtly designed lobby to luxu-rious residences artistically designed down to the ultimate details of back painted glass décor, opulently retro faucets, and handcrafted, exquisitely fin-ished wardrobe interiors.

The sleek, minimal finish in the kitchens is designed to be seamless and stylish when it’s the backdrop to an intimate soiree – yet effortlessly func-tional and practical. With a res-idents’ Private Movie-Screening Room, Pool with Cabanas, state of the art Wellness & Fitness Center and Kids’ Studio Club, residents can indulge in this exclusive lifestyle. Properties are freehold and open to all for ownership.

On the recent addition, Nasser Al Ansari JRE Chairman, said, “Paramount Residences, is a jewel set immaculately in the crown of The Pearl-Qatar, offering investors a connection to the perfect creative part-nership – Qatar’s most dazzling and sought-after location, starring alongside the relentless attention to detail and fabu-lously-designed interiors that characterize the Paramount brand. Drawing on Paramount Pictures’ history, ‘Paramount Residences Doha the Pearl’ will embody the authentic California lifestyle and the inspirational world of Hollywood glamour.”

He added, “This project is the first of its kind in The Pearl-Qatar, inspired by the golden age of Hollywood glamour, encom-passing the iconic style of the legendary Paramount Pictures and embracing a visceral, sensory experience throughout, this spectacular development will redefine the meaning of res-idential luxury in Qatar. This project is a major release, shaped by a team of uniquely creative minds and developed by Al Asmakh Real Estate. Pur-chasers of properties at Para-mount Residences Doha the Pearl will enjoy extraordinary views of the island’s beautiful beachfront, experience eclectic food and beverage offerings and partake in destination enter-tainment components.”

Doha’s most elegant and sought-after location, The Pearl-Qatar offers its audience a taste of Californian lifestyle away from the city crowd.

The Director of Tourism Authority of Thailand, Isra Stapanaseth (left) speaks to media persons as Deputy Governor for Policy and Planning, Tourism Authority of Thailand, Charun Ohnmee looks on during a press conference to promote Thailand tourism, in Amritsar, India, yesterday.

Milaha net profit up 6% in H1 of 2019QNA / DOHA

Qatar Navigation (Milaha) yesterday announced its financial results for the first half of 2019, showing net profit of QR316m for the six months ended June 30, 2019, up by 6 percent from QR297m for the same period in 2018.

Earnings per share increased to QR0.28 for the six months ended June 30, 2019, up from QR0.26 for the same period in 2018. The company reported operating revenues of QR1.26bn for the six months ended June 30, 2019, up from QR1.25bn for the same period in 2018, and oper-ating profit of QR230m for the six months ended June 30, 2019, down from QR258m for the same period in 2018.

Milaha Maritime & Logistics’ revenue decreased by QR14m with net profit remaining flat at QR65m against the same period in 2018. Stronger performance in our port business offset declines in our logistics and shipyard units.

Milaha Gas & Petrochem’s revenue decreased by QR5m, with net profit increasing by QR181m, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which we operate.

Milaha Offshore’s revenue increased by QR99m, however the bottom line decreased by QR95m. Despite strong operating performance and increase in operating profit, the segment’s results declined due to vessel impairments. Milaha Capital’s revenue decreased by QR49m and net profit by QR62m, as a result of lower dividends and held for trading portfolio income.

20 TUESDAY 30 JULY 2019BUSINESS

Takeaway.com strikes $10bn deal in food delivery raceREUTERS LONDON/AMSTERDAM

Amsterdam-based Takeaway.com has agreed to buy Just Eat in an £8.2bn ($10.1bn) deal to create the world’s largest online food delivery firm outside China in a race to rule the $100bn market.

A combined Takeaway and Just Eat would rival Uber Eats and would have leadership posi-tions in many of the world’s largest food-delivery markets, including the United Kingdom, Germany, the Netherlands and Canada.

Scale is all-important as food delivery apps scramble to offer consumers the biggest choice. Most players, though not Just Eat, are still loss-making as they spend heavily on marketing and acquisitions.

Just Eat, founded in Denmark in 2000, is principally an online marketplace that connects res-taurants and customers, although it has more recently begun offering its own delivery service, like Uber Eats and Amazon-backed Deliveroo.

The agreement with Takeaway, a driver of sector consolidation, represents a victory for US activist investor Cat Rock, which has holdings in both companies and has been pushing Just Eat to merge with a rival.

“The proposed transaction is excellent news for Just Eat shareholders,” Cat Rock Founder and Managing Partner Alex Captain, said in a statement. “We support the Board’s work in evaluating and consummating a transaction that maximizes long-term shareholder value over the coming weeks.” Based on 2018 order value, the combined company would narrowly overtake Uber Eats, with orders

worth $8.1bn versus its US rival’s $7.9bn. Uber Eats declined to comment on the planned deal, which has been agreed in principle.

Under British takeover rules, Takeaway.com has until August 24 to announce a firm intention to make an offer or to announce that it will not make an offer. The deal would then have to be approved by the companies’ boards and shareholders.

Investors in London-listed Just Eat will receive 0.09744 Takeaway.com shares for each share, implying a value of 731 pence per Just Eat share, a 15 percent premium to their closing price on Friday, the two com-panies said yesterday.

Shares in Just Eat, which made a pretax profit of £102m in 2018, rose 26 percent to 800 pence, indicating expectations of a higher competing bid, while Takeaway’s were up 2.6 percent at 1339 GMT.

“It’s a fair price in that you get a large share of Takeaway.com and you share the benefits as shareholders,” said Philip Webster (pictured), fund manager at BMO Global Asset Management, which owns stakes in both Just Eat and Takeaway.

Webster added that the value for Takeaway shareholders potentially could be in splitting up Just Eat. “At 730 pence, if you look at any valuation on Brazil or Canada (...) you get the UK business for a very, very dis-counted price,” he said.

Takeaway, which bought the German activities of Delivery Hero for €930m this year, says it is the leading food deliverer in continental Europe, Israel and Vietnam.

It argues that online food ordering will be highly profitable for just one player in each country.

Investec analysts said there was limited geographical overlap between the two, with the exception of Switzerland.

“(This) means the oppor-tunity revolves around lever-aging technology spend and administrative costs, in our view, and the sharing of best practice” Investec said. “This is pre-sumably not insignificant, but less attractive than if they over-lapped.” Analysts do not expect the latest deal to face anti-trust hurdles, although Britain’s com-petition regulator is considering a full investigation into Amazon’s plan to lead a $575m fundraising in rival Deliveroo, announced in May.

Just Eat, which originally focused on independent takeaway restaurants that offered pick-up or delivery services, charges a fee to join its platform and earns a com-mission on each order.

The agreement with Takeaway, a driver of sector consolidation, represents a victory for US activist investor Cat Rock, which has holdings in both companies and has been pushing Just Eat to merge with a rival.

LSE surges on $27bn Refinitiv takeover talksAFP LONDON

London Stock Exchange shares soared yesterday after confirming talks over a vast $27bn takeover of US financial data provider Refinitiv, potentially placing it in direct competition with Bloomberg.

The mooted takeover, which is worth the equivalent of ¤24bn and marks a major switch in strategy under LSE CEO banker David Schwimmer, sent shares spiking to a record peak.

“London Stock Exchange Group plc... confirms that it is in discussions with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters about a possible acquisition of Refinitiv Holdings Ltd,” it said in a statement.

The deal, which remains subject to regulatory approvals, would be financed by the issuing of new shares.

The LSE had already announced the news on Saturday in response to a Financial Times newspaper report.

Refinitiv, which serves in excess of 40,000 institutions in more than 190 countries, was formerly the financial and risk business of Thomson Reuters.

The data provider is now joint-owned by Canadian media group Thomson Reuters and private equity firm Blackstone - which is the majority shareholder.

In late morning Monday trade, LSE shares stood at 6,502 pence, up 14.63 percent on the FTSE 100 index, which in turn rose 1.2 percent in value.

“The London Stock Exchange share price has risen to a record high after announcing it is in talks to buy data ana-lytics company Refinitiv for the sum of $27 billion,” noted CMC Markets UK analyst Michael Hewson.

“This merger -- if it gets the green light from regulators in the US and Europe -- would make the combined business a market leader in data and information, putting it on a par with Bloomberg.”

If the deal goes ahead, Refinitiv’s current shareholders would keep about 37 percent of the enlarged group.

CROSSWORD

Super-assassin John Wick is on the run after killing a member of the international assassin’s guild, and with a $14 million price tag on his head - he is the target of hit men and women everywhere.

JOHN WICK: CHAPTER 3 - PARABELLUM

Note: Programme is subject to change without prior notice.

Axel 2: Adventures of The Space Kid (2D/Animation) 2:15pm; Arjun Patiala (Hindi) 9:30pm; Sachin (2D/Malayalam) 2:30pm; The Lion King (2D/Drama) 3:45, 5:00, 7:30 & 9:30pm; Judgemental Hai Kya (2D/Hindi) 11:30pm;Dear Comrade (2D/Telugu) 2:00, 5:15 & 11:00pm; Toy Story 4 (2D/Animation) 5:45pm; Luca (2D/Malayalam) 2:30 & 8:15pm; Blue Elephant 2 (2D/Arabic) 7:15pm; Kadaram Kondon (2D/Tamil) 11:30pm

Axel 2: Adventures of The Space Kid (2D/Animation) 2:15pm; Sathyam Paranja Vishwasikkuvu (2D/Malayalam) 2:15pm; Dear Comrade(Telugu) 2:00pm; The Lion King (2D/Drama) 2:15, 5:00, 6:45 & 9:00pm; Judgemental Hai Kya (2D/Hindi) 4:30 & 11:30pm; Sachin (2D/Malayalam) 4:00pm; Spider-Man: Far From Home 6:30pm; AI (2D/Tamil) 9:30pmLuca (2D/Malayalam) 8:45 & 11:30pm; Blue Elephant 2 (2D/Arabic) 7:15pm; Kadaram Kondon (2D/Tamil) 11:30pm

The Lion King (2D/Drama) 10:45am, 1:15, 3:45, 6:15, 8:45 & 11:15pm; iSmart Shankar (2D/Telugu) 4:15pm;Kadaram Kondon (2D/Tamil) 11:15am, 1:45, 7:00, 9:30pm & 12:00midnight; Pathinettam Padi (2D/Malayalam) 11:45am, 5:30, 8:30 & 11:30pm; Sathyam Paranja Vishwasikkuvu (2D/Malayalam) 2:15pm

MALL

LANDMARK

AL KHOR

AI (2D/Tamil) 7:30pm; Luca (2D/Malayalam) 8:15, 11:00pm; Sathyam Paranja Vishwasikkuvu (2D/Malayalam) 5:45pm; Dear Comrade (2D/Telugu) 4:45pm; Judgemental Hai Kya (2D/Hindi) 6:00pm;Pathinettam Padi (2D/Malayalam) 9:30pm;

ASIAN TOWN

FLIK Mirqab Mall

ROXY

Aladdin (2D/Comedy) 12:50, 3:25 & 5:05pm;Anna (2D/Action) 11:00am, 1:20, 3:05, 5:20, 8:20 & 10;35pm; Annabelle Comes Home (2D) 12:20am; Crawl (2D/Horror) 11:00am & 11:45pm; Finding Steve McQueen (2D/Drama) 11:10am, 3:00 & 6:55pm;John Wick: Chapter 3 Parabellum (2D) 11:50pm;Kadaram Kondon (2D/Tamil) 9:50, 10:45pm & 12:00am; The Lion King (2D/Drama) 10:20, 11:00, 11:55am, 12:45, 1:25, 2:20, 3:10, 3:50, 4:45; 6:10, 7:10, 7:35, 8:40, 9:35, 10:00, 10:25, 11:05pm & 12:00midnight; 3D 5:35 & 8:00pm; Luca (2D/Malayalam) 5:20, 5:55 & 10:50pm; Lying And Stealing (2D/Drama) 10:50am, 12:55, 3:00, 4:30, 9:00 & 11:00pm; Spider-Man: Far From Home 10:55am, 12:00noon, 1:30, 4:05, 6:40 & 9:15pm; Toy Story 4 (2D/Animation) 10:00, 11:10am, 1:15, 2:30 & 3:20pm; The Blue Elephant 2 6:30 & 8:20pm

The Blue Elephant 2 3:00, 5:30, 8:10 & 10:50pmDear Comrade (2D/Telugu) 1:00, 6:40 & 10:00pm; Judgemental Hai Kya(2D/Hindi)12:30, 3:00 & 4:10pm; Luca (2D/Malayalam) 1:00, 4:00, 7:00 & 10:00pm; Spider-Man: Far From Home 12:30 & 10:30pm; The Extractors 1:00pm;The Lion King (2D/Drama) 12:30, 3:00, 5:30, 5:40, 8:00, 10:30 & 10:50pm;

Judgemental Hai Kya (2D/Hindi) 2:15 & 11:30pm;Axel 2: Adventures of The Space Kid (2D/Animation) 2:30pm; Luca (2D/Malayalam) 2:45 & 11:15pm; Sachin (2D/Malayalam) 4:30pm; Arjun Patiala (Hindi) 5:30pm; The Lion King (2D/Drama) 4:15, 6:30 & 8:45pm; Lying And Stealing (2D/Drama) 7:00pm; Rivers Run Red (2D/Thriller) 7:30pm; Spider-Man: Far From Home 9:15pm; Blue Elephant 2 (2D/Arabic) 9:00pm; Dear Comrade 11:00pm

ROYAL PLAZA